Industry regulators in Nigeria and Africa should look beyond cryptocurrency and tap the full potential of Blockchain technology to help discharge their duties efficiently, operators in the tech sector have advised.
The experts who disclosed this at the Regtech Africa Conference 2023, said the adoption of blockchain in regulation will help in achieving regulatory goals from transparency, accountability, innovation, cost reduction and consumer satisfaction.
“The way we leveraged the internet is the same way we can tap into Blockchain as well. I urge regulators to rethink the concept. Most regulatory conferences are centred on how to regulate crypto and blockchain. The thought should not be how to regulate them but how Blockchain can come into the regulatory organisation to achieve all the goals that regulators want, from transparency, accountability, innovation, cost reduction and providing opportunities for the consumers.
“The same way the internet is available to regulators is the same way Blockchain should be too. If you are stuck with a cryptocurrency idea, you are all going to miss this boat and every other person will get their first,” Lorien Gamaroff, CEO of Centbee said.
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Gamaroff urged the industry regulators to engage in proper research and limit the extent of the risk trend consumption on social media to avoid misdirection.
The CEO stated that many organisations have started the push to blockchain technology, stating how effectively it will serve the regulatory industry.
Cyril Okoroigwe, convener, Regtech Africa Conference added that Blockchain approval in the country is the right step in the right direction.
According to him,” If you take a look globally, you will see that countries that are leading the path have already taken serious position along the utilization and application of blockchain to solve problems both in health care, utility management, financial services and tackling financial crimes. So with a proper regulatory framework which the Blockchain act will help to do put in place, we think to get impact across sectors will definitely be felt.”
Meanwhile, Osioke Ojior, CEO, Covenda Nigeria Limited, speaking about the conference said that Regtech conference aims to close the gap between the regulator and the regulated.
“The regulators have done a good job in closing the gap between regulators and regulated but they don’t regulate the consumers but only the providers of their services. So closing these gaps are the major impact of these conferences,” Ojior said.
Okoroigwe also added that regulation is so critical that the outcome affects everyone and platforms like the Regtech Africa which brings regulators and other stakeholders together provide an opportunity for the regulators to do things better in a way the outcome of their regulation will be of positive impact to all citizens and organisations from different sector.
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