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Call for Regulation in the Nigerian Blockchain Industry by SiBAN President

A major challenge that affects the entire blockchain ecosystem is the absence of regulations. The architecture on which this technology and its products are built is decentralized. This means that control is barely in place as prices, worth and value of assets are so volatile making people gain and lose money easily. And in some cases, when there are massive losses, no one can be held responsible for it.

Stakeholders in Blockchain Technology Association of Nigeria, simply known as SiBAN, was created in 2020 as a primary stakeholder organization to help drive the regulation of the blockchain industry in Nigeria. The President, Senator Ihenyen, spoke about the evolution of tech globally and how it has changed how we do business and interact with people. He narrowed it down to the present revolution – blockchain technology.

Senator Ihenyen points out that thanks to blockchain, decentralization is laying the foundation for new and exciting utilities for investors and innovators are having fun, and “regulators are in a gruesome situation because things are not in their control anymore.”

The move from centralization to decentralization has changed a lot of things bringing with it risks and opportunities. For the losses, both “consumers and investors are losing money,” the speaker explained.

For Senator Ihenyen, the reasons why there is a need for regulation are to nurture integrity in the blockchain and crypto world, provide regulations where there are little to none, and to be responsive to changing market dynamics.

On operating these regulations, he said that we don’t have to wait for the government to do it for us. We have to self-regulate. “The idea of self-regulation is to preserve market integrity, protect regulators as well as ensure that you have a fair, transparent, and efficient market,” says Senator.

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