Lagos State Government Mulls Adoption Blockchain Technology

Blockchain technology will  expand the financial sector’s potential if properly regulated and managed.

By Zahra

The Lagos State Commissioner of Finance,Rabiu Olowo Onaolapo has described Blockchain Technology and cryptocurrency as an industry capable of turning around the fortunes of the country’s economy.

In an interview with Coin News Extra , Mr Onaolapo said the industry will  expand the financial sector’s potential if properly regulated and managed.

“The amount of information we have been able to get on the insight, the new way money moves, the formation of money, I think it will sound to be a very important new way for Government, regulators and the Central Bank to follow and understand the power of new technology and how money works in d economy today.

” I am very excited and we’ll see how it can contribute to the future of our economy,” he said.

 Cryptocurrency Adoption

The question is not if or not crypto currency will be used globally, the question is when? The exact timetable is difficult to predict; mainstream acceptance could happen in two years, five years, ten years, or even longer. The point is that it will happen, and there are objective advantages to understanding about cryptocurrencies before it becomes widely adopted. Understanding cryptocurrencies sooner rather than later can help everyone adapt more smoothly.

According to Forbes, cryptocurrency acceptance means that it will be accepted as a form of money around the world. A totally decentralized asset that may be used to transfer and store value in a secure manner. Due to a lack of legislation, a lack of trust, key regulatory organizations banning digital currencies, and a lack of crypto currency education, Africa is trailing behind in terms of reaching this aim.

According to Gemini’s 2022 Worldwide State of Crypto report, the most major global barrier to crypto ownership is education. According to the report, 40% of African respondents said they had never purchased cryptocurrency since they didn’t know how to buy and hold it. Lack of trust and concern about Bitcoin price volatility were further deterrents to Cryptocurrency adoption. 

The report also highlighted that Africa has become a prime target for cryptocurrency scammers from all over the world due to lack of education