A Nuanced and Balanced Insight on Crypto And Nigeria
In this piece, Gabriel Eze of Infusion Lawyers writes beautifully on cryptocurrency and the regulatory evolution in Nigeria. His conclusion is nuanced and balanced: "Essentially, technology cannot be regulated, but the rights and liabilities of the users can. Blockchain or cryptocurrency cannot be stopped. Regulators must avoid fighting and resisting innovation. Also, they must avoid discriminating against such innovations or innovators.
"Rather, regulators should focus on the actors and their acts in the application of these innovative technologies. Regulators should consult widely with industry stakeholders and imbibe and adopt developmental regulation.
"NITDA does this very well, focusing on stimulating, supporting, and guiding the adoption of a thing rather than introducing premature restrictions that often result in stunted growth early on. If regulators do these, they would engender innovations and open more windows of opportunity for the people." G.E.
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What do you think of Gabriel's suggestions?