According to Cointelegraph, a group of Nigerian digital asset professionals participated in a panel discussion at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)'s Digital Assets Summit 2023 in Abuja. The panel, titled The Future of Digital Assets: Regulatory Uncertainty and the Way Forward, focused on the slow implementation of digital asset regulation and blockchain policy in Nigeria.
Adedeji Owonibi, CEO of Convexity, stated that the developmental regulation created by The National Information Technology Development Agency (NITDA) is a significant step towards understanding and creating a favorable environment for the blockchain and crypto industry. Owonibi believes that the Central Bank of Nigeria (CBN) should have taken this step back in 2021 instead of cutting ties between cryptocurrency exchange firms and local banks.
Preye Itonyo, Deputy Director of the Digital Economy Development Department, acknowledged NITDA's strides in crafting a blockchain policy but highlighted the regulatory hurdle posed by the decentralized nature of blockchain. This lack of understanding of blockchain and cryptocurrency concepts in Nigeria fueled the 2021 crypto-traditional finance ban. Itonyo revealed that a steering committee has been set up by NITDA to facilitate the implementation strategies of the national blockchain policy, with the CBN and the Nigerian Communications Commission (NCC) as members of the committee.