STEEM CRYPTO CHALLENGE: THE FUTURE OF CRYPTOCURRENCY IN NIGERIA

Dear @steemcurator01 and @steemitblog . Thank you for this privilege.
Today in the #steemcryptochallenge, I'm going to talk about the awareness, government reaction and adoption of cryptocurrency as well as the future of cryptocurrency in my country, Nigeria.

Cryptocurrency awareness in Nigeria:
Cryptocurrency has gained awareness in the country. Even when the country does not have a very positive stand about it, the people still trade in crypto in their closets although they cannot boldly speak about it. Students in highschool and colleges use crypto on a daily. Personally, my coursemates in school talk about it while in the lecture halls and even on our group chat. They share different blogging sites and crypto wallets. Maybe it's only a few elderly people who do not know about this digital currency.

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The Attitude of Nigerian government towards crypto when it first came:
The Central Bank of Nigeria (“CBN”) had adopted an interesting middle ground approach, not looking to either ban or adopt cryptocurrency but offer stern warnings to banks, financial institutions and customers not to transact in it. The CBN is the Apex regulator of all financial institutions in the country.

In 2017, it issued a statement to all banks and financial institutions prohibiting transactions in digital currencies on account of its volatility. This shaped the tenor of the subsequent regulatory approach by the CBN, the Nigerian Securities and Exchange Commission (“SEC”) as well as consumer protection authorities.

However, Nigeria is reported to have the world’s third largest number of users of digital currencies with no adverse impact reported as a result of these actions. Banks were warned that crypto trading could be fraudulent and that people's account need to be monitored closely.

My personal outlook for the future of cryptocurrency:
Personally, I'm so positive about the future of cryptocurrency. In my country Nigeria, I know that very soon, the adoption and regulation will be implemented and crypto will be a formal and legal currency to use. And with the way the world is going digital, having a digital currency will be smooth and fun.

ADOPTION OF CRYPTOCURRENCY IN NIGERIA:
On September 14, 2020, there were reports that The Securities and Exchange Commission (SEC) will be taking a three-pronged approach to regulate innovation in the crypto sector; these are: safety, market deepening, and providing solutions to problems.

It was said that SEC in Nigeria has issued regulatory guidelines for digital currencies and crypto-based companies or startups. The aim, according to Nigeria’s capital market and investment regulator, is to protect investors and create standards for ethical practices.

Also, the Commission will regulate all Digital Assets Token Offerings (DATO), Initial Coin Offerings, Security Token ICOs , and other Blockchain-based offers within Nigeria by Nigerian issuers or by foreign issuers targeting Nigerian investors.

This alone is enough hope for Nigerians who enjoys crypto trading and transaction. It is also hope for Nigeria as a country because crypto investment can impact greatly on the Nigerian economy.

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Cryptocurrency Benefits to the society:

Trends show that Nigerians are increasingly adopting digital currencies. With the recurring naira devaluations and the high transfer rate of transferring money abroad, cryptocurrency adoption is poised to continue booming.

Currently, so many people who are into cryptocurrency transactions have benefitted so much that it has even changed their standard of living. The number of individuals using cryptocurrency and blockchains are so much. I know a lot of people who testify about it. So the mass adoption of crypto will lead to economic growth and development due to rise in standard of living of the masses.

Thank you for having me. I remain Blessing Daniels (Nigeria)