Blockchain technology has a large untapped potential in being part of a solution to many of the pain-points plaguing Nigeria and Africa at large.
Legal practitioner Senator Ihenyen, with his special interest in fintech, blockchain technology and virtual assets practice, is the lead partner at Infusion Lawyers and sitting president of the Stakeholders in Blockchain Association of Nigeria. Senator also currently holds administrative positions in several other organisations centred around blockchain.
He expresses where his concern of the African governments around their approaches on the potential risks surrounding the adoption of blockchain technology and cryptocurrency comes from, given the positively disruptive nature of the technology. He lays emphasis on the need to develop working policies aimed more at minimizing risks, and maximizing opportunities.
As an alternative to bans and strict prohibitions on the use of blockchain technologies, Senator cites the engagement of stakeholders, policymakers and employing the use of sustainable policies to drive engagement as the better approach. This will in turn, foster the growth of the next generation of ideators and innovators.
He states the critical importance of ensuring the adoption of best practices by individuals and enterprises operating in the blockchain space. There is a need for regulation to ensure safety, which is achievable through strategic collaborations and partnerships with local and international regulatory bodies.
SIBAN seeks to foster a conducive environment where open-ended discussions between policy makers and users can be held about the growing concerns on the risky nature of blockchain technology. This is with the aim of transforming the perception of blockchain technology from being simply disruptive, to also bringing it into the realm of acceptance as an innovative force for good.
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