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Cryptocurrency Exchanges Operating in Nigeria should be regulated by the Government – Industry Stakeholders



The CEO of NaijaCrypto said exchanges in the country welcomes regulations. This he said in the just concluded ABDAC 2019 conference held Sheraton Hotels, Abuja.

The A.I, Blockchain and Digital Assets Conference #ABDAC 2019 held in Abuja on the 4th and 5th of October, 2019 with great attendance from all over the world to the great capital city of Nigeria.

cryptocurrency exchanges in the country welcomes regulations.

The conference was graced by figures from the blockchain industry, regulatory bodies and other parties of the digital space. The event also saw the display of promising startups such as the likes of XCelTrip, Nimedix, Payfty, Bitfxt, NaijaCrypto, Sabi Exchange, Vites etc amongst others..

In a panel session titled “The Role of Crypto-Assets exchange in Mass Adoption of Cryptocurrencies” moderated by co-founder of Blockchain Nigeria User Group, Mr. Chuta Chimezie, Chiagoziem Iwu said cryptocurrency exchanges in the country welcomes regulations.

Also speaking on exchange security of user funds, he said NaijaCrypto has all its assets in cold storage and that if a hacker successfully penetrates the exchange platform, the hacker would not be able to access user’s funds.

CEO of Sabi Exchange, Mr. Lucky Uwakwe posted the position of Sabi Exchange on securing users’ funds, he said the exchange operates a 20/80 policy.

20% of total users’ funds are available on the exchange while the remaining 80% are kept on cold storage. A hacker will only be able to access the 20% on the platform only he if could penetrate the site.

Mr. Abikure Tega, CEO of KurecoinHub presented the securing policy of his platform; he said funds can only be compromised via the user access credentials.

The Co-founder of Blockchain Nigeria User Group #BNUG, Faith Titus was of the opinion that government should act very fast in regulating cryptocurrency exchanges.

The cryptocurrency industry is still in an infant stage but yet it is growing at an incredible pace.

The awareness of cryptocurrency and blockchain continues to grow in Nigeria as stakeholders continue in the push to see the industry become mainstream like others in the country.

Concluding the conference was the launch of the #blockchaindev1000 initiative after awarding prizes to participants of a hackathon where the participants built programs on the Hyperledger platform using the hyperledger composer.


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