In a recent discussion at a Digital Assets Summit hosted by SiBAN in Abuja, Nigeria, industry expert Franklin Peters, the founder and CEO of Boundless Pay, spoke about the pivotal role that government support could play in enhancing the blockchain sector’s growth and fostering innovation.
One important aspect he mentioned is the integration of blockchain education into school curricula. Introducing blockchain as a subject of study in academic institutions could equip students with the knowledge and skills needed to effectively engage with the blockchain industry.
This move would not only bridge the knowledge gap but also make it easier for blockchain professionals to communicate their expertise to a more informed audience.
Franklin further noted the willingness of industry professionals to contribute to blockchain advocacy and education. Many individuals in the blockchain field are eager to collaborate with the government to promote blockchain awareness and adoption.
Government policies and licenses
He also described how a single government initiative could significantly impact the blockchain landscape, citing the challenges faced by blockchain businesses in 2021 when regulatory changes had a profound effect on the industry.
The Central Bank of Nigeria asked all commercial banks to desist from any crypto-related transactions for individual and organizational accounts in their custody.
Franklin noted that this impacted the industry as some businesses left the country, and some others refused to do anything with the technology until the government changed its position.
He explained the importance of the Nigerian government taking proactive steps to support the blockchain ecosystem. A clear and supportive regulatory framework, he argued, would provide businesses with the stability and confidence needed to thrive in this rapidly evolving sector.
One key proposal put forth by the Boundless Pay founder is the issuance of specialized licenses that would facilitate partnerships between blockchain-based fintech platforms and traditional banks.
Such licenses, tailored to the unique needs of blockchain companies, could streamline collaborations and boost innovation within the financial industry.