The adoption of Cryptocurrency is spreading like wide fire as countries are setting up regulations to support its usage. Nigeria is set to join the league of early adopters. Hon. Solomon Adeelu has called for a motion to lay down regulations to help the integration of the blockchain technology and cryptocurrencies.
The Hon. who is representing the city of Obingwa, in Abia state filed a motion on “the need to
regulate blockchain technology and the internet of things.” He called on the house that there was a need to first and foremost understand the technology before regulating its use. The senator who believes that the technology has the potential of eradicating poverty from the African continent was full of praise for the technology which he described as “the most disruptive technology man has seen.”
While making a reference to the recently concluded G20 Finance Leaders’ Summit in Bueno Aries, Argentina, he explained that cryptocurrency is not a threat to the world’s financial system. Also referencing the IMF’s July deadline for the regulation of the cryptocurrency. Hon. Solomon believes that Blockchain and cryptocurrency is the future of exchange, data transfer and storage. He also mentioned that the US is ahead of other countries as well as legislators of countries such as UK, Russia, Kenya, Venezuela deliberating and laying down rules on its adoption.
His basics for his call on regulation is as follows:
“The technology is driven by digital transformation. It is one of the technologies every government in the world is cautious about at the moment. It is so revolutionary and disruptive that it has the ability to democratize the issuance of currency. All over the world, the only issuing authorities are the government and their central banks. It is only the government of Nigeria and the central bank that can print naira note, issue it as a legal tender and it becomes a means of exchange for goods and services amongst Nigerians. That monopoly is about to be taken away from the government and given to the people, that is how disruptive this technology is. That is why all major banks in the world are trying to implement this technology into their already existing banking system.”
The Benefits of the Blockchain
Hon. Solomon laid some basic benefits the technology offers, which includes; transparent dealings, recording of all transactions and Data storage. It has the ability to carry out transactions without an intermediary such as a bank.
He called for the house to invite the relevant bodies such as the CBN Governor, Ministry of Finance, SEC, NDIC and the Ministry of Science and Technology to shed more light on the usefulness and benefits of the Blockchain technology. Also urging the house set up a committee on blockchain and internet of things to interface with relevant stakeholders.
He also urged the Central Bank of Nigeria, CBN instead of banning the outright trade using the platform, but rather calls for enlightenment about the best implementation and usage of the technology. He insisted that the legal framework should be put in place and the CBN to engage technological experts and cryptocurrency enthusiasts to educate the national assembly on the benefits of the blockchain technology to enable them to engage appropriate legislatures.
A bright future lies ahead for the blockchain technology in Nigeria as the motion was seconded by Hon. Segun Alex Adekola of Ekiti South Constituency 1. We are looking forward to seeing an adoption of all the points the Senator raised.
Do you think the CBN will be less rigid on its stance on cryptocurrencies as well as open its arms to blockchain adoption? Let’s hear from you in the comment section below.
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POST OAK MOTOR CARS NOW ACCEPT BITCOIN AS PAYMENT FOR THEIR LUXURY CARS
Are you hoping to be among the first crypto Hodlers to get a luxury ride with direct payment in cryptocurrency? If yes, then wait no further as more adoption, even in the automobile sectors of the gobal economy unfolds.
Tilman Fertitta, would be the first business man to sell off exotic cars like Bugatti, Bentley and Rolls-Royce using Bitcoin- the world first ever cryptocurrency.
Precisely on the 5th day of September 2018, the Hospitality business giant made the announcement via an official press release that it is be possible to purchase luxurious and classy carriages without prior regards buyers’ location worldwide with the use of Bitcoin and through a bitcoin payment processor called BitPay.
When asked about the move, Tilman, owner of Post Oak Motors had this to say “The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world purchase our vehicles faster and easier.
The Blockchain Revolution in Nigeria and the Need for Regulation.
In a recent strategic session organized by Mary Uduk, the Director General Securities and Exchange Commission of Nigeria (SEC) for the FINTECH Industry at SEC Towers Abuja. A critical analysis on the basics of the newest technology on the block (The Blockchain) in relation to the current plans to regulate the industry in the Nigerian Market, was the topic of discussion today.
In his presentation, Mr Ade Bajomo, the Executive Director Access Bank Nigeria and Vice President FinTech Association of Nigeria, took time to explain in simple terms the Blockchain Revolution currently taking place worldwide. He said; “Revolution refers to radical transformative change. It is a tumultuous and transformative event that attempts to change a region or society and in some cases, even the world”. Revolutions are the great turning points of history.
He also explained How Fintech is driving development and prompt execution in the financial sector of any economy. Moving on, he talked on the Future of Fintech; stating that the most recent discovery in the Space is the BLOCKCHAIN and that this discovery needs to be regulated.
At the end of his lecture, he answered few questions as regards security of the Blockchain in relation to the need for SEC to deliberately understand Blockchain technology, which would further help the active players institute the most desired regulation.
BanQu Launches First-ever Blockchain-based Technology in Supply Chain Management in Zambia
BanQu has pioneered blockchain-based economic identity solution in Africa. In the partnership with Anheuser-Busch InBev, BanQu has created a safe, secure, inalterable record and to generate economic opportunities for small holder farmers in Africa. Firms in the Supply chain management sector have embraced this innovation, banking on the software’s ability to enhance service delivery and improve profit margins.
The pilot done in June 2018 with leading brewer Anheuser-Busch InBev involved 2,000 Zambian farmers connected via the software’s mobile platform, as they reap and vend an estimated 2,000 tons of cassava for the production of high grade beer raw material -Starch used in beer production by the end of Zambian cassava farming season this August.
With this blockchain-based technology by BanQu, Anheuser-Busch InBev is able to track its product through every process in the supply chain with accurate record of vendors in the form of farmer profiles.
Zambian Breweries Agricultural Manager Chris Nicolle is excited about this development:
“This is one of the most exciting programs to be involved with. The scope and empowerment that the platform provides to the Small Holder is exceptional and I look forward to seeing the implementation of the project, from pilot to our full-time buying platform.”
The unbanked/underbanked farmers have something to smile about because with this solution, farmers are able to setup private digital profiles that can serves as a form of banking record as history is accumulated. With this record, farmers are able to connect to NGOs, Cooperatives, Banks for instruments like loans, grants and trainings for capacity building.
“Since 60% of the 2.7 billion unbanked and underbanked people already own mobile phones, these devices make the best platform for these people to connect to the global economy,” quoting BanQu Founder and CEO Ashish Gadnis.
He adds that
“BanQu is enabling the democratization of data, money, and eventually power, while delivering a distinct business advantage to global brands like Anheuser-Busch InBev and their localized company, Zambian Breweries, who believe in an inclusive agricultural model. Our goal is to strengthen this partnership across multiple crops and countries setting up a long-term, sustainable and responsible supply chain that directly benefits the small-scale farmers in the world.”
The World Health Organization (WHO) reports that 25 percent of
global alcoholic beverage consumption goes unrecorded. However, BanQu is trying to change the narrative with blockchain-bases solutions in Africa.
Nigerian Crypto Enthusiasts Create Crypto Education Classes
Adoption is the buzzword in crypto communities and the best way to drive adoption is through education. Truth be told, a lot of persons have heard about Cryptocurrency and Bitcoin however, they have a limited knowledge of what digital currencies are and what they entail. This need for proper education has led Cryset to partner with Workstation to create a week long Blockchain and Cryptocurrency workshop geared towards educating coworkers at Workstation as well as the general public about the technology and the space.
This event is scheduled to hold for 6 days and beginning on Monday, September 10 – Saturday, September 15, 2018 at Workstation, 7, Ibiyinka Olorunbe close, Victoria Island, Lagos.
The aim of the organizers of the event is to create a classroom environment where teaching and learning of Blockchain and Cryptocurrency concepts, markets and technology will take place.
The organizers are working with the largest Co working space in Nigeria with a community of over a 300 people comprising entrepreneurs, companies, developers, and millennials bringing this education down to the grassroot. Even though this is the first workshop more communities with be visited to spread the word.
Although the cryptocurrency market is currently down, this has not deterred Cryset, in fact, the company believes it is a great time to bring new people onboard. Cryset is all about creating real world use cases for cryptocurrencies as well as driving adoption of Blockchain in Africa.
The workshop will have a classroom ambience of a 25 students per class. This is to help the attendees learn in a conducive environment as well as ask questions and practice what they have been learnt. The tutors for this event include high profile thought leaders, entrepreneurs and educators in the Nigerian Blockchain and Cryptocurrency space.
The goal of this workshop is to give beginners a high-level introduction to Blockchain and get them to really understand, provide them with the tools, access and resources to guide them. This workshop will bootstrap them to a more knowledgeable position in the space.
The workshop curriculum
Day 1: What is the Blockchain
Day 2: Understanding Bitcoin and cryptocurrencies
Day 3: Introduction to Cryptocurrency trading
Day 4: How to Integrate Blockchain into your business (Blockchain for Enterprises)
Day 5: Investment opportunities in the Blockchain space
Day 6: Blockchain Software development, smart contracts and dApp.
The workshop is designed in a way that its starts from the foundation and builds on top of that knowledge base so their is proper understanding.
The first 2 days are foundational classes and the remaining are more specialized to what aspects of the space the individual would like to operate or be a part, developers, traders or business entrepreneurs there is something for you.
This is the first of its kind in the Nigerian Crypto space and it would be an exciting time for all those seeking knowledge in Cryptocurrency and Blockchain and how to benefit from it.
You can register for the workshop here