Blockchain Regulation Needs Stakeholders’ Workable Ideas, Says Chuta
CHIMEZIE CHUTA is the Founder/ Coordinator, Blockchain Nigeria User Group. Ahead of the planned Blockchain| Crypto- Arts and the future of money conference, which holds today in Lagos, he spoke with The Guardian on the initiative, as well as other germane issues that bother on the emerging blockchain/ crypto sub- sector of the economy.
Can we get a vivid overview of what the Blockchain| Crypto- Arts and the future of money Conference is all about?
THIS is Nigeria’s premium hybrid blockchain and crypto- assets conference of value and innovation exploring the technology trends shaping the future of money across the world, which have helped to fuel the growth and development of the ecosystem in the last four years in Nigeria and across Africa.
At the upcoming #Lagosblockchain2021, attendees will discover how Blockchain, DEFI, and NFTS together with, IOT, AI and Virtual Financial Assets are altering and disrupting incumbents and creating new opportunities for forward- thinking individuals, nations and organisations. We shall also be drawing attention to the concept of creator economy, digital ownership and Intergenerational wealth creation using Defi and NFTS.
One of Africa’s largest and most untapped markets is the creator economy. Using NFTS and Crypto Arts, creators across art, film, gaming, sports, among others can monetise their followers and intellectual property ( i. e. ideas, copyright). They can have royalties and revenue streams across multiple assets. They can leverage their work to earn interest or borrow capital to create even more value.
What is the conference targeting to achieve especially at this period?
The conference wants to build on previous success made and primarily to create a pro innovation environment for the industry, meeting the growing global demand for accessible, transparent and democratic financial and collaborative systems.
Can you talk about the current status of Crypto and Blockchain in Nigeria?
The state of crypto is still uncertain, because the crypto industry is currently under no regulatory preview of any agency or government. There have been efforts by the SEC in Nigeria to regulate crypto, but all the efforts was stalled when CBN issued a memo that restricted the access to banking services by crypto related companies. Now, SEC has rolled out a notification that they will resume their intention to regulate as they initially say they would do. As soon as it is done, crypto asset companies will be permitted to run bank account. So, different regulatory agencies are at different stages of regulation. Currently, we have NITDA and SEC walking out policies and CBN also looking at regulations.
Regulations appear to be holding down the ability of Nigerians to tap the benefits of Crypto and Bitcoin fully. Will the conference help provide a mileage in this regard?
BNUG is a strong advocate for Blockchain technology and works with all levels of government policy makers and regulators such as SEC Nigeria, NITDA, NDIC, CBN and other stakeholders to support businesses, develop talents and drive career opportunities in Blockchain technology, thus, promoting a sustainable community that enhances consumer safety and industry competitiveness.
Who are those lined up to provide light on the subject matter?
The conference will be chaired by Dr. Chuka Agbu, SAN, Lead Counsel at Lexavier Partners, and Chairman Blockchain and Virtual Financial Assets Regulations Working Group set up by SEC Nigeria.
Others are Director- General/ CEO National Agency for Technology Development ( NITDA), Kashifu Inuwa Abdullahi, who would be the Special Guest of Honor, while Prof. Olayinka David- West, Academic Director and Professor of Information Systems at the Lagos Business School will be the Lead Keynote Speaker. Ian Putter, Managing Director at Blockchain Research Institute ( BRI) and Digital Innovation/ DLT and Blockchain Executive at Standard Bank Group SA, as well as Dr. Abubakar Suleiman, Managing Director at Sterling Bank PLC, are expected to grace the conference as the keynote speakers.
There will be keynotes, discussions panel, fireside chats, exhibitions, workshops and training over the two- day event. Other side events slated for this year’s conference includes the bnugdao launch, Blockchain Report bi- monthly industry magazine launch, startup investor round- table, and the BNUG at 5 Gala Night celebration.
Who are the target audience?
Everyone is a target in this industry. It is a wrong perception to limit knowledge to a particular sector. Blockchain cuts across every industry. We will be hosting hundreds of people physically and virtually for five different activities: Conference and Exhibition, BNUGDAO Launch ( Africa’s first Smart Contract powered, Crypto- native Organization), BNUG. finance Defi/ NFT platform, Nigeria Blockchain report magazine, and BNUG@ 5 Galanite celebration. Hundreds of people will make life- changing connections; others will get so inspired from the insights that will be shared, such that they will begin to use them almost imminently. We have planned world class content over a two- day period, that will be nothing but transnational for all attendees. Some of our guests have already landed from France, Ghana, UK among others. We are very confident that this conference will be a huge success and BNUG will have activated its next level.