Prince Clem Ikanade Agba, the Nigerian Minister of State for Budget and National Planning has vouched for regulations in order to avoid disruptions in cryptocurrency. He declared that cryptocurrency has enormous potential and might be the most significant disruptor in finance and governance the world has ever seen.
<h2>Regulations to Avoid Cryptocurrency Disruptions</h2>
Agba spoke at the first Technext conference in Lagos over the weekend, "Reimagining crypto as the future of banking." Despite what seems to be increased limitations, according to the minister, the government remains <a href="https://guardian.ng/business-services/minister-calls-for-regulation-to-check-cryptocurrency-disruptions/" target="_blank" rel="nofollow noopener">optimistic </a>about the multiple opportunities provided by the crypto business.

"I hope that, so far, I have proved that individuals and governments alike see the advantages of cryptocurrencies and have a common belief in them. To forge a road towards a healthy crypto sector in <a href="https://www.cryptoknowmics.com/news/lack-of-crypto-regulation-is-a-challenge-on-our-investigation-says-nigerias-efcc/">Nigeria</a>, I think all stakeholders must see each other as vital team members."

"Cryptocurrencies might be the largest financial and governance disruptor the world has ever seen. The government, on the other hand, must control the industry." 

During the first panel session, which included Uzoma Dozie, CEO of Sparkle; Buchi Okoro, CEO of Quidax; Dickson Nsofor, CEO of Korapay; Austin Okere, CEO of CWG; Nkemdili Uwaje, CEO of Future Software; and Chimezie Chuta, Founder of the Blockchain Nigeria User Group, stakeholders focused on untangling the regulatory knots in the space, with a critical idea being the pace.

Dozie discussed the challenges of scaling cryptocurrency, which is presently one of the world's quickest payment systems. He emphasized that the Nigerian CBDC,<a href="https://www.cryptoknowmics.com/news/with-the-introduction-of-the-enaira-nigerias-gdp-may-increase-by-29-billion/"> eNaira</a>, would not compete with card payments but instead will be one of several accessible payment options. The central bank's introduction of the eNaira, according to Okoro, is a step toward meeting stakeholders halfway and will stimulate digital liquidity.
<h2>Replacing the Fiat Currency </h2>
Dozie continued to say that cryptos cannot replace fiat currency in the same way that WhatsApp cannot replace hugs and human relationships. He said that both currencies could only work together to improve people's lives. In his introductory remarks, David Afolayan, Content Chief at Technext, emphasized the need to have such a dialogue about digital currencies since it is the new method of commerce and critical to people's existence.

Nigerian Minister Asks for Regulations to Avoid Cryptocurrency Disruptions

Gitumani is a blockchain enthusiast as she keeps a tab on the recent happenings pertaining to the crypto industry. She aims to provide quality content in blockchain and crypto domain. She is a financial content writer too and has worked on several financial projects related to the stock market news, fundamental research, and technical analysis for several websites.

Nigerian Minister Asks for Regulations to Avoid Cryptocurrency Disruptions

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