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Business News of Tuesday, 23 November 2021

Source: www.sunnewsonline.com

Minister, others make case for crypto laws

Minister of State for Budget and National Planning,  Prince Clem Agba Minister of State for Budget and National Planning,  Prince Clem Agba

The Minister of State for Budget and National Planning,  Prince Clem Agba, has said that with measures put on ground by the Federal Government, especially with the repositioning of the budget calendar to January – December,  Nigerian economy is on its way to a strong revival as millions of jobs would be created over the next five years with fintech and crypto currencies playing a big role.  

The Minister, who was a guest speaker at the 13th Annual Lecture of Punuka Attorneys and Solicitors, said the topic: fintech, crypto and frontier technologies in trade; prospects and legal challenges, was timely due to its relevance to the nation, particularly with the recent launch of the e-Naira.

At the event, an Associate Professor Charles Von Simson at University of Wisconsin, USA, noted that stable coins are digital access, designed to maintain a stable value relative to a national currency or other reference asset.

Simson, however, warned that stable-coin users were at the risk of both financial and systemic loss because of the economic power of the currency. He stated that, while the fintech crypto currency has many laws, the world and, indeed, Nigeria, which have made remarkable progress in this area, require stronger crypto laws that will protect the emerging market.

The convener of the event, Chief Anthony Idigbe (SAN), said technology had affected all sectors of nations, including Nigeria and there is a need for proper regulation of the fintech crypto market on one hand and to protect Nigerians on the other.

He stressed the need for players in these  fields to, not only understand what they were getting into, but to also cover themselves legally so as to be able to navigate the various risks associated with it.