Nigeria Needs Strong Crypto Laws, Charles Von Simson

Steve Aya

Contrary to popular opinion, Nigeria seems to be making good and steady progress in the electronic financial market, and what it now needs is a good strong law that will further push its frontiers.

These were some of the views of Associate Professor Charles Von Simson, a Law and Entrepreneurship Clinic, University of Wisconsin in USA.

The University don who was the Guest Speaker at the Punuka Annual Lecture 2021 Edition, further noted that Stable Coins are digital access that are designed to maintain a stable value relative to a national currency or other reference asset.

Speaking under the theme: ‘Fintech, Crypto and Frontier Technologies in Trade; Prospects and Legal Challenges’, Prof Von Simson however, warned that stable coin users are at the risk of both financial and systemic loss, because of the economic power of the currency.

He also stated that while the Fintech Crypto Currency has many laws, the world and indeed, Nigeria, who has made remarkable progress in this area requires a strong crypto law that will protect this emerging market.

In his Keynote Address, the Guest of Honour at the event and Hon. Minister of State for Budget and National Planning, Prince Clem Agba, commended Punuka Attorneys and Solicitors for choosing such a topic, because of its relevance to the nation, particularly with the recent launch of the eNaira.

He said that with all the measures put on ground by the Federal Government, especially with the repositioning of the budget calendar back to January to December, which culminated in the recent launch of the National Development Plan, the Nigerian economy is on it way to a strong revival as millions of jobs will be created over next five years with the Fintech and crypto currencies playing a big role in the nation’s economy.

Convener of the event and Senior Partner at Punuka Attorneys and Solicitors, Chief Anthony Idigbe, SAN, said that technology has affected all sectors of all nations including Nigeria, and there is therefore, the need for proper regulation for the Fintech Crypto market on one hand, and to protect Nigerians on the other.

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

In her welcome address, the Managing Partner of Punuka, Mrs Elizabeth Idigbe said that traditional banks have seen a great change since the introduction of technology into the banking world, with many banks today having their own mobile and saving applications, while digital payment has surged more than fivefold since its introduction.

This is the 13th edition of the Punuka Annual lecture, and the first to be held with both physical and virtual audience in attendance.


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Publish date : 2021-11-15 23:47:02

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