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Federal Govt Recommits To Supporting Innovative Frameworks For Financial Inclusion

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The minister of state, budget and national planning, Prince Clem Ikanade Agba, has reiterated the commitment of federal government to support innovative frameworks that would enhance financial Inclusivity among the citizens.

The minister said this virtually at the Technext Coinference event, themed: “Reimagining crypto as the future of finance,” which gathered brilliant minds in the Nigerian blockchain sector to discuss about the future.

According to the minister, the government remains enthusiastic about the numerous possibilities the crypto industry provides despite the seemingly growing restrictions.

He said, “So far, I hope I’ve demonstrated that both citizens and governments see the benefits of cryptocurrencies and share a mutual belief in them. I believe it is crucial for all stakeholders to view each player as a key teammate in forging a path toward a healthy crypto space in Nigeria. “

The minister noted that cryptocurrencies could be the biggest disruptor in finance and governance the world has ever witnessed. However, the government needs to regulate the industry.

He said regulation of the industry don’t mean “a giant hammer slamming down on the activities going on in an industry,” but rather to optimize conditions for growth, tailored towards the industry.

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The chief executive officer, Patricia, Hanu Fejiro Agbodje, who gave the keynote speech on ‘Blockchain for Africa: The endless possibilities’ illustrated how Michael Faraday did not envisage that one day, Elon Musk would use his creation, electricity, to power his electric vehicles.

According to him, the world is still in its very early days of blockchain technology. It is one that people will constantly try to understand and use in various ways into the unknown future.

“We have been succeeding in this industry with zero support. Imagine if we got support from the government. He concluded by saying, “We can win and we will win as long as we continue to strive,” he said.

Also, CEO of Quidax, Buchi Okoro elaborated that the central bank’s development of eNaira is a step towards meeting stakeholders halfway and will encourage digital liquidity.

He explained that in the same way that WhatsApp can’t replace hugs and physical interactions, cryptos can’t replace fiat cash. Both currencies can only collaborate to bring better lives to the people.

The chief content officer at Technext, David Afolayan, in his opening address reiterated that it was important to have such a conversation around digital currencies as it is the new approach to trade and central to our survival.

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“We need instruments to achieve conveniences, and trade is that instrument. Trade has taken different forms, and now we are lucky to be at the foothold of that change where digital currencies are replacing fiat money and we can transact without borders,”Afolayan said.

He also noted that the rules guiding trade many years ago are no longer applicable and many people are not finding that convenient. To address these concerns, innovators, enthusiasts, and regulators need to have a conversation, one that the event provides.

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