In a bold call to action, the Blockchain Technology Association of Nigeria (SiBAN) has urged the Nigerian government to craft a comprehensive national Bitcoin policy. The proposal follows recent pro-cryptocurrency stances adopted by U.S. President-elect Donald Trump, signaling a potential shift in global digital economic strategies.
SiBAN President Obinna Iwuno stressed the urgency of regulatory clarity to prevent Nigeria from losing its competitive edge in the blockchain space. He highlighted the need for a national Bitcoin strategy, clear regulations on cryptocurrencies, and exploration of a Nigerian Bitcoin exchange-traded fund (ETF) to align with global market trends.
“Nigeria cannot afford to lag in the rapidly evolving crypto landscape,” Iwuno stated in an interview with ITWeb Africa. “A proactive approach to cryptocurrency integration will strengthen our position in the global digital economy.”
Iwuno also emphasized the potential of a Bitcoin ETF and naira-backed stablecoins to boost local adoption, positioning them as key tools for innovation and inflation hedging. Despite regulatory resistance, he noted, Nigerians continue to engage in digital asset transactions, underscoring the sector’s resilience.
He called on the government to prioritize policies that foster innovation and align with international advancements, ensuring Nigeria’s readiness for the future of cryptocurrency.