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Experts calls for regulation of cryptocurrency in Africa

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Experts have called for urgent regulation of the cryptocurrency subsector, with a view to engender trust and unveil the benefit of the sector towards growing the economy.

A player in Nigeria, Luno, which also operates in 40 other countries, made the call in Lagos, stressing that regulations will strengthen crytocurrency operations.

The cryptocurrency market is in constant flux, regulators worldwide are grappling with ways to control trading, and traditional banking systems are far from being isolated from the global phenomenon.

Cryptocurrency, developed through the backbone of Blockchain technology, was once only associated with sales in the underbelly of the Internet.

Speaking at Luno Meet with the theme: ‘Building Trust in Nigeria’s crytocurrency Market,’ the Country Manager, Luno, Owenzie Odia, said regulation will give the initiative a lift.

Odia, who admitted that although the business had its own risks including fluctuation in prices; influence of hackers; forex challenges and the rest; noted that the platform has over two million customers across the globe, and had traded over $3 billion in the last few years.

He said cryptocurrency is decentralised, universal, interoperable, faster and safer, controllable, programmable and optionally transparent, adding that technology would also drive the currency, as it is evolving to meet human needs with speed and convenience.

In Africa, Odia revealed that Luno was targeting three regions including West Africa, East Africa, and Southern Africa, and targeting up to 20 countries over the next three years.

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