In a recent appeal, the Blockchain Technology Association of Nigeria (SiBAN) requested the government to develop a national Bitcoin policy, drawing inspiration from the pro-cryptocurrency policies recently adopted by US president-Elect Donald Trump.

Obinna Iwuno, president of SiBAN, underlined the importance of Nigeria taking a progressive approach to cryptocurrency in order to position itself in the global digital economy.

According to him, Nigerian regulators must take immediate action on key critical steps to avoid losing value to overseas markets.

He stated that the country should prioritise regulatory clarity and regulations on cryptocurrencies, build a national Bitcoin strategy and action plans, and investigate the feasibility of trading a Nigerian-issued Bitcoin exchange-traded fund (ETF) in the capital market.

“Nigeria must not fall behind in this rapidly changing landscape. It is essential to implement policies that incorporate cryptocurrency into the mainstream economy,” Iwuno said during an interview with ITWeb Africa.

Iwuno advocated efforts like as a Bitcoin ETF and stablecoins backed by the naira to boost local cryptocurrency adoption.

"A national Bitcoin strategy would provide the clarity and structure needed for local blockchain development," he said.

He emphasised the potential for cryptocurrencies to provide Nigerians with an inflation hedge, arguing that embracing these innovations might help the country succeed in the global crypto market.

"We must prioritise innovation and align our policies with global trends," Iwuno added, urging urgent action to realise Nigeria's potential in the bitcoin area.

He said that despite the hostile posture of the Nigerian authorities toward cryptocurrency trade, many Nigerians continue to transact with digital assets.