Following the crisis looming in the forex and blockchain industry in Nigeria, a tech expert and innovator of the Middley fintech application, John Mfon, has opened up on the implications of fining Binance and what best the Nigerian Government can do to keep the sector.
Recall the Nigerian government had earlier placed a $10bn fine on Binance for illegal transactions which saw the shutdown of the company in Nigeria.
Responding to this development, the fast-rising tech entrepreneur said that inasmuch as the Nigerian government is doing everything to protect the interest of its citizens, it is important to also understand that blockchain has come to stay. Hence, it shouldn’t be chased away completely in the country.
Mr Mfon was speaking in an exclusive interview session with Global TV on Wednesday.
He said that on the part of the government, it is more than they see, that clamping down Binance will mitigate the effect of the dollar rise.
The serial entrepreneur advised that the Federal Government should support internal crypto platforms to help Nigerians in the industry thrive just like it is in other sectors.
He said that the only way to better the economy of the country is for Nigeria to become a production nation instead of being finance-driven.
In his words:
“Government will always want to act as government to protect the interest of its citizens.
“Nigeria is a finance-driving economy instead of a production-based economy. A country that’s production-driven gets amazing results.
“Inasmuch as the FG is clamping down on blockchain/cryptocurrency because of forex, they should task indigenous crypto innovators to help Nigerian Naira in the industry to thrive.”
He further commended the government for its efforts to regulate forex and blockchain. He said that the industry has come to stay. Therefore, Nigeria should key into blockchain and cryptocurrency like other countries are doing in a bit to become a market leader in Africa.
He said the sector can be regulated if the blockchain policy framework is implemented and grant made available to help innovators.
He added that blockchain can help in fighting certificate forgery and other related matters.
Mr John called on the Federal Government to take a step in the right direction towards investing in the blockchain industry adding that that’s what countries like the US and the, UK among others are doing so as to grab a market share in the industry.
“Blockchain has come to stay. With it, Nigeria can fight inflation and cross-border payment seamlessly. Blockchain can fight certificate forgery, anti election rigging and other related matters”
He maintained that the Nigerian government should implement the blockchain policy that was passed in May 2023.
On the arrest of the Binance workforce in Nigeria, the tech expert said that although the information circulating in that regard may not be apt, whatever the situation is, it’s a result of the rise of dollars in the Nigerian market.
One of the effects clamping down Binance has on internal innovators is fear, he said that the action has introduced fear to emerging innovators in the industry who might be afraid to harness even the good part of blockchain and cryptocurrency.
He mentioned that the Federal Government of Nigeria can come in as there’s a regulatory framework to implement the framework to serve as a guide for the activities in the industry, promoting and giving out grants to local and country-based innovators will boost them towards competing with others and taking a market share around the world.
He said “We should not fold our hands as usual to look at the emerging cryptocurrency and blockchain industry, we should strive to take a great market share in it.
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