The Digital Currency Coalition (DCC), the largest coalition of crypto asset practitioners and founders in the African digital currency space, has called for proper regulations to catalyse job creation, innovation and the growth of the Nigerian Economy.
The group firmly believes that embracing and leveraging the opportunities presented by digital currencies and blockchain can make a significant contribution to the nation’s economic advancement.
In a statement on Monday , signed by Seun Dania, CEO of Tradefada; Buchi Okoro, CEO and Co-founder of Quidax; Yele Bademosi, CEO and Co-founder of Nestcoin, and Geoffrey Nwokolo, PMO Digital Currency Coalition, on behalf of all members of DCC, the players acknowledged the potential risks and challenges associated with this emerging sector, however emphasized that with proper regulation and strategic implementation, digital currencies can serve as catalysts for job creation, innovation, and sustainable development.
The statement reads further:
“As the leading voice in the digital currency and blockchain space, Digital Currency Coalition stands ready to collaborate with the government, leveraging our expertise to shape a robust and future-oriented digital currency ecosystem. We are committed to demonstrating to the nation’s leaders how embracing digital currencies can lead to sustainable job creation, especially for the young population, fostering independence and freeing up national resources for other social causes.
The Digital Currency Coalition acknowledges the positive steps taken by the government in formulating a national blockchain policy. We applaud the collaborative approach that involved stakeholders within the blockchain space, including the Digital Currency Coalition, in creating the policy and facilitating its implementation.
This inclusive approach ensures that legislation and regulation have a practical touch. However, we do express moderate concerns regarding the inclusion of provisions for the taxation of digital assets in newly enacted fintech-focused legislation.
These provisions come at a time when the sector’s potential is still hindered by challenges such as the nationwide banking service ban on its operators.
We reiterate our commitment to working hand in hand with the government, regulators, and industry stakeholders to ensure the responsible growth of the digital currency industry in Nigeria.
Our goal is to create an environment that fosters shared prosperity for all while not stifling innovation and growth in the sector. The DCC assures all stakeholders and citizens of Nigeria of its active participation and input in all efforts to make digital currencies mainstream in the country”.