‍Worried over the level of fake investment platforms such as Ponzi schemes damaging public trust and making crypto seem like a scam to many Nigerians, a Crypto Trader and Analyst, Samuel Olaoyenikan, has called on the managers of Nigeria’s economy to regulate the nation’s crypto industry.

In a statement he signed and made available to PUNCH Online on Sunday, he said cryptocurrency is the most misunderstood sector in Nigeria, noting that bad actors and scammers have infiltrated it and made it seem like that’s all there is to the space.

He also stressed the “need to better regulate crypto trading. The potential to protect against the economic downturns.”

He pointed out that Bitcoin and the blockchain were created to introduce true financial transparency and freedom, stressing that those who know how to leverage the advantage end up profitable.

Olaoyenikan quoted the World Bank as saying that there are about 350 million unbanked adults in Sub-Saharan Africa, but stated that crypto presents a platform for increased financial inclusion, allowing for fast and accessible transfers, which in turn stimulate economic growth and improve livelihoods.

The founder of the The Nirvana Academy, a Web3 educational institute has conducted 11 cohorts and trained over 10,000 individuals, 95 per cent of whom have made their first one million naira through Web3 businesses.

While reiterating his commitment to empowering people, he said the academy is poised to teach people to see the opportunities available to them and help them capitalize on them.

Olaoyenikan is also the founder of Tevah Foundation —a non-profit organisation, said he is dedicated to improving the lives of underserved communities in Nigeria and beyond by providing them with educational and financial resources as well as guidance and mentorship.


https://punchng.com/expert-urges-regulation-of-nigerias-crypto-industry-to-combat-scams/