The Nigerian Stock Exchange has announce its intention to launch a blockchain platform that’ll enable exchanges in digital assets in other to attract new investors as well as expand trades by next year.
Recall, the Nigerian stock exchange had recently established legislation towards regulating trade of digital assets. Where it was aimed at growing interest among policymakers, businesses in the continent with Kenya and South Africa set to implement distributed-ledger technology.
Following this development, the Nigerian exchange through its Chief executive Temi Popoola released a statement thus;
The exchange is looking to use blockchain technology to settle capital market transactions. “That’s the kind of technology that a lot of young and future Nigerians utilize, and that is what we want to see.”
Popoola further stated that the Nigerian bourse would partner with a technology business and obtain regulatory clearance prior launching in 2023.
The chief executive believed that digitalizing transactions will further attract consumers looking for variety of products, as well as quick access to the market.
Recall, MTN Group last year released the bourse’s first complete electronic share offering, which was subscribed in excess with roughly 85% of the investors said to be under 40 years old.
Facts about SEC adopting a blockchain technology for its transactions
- This idea came to the fore following the bitcoin market crash occasioned by the Terra blockchain’s failure in May. Since its all-time high in November, the flagship crypto has lost more than half of its value.
- According to a giant exchange, Paxful, a bitcoin market place, young Nigerians account for the biggest volume of the cryptocurrency transactions outside of the US, however, they have mostly neglected the local bourse. In the first three months of 2022, Nigerians transacted $185 million in Bitcoin on Paxful, accounting for quarter of all transactions.
- The CBN through its intervention launched the eNaira, a digital currency in a teaming effort to increase financial inclusion in the Africa’s giant nation, though in undertone was aimed to scuttle and discourage the youths from using crypto assets rather should embrace the eNaira. The big question today is; where is the eNaira?
Conclusion
Suffix to say that a nice move is being initiated in the right direction, blockchain technology would further enhance the bitcoin revolution in the Africa’s most populous nation, given the young who are conversant with technology, and are on the forefront of this campaign.
Many thanks to the P2P platforms that have continuously provide succor for passionate young stars who are determined to rewrite the narrative in the crypto industry.
