The Blockchain & Cryptocurrency in Nigeria: An Overview and Next Steps.

Presented by Chuta Chimezie

Coordinator, Blockchain Nigeria User Group

The first cut…

Nigeria’s love affair with cryptocurrency began with a scam!


 “The first cut is usually the deepest”. 

 “Crypto-Scam Warnings ” Ignored?


 A Booming Crypto Space!


 The Rise and Rise of "Crypto-Preneurs"

in Nigeria


 Common cryptocurrency based transactions used by Nigerians.



·         Trading cryptocurrencies

·         Exchanging one token for another — for example, using Ethereum to purchase an Litecoin 

·         Receiving payments in crypto in exchange for products or services or as salary

·         Spending crypto  to buy goods or services

·         Air drops 

·         Mining coins 

·         Initial coin offerings

Crypto Lending services



The damaging Impact of Regulatory Uncertainties



Cryptocurrency has no definition here!



No one knows!




Can we get Nigeria’s governments’ definition of “Cryptocurrency”?



Without Definition of Cryptocurrency can you Tax or Regulate?



Whatever Government Tax is Legal?



You cannot Regulate or Tax what has no identity.



Blockchain Technology has revolutionary impact.



Potential impact of Blockchain Technology in Crowd-Funding.


Government must seek mild, and intelligent approaches to dealing with Cryptocurrencies.


The Blockchain and Cryptocurrency community Expectations.


(a) security standards

(b) customer service standards

(c) risk management standards

(d) standards for deployment of cryptocurrencies

(e) industry-specific AML/CFT/ KYC

(f) privacy issues



(g) inward and outward remittances

(h) exchange rate regulation

(i) the definition of ‘cryptocurrency’

(j) a clear delimitation of crypto-activities that are subject to regulation

(i) Decentralized and centralized repositories.



Wrapping Up!



Thank You!

Chuta Chimezie

Coordinator, Blockchain Nigeria User Group

Regional Director, Africa Paxful.


Overview of Blockchain & Crypto in Nigeria: Next Steps!

By Chimezie Chuta

Overview of Blockchain & Crypto in Nigeria: Next Steps!

My Presentation at The Tax Club Symposium on Cryptocurrency Tax: An uncharted Territory and Treacherous Waters. 13 September, 2018

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