As the emergence of Blockchain accelerates digital payments in Nigeria with the introduction of central bank digital currencies, regulation is a critical infrastructural instrument in Nigeria for seamless implementation.

On Monday, Sam Lee, creator of Blockchain Center, and Jeffrey Wu, CEO of Actionable Strategies, revealed this during the 2nd Edition of the Africa Cashless Payment Conference, which Nairametrics attended.

They stated that the emphasis should be on driving adoption, which must be promoted in all regions for all sorts of products.

Sam Lee argued that the digitalization of money is unavoidable and more efficient and that Blockchain fosters confidence and transparency, with legislative hurdles to follow to avoid confrontations.

He said, “In six years ( 2014-2020) growth of digital payment in China helped China move into mobile infrastructure ( Alipay, WeChatPay) and a key pillar lifting people out of poverty and connecting them to global opportunities.”

He added that big data uses AI to improve insights gotten from digital purchases, citing that,

“Blockchain enables payments Infrastructure for trust, transparency, and efficiency. This can be done through better regulation, as the focus needs to be on driving adoption, which has to be driven in all areas for all types of merchandise.

“Blockchain accelerates digital payment and needs regulation as a key infrastructure tool such as the Nigerian E- naira.”

Jeffrey Wu stated that digital currencies are enablers that make the technology needed for it viable.

“Digital application can enable Africa from the most unbanked to rapid economic growth for a huge number of people. Achieving critical mass adoption is just as important as the technology itself. Platform development must be designed to current systems but need better long-term adoption for technology uses.

He said investment flows freely to opportunities that are viable and provide realistic returns identified and managed, citing that focusing on population won’t get investments, as the focus needs to be on driving adoption, which has to be driven in all areas for all types of merchant

“Government entities must also reduce friction adoption and boost adoption that will help private stakeholders towards a cashless society adoption,” he said.