Mr Chuta Chimezie, Founder, Blockchain Nigeria User Group (BNUG) a panelist at the 2022 Legal Business Conference held at the Civic Centre, Victoria Island Lagos on May 17, 2022, said that there are more opportunities in the digital world only if lawyers can tap into it and gain more knowledge about the digital space, which keeps evolving day by day. Mr Chimezie said this during the first plenary session tagged: Opportunities, Risks and Challenges in Blockchain, Fintech and Digital Assets.
He also elaborated on some of the opportunities technology has offered to the digital world such as alternative finance, introduction of the e-naira, the birth of blockchain and cryptocurrency which if well utilised by lawyers, can make them more relevant in the digital world.
‘Technology offers lots of opportunities; the industry needs lawyers more as their knowledge is highly relevant’, he said.
Another panelist of the first session, Mr Abikure Tega, Founder and CEO, Kumo Africa said that digital technology such as blockchain and cryptocurrency have solved some fundamental problems like the recent Russian-Ukraine war by raising funds through bitcoin, managing transaction, curbing money laundering, amongst others.
Mr Tega was also of the opinion that the world currently requires one to utilise the digital space effectively but cautioned on the risk involved. He tasked the regulators to ensure adequate protection of investors who transact with Fintechs.
The panelist recommended that there should be flexibility and efficiency in the usage of the digital market and blockchain technology and that the safety of consumers should be the priority. They also said that the industry should be regulated but that there should be a balance.
Other panelists in the session include; Gabriella Kusz ( Chief Executive Officer, Global Digital Assets and Cryptocurrency Association in the US) and Dr. Babatunde Obrimah (Chief Operating Officer, Fintech Association of Nigeria)
The theme of the Conference is ‘Regulating Blockchain and FinTech Innovations: Finding the Balance’.
