Sanwo-Olu Unveils Bold Proposals for Crypto Adoption for Lagos to Become the Next Crypto Capital
Lagos State Governor, Mr. Babajide Sanwo-Olu has announced bold proposals for crypto adoption in Lagos, with a view to making it the next crypto capital.
Lagos is a bustling commercial hub in Nigeria, with a vibrant tech ecosystem and a large population of young, tech-savvy individuals, hence the announcement is a paradigm shift in the political landscape of Nigeria, where cryptocurrency has long been a controversial topic with the Central Bank of Nigeria (CBN) kicking against it and introducing the e-Naira in its stead.
Despite the apex bank stance against Cryptocurrency, it has gained significant traction in the state over the years, with a growing number of individuals and businesses adopting it as a means of payment and investment.
Lagos State, it is gathered, is home to hundreds of Blockchain and Crypto businesses with over 5 million users.
The governor explained in a short video, while engaging a group of cryptocurrency enthusiasts in Lagos, that the role of government is to provide an enabling environment where young people can thrive and realise their potential.
In his words: “Lagos state has become an enviable state for startups, especially in the technology and innovation sector. Thus, we are committed to working with all stakeholders to promote the growth of the tech and blockchain industry, including cryptocurrency in Lagos State.”
According to him, the government recognises the potential of crypto in transforming the state’s economy; thus, the government will continue to create a space where startups and innovators can come together to develop solutions to the challenges facing the society, emphasizing that innovation is the key to unlocking the potential of Lagos and as a governor, he is committed to supporting those willing to take on these challenges.
“We cannot afford to be left behind in the global shift towards digital currencies. Cryptocurrency has the potential to drive economic growth, create jobs, and empower our youth. As leaders, we must embrace innovation and create an environment that encourages its adoption,” Sanwo-Olu emphasized.
Sanwo-Olu listed some of the initiatives projected to boost crypto adoption in Lagos State to include the establishment of a dedicated sandbox regulatory framework for cryptocurrency, the creation of a crypto-focused innovation hub and the provision of incentives for businesses that accept crypto payments.
