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Nigeria blockchain & crypto industry launches 5-point Crypto Advocacy Agenda; introduces 500 Million Naira Fund


Nigeria’s blockchain & crypto industry has officially launched a 5-point Crypto Advocacy Agenda in Nigeria, tagged “5 CAAN!”. 5 CAAN is kicking off as a 500 Million Naira Fund for the purpose of implementing the 5-point agenda outlined by the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) .

According to BICCoN, 5 CAAN flows from its November 2021 public statement on the current crypto clampdown in Nigeria. “The crypto clampdown which has seen both individuals and entities cut off from access to banking and financial services in Nigeria is riding on the back of the Central Bank of Nigeria (CBN) directive on cryptocurrency of 5 February 2021”, BICCoN maintained.

“We can no longer watch regulators continue to unduly criminalize, demonize, and discriminate against our nascent industry while failing to properly engage stakeholders in the industry on the matter. Cryptocurrency innovation calls for innovative and inclusive regulation, not prohibition or exclusion”.

BICCoN then went on to adopt and implement the 5-point Crypto Advocacy Agenda in Nigeria for the industry. The Agenda involves engagements with the Nigeria presidency; the Finance Minister with the Ministry of Finance, Budget and National Planning; law enforcement agencies, and the National Assembly. Seeking legal redress is also included in the Nigeria blockchain & crypto industry’s 5-point agenda.

Some hours ago, BICCoN issued a public statement where it made six resolutions touching on its position on the issues affecting Nigeria’s blockchain & crypto industry. The resolutions were made in response to what appears to be an ongoing clampdown on cryptocurrency in Nigeria, supervised by the Central Bank of Nigeria (CBN).