The growing opportunities, risks and challenges in emerging technologies such as blockchain, fintech and digital assets were the subject of the Legal Business Conference 2022 held at the Civic Centre in Lagos last Monday. Organised by the Legal Business Network, the Conference was graced by major stakeholders in the tech space.
The event, which was moderated by Mr Senator Ihenyen, President of SIBAN and Lead Partner at Infusion Lawyers, featured panel discussions on a range of relevant topics.
Speaking on issues around technology, a panelist, Mr Chuta Chimezie, Founder at Blockchain Nigeria User Group, underscored the importance of technology in modern life as a societal catalyst. He however noted that, like most human activities, technology must be regulated, so as to keep it in conformity with acceptable standards. ” You cannot stop technology but you can regulate it,” he said, adding that such regulation, however, must not be allowed to suppress tech.
According to him, tech-driven financial systems are as stable as the regulations that govern it, adding that regulations also plays a vital role in its sustenance.
In trying to find the right balance, Chimezie urged regular engagements between practitioners and regulators, with an eye on extending the benefits of tech to coming generations. “We have a regulators forum,” he said, which seeks to come up with polices that will assist regulators. Since everybody is working for the same objective, that is to grow the nation, it is important that we look at the loopholes to see where they are, and avoid them.
Also speaking, Mrs Gabriella Kusz, the Chief Executive Officer at Global Digital Asset and Crypto Currency Association, noted that the world has a young and tech-savvy population. It is only natural, she added, that all over the world, these young people are trying to figure out ways to leverage on power blockchain and other technologies in a bid to evolve ways to meet the needs of society and the economy. She expressed confidence that the long-term benefits of a proper and well-regulated use of these technologies will help in solving some of the challenges facing the world today.
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