NIGERIA ONLINE Unregulated Nature Of Crypto Investments Remains A Key Problem 1 year ago Samuel Post Views: 241 Whereas Crypto investments have gained ground in Nigeria and a lot of Nigerians are investing in crypto, a leading development economist and chief executive of SFS Capital Nigeria Limited, Patrick Ilodianya, has stressed that the lack of regulations guiding activities in the sub-sector remains a major problem for players. According to him: “Cryptocurrency is an exciting innovation supported by blockchain technology. Generally, Nigerians are very adventurous, and some people believe it provides a hedge against devaluation. Unfortunately, cryptocurrencies are unregulated. And this is a major problem. Due to the lack of regulation, many people would lose the bulk of their investments in the coming years.” Continuing, Ilodianya averred that: “In my opinion, putting money in cryptocurrency now is not investing; it’s more of gambling. So, many things can go wrong. The crypto exchanges basically act like banks, fund managers and trading exchanges, all in one without any regulatory oversight.” “There will be many problems in the future. I believe enthusiasm would deepen massively. But I also believe when regulation catches up and regulators become actively involved, the abuses would reduce and the attractiveness would increase.” Source: businesshilights.com.ng About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: crypto, gambling, Nigeria, SFS Capital Nigeria Limited Continue Reading Previous The Rise of Online Gambling in South AfricaNext What is pulling the plug on digital arts in South Africa? More Stories ONLINE WORLD NEWS 130 Chinese extradited for online fraud, cybercrimes 3 hours ago Szarlot ONLINE SOUTH AFRICA Why video game prices have skyrocketed in South Africa 1 day ago Szarlot BETTING NIGERIA Three more ambassadors join King Kanu at Sportsbet.io 1 day ago Szarlot GAMES ONLINE 5 Lions Megaways: An Enchanting East Asian Adventure 2 days ago Tools EXPERTS NIGERIA The industries behind Nigeria’s economic explosion 2 days ago Samuel MALAWI ONLINE A Succinct Guide to Online Gaming in Malawi 2 days ago Samuel BETTING NIGERIA How Nigerian Sport Promotes Responsible Gambling 3 days ago Szarlot BETTING NIGERIA Charting Nigeria’s online gambling growth amid regulatory battles 3 days ago Samuel ONLINE WORLD NEWS BetFounders has joined forces with iMoon provider 6 days ago Iwo Bulski ONLINE WORLD NEWS Pragmatic Play expands online slots deal with Fortuna Entertainment 6 days ago Iwo Bulski ONLINE WORLD NEWS Adapt or Be Left Behind: The Changing Face of Italian iGaming 1 week ago Iwo Bulski EXPERTS NIGERIA New partnership between BetKing and Genius Sport in Nigeria 1 week ago Iwo Bulski Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.