Lagos State to Establish Crypto Hub, Provides Incentives for Businesses That Accept Crypto Payments

Lagos State Government is about to score another first in Nigeria as it unveils a wider cryptocurrency framework to aid crypto adoption.

The framework according to the governor of Lagos State will result in the establishment of a crypto hub and the provision of incentives for businesses that accept crypto payments.

Investors King could recall that Lagos which is the economic capital of Nigeria signed a pact with a US-based blockchain company, Gluwa to transform the state agricultural sector using cryptocurrency.

Blessed with a huge population, a bustling technology industry and a growing number of startups, the implementation of a robust cryptocurrency framework will significantly add value to its economy.

Speaking to a cross-section of crypto enthusiasts in a short video, Lagos State Governor, Babajide Sanwolu said the state is ripe to have a framework that will promote blockchain technology. 

“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”.

“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,” he said. 

According to the governor, the government recognises the potential of crypto in transforming the state’s economy. Therefore the proposed initiative is aimed to boost adoption and support the industry for the benefit of Lagos and Lagosians.

Meanwhile, Investors King understands that this is a drastic shift from the position of the Federal Government which banned commercial banks from entertaining cryptocurrency transactions. 

It would be recalled that in February 2021, the CBN issued a circular to commercial banks stating that facilitating cryptocurrency transactions is prohibited.