The difficulties of educating the public about these new technologies are not limited to Nigeria, which is sometimes hailed as a hotspot of blockchain and cryptocurrency understanding. Local blockchain professionals gathered recently in Abuja for the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023 to discuss the challenges and future of blockchain education in the nation. With insights from key players in the sector, we investigate the intricate environment of blockchain education in Nigeria in this in-depth article.
A Barrier to Entry
One of the foremost challenges that emerged during the discussions was the language barrier. Bello Usman Abdullahi, the Chief Operating Officer (COO) of Bitkova Academy, a blockchain education platform, highlighted this as a major stumbling block. Blockchain technology is notorious for its intricacies and jargon, making it a formidable challenge for individuals to grasp, especially when English is not their primary language.
Nigeria is a linguistic melting pot, boasting over 500 spoken languages, which further complicates the dissemination of blockchain knowledge. However, proactive local blockchain hubs have taken up the mantle of bridging this linguistic gap. Their strategy involves educating individuals in their native Nigerian languages, making blockchain technology more accessible to a broader audience.
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Abdullahi emphasized the importance of helping newcomers to the blockchain and Web3 realm understand the visionary goals of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This educational effort is crucial not only to dispel the fear and negativity sown by the Central Bank of Nigeria (CBN) and the government but also to empower citizens with a clear understanding of the transformative potential of blockchain technology.
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CBN’s Regulatory Roadblocks
In February 2021, the Central Bank of Nigeria made a controversial move by severing connections between local banks and cryptocurrency exchange firms. This regulatory maneuver had a palpable impact on the level of blockchain awareness in Nigeria. Abdullahi pointed out that this act contributed to the negative perception of blockchain and crypto among Nigerians.
The government’s stance, coupled with the CBN’s actions, cast a shadow over the crypto industry in Nigeria, creating a sense of unease among citizens. In essence, this hindered the growth of the blockchain and crypto space in the country. It is a testament to the far-reaching effects of regulatory decisions on the perception and adoption of emerging technologies.
Nigeria’s Crypto Journey
Despite these obstacles, Nigeria’s crypto journey has seen its share of highs and lows. At one point, Nigeria ranked as the top country in the world for search interest in Bitcoin, according to Google Trends data. However, this dynamic landscape underscores the resilience and curiosity of Nigerians in the face of adversity.
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The story of blockchain education in Nigeria is a tale of determination, innovation, and the ongoing struggle to break down barriers. As the global blockchain community watches, Nigeria strives to unlock the full potential of these transformative technologies, nurturing an informed and empowered generation of blockchain enthusiasts.
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