Lagos State, a busy economic hub in Nigeria, with a strong digital ecosystem and a sizable population of young, computer-savvy people, is poised to become the new crypto capital as the state governor, Babajide Sanwo-Olu, presented bold ideas for crypto adoption in Lagos.
“Lagos state has developed into a desirable location for startups, particularly those in the technology and innovation industries. Thus, we are dedicated to collaborating with all interested parties to foster the expansion of the tech and blockchain sectors, including cryptocurrencies, in Lagos State, according to Sanwo-Olu.
He claims that the state’s government is aware of the potential of cryptocurrencies to change the economy. As a result, the government will continue to foster an environment where entrepreneurs and innovators can collaborate to develop solutions to the problems facing society. This is because the governor of Lagos is dedicated to assisting those who are ready to take on these challenges and believes that innovation is the key to unlocking Lagos’ potential.
Although Bitcoin has acquired substantial traction in the state over the years, the news represents a significant shift in the political climate of Nigeria, where the subject has long been divisive.
a rising number of people and companies are using it to invest in and make payments. More than five million people use the hundreds of Blockchain and cryptocurrency firms in Lagos State alone.
The governor said in a brief video that government’s job is to create an atmosphere that allows youth to flourish and realize their potential. He was speaking to a gathering of bitcoin aficionados in Lagos.
“With the world moving toward digital currency, we cannot afford to fall behind. The potential for cryptocurrencies to spur economic expansion
create jobs, and give our young more power. Sanwo-Olu, who is running for reelection, adding that as leaders, we must welcome innovation and foster a climate that promotes its acceptance.
The creation of a cryptocurrency-focused innovation hub, the creation of a dedicated sandbox regulatory framework for cryptocurrencies, and the provision of incentives for companies that accept cryptocurrency payments are some of the initiatives suggested by Sanwo-Olu to increase the adoption of cryptocurrencies in Lagos State.