 Thank you for staying with us. You're still watching the breakfast on plus TV Africa right now We sign for our next hot topic and this one is reps considered lore to regulate crypto transactions Joining us to discuss this is Dominic Romet Riri. He's a certified blockchain analyst. Good morning. Thank you for joining us Best morning. Thank you for having me. Oh, I like when you say that that's morning. That is so good. She had lights That's why it was the best He slept well, so it's best morning. Good morning, Roman. Welcome. Okay, so Yeah, so we're talking about revs to regulate crypto transactions You know, we don't really do crypto like that. So we don't have so much Knowledge about this but we've seen cases whereby for instance, I think about two weeks ago We had a conversation with you and we were talking about Binance We're talking about all of this crypto currencies and how they've just helped in, you know, increasing the dollar and Depreciating the Naira, but with the House of Representatives coming now and considering a lot to regulate this crypto transactions What do you do? What do you think? Do you think this might, you know, even help with our the current state of our currency at the moment Yes, it would help with the current state of the currency At the moment, you know First and foremost, the bill is a welcome development as long as it is a balanced fair and supportive one for the cryptocurrency industry There's no doubt that a fraction no matter how small of the country's effects is correctly now being used or being done through digital currency Transaction and from the data that I've been gathered especially by the House of Representatives Over 26 billion dollars was moved and you can imagine if the Nanyang government had 10 percent of that particular money as tax as already stated in their security exchange permission or the one or two regulatory policies that they have already put out what it would have done in terms of Infrastructure development that possibly would have been generating something that we can export out of this country That would end us foreign revenue or foreign currency as well. So By Side by side is actually something that is a welcome development However, I should not impose excessive or arbitrary restrictions like the fees we discussed about some time ago when you have over 500 million for bond especially for the local cryptocurrency exchange. However, Binance can afford it but they should just be Positive that this particular situation would actually be one situation that will change the narrative of the cryptocurrency Industry in Africa and they should play it very well so that they will be able to become leaders or that's to follow My first question room may will be what do you think about the fact that Binance is packing their bags and living in Nigeria? Binance is packing their bags and living in Nigeria. That is quite a Remark, so it's not this is not a solution of Ghana must go Because Binance is a corporate company and you know one thing for a corporate company is that they are ready to always Play ball especially when they have a lot to benefit, you know Now if you look at the data that we have over in 2020 alone More than 400 million dollars worth of transactions was toned on that particular platform And as you know, Nigeria is leading global is a global leader in Bitcoin trade and because Nigerians have showed that they embrace crypto as alternative source of traditional financial system it is something that a forward-thinking company would actually do a Bounce negotiation to see that they can continue their operations in Nigeria. It will not be wise business wise for them their bags and live in Nigeria, so I think they Although they are scared right now to bring more of their executives to Nigeria because two of the executives are currently detained to be able to Have their negotiations and smoothing it out. My friend, which is the senator in hand is currently the Lead the one representing Binance here for this particular case and I was watching their concession yesterday and It was actually saying that the binance people they said they are looking at a way to They sent a memo and a response to be able to speak to the Nigerian It is however Unconfirmed whether the two people that were arrested by the national security agency We are from half came from Binance to solve this situation It has not been confirmed yet, but I think binance is not yet ready to pack your bags and go Yeah, but that is a story We heard that they are advising that people to change their Naira into cryptocurrency or something and They are stopping that Operations in Naira and leaving the country maybe because of that fear or not, but if they do leave the country Is it there who will lose more or Nigeria will lose more because you know They are a very big player in that industry and now if they leave for me It's sending red flags to other people who might want to invest in Nigeria or do Cryptocurrency or any kind of business in Nigeria. I don't know but you are saying that they have a lot to lose Do you think they will lose more than Nigeria will lose It's a two-way thing because when you look at it from a business Let's look at it from a business perspective I want to look at it from as a company for him, which also operates in the Digital currency space you see that What is does for the Nigerian indigenous companies is that it actually kills the competitor if you do is what? Analysts are biggest competitor binance. I just removed from the market So it gives Nigerians and the Nigerian start-up much more strength to be able to try and do business with Nigerians that works to increase the revenue that the Nigerian companies are making because I mean instead of all of the traders to go on finance to be able to do that perform their pet to pet transactions in them is that you now have companies that are indigenous companies that They would rather turn to to be able to learn from do this transaction from I'm I know by that as an academy Which as a youth now let me speak from perspective of the youth It helps to be able to drive with the understanding of the digital technologies innovation foster creativity Also gives them one or two access to be able to end the occurrences The four body last few days or the last few weeks we've seen a lot of Nigerians use VPN Petro private networks to be able to assess these same platforms to that Restricted with IP addresses and being these are things that happen in China when you're street is in China people use IP addresses when we're street is in you and we use VPNs to be able to assess it So then you have to always find a way to be able to create what an opportunity for themself However, to a large extent right now for the businesses that are operating with crypto in Nigeria biggest computer has just been You just shoot the biggest computer and it's better for your business Okay, I didn't see that perspective before Okay, anyways, I'm speaking on Binance now so there's an allegation against them by the government who is demanding almost ten billion dollars in compensation from the firm and The allegation is the manipulation of foreign exchange rates Which has negatively affected the value of the Naira. Do you think this is true? Do you think this statement or this allegation by the government to Binance is true? Do you think they've you know just manipulated the foreign exchange currency and right now it has devalued our own currency? There are a couple of factors that I've made that have currencies to be devalued one of them is Inflation a weak currency and low foreign direct investment like these Fine that has been slammed on Binance dealing with can help us on the long run is that if that particular money that is paid is Actually invested into infrastructure that would not be producing Maybe maybe that infrastructure is exporting goods out of this country that is producing effects into this country back as well Although it's 10 billion dollars is good if it goes into our treasury, of course, we'll have some more I have I want to be able to put that Assets to be able to generate more income for us so that it can actually Multiply itself so that that 10 billion becomes a hundred million and much more so in that case You will not say Binance has truly affected our currency to This point you at this office as of today in terms of devaluing it because of these other factors that have contributed This is a major reason why our currency is at this point in time. However, when you have a Platform that is much more accessible What is digital? You have people are watching us trade digital device on your screen right now. So Unlike the bank is not as digitally accessible as the Binance platform It's not a digital. I think there's a time when issues to double KFM It is not as digitally accessible as a book KFM still like the banks So people prefer to use the rates now that they can before you can get the rate from bank You call one of your banker friend Maybe you go to bank and queue and all of those things Before you can get the correct rate from the bank But on those parts on we can just put the link on your phone and instantly you have an idea of the range of Dollar rates for that day and you are comfortable to transact with team that range. So that has been the online the online This frequency or the online disparity with what the traditional Financial institution has had is what are that really made the currency Flotation to build the way it is and I think the largest and this would help to put a little bit of check On is okay. Okay for short term before we let you Leave the breakfast table And maybe go actually have breakfast I would like Would like to ask you this maybe a final question What would you like to see in the regulation that is being muted by or being? Mouled by the National Assembly What are some of the provisions you think should be in that regulation? That will make the market or the cryptocurrency market in Nigeria flourish the way it should flourish Like a low entry point for start-up a Low entry point for start-up because currently you okay It's like most Nigerian. Let's take the average and jump business. You are fresh. You are a fashion designer. You are a Maybe you have Other type of business tomato grocery type of business some of them you see that the average Nigerian He does not have his own business registered a lot of Nigerians They don't have their business restart with the corporate cafes Commission Why because there's a fee that you are a bit of ignorance to about it Or a fee that needs to be paid for you to get that and the face are small as maybe 20 or 40,000 Now that's pose a challenge to even normal businesses So the entry point for this We have in the current Policy is too high for the Nigerian start-up business. So it is typhoon innovation it is definitely innovation because When these policies are not in place it exposes Nigerians to cybercrime scum Act volatility that's without proper regulation and oversight and these Companies are not registered But if the entry point is no these companies would register and they would have the fear to of just Scamming the investors especially Nigeria. So a low entry point would be something that should be considered very very fast Okay. All right. I think we should wrap it up. I think we should wrap I want to say thank you for joining us Thank you so much Pushing their citizens of trying to ensure that our cities they drive the interest of the city the cities They are naturally interested in innovation in technology and cryptocurrency and that would actually take next Our growth rate in the digital transformation space All right. Thank you so much. Hopefully Nigeria can also play in that space as well And I think it would be great for a Nigerian owned start-ups to you know companies with companies like Binance Yeah, all around the world you you consider it and I might just I wish I was and I'll be doing my notes. I'll be doing my notes I wish I was a blockchain architect like my name sake here room Anyways, thank you. Thank you so much for being a part of our program today All right, Dominic room it will really is a certified blockchain architect and metaverse experts and we've just been talking about reps You know moving to regulate crypto currencies crypto currency transactions in Nigeria And that is where we wrap it up on the show today as well. Oh, you know a wonderful time having breakfast with everyone All right, Chef Rume, thank you for being here as well, you know Thank you for a long time. Thank you for being here. You're welcome. You're welcome. Okay, okay That's how we draw the curtain. We hope to meet again tomorrow. My name is Nyam Gul I got you. My name is Rume Paul soon. Have an amazing day