SiBAN, a self-regulatory blockchain and crypto association of Nigeria, has been one of the most active organizations on the African continent when it comes to sanitizing the blockchain and crypto space amidst an overwhelming growth in crypto ponzi scams.
In an effort to improve the image of Nigerian blockchain and crypto projects, the organization introduced a decentralized monitoring service for scam activities enabling any member to report scams in the space.
SiBAN however is looking to do more and is in the process of launching an awareness campaign to further educate and inform the public about blockchain and cryptocurrencies.
SEE ALSO: Joint Press Statement on Cryptocurrencies and Ponzi Schemes in East Africa
The organization has been very vocal in monitoring the Nigerian ecosystem. A recent incident involving one of the players in the crypto community, renowned Bitcoin Chief, CEO, TatCoin, saw the body openly warn and reproof the member following an altercation with another SiBAN member.
However, following a successful intervention by SiBAN in a case where a Nigerian bitcoin trader was detained by the authorities for 65 days in early 2020 over an alleged fraudulent bank transaction, there is now a heightened need to proactively push for more education and awareness in the space.
According to Senator Ihenyen, SiBAN Secretary:
“We are in need of volunteers who will join the team of selfless people who put the community first. This is towards our mission to keep sanitizing the blockchain & crypto space in Nigeria.”
SiBAN intends to undertake the following objectives in the coming months to ensure the blockchain and crypto space in Nigeria is healthy.
The organization is recruiting volunteers who are:
- Genuinely-concerned about scam blockchain & crypto projects in Nigeria
- Understand the fundamentals and dynamics of a good blockchain or crypto project
- Never been part of or associate with any scam project either in the space or outside the space
- Willing, happy, and ready to volunteer your knowledge, expertise, experience, and time to ensure that the space is sanitized
- Prepared to sign a non-disclosure agreement (NDA) for the purpose of safeguarding any confidential information that may come your way
- Registered SiBAN member or willing and ready to register officially as a SiBAN member
The public call for volunteers is part of the process of establishing systems intended to enable the SiBAN body fight scams more efficiently and effectively.
Rather than rush to the public, we are now learning to invest more in building the systems and institutions within the SiBAN body that will help us more efficiently and effectively fight scams. We don’t want to be always reactive but proactive.” ~ Senator Ihenyen
BitcoinKE, in an exclusive, spoke to other key members of SiBAN below:
We must keep sanitizing the ecosystem so our people would quickly understand this new technology, its capabilities and build dapps that would thrust us forward as occupiers into the new world or else we might remain a dark continent.” ~ Paul Ezeafulukwe, SiBAN Chairman
We continue to seek relevant government agency in the sanitization of the space to ensure a fair and open market.”– Lucky Uwakwe, Vice Chairman, Policy & Regulations and Founder/CEO SaBi Exchange
While other African blockchain associations continue to put forth concerted efforts in fighting scams in the crypto and blockchain space, SiBAN seems to be taking the fight a notch higher by establishing systems that will see the organization better self-regulate on a continent where there are few or no regulatory frameworks that protect the general public.
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