Nigeria: Blockchain revolution underway!

Nigeria is moving forward in its journey to adopting cryptocurrency. Nigeria’s National Executive Council has just approved the National Blockchain Policy, which will certainly boost the country’s economic development.

To Accelerate Economic Development, Nigeria Approves National Blockchain Policy

Nigeria’s National Blockchain Policy

After the launch of eNaira, Nigeria is working on the democratization of the blockchain. Reference is made to the National Blockchain Policy approved by the National Executive Board. It was developed by the Federal Ministry of Communications and Digital Economy (FMCDE), together with various stakeholders in the private and public sectors.

National blockchain policy is primarily aimed at facilitate digital development in Nigeria. It also aims to establish a blockchain-based economy that facilitates transactions, data sharing as well as the exchange of value (not only between businesses and government, but also between individuals).

The National Information Technology Development Agency (NITDA) will coordinate the policy initiatives, under the supervision of the FMCDE. Upstream, we created a multi-sector steering committee to oversee the implementation of the policy.

What will the approval of the National Blockchain Policy entail?

Once the National Blockchain Policy is approved, it will be implemented in Nigeria. The Federal Executive Council nevertheless wishes set up beacons. It plans to establish clear regulatory frameworks that will govern this new national policy. The National Executive Council invites relevant regulatory bodies such as NITDA, Central Bank of Nigeria, National Universities Commission, Securities and Exchange Commission and Nigerian Communications Commission to create regulatory frameworks for the implementation of this policy in different sectors of the economy.

Blockchain technology will now be an integral part of Nigeria’s economy. A regulatory framework will soon be put in place to govern the new policy adopted by the country. This new national blockchain policy will legalize crypto transactions in nigeria ? To be continued…

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