Nigeria Approves National Blockchain Policy
The Federal Executive Council of Nigeria has approved a national policy on blockchain. This approval helps to develop a regulatory framework to regulate the technology’s adoption.
On 3 May 2023, The Nigerian government authorized a national blockchain policy at its meeting. This approval is in response to a memo. The Minister of Digital Economy and Communications, Isa Ali Ibrahim, presents this memo.
Key Takeaways:
- Nigeria’s Federal Executive Council has authorized the national policy on blockchain to establish a regulatory framework in the country.
- FMCDE developed the National Blockchain policy in Nigeria for both private and public sectors.
- Decentralized ledger and blockchain technology would facilitate the development of the Nigerian digital economy.
- NITDA will be accountable for coordinating the policy initiative under the supervision of FMCDE.
- In Nigeria, cryptocurrency transaction remains illegal despite the new policy.
Moreover, The Federal Ministry of Communications and Digital Economy (FMCDE) cited a PricewaterhouseCoopers (PwC) report in an announcement.
Across the various industries, the widespread adoption of blockchain technology could potentially add $1.76 trillion to the global gross domestic product by 2030, or 1.4% of the global GDP, according to the report.
National Blockchain Policy
The FMCDE established the national blockchain policy in both public and private sectors through stakeholder consultations. Nigeria’s Federal government developed this policy in line with the seventh pillar of national digital Economy policy and strategy, which focuses on emerging technologies and digital society.
In October 2020, the Blockchain adoption strategy draft was released. According to this draft, the decentralized Ledger technology and blockchain would facilitate the development of the Nigerian digital economy.
The policy purpose is to establish a blockchain-based economy. That facilitates data sharing, secure transactions, and value exchange among government individuals and businesses. The policy implementation has a favorable impact on Nigeria’s private and public sectors.
For coordinating the policy initiative under the FMCDE supervision, the National Information Technology Development Agency (NITDA) will be responsible. Moreover, to oversee policy implementation, established a multi-sectoral steering committee.
The Federal Executive Council has instructed several regulatory bodies. These regulatory bodies involved NITDA, the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Communication Commission, National Universities Commission.
These regulatory bodies help to create the implementation of blockchain technology in different areas of the economy. The initiative of the Blockchain strategy aimed to develop the Consortium for Blockchain in Nigeria.
This strategy creates blockchain business incentive programs, strengthening the regulatory and legal framework and fostering digital literacy and awareness of blockchain technology. Additionally, it establishes a national blockchain sandbox for testing and piloting.
Cryptocurrency transaction remains illegal in Nigeria despite this new policy.
Awe-inspiring Reaction Of Crypto Influencers & Platforms To This News
Breaking Whale took to Twitter and announced that for economic development, Nigeria approved a national blockchain policy.
CoinLivespace took to Twitter and made an announcement that to help the country develop a regulatory framework, Nigeria Federal Executive Council has approved the National Policy on Blockchain.
Blackhat took to Twitter and announced that Nigeria has just approved its national policy on a blockchain. This move will help to establish a regulatory framework for technology adoption in the country.
The Nigerian government approved a national policy on blockchain on 3 May 2023. This approval aims to develop a regulatory framework that governs the technology adoption in the country.
Do You Know?
- The Nigerian government has approved a national policy on blockchain to establish a regulatory framework for technology adoption.
- The policy is aimed at facilitating the development of the Nigerian digital economy through the adoption of blockchain technology.
- The National Information Technology Development Agency (NITDA) will coordinate the policy initiative under the supervision of the Federal Ministry of Communications and Digital Economy (FMCDE).
- Regulatory bodies such as NITDA, the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Communication Commission, and National Universities Commission will help implement blockchain technology in different areas of the economy.
- Cryptocurrency transactions remain illegal in Nigeria despite the new policy on blockchain technology.
Crux
The (FMCDE) Federal Ministry of Communication and Digital Economy made a national blockchain policy for Nigeria’s private and public sectors.
Moreover, the National Information Technology Development Agency is responsible for coordinating the policy initiative under the supervision of FMCDE. On the contrary, cryptocurrency transaction is illegal in Nigeria despite the approval of this blockchain. Policy