Nigeria Goes Blockchain: Experience a Revolution in Digital Identity
According to recent news about Nigeria Goes Blockchain, On the approval of the National Blockchain Policy, the cryptocurrency community in Nigeria celebrated it. These celebrations are about how they will affect e-payments, governance, and digital identity management.
Key Takeaways
- National Blockchain policy in Nigeria impacts e-payments governance and digital identity management.
- The company may save expenses by providing safe and transparent transaction choices.
- The regulatory organization developed regulatory frameworks for utilizing blockchain technology in various economic sectors.
- This move may result in economic expansion and the development of jobs for young Nigerians.
- Nigeria is one of the most curious cryptocurrency countries in the world.
The Nigerian crypto community is ecstatic about accepting the National Blockchain Policy as it shows that the crypto companies in the country still have an opportunity for growth.
At a meeting on 3 May 2023, the Nigerian government approved a national blockchain policy. Blockchain and decentralized ledger technology would promote the growth of the Nigerian digital economy, according to a policy proposal.
Nigeria Goes Blockchain
The co-founder and CEO of the Nigerian fintech company KiaKia, Olajide Abiola, expressed happiness at the development. According to Olajide, the policy of Nigeria on blockchain technology may influence policymaking and many sectors of governance and policymaking.
Additionally, he said that the proper implementation of the blockchain policy may aid in managing digital identity. Furthermore, verifying and securely accessing governmental services produces a tamper-proof digital identity for individuals. According to Olajide, Blockchain technology may influence Nigerian billings and e-payments with the right rules.
Consider that Nigerians have yet to incorporate technology into their daily lives. By providing safe and transparent transaction choices, companies may save expenses. Additionally, companies increase cash flow while customers gain from simpler and quicker transactions.
Along with passing the policy, the Federal Executive Council directed important regulatory organizations. These organizations aim to develop regulatory frameworks for utilizing blockchain technology in various economic sectors.
Revolution in Digital Identity
Barnette Akomolafe, a local blockchain specialist from the cryptocurrency exchange app M7pay, made a statement. He said it is important for governments to recognize the potential of blockchain technology.
Economic expansion and the development of jobs for young Nigerians might result from this action.
Nadeem Anjarwalla, the West and East Africa director for Binance made a statement. He stated that by approving the policy, Nigeria is putting itself above its peers and fostering long-term economic competitiveness, user protection, and blockchain innovation.
The thorough methodology used in the policy paper under consideration was built on the six core objectives, according to Anjarwalla.
The objectives involve establishing blockchain collaboration in Nigeria and enhancing the legal and governing environment, forming a national blockchain sandbox for proof of ideas, and pilot deployment.
Additionally, it involves the promotion of blockchain digital literacy and awareness, developing blockchain business incentive programs, and supplying a national digital identity. Nigeria is reputed to be one of the most cryptocurrency-curious countries in the world.
Crypto Influencers & Platforms Left Stunned to Nigeria Goes Blockchain
What happened took to Twitter and made an announcement that The adoption of policies can promote economic growth and the creation of jobs in Nigeria.
Nosis took to Twitter and made an announcement National Blockchain policy influences the digital identity in Nigeria.
Bitcoin Sahi Hai took to Twitter and made an announcement about the impact of the National Blockchain policy on e-payments, digital identity, and governance.
Do You Know?
- The Nigerian government is actively exploring blockchain technology to improve the digital identity of its citizens.
- The policy is expected to be implemented by 2023 when over 60 million Nigerians will be able to access digital identity services.
- With the implementation of blockchain technology, the Nigerian government is aiming to reduce the cost of identity management, increase data security, and reduce the risk of identity theft
- The Nigerian government is also exploring the use of blockchain technology to improve the country’s financial infrastructure, create new jobs, and improve the security of the nation’s digital infrastructure
Crux:
In Nigeria, the approval of the National Blockchain Policy influenced e-payment digital identity management and governance. Nigeria has yet to incorporate technology into its daily lives. Additionally, companies increase cash flow while customers gain from simpler and quicker transactions.