The approval of the National Blockchain Policy for Nigeria has left the nation’s crypto community over the moon as it signals room for further development in the nation’s crypto industry. Some local experts expressed their views on the implications of this new policy and blockchain ecosystem in Nigeria.
Government of Nigeria approved a national blockchain policy during the meeting on May 3, 2023. Policy proposal said blockchain and decentralized ledger technology will “facilitate the development of Nigeria’s digital economy”. Cointelegraph reached out to the local blockchain ecosystem to understand how the industry and community are embracing the policy.
Olajide Abiola, co-founder and CEO of KiaKia – a Nigerian fintech company – expressed his delight at the development. Olajide said blockchain technology politics can potentially affect various areas of governance and policy making in Nigeria.
He further stated that blockchain policy, if properly utilized, could help manage digital identity and create a tamper-proof digital identity for citizens to securely authenticate themselves and access government services. With the right regulations, blockchain technology could also impact electronic payments and invoicing in Nigeria, Olajide said.
Since the technology is yet to be drawn into daily activities For Nigerians, businesses can reduce costs and improve cash flow by offering secure and transparent payment options, while consumers can benefit from faster and more convenient transactions. This increased efficiency and convenience can lead to increased economic activity and growth.
The Federal Executive Council, in addition to approving the policy, mandated the relevant regulatory authorities to create regulatory frameworks for the implementation of blockchain technology in various sectors of the economy.
Local blockchain expert, Barnette Akomolafe of M7pay, a cryptocurrency exchange app, also spoke about how this is a big milestone for governments to recognize the potential of blockchain technology. According to Akomolafe, by creating policies and regulations around blockchain, governments can encourage innovation and investment in the technology. This move could lead to economic growth and job creation for Nigerian youths.
In a statement by Binance West & East Africa Director, Nadeem Anjarwalla, on the policy paper and what it means for the Nigerian blockchain industry, he mentioned that by approving a national policy for blockchain adoption, Nigeria is moving forward as a nation. curve, thereby supporting further blockchain innovation, user protection, security and economic competitiveness in the long term.
Related: Tokens, but not crypto: Nigeria SEC prepares new rules for digital assets
Anjarwalla commended the comprehensive approach adopted in the revised policy document based on six key initiatives which include the creation of the Nigerian Blockchain Consortium, strengthening the regulatory and legal framework, focusing on providing a national digital identity, promoting blockchain digital literacy. and awareness, creating blockchain business incentive programs and establishing a national blockchain sandbox for proof-of-concepts and pilot implementation.
Nigeria is known as one of the world’s the most curious nations about cryptocurrencies
Magazine: Bitcoin in Senegal: Why is this African country using BTC?