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Nigerian Government Approves National Blockchain Policy

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To help Nigeria’s regulatory structure control its technology adoption, the Federal Executive Council approves its blockchain policy.

The NFEC has announced its approval of the Blockchain National Policy.

And it was drafted by the Federal Ministry of Communications and Digital Economy.

The Nigerian Government’s action is to make way for legal blockchain technology utility.

According to a Twitter post by Tolu Ogunlesi, the relevant departments will work together to create the perfect regulatory framework.

He further says that the government has created a steering committee that the National Information and Technology Development Agency leads to care for the policy’s implementations.

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What Led to the Approval?

On May 3, 2023, one of the most curious countries that value crypto like Bitcoin finally approved the National Blockchain Policy for Nigeria at a meeting.

The approval of the policy was a direct response to the memo, and the Minister of Communications and Digital Economy, Isa Ali Ibrahim, presented it.

In the announcement, the FMCDE (Federal Ministry of Communications and Digital Economy) referred to the PwC (PricewaterhouseCoopers) report.

This report predicted the vast adoption of blockchain technology in several industries.

It also predicts that blockchain can contribute up to $1.76 trillion to the international gross domestic product come 2030, which represents 1.4% of the global GDP.

Reasons for Policy Development

The FMCDE created the National Blockchain Policy for Nigeria via stakeholder deliberations in the public and private sectors.

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Also, the policy is under the 7th pillar of the National Digital Economy Policy Strategy targeting the digital society and upcoming technologies.

The policy aims to build a blockchain-related economy that promotes secure transactions, value exchange, and data sharing among individuals, governments, and businesses.

The policy approval will bring prosperity, growth, trust, and innovations to all stakeholders.

Implementing this National Blockchain Policy should positively affect the private and public sectors.

The National Information Technology Development Agency will be coordinating the policy initiatives while supervised by FMCDE.

Reactions to the Policy

Most Nigerian citizens have wholeheartedly welcomed the news of the policy approval without even seeing the document.

On the other hand, some citizens are still questioning this new policy.

They’re asking if the current policy means cryptocurrency is legal in Nigeria.

 

 

 

 

 

 

 

 

 

 

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