The government of Nigeria has authorized a National Blockchain Policy to improve the digital economy of the country. The Federal Executive Council of Nigeria permitted a blockchain policy to assist in boosting the digital economy. In this respect, the Ministry of Communications and Digital Economy shared a Twitter post on the 4th of this month regarding the policy. Both the private and public sectors appear to have been involved in the discussions paving the way to the approval.
PRESS STATEMENT
FEDERAL GOVERNMENT APPROVES NATIONAL BLOCKCHAIN POLICY FOR NIGERIA
The Federal Executive Council approved the National Blockchain Policy for Nigeria during its meeting today, the 3rd of May, 2023. This followed the presentation of a memo by the Honourable… pic.twitter.com/CE7UrAKfjI
— Fed. Min. of Comms, Innovation & Digital Economy (@FMCIDENigeria) May 3, 2023
Nigeria Authorizes National Blockchain Policy for the Enhancement of the Digital Economy
The Ministry of Communications and Digital Economy had the responsibility of creating the policy which takes into account the entirety of the benefits provided by blockchain technology. A press release was published on this matter to focus on the aspects of the respective policy. In the release, it was noted that the policy’s vision is to develop a blockchain-backed economy that favors secure transfers, value exchange, and data sharing between businesses, governments, and individuals.
This would enhance prosperity, growth, trust, and innovation for all. The National Blockchain Policy’s implementation will put a positive impact on both the private and public sectors operating in Nigeria. Apart from the financial industry, the press release suggested that the use of technology could be beneficial for transportation, healthcare, as well as supply chain markets.
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The regulator persuaded both the private and public sector platforms to consider the implementation of blockchain-related solutions. The country has taken some other moves concerning the tokenized assets’ utility. The Securities and Exchange Commission of the country targets to permit tokenized assets. The modification would take into account permitting the registered digital exchange platforms to provide the tokenized coin offerings.
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Nonetheless, these must be supported by assets taking into account, property, debt, or equity, but no cryptocurrency. Similar to other countries, Nigeria is focused on guaranteeing the establishment of particular standards dealing with investor protection. The SEC of Nigeria would pay considerable attention to getting the fintech entities licensed as fund managers, crowdfunding mediators, digital sub-brokers, and so on.
The people living in Nigeria are interested in crypto assets. Moreover, the authorities have released a CBDC named the e-Naira. Since the launch of the respective currency in 2021’s October, e-wallets have been created by up to 13 million consumers.