Nigeria’s federal executive council has approved blockchain policy to help the country develop a regulatory framework to govern technology adoption.
Nigeria, known as one of the most curious countries in the world when it comes to cryptocurrencies, approved the Nigerian National Blockchain Policy on May 3, 2023. Minister of Confirmation, Communication and Digital Economy Prof. It was given after a report by Isa Ali Ibrahim.
Technology Expected to Contribute to GDP
The report by the Federal Ministry of Communications and Digital Economy (FMCDE) referred to another report that predicted that widespread adoption of blockchain technology in various industries could potentially contribute $1.76 trillion to global gross domestic product (GDP) by 2030.
According to the statements, the Nigerian National Blockchain Policy was developed by the FMCDE through consultations with stakeholders in both the public and private sectors. The policy was developed on behalf of the Federal Government of Nigeria in line with Article 7 of the National Digital Economy Policy and Strategy (NDEPS), which focuses on the digital society and emerging technologies.
In the outline of the blockchain adoption strategy published in October 2020, it was stated that blockchain and distributed ledger technology (DLT) would facilitate the development of the Nigerian digital economy.
Policy; It aims to build a blockchain-based economy that facilitates secure transactions, data sharing and value exchange between individuals, businesses and government. The implementation of the National Blockchain Policy is expected to have a positive impact on both the public and private sectors in Nigeria.
The National Information Technology Development Agency (NITDA), which will be responsible for coordinating policy initiatives, will be under the oversight of the FMCDE. There is also a multisectoral steering committee set up to oversee the implementation of the policy.
Despite this new policy, transactions using cryptocurrency remain illegal in the country.
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