Nigeria’s elected president aims to use Blockchain in the banking industry.
As crypto adoption in Nigeria progresses, the new president looks set to accelerate this situation. Bola Tinubu aims to change the Securities Exchange Commission (SEC) rules and regulations regarding digital asset in Nigeria.
Nigeria’s Next Step in Crypto and Blockchain Adoption
The adoption of cryptocurrencies and Blockchain technology with each passing day has pushed governments to take steps towards this issue. However, signals were given that a new era could be entered in the steps to be taken with adoption in Nigeria.
Nigeria’s elected president, Bola Tinubu, recently issued a manifesto that, if implemented, would allow the adoption of cryptocurrencies and Blockchain technology in the country’s banking and financial industry.
The manifesto read:
“We will reshape policy to promote the appropriate application of Blockchain technology in banking and finance, identity management, revenue collection and use of crypto assets.”
He proposed forming an advisory committee to evaluate SEC regulations regarding digital assets to create a more effective and business-friendly regulatory framework.
The manifesto recommends that existing Nigerian Securities Exchange Commission (SEC) laws regarding digital assets be reconsidered to make them more business-friendly.
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