Blockchain
The adoption of Nigeria’s National Blockchain Policy has left the country’s crypto community over the moon as it indicates that there is room for more development in the country’s crypto industry. Some local experts have expressed their views on the implications of this new policy in Nigeria in relation to the current blockchain ecosystem in Nigeria.
The government of Nigeria approved a national blockchain policy at a meeting on May 3, 2023. A draft blockchain adoption strategy stated that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy”. Cointelegraph reached out to the local blockchain ecosystem to get a sense of how the industry and community are accepting the policy.
Olajide Abiola, the co-founder and CEO of KiaKia, a Nigerian fintech company, welcomed the development. Olajide said blockchain technology policy has the potential to influence various areas of governance and policy making in Nigeria.
He went on to state that if properly leveraged, the blockchain policy could help manage digital identity, create a tamper-resistant digital identity for citizens to authenticate their identities and securely access government services. With proper regulation, blockchain technology could also impact e-payments and billing in Nigeria, Olajide said.
As the technology has yet to be incorporated into Nigerians’ day-to-day activities, 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.
In addition to approving the policy, the Federal Executive Council instructed the relevant regulatory authorities to create regulatory frameworks for the implementation of blockchain technology in various sectors of the economy.
A local blockchain expert, Barnette Akomolafe of M7pay, a crypto exchange app, also spoke about how big of a milestone it is for governments to recognize the potential of blockchain technology. According to Akomolafe, governments can encourage innovation and investment in the technology by creating policies and regulations around blockchain. This move could lead to economic growth and job creation for Nigerian youth.
In a statement from Binance West & East Africa Director, Nadeem Anjarwalla on the policy document and what it means for the Nigerian blockchain industry, he mentioned that the adoption of the National Blockchain Adoption Policy positions Nigeria as a forward-thinking nation of the curve, supporting further blockchain innovation, user protection, security and long-term economic competitiveness.
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Anjarwalla praised the comprehensive approach taken in the revised policy document based on the six key initiatives, including the establishment of the Nigerian Blockchain Consortium, strengthening of the regulatory and legal framework, focus on providing national digital identity, promoting blockchain digital literacy and awareness, establishment of blockchain incentive programs for businesses and establishment of a national blockchain sandbox for proof of concepts and pilot implementation.
Nigeria is known as one of the world’s most curious countries about cryptocurrencies
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