The recent approval of the National Blockchain Policy in Nigeria has been met with great enthusiasm among the nation’s crypto community, as it paves the way for further development in the industry. Local experts have been vocal in discussing the potential impact of this new policy on Nigeria’s current blockchain landscape.
During a meeting on May 3, 2023, the Nigerian government approved a national blockchain policy, stating that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy.” The response from the local blockchain ecosystem has been quite positive, and Cointelegraph reached out to several experts to gain more insight.
Olajide Abiola, the CEO and co-founder of KiaKia, a Nigerian fintech company, expressed his delight at the development, stating that the blockchain technology policy could potentially impact various areas of governance and policymaking in Nigeria. He noted that if properly leveraged, this policy could aid in digital identity management, providing tamper-proof digital identities for citizens to securely access government services. Given proper regulation, Abiola also mentioned that blockchain technology could influence e-payments and billings in Nigeria, offering businesses an affordable and transparent payment option, while consumers can benefit from swifter and more practical transactions. This increased efficiency and convenience can, in turn, stimulate economic activity and overall growth.
The approval also came with instructions from the Federal Executive Council for relevant regulatory bodies to create regulatory frameworks concerning the implementation of blockchain technology across different sectors of the economy.
Barnette Akomolafe of M7pay, a crypto exchange app, highlighted the significance of governments recognizing blockchain technology’s potential. He noted that by creating policies and regulations around this technology, governments can encourage innovation and investment, ultimately leading to economic growth and job creation for Nigerian youth.
Similarly, Nadeem Anjarwalla, the director of Binance West & East Africa, commended the comprehensive approach taken in the policy document. The six key initiatives mentioned include the establishment of Nigeria’s blockchain consortium, strengthening the regulatory and legal framework, focusing on the provision of national digital identity, promoting blockchain digital literacy and awareness, creating blockchain business incentive programs, and establishing a national blockchain sandbox for proof of concepts and pilot implementation.
With Nigeria being one of the world’s most crypto-curious nations, the approval of the National Blockchain Adoption policy positions the country as a leader in supporting blockchain innovation, user protection, security, and economic competitiveness in the long term.
Source: Cointelegraph
