The hope for crypto traders in Nigeria has been restored as the Federal Government, FG, approved its National Blockchain Policy. This is according to the Minister of Communications and Digital Economy, Isa Pantami, who made this disclosure during the Federal Executive Council, FEC, meeting held at the state house in Abuja.
In a statement signed by the Senior Technical Assistant, Research and Development to the Honourable Minister of Communications and Digital Economy, Dr. Femi Adeluyi, Pantami disclosed that the activities of the policy would be coordinated by the National Information Technology Development Agency, NITDA, under the supervision of the Federal Ministry of Communications and Digital Economy.
BizWatch Nigeria understands that the National Blockchain Policy for Nigeria aligns with the National Digital Economy Policy and Strategy which was unveiled and launched by President Muhammadu Buhari on November 28, 2019.
The policy was, however, developed by the Federal Ministry of Communications and Digital Economy, in line with the 7th Pillar of the NDEPS, which focuses on Digital Society and Emerging Technologies.
“Blockchain Technology has the potential to revolutionise many industries, from finance and healthcare to transportation and supply chain management. Blockchain Technology makes transactions more transparent, trustworthy, and efficient and it can result in considerable cost savings and better user experiences. Furthermore, Blockchain Technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
“The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.
“These benefits have inspired governments around the world to explore ways to leverage this important technology. With the approval of the National Blockchain Policy, Nigeria joins the United Kingdom, Switzerland, Estonia, Singapore, United Arab Emirates, Denmark, and other leading technology countries in adopting Blockchain Technology at the national level,” the statement read.
FEC, therefore, directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy.
These regulatory agencies include NITDA, the Central Bank of Nigeria, the National Universities Commission, NUC, the Securities and Exchange Commission, and the Nigerian Communications Commission, among others.
The FEC also urged all other Federal and State Government institutions, as well as the private sector to leverage Blockchain Technologies in education, health, security, agriculture, and finance, among many other sectors in view of the fact that deploying these applications will further support the implementation of the NDEPS for a digital Nigeria.
How the Approval of National Blockchain Policy will affect crypto traders in Nigeria
FEC approved the National Blockchain Policy 27 months after the Central Bank of Nigeria, CBN, directed financial institutions in the country to now allow crypto-related transactions.
With this development, crypto traders and digital asset holders would see the embargo lifted.
