Nigeria approves national blockchain policy to transition to digital economy

Nigeria has taken a significant step towards transitioning to a digital economy by approving a national blockchain policy. The policy was developed by the Federal Ministry of Communications and Digital Economy and aims to create a blockchain-powered economy that facilitates secure transactions, data sharing, and value exchange between individuals, businesses, and the government.

The policy has not yet been made public, but the Nigerian government has directed regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission to develop regulatory instruments for the deployment of blockchain technology across various sectors of the economy. The policy’s vision is to enhance innovation, trust, growth, and prosperity for all by creating a blockchain-powered economy that supports secure transactions and data sharing.

The move towards a digital economy is a crucial step for Nigeria, which has been plagued by economic and financial challenges in recent years. By embracing blockchain technology, Nigeria hopes to create a more transparent and efficient economy that can attract more foreign investment and improve the lives of its citizens.

Notably, the government’s tweet announcing the policy did not mention cryptocurrencies, which were cracked down on in 2021 after Nigeria emerged as one of the fastest digital asset adopters in the world. However, the Securities and Exchange Commission is reportedly considering allowing tokenized coin offerings backed by equity, debt, or property on licensed digital asset exchanges but not cryptocurrencies.

In addition to approving the policy, the Nigerian government has also established a multi-sectoral Steering Committee to oversee its implementation. The committee will ensure that the policy is implemented effectively and efficiently across all sectors of the economy.

Overall, Nigeria’s adoption of a national blockchain policy is a significant development that underscores the country’s commitment to transitioning to a digital economy. By embracing blockchain technology, Nigeria is taking a step towards creating a more transparent, efficient, and prosperous economy that benefits all its citizens.

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