Experts Say Nigeria’s Blockchain Adoption Strategy Will Likely Bring Clarity and Legitimacy to the Ecosystem – Blockchain Bitcoin News

The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will “add clarity, confidence and trust to [blockchain] ecosystem.” The unveiling of the adoption strategy document has also been hailed as a step that will give “some form of legitimacy” to a technology that many Nigerians still only associate with cryptocurrency.

The central bank is expected to eventually change its position on crypto

The Nigerian government’s recent approval of a blockchain adoption strategy has been hailed by proponents of the technology as “a significant milestone for the blockchain industry in Nigeria.” The advocates have also claimed that the unveiling of the strategy document by the government helps give “a form of legitimacy” to a technology that many still confuse with cryptocurrency.

As recently reported by Bitcoin.com News, the approval of the blockchain strategy followed what Isa Pantami, the country’s Minister of Communications and Digital Economy, characterized as extensive consultations with some 56 Nigerian institutions and personalities. But despite the positive step taken by the government of outgoing President Muhammadu Buhari, some in Nigeria’s crypto space have insisted that this will not lead to the Central Bank of Nigeria (CBN) reversing its position on cryptocurrencies.

However, according to Rume Ophi, executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the Nigerian central bank will eventually change its stance and start regulating cryptocurrencies just like countries like Saudi Arabia have done. Ophi also hinted that the incoming government of Bola Tinubu could result in changing fortunes for Nigeria’s crypto industry.

“A few players in the space think that the policy is just an academic exercise, but I think that in time there will be a balance just like Markets in Crypto Asset [that has] just [been] approved by the EU Parliament. The new [Bola Tinubu] the administration can only do something other than the outgoing administration,” Ophi said.

Nigeria’s ‘comprehensive approach’ hailed

Meanwhile, Binance’s director for West and East Africa, Nadeem Anjarwalla, said the approval of the adoption strategy means Nigeria is “positioning itself as a nation significantly ahead of the curve – supporting further blockchain innovation, user protection, security and economic competitiveness in the long term.”

The adoption strategy will also “add clarity, confidence and trust to the ecosystem” which is still in its very early stages of development. Anjarwalla also praised what she described as the Nigerian government’s “comprehensive approach” enshrined in the policy document.

As stated in the National Blockchain Adoption Strategy, the government of outgoing Nigerian President Muhammadu Buhari believes that the unveiling of the strategy document is likely to strengthen efforts aimed at “creating and promoting an efficient, secure and economically viable digital Nigeria using blockchain technology.” The Nigerian government said it is also confident that the blockchain will not only facilitate the development of Nigeria’s digital economy, but will also “enable citizens to have more confidence in digital platforms.”

In closing, the strategy document said that while blockchain is said to pose challenges to governments, Nigeria’s focus will be “on the use of blockchain to address inefficiencies in business and governance processes.”

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.