Federal Executive Council of Nigeria Approves Blockchain Policy
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Nigeria has approved a national blockchain policy to boost its digital economy. A wide range of industries will adopt this technology.
Nigeria has taken some steps forward in its attempt to incorporate blockchain technology into its economy. The country’s Federal Executive Council approved a blockchain policy that would help boost the digital economy. The Ministry of Communications and Digital Economy tweeted on May 4 about the policy, with both the public and private sectors involved in the discussions that led to the approval.
The Ministry of Communications and Digital Economy was responsible for developing the policy, which focuses on creating a policy that includes all the benefits of blockchain technology. The press release says about this,
“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 governments, thereby increasing innovation, trust, growth and prosperity for all. The implementation of the national blockchain policy will have a positive effect on both public and private sector in the country.”
The press release also suggested that the technology could be used in the healthcare, transport and supply chain industries, in addition to the financial industry. The agency encouraged both public and private entities to consider implementing blockchain solutions.
Nigeria SEC will allow tokenized assets
Nigeria has taken second step with regard to the utility of tokenized assets. The country’s Securities and Exchange Commission aims to allow tokenized assets.
The change will include allowing tokenized coin offerings on licensed digital exchanges. However, these must be backed by assets that include equity, debt or real estate, but not crypto. Like other nations, Nigeria is keen to ensure that there must be a certain standard of investor protection.
Nigeria’s SEC will focus on getting fintech firms to register as digital sub-brokers, crowdfunding intermediaries, fund managers and more. It is the first step in what could be a long series of regulatory actions.
African nation aims to regulate crypto
Nigerians are extremely fond of crypto and are keen to have the asset class allowed. The government has launched a CBDC called e-Naira, which Nigerians are taking to. Since its launch in October 2021, around 13 million users have created e-wallets.
In December 2022, the government said it would regulate cryptocurrencies as the central bank had failed to contain a ban it had implemented in early 2021. Amidst all this, bitcoin has been trading at a premium in Nigeria.
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