Nigeria’s crypto community is celebrating the recent approval of the National Blockchain Policy, which could have far-reaching implications for governance, digital identity management, and e-payments. The government approved the policy during a meeting on May 3, 2023, with a draft stating that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy.” The approval is a significant milestone for blockchain technology in Nigeria, as it signals room for more development in the nation’s crypto industry.
According to local experts, the blockchain technology policy can potentially impact various areas of governance and policy-making in Nigeria. The CEO of Nigerian fintech company KiaKia, Olajide Abiola, expressed delight at the development, stating that the policy could help manage digital identity, creating a tamper-proof digital identity for citizens to authenticate and access government services securely. With proper regulations, blockchain technology could also impact e-payments and billings in Nigeria, potentially reducing costs and improving cash flow.
Local blockchain expert Barnette Akomolafe from the crypto exchange app M7pay also spoke about the potential of blockchain technology. According to Akomolafe, governments can encourage innovation and investment in blockchain technology through policies and regulations. This move could lead to economic growth and job creation for Nigerian youth.
The Federal Executive Council instructed relevant regulatory bodies to create regulatory frameworks for implementing blockchain technology in different sectors of the economy. Binance’s West and East Africa director, Nadeem Anjarwalla, commended the comprehensive approach taken in the reviewed policy document based on six key initiatives. Nigeria is positioning itself as a nation ahead of the curve, thereby supporting further blockchain innovation, user protection, security, and economic competitiveness in the long term.
In conclusion, the approval of the National Blockchain Policy for Nigeria signals the government’s recognition of the potential of blockchain technology in Nigeria. With proper regulations, the policy could impact governance, digital identity management, and e-payments, leading to increased economic activity and growth in the nation’s crypto industry.