The approval of the National Blockchain Policy for Nigeria has left the country’s crypto community over the moon as it shows that there is room for further development of the country’s crypto industry. Some local experts have expressed their views on the implications of this new policy and the creation of blockchain in Nigeria.
The Government of Nigeria approved a national blockchain policy at a meeting on May 3, 2023. A draft policy stated that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy.” Cointelegraph reached out to the local blockchain ecosystem to understand how the industry and community are accepting the policy.
Olajide Abiola, the founder and CEO of KiaKia – a Nigerian fintech company – said he was happy with the development. Olajide said the blockchain technology policy could affect various areas of governance and planning in Nigeria. He went on to state that if the blockchain system is implemented properly, it can help manage digital identity, create a digital identity that is not safe for citizens to verify and access government services without security.
With proper planning, blockchain technology can also impact electronic payments and invoices in Nigeria, Olajide said. Considering that technology has not yet entered into the daily activities of Nigerians, businesses can reduce costs and improve financial processes by offering secure and transparent payment options, and consumers are benefit from faster and easier transactions. This increased efficiency and quality can lead to increased economic activity and growth.
The federal leaders, and the reception of the policy, asked the member of the party necessary to create planning system for economic technology.
Local Barndbain Barnette Restaurant of Red Crypto Exchange key and extends to government to identify the technology of the Compain. According to Akomolafe, the government can encourage innovation and investment in blockchain technology through policies and regulations. This move can lead to economic growth and employment for Nigerian youths. Binance West and East Africa Director Nadeem Anjarwalla said that with the approval of the policy, Nigeria is positioning itself as a country at the forefront of the process, supporting blockchain innovation, user protection, security and long-term economic competitiveness. .
Anjarwalla praised the comprehensive measures taken in the amended constitution based on six key initiatives, which include the establishment of the Nigeria Blockchain Consortium, strengthening the legal and regulatory framework, emphasizing the provision of national digital identity, and -promote blockchain digital Literacy and raising awareness, creating a blockchain business incentive program, and establishing a national blockchain incubator for proof of concept and pilot implementation. Nigeria is known to be one of the world’s most crypto-savvy countries.
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