Nigeria’s crypto community is excited about the recently approved National Blockchain Policy, which is expected to boost the country’s blockchain ecosystem and impact governance, digital identity management, and e-payments. Local experts have shared their insights on the implications of this new policy.
The country sets its sight on a more robust digital economy with the government’s approval of the National Blockchain Policy on May 3, 2023. The draft policy highlights the potential of blockchain and decentralized ledger technology to achieve this goal.Â
According to Olajide Abiola, the CEO of KiaKia, the newly approved National Blockchain Policy in Nigeria can positively impact various areas of governance and policy-making in the country, including digital identity management and e-payments. However, Abiola emphasized the importance of proper regulations to leverage blockchain’s potential benefits fully.
Blockchain technology in Nigeria can increase efficiency and convenience, reducing costs, improving cash flow, and faster transactions; this can lead to increased economic activity and growth, benefiting both businesses and consumers.
After approving the National Blockchain Policy, the Nigerian government has instructed relevant regulatory bodies to establish regulatory frameworks for implementing blockchain technology in various sectors of the economy.
Barnette Akomolafe, a local blockchain expert from M7pay, highlighted the significance of the Nigerian government’s recognition of blockchain technology. He emphasized how government policies and regulations could foster innovation and investment in the sector, ultimately leading to economic growth and job opportunities for the country’s youth.
Binance’s West and East Africa director, Nadeem Anjarwalla, hailed the approval of Nigeria’s National Blockchain Policy, describing the move as positioning the country ahead of the curve and paving the way for further blockchain innovation, security, and economic competitiveness.
Nigeria has gained a reputation as one of the most interested nations in the world of cryptocurrencies, with a growing number of people and businesses exploring the potential of digital assets in the country.
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