Nigeria’s President Muhammadu Buhari has approved the official use of blockchain technology during a federal executive council meeting in Abuja. Nigeria’s minister of communications and digital economy, Professor Ali Isa Pantami, disclosed the approval of “The National Blockchain Policy For Nigeria,” which aims to institutionalize the use of blockchain technology in the country’s economy and security sectors. This is a significant move as the Nigerian government has previously been cautious about blockchain-dependent innovations. In 2017, the Central Bank of Nigeria issued a circular which warned financial institutions and the general public about the risks associated with blockchain-dependent technologies, such as Bitcoin. On February 5, 2021, the Central Bank of Nigeria officially prohibited banks from facilitating Bitcoin- and crypto-related transactions. Amidst these regulatory measures, the government created the e-naira, a government-controlled digital currency, and the Security And Exchange Commission began creating policy frameworks for token-issuance platforms and exchanges. This recent policy change is aimed at establishing regulatory frameworks for the use of blockchain technology in Nigeria. The government intends to move from being antagonistic to blockchain- and crypto-related activities to now accepting them, creating a regulatory environment for their development. As a stakeholder in the African Bitcoin space, consistency from governments with such clarity will not only drive Bitcoin adoption but will also create an enabling environment for Nigerians to incorporate decentralized blockchain technology and open numerous legal opportunities. Nigeria’s President-Elect Bola Tinubu has promised to enable the prudent use of blockchain technology and cryptocurrencies in Nigeria’s banking and financial sector.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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