The Approval of Nigeria's National Blockchain Policy has the country's crypto Community Ecstitute as it Signals More Room for Growth in the Country's Cryp To Industry. A Number of Local Experts Commented on the New Policy and the Implications for the Nigerian Blockchain Ecosystem.
The Nigerian government approved a national blockchain policy at a meeting on May 3, 2023. A draft policy states that blockchain and decentralized ledger technologies will “facilitate the development of Nigeria's digital economy.” Cointelegraph reached out to the local blockchain in ecosystem to understand industry and community acceptance of the policy.
Olajide Abiola, co-founder and CEO of Nigerian fintech company KiaKia, expressed delight at the development. According to Olajide, blockchain technology policy could affect various areas of governance and decision-making in Nigeria.
He further stated that if blockchain policy is utilized correctly, it can help manage digital identities, creating tamper-proof digital identities for citizens to authenticate and access government services securely. d also impact electronic payments and bills in Nigeria, Olajide said. Considering that the technology is not yet integrated into the daily activities of Nigerians, businesses can reduce costs and improve cash flow by offering secure and transparent payment options, while consumers benefit from faster and more convenient transact ions. This increased efficiency and convenience can boost economic activity and growth. While approving the policy,The Federal Executive Council also directed relevant regulators to develop a regulatory framework for the implementation of blockchain technology in different economic sectors.
Local blockchain expert Barnette Akomolafe from crypto exchange app M7pay also spoke about what a great milestone it is for the government to recognize the potential of blockchain technology. According to Akomolafe, governments can encourage innovation and investment in blockchain technology through policies and regulations. The move could lead to economic growth and job opportunities for Nigerian youth. Nadeem Anjarwalla, Director of West and East Africa at Binance, commented that with the approval of the policy, Nigeria positions itself as a leading country, thereby supporting further blockchain innovation , user protection, security and the long-term development of economic competitiveness.
Anjarwalla praised the comprehensive approach taken in the policy paper for the review based on six key initiatives, which include establishing the Nigerian Blockchain Alliance, strengthening the regulatory and legal framework, focusing on providing national digital identities, promoting blockchain digital literacy and awareness, creating regional Blockchain business incentive program and establishment of a national blockchain sandbox for proof of concept and pilot implementation. Nigeria is known to be one of the most cryptocurrency-curious countries in the world.
