Nigerian Government - One of the Most Curious Countries in the World About Cryptocurrencies Like Bitcoin - Approval of a National Blockchain Policy at the May 3, 2023 meeting. The approval comes in response to a memorandum submitted by Communications and Digital Economy Minister I sa Ali Ibrahim.
In the announcement, the Federal Ministry of Communications and Digital Economy (FMCDE) cited a report by PricewaterhouseCoopers (PwC) predicting that the widespread adoption of blockchain technology across industries could contribute 1.76% to global gross domestic product by 2030. trillion US dollars, accounting for 1.4% of the world's GDP.
The FMCDE developed a national blockchain policy through stakeholder consultations in the public and private sectors. The policy was developed on behalf of the Federal Government of Nigeria and is in line with the seventh pillar of the National Digital Economy Policy and Strategy, which focus s on the digital society and emerging technologies. A draft blockchain adoption strategy published in October 2020 states that blockchain and decentralized ledger technology will "facilitate the development of Nigeria's digital economy."
The policy aims to build a blockchain-based economy that facilitates secure transactions, data sharing and value exchange between individuals, businesses and governments. The implementation of the policy is expected to have a favorable impact on the public and private sectors in Nigeria. The National Information Technology Development Agency (NITDA) will be responsible for coordinating policy initiatives under the supervision of FMCDE. In addition, a multisectoral steering committee was established to oversee the implementation of the policy.
The Federal Executive Council has directed relevant regulators such as NITDA, Central Bank of Nigeria, National University Commission, Securities and Exchange Commission, and Nigeria Communications Commission to develop a regulatory framework for the implementation of blockchain technology in differ ent sectors of Nigeria Economy. The adoption strategy includes the aim of establishing a blockchain alliance in Nigeria, strengthening the regulatory and legal framework, promoting digital identity, creating blockchain business incentive schemes, developing digital literacy and awareness of blockchain technology, and establishing shing a national blockchain sandbox. Box of initiatives for Testing and piloting. Despite this new policy, transactions using cryptocurrencies remain illegal in the country.
