With Nigeria’s latest national blockchain policy, the country is showing a strong commitment to embracing blockchain technology. However, it’s important to note that this doesn’t mean a warm welcome for cryptocurrencies. Despite the blockchain policy, the Nigerian government still maintains its ban on crypto transactions, citing concerns about terrorism financing and money laundering.
The approved national blockchain policy aims to foster the development of Nigeria’s digital economy and instill confidence in digital platforms among citizens. While the focus has often been on cryptocurrencies like Bitcoin, the government acknowledges that blockchain has broader potential beyond crypto. The policy draft emphasizes the need to redirect attention to other use cases of blockchain technology and develop a regulatory framework for those applications.
The blockchain policy’s overarching goal is to create a blockchain-powered economy that enables secure transactions, data sharing, and value exchange between individuals, businesses, and the government. It serves as a government-led approach to blockchain adoption in Nigeria, demonstrating the government’s willingness to collaborate on blockchain-related innovation.
Industry experts have shared mixed opinions on the exclusion of cryptocurrencies from the policy. Some believe it’s a necessary step for the government to distance itself from the illegality associated with crypto after the ban, while others feel that the policy might not be favorable to the crypto industry.
The blockchain policy outlines various initiatives, including the promotion of blockchain business incentives programs and the establishment of a national blockchain sandbox for proof of concepts and pilot implementations. These initiatives signal a supportive regulatory framework for blockchain startups in Nigeria.
Overall, while Nigeria’s national blockchain policy showcases the government’s recognition of the transformative potential of blockchain technology, it remains cautious about cryptocurrencies. The policy provides a roadmap for the implementation of blockchain initiatives and sets the stage for collaboration between the government and the private sector in driving blockchain innovation in Nigeria.
