"Approved": FG Gives Official Approval as Nigeria Embraces Blockchain Technology
- The Federal Government has given its approval for the use of blockchain technology in the country
- The Minister for Communications and Digital Economy, Prof Isa Pantami, disclosed this in Abuja
- The National Blockchain Policy is designed to promote the use of blockchain technology in various sectors of the economy
The Nigerian government has taken a bold step by approving the National Blockchain Policy, which sets out the framework for adopting and deploying blockchain technology in Nigeria.
According to Punch, the development was made known by Prof Isa Pantami, the Minister of Communications and Digital Economy, while briefing journalists after the weekly Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari, in Abuja, the nation's capital on May 4.
Source: UGC
This comes as a significant milestone for the tech industry in Nigeria, as blockchain is a revolutionary technology that promises to transform industries worldwide.
The minister also disclosed that the policy was arrived at following consultations with 56 institutions and personalities who were deeply involved in all processes from conceptualisation to developing and, eventually, reviewing the policy.
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He said:
With this approval. We join the very few countries that have legalised and approved blockchain in the accounts like United Kingdom, Denmark, Switzerland, Estonia, Georgia, Singapore and United Arab Emirates. These are the few countries. They are not many. So now we have joined them and we are being proactive to ensure that with the policy, we will increase our talent development.
He added that the government's approval of the National Blockchain Policy clearly indicates its commitment to promoting innovation and entrepreneurship in the country.
Nigeria's National Blockchain Policy
The National Blockchain Policy is designed to promote the use of blockchain technology in various sectors of the economy, including finance, healthcare, and agriculture.
The policy aims to create an enabling environment for blockchain startups and businesses, support blockchain research and development, and establish a regulatory framework for the technology.
What approval of the policy means for Nigeria
The government's approval of blockchain is a testament to the growing recognition of the technology's potential in Nigeria.
Speaking with Legit.ng, Musa Abdullahi, a blockchain expert, said the approval of the policy signals the federal government's commitment to fostering an enabling environment for tech innovation and entrepreneurship in the country.
This is a positive development for Nigeria's economy, as it will create new opportunities for job creation and economic growth.
With the approval, blockchain technology is set to become more mainstream in Nigeria, with its potential uses in areas such as finance, healthcare, and agriculture.
This is expected to spur innovation and growth in the tech industry and position Nigeria as a leading player in the global blockchain industry.
The approval of the National Blockchain Policy is a significant milestone for Nigeria's tech industry. It will enable businesses to leverage the transformative power of blockchain technology and drive innovation across various sectors of the economy.
With the proper regulatory framework and support, Nigeria's tech industry has the potential to become a major contributor to the country's economic growth and development.
Nigerian cryptocurrency experts, traders tip bitcoin to recover in 2023
According to Legit.ng report, many young people in Nigeria became crypto enthusiasts, investing and spreading the gospel of incredible returns from purchasing Bitcoin, Ethereum and others.
This was the case until the second quarter of 2022, when the digital currency began to crash. The most famous cryptocurrency, Bitcoin, went from an all-time high of $68,000 in November 2021 to $16,000 in December 2022. While Ethereum fell by 67% and Cardano fell by 80%.
Dogecoin, which had on numerous occasions gotten the endorsement of the billionaire CEO of Tesla and the new owner of Twitter, Elon Musk, fell by 55%.
While the decline continued, many enthusiasts were hopeful of a quick recovery and were unperturbed as they continued to buy until it became apparent that it would take more than a few weeks and months before cryptocurrency would get back its juice.
Source: Legit.ng
