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Nigeria Taking Steps Towards Blockchain Innovation and Economic Growth

Key Takeaways
  • Nigeria has approved the National Blockchain Policy to boost its digital economy through blockchain technology
  • The policy could improve e-payments, create job opportunities, and encourage innovation and investment in blockchain technology in Nigeria
Nigeria Taking Steps

The Nigerian crypto community is buzzing with excitement as the government approves the National Blockchain Policy. 

This bold move aims to leverage the power of blockchain and decentralized ledger technology to boost the development of Nigeria's digital economy. 

Experts have lauded this policy, stating that it could have far-reaching implications for various areas of governance and policy-making in Nigeria. In particular, Olajide Abiola, CEO of Nigerian fintech company KiaKia, has pointed out that the policy could help manage digital identity and improve e-payments and billings in Nigeria. This means that businesses can offer more secure and transparent payment options, while consumers can enjoy faster and more convenient transactions.

The government has instructed relevant regulatory bodies to create frameworks for implementing blockchain technology in different sectors of the economy, which is a fantastic opportunity for Nigerian youth to benefit from job creation and economic growth. This positive news has also been acknowledged by Barnette Akomolafe, a local blockchain expert from the crypto exchange app M7pay, who believes that the policy could encourage innovation and investment in blockchain technology.

Binance’s West and East Africa director, Nadeem Anjarwalla, is also impressed with Nigeria's comprehensive approach to the policy document, which includes establishing a blockchain consortium, strengthening the regulatory and legal framework, promoting blockchain digital literacy and awareness, creating blockchain business incentive programs, and setting up a national blockchain sandbox for proof of concepts and pilot implementation.

This groundbreaking policy approval shows that Nigeria is positioning itself as a nation that supports blockchain innovation, user protection, security, and economic competitiveness in the long term. It is no secret that Nigeria has always been interested in cryptocurrencies, and this policy approval cements the nation's place at the forefront of blockchain technology.

Also, Read - Bitcoin Network Congestion Sparks Concerns of a Potential DoS Attack

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