The Federal Executive Council of Nigeria has given approval for the National Blockchain Policy, which would act as a stepping stone for crypto regulation.
Nigeria is once again the news for all the positive developments regarding the crypto sector. Its Federal Executive Council has given the go-ahead for a National Blockchain Policy. The Minister of Communications and Digital Economy department of the Government, Isa Ali Ibrahim, had earlier presented a memo on the same.
The official press release of the ministry states,” The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all. The implementation of the National Blockchain Policy will have a positive effect on both the public and private sectors of the country.”
The release also indicated a PwC report which showed the growing potential of blockchain in boosting the size of the global economy. The Ministry of Communications and Digital Economy created the Policy in accordance with a national policy and strategy launched in 2019 by the President of Nigeria.
The Federal Executive Council had reportedly directed agencies to develop crypto regulatory rules so that all sectors of the country could utilize blockchain technology.
The agencies responsible for the same would be the NITDA, the Nigerian Communications Commission (NCC), the Securities and Exchange Commission (SEC), the Central Bank of Nigeria, and the National Universities Commission (NUC).
Thus, Nigeria’s efforts to develop its country into a crypto hub have continued in a positive direction and will likely result in great outcomes for the industry in the future.