Nigeria’s President-elect has unveiled his upcoming plans to review existing regulations in the country and utilize the benefits of blockchain in banking.
Bola Tinubu, the President-elect of Nigeria, is bullish regarding the crypt and blockchain space and wants to use the full benefits of blockchain in banking and other related industries of Nigeria. This was revealed in a manifesto he released recently, where his plans regarding blockchain are mentioned at length.
The manifesto has suggested that the present regulations regarding crypto in Nigeria would be reviewed, and a friendly business environment would be established with the help of the latest technologies. The new regulations would also establish a clear mandate on the regulatory framework for digital assets and tokens in Nigeria. The Nigerian Security Exchange Commission (SEC) would also be the final regulatory body for registrations and compliance of all crypto firms in the country.
“We will reform the policy to encourage the prudent use of blockchain technology in banking and finance, identity management, revenue collection and use of crypto assets. We will establish an advisory committee to review SEC regulation on digital assets creating a more efficient and business-friendly regulatory framework,” stated the manifesto, underlying the new President’s plans with blockchain technology in Nigeria.
The manifesto has also mentioned the new steps would help in increasing the adoption and use of the eNaira, which has been relatively slow in Nigeria. There have also been some issues with the present regulations in Nigeria, which have reportedly made it difficult to transact through banks for crypto users. Nigeria, being a crypto-friendly country, has taken a lot of steps in recent times to reform its crypto policy and revamp the eNaira.