National Blockchain Adoption Strategy of Nigeria Lauded by Experts

National Blockchain Adoption Strategy of Nigeria Lauded by Experts

A significant step that will "add clarity, trust, and confidence in the blockchain ecosystem" of Nigeria has been defined as a milestone after the Nigerian government's recent ratification of the blockchain adoption strategy. The approval of the adoption strategy has been lauded as a step towards "some form of legitimacy" for the technology that many Nigerians identify with cryptocurrencies.

New Document to Add Clarity and Legitimacy to the Ecosystem

The recent approval of the blockchain adoption strategy by the government of Nigeria has been hailed by supporters of the technology as "a significant milestone for the blockchain industry in Nigeria." The launching of the strategy document by the government would lend "some form of legitimacy" to the technology that many in Nigeria identify with cryptocurrency.

Isa Pantami, the country’s minister of communications and digital economy has described the new blockchain strategy as the outcome of widespread consultations involving 56 Nigerian institutions and personalities. However, crypto enthusiasts and investors believe that the Central Bank of Nigeria (CBN) is unlikely to change its position on cryptocurrencies, despite the positive step taken by the government of outgoing President Muhammadu Buhari.

Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), is hopeful that the Nigerian central bank will eventually change its stance and start regulating cryptocurrencies similarly to Saudi Arabia. Ophi also hinted that the incoming government of Bola Tinubu might change the fortunes of the crypto sector in Nigeria.

"A few players in the space think the policy is just an academic exercise, but I think with time there will be a balance, just like the Markets in Crypto Assets (MiCA) that has been approved by the European Parliament. The new administration might do something different from the outgoing administration," Ophi opined.

The "All-Encompassing Approach" 

Binance’s director for West and East Africa, Nadeem Anjarwalla, said the approval of the adoption strategy means that Nigeria is "positioning itself as a nation significantly ahead of the curve, supporting further blockchain innovation, user protection, security, and economic competitiveness in the long term."

The adoption strategy will also "add clarity, trust, and confidence in the ecosystem," which is still in its very early stages of development. Anjarwalla also commended the Nigerian government’s "all-encompassing approach," which is laid out in the policy document.

As stated in the National Blockchain Adoption Strategy, the government of outgoing Nigerian President Muhammadu Buhari believes the approval of the strategy document is likely to bolster efforts aimed at "creating and fostering an efficient, safe, and economically viable digital Nigeria using blockchain technology." The Nigerian government said blockchain technology will facilitate the development of Nigeria’s digital economy and "enable citizens to have more confidence in digital platforms."

At its conclusion, the strategy document on the blockchain is said to pose challenges to governments, and Nigeria will focus "on the application of blockchain to resolve business and governance process inefficiencies."

What is your take on the national blockchain adoption strategy of Nigeria? Please post your comment.