National Blockchain Policy of Nigeria Gets Government Approval
The Federal Government of Nigeria announced the approval of the national blockchain policy on May 3. The minister of communications and digital economy, Isa Pantami, said the new policy is the outcome of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital currency.
Blockchain Policy: An Outcome of Widespread Consultations
The
Nigerian Federal Government recently approved a national blockchain policy. Isa
Pantami, the minister of communications and digital economy, described the new
policy as the outcome of widespread consultations with some 56 Nigerian
institutions and personalities. Speaking on the occasion of Nigeria’s
blockchain industry, after a Federal Executive Council
meeting chaired by outgoing President Muhammadu Buhari, Pantami said:
"With
the approval of the national blockchain policy for Nigeria today, we can safely
say that blockchain technology with all its components and types has been
institutionalized in the country."
The
Security Council and the National Information Technology Development Agency
(NITDA) have been asked to jointly develop and formulate regulatory instruments
for all sectors, the minister said.
Central Bank of Nigeria’s Crypto Ban Directive
The
announcement has led to widespread speculation in Nigeria that the new policy
signals a shift in the outgoing government’s disposition towards the blockchain
technology that underpins cryptocurrencies. The new policy also provides hope
to Nigerian crypto traders and investors reeling from the Central Bank of
Nigeria’s crypto ban directive.
Lucky
Uwakwe, the founder of the technology service delivery company Sabi Group, said
the new policy will boost the confidence of various players in the blockchain
industry with official government support. Uwakwe also said the government's
approval of the new policy is an indication that the technology is "here
to stay."
However,
the Sabi Group founder explained that while the announcement is set to excite
blockchain industry participants, players in the crypto space fear that the new
policy is unlikely to impact the CBN's decision to reverse its decision on
privately issued digital currency.
"The
central bank is empowered by the law to act independently. If the CBN decides
to see this executive policy that has been passed by the Federal Executive
Council as a threat to financial stability, they still have the power to
continue maintaining that law," Uwakwe said. The only way the CBN’s crypto
directive can be removed is when the central bank itself decides to change or
remove the February 5, 2021 directive.
What
is your take on the government's approval of the national blockchain policy in
Nigeria? Please post your comment.
0 Comments