Nigerian Government Greenlights Policy to Foster Blockchain-Based Economy – Details

cryptonews.com:

Nigeria Federal Executive Council approved a national blockchain policy in a meeting on May 3, 2023. 

This policy will enable the country to develop a proper regulatory framework for blockchain adoption. 

Nigeria is one of the nations whose citizens have an avid interest in cryptocurrencies. 

However, crypto transactions involving traditional banks are considered illegal in the region due to a controversial ban.

The Nigerian Federal Executive Council (FEC) confirmed adopting a national blockchain policy. This approval is in response to a memo from the Nigerian Minister of Communications and digital economy, Isa Ali Ibrahim. 

Also, in an official announcement, the Federal Ministry of Communications and Digital Economy (FMCDE) referred to a report from PriceWaterhouseCoopers. 

The report from 2020 states that adopting blockchain technology across various sectors and industries can potentially contribute $1.76 trillion to the global gross domestic product by 2030. 

This long-term projection represents 1.4% of the world's GDP.

The FMCDE developed this policy in collaboration with the Federal Government of Nigeria, correlating to the seventh pillar of digital economy policy and strategy. 

The policy aims to create a framework for executing secure blockchain-based transactions and data sharing among individuals, businesses, and governments. 

Notably, the FMCDE has instructed regulatory bodies to handle the regulatory framework creation and implementation in various sectors. 

These bodies include the Central Bank of Nigeria, the National Universities Commission, and the Nigerian Communications Commission.

Also, the FMCDE aims to use different strategies to encourage blockchain adoption, such as promoting digital identity and encouraging