Nigeria Approves National Policy for Blockchain-Powered Economy

• Nigeria’s government approved a national blockchain policy to transition to a digital economy.
• The policy aims to support secure transactions, data sharing and value exchange between people, businesses, and Government.
• A multi-sectoral Steering Committee has been approved to oversee the implementation of the Policy.

Nigeria Approves National Policy for Blockchain Economy

Nigeria’s government approved a national blockchain policy on Wednesday as part of the country’s effort to transition to a digital economy.The Federal Ministry of Communications and Digital Economy developed the policy, according to a statement tweeted by the ministry. 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.“ The policy document hasn’t been made public yet.

Crypto Not Mentioned in Policy

The tweet did not mention cryptocurrencies which the government cracked down on in 2021 after emerging as one of the fastest digital asset adopters in the world. According to reports from Bloomberg earlier this week, Nigeria’s SEC was considering allowing tokenized coin offerings backed by equity debt or property – but “not crypto” – on licensed digital asset exchanges.

Steering Committee Established

The cabinet directed regulators including Central Bank of Nigeria and Securities and Exchange Commission (SEC) „to develop regulatory instruments for the deployment“ of blockchain tech across sectors of economy. A multi-sectoral Steering Committee has also been approved to oversee implementation of the Policy.

Regulatory Environment Uncertain

Crypto investors can rely on “frankly nothing” in current regulatory environment according JPMorgan report published this week while US banking crisis could present an opportunity for some crypto exchanges according to same report. Despite all this uncertainty it appears that Nigerian government is taking steps towards creating blockchain-powered economy with possibility for tokenized coin offerings backed by equity debt or property – but “not crypto” – being considered by SEC at this time

Conclusion

Nigeria recently adopted a national blockchain policy with goals focused around creating more secure transactions and value exchange between people, businesses, and Government as well as boosting innovation trust growth within country’s economy. While current regulations are uncertain there is potential for tokenized coin offerings backed by equity debt or property being allowed on licensed digital asset exchanges within country at some point in near future