Nigeria goes blockchain: Policy could impact digital identity

The support of the National Blockchain Policy successful Nigeria has near the nation’s crypto assemblage implicit the satellite arsenic it signals country for much improvement successful the nation’s crypto industry. Some section experts person expressed their opinions astir the implications of this caller argumentation successful Nigeria successful narration to the existent blockchain ecosystem successful Nigeria.

The authorities of Nigeria approved a nationalist blockchain policy during a gathering connected May 3, 2023. A draft of the blockchain adoption strategy stated that blockchain and decentralized ledger exertion would “facilitate the improvement of the Nigerian integer economy.” Cointelegraph reached retired to the section blockchain ecosystem to get a consciousness of however the manufacture and the assemblage judge the policy. 

Olajide Abiola, the co-founder and main enforcement serviceman of KiaKia, a Nigerian fintech company, expressed delight astatine the development. Olajide said the blockchain technology argumentation has the imaginable to interaction assorted areas of governance and policy-making successful Nigeria.

He went further to authorities that if the blockchain argumentation is decently leveraged, it could assistance successful integer individuality management, creating a tamper-proof integer individuality for citizens to authenticate their individuality and entree authorities services securely. With the close regulations, blockchain exertion could besides interaction e-payments and billings successful Nigeria, Olajide stated.

Considering that the exertion is yet to beryllium imbibed into the day-to-day activities of Nigerians, businesses tin trim costs and amended currency travel by offering unafraid and transparent outgo options, portion consumers tin payment from faster and much convenient transactions. This accrued ratio and convenience tin pb to accrued economical enactment and growth.

The Federal Executive Council alongside the support of the policy, instructed applicable regulatory bodies, to create regulatory frameworks for the implementation of blockchain exertion successful antithetic sectors of the economy.

A section blockchain expert, Barnette Akomolafe of M7pay, a crypto speech app, besides spoke astir however large of a milestone it is for governments to admit the imaginable of blockchain technology. According to Akomolafe, by creating policies and regulations astir blockchain, governments tin promote innovation and concern successful the technology. This determination could pb to economical maturation and occupation instauration for Nigerian youth.

In a connection by the Binance West & East Africa director, Nadeem Anjarwalla, connected the argumentation papers and what it means for the Nigerian blockchain industry, helium mentioned that done the support of the National Blockchain Adoption policy, Nigeria is positioning itself arsenic a federation up of the curve thereby supporting further blockchain innovation, idiosyncratic protection, information and economical competitiveness successful the agelong term.

Related: Tokens but not crypto: Nigeria SEC prepares caller integer plus rules

Anjarwalla commended the broad attack taken successful the reviewed argumentation papers based connected the six cardinal initiatives, which see the constitution of Nigeria's blockchain consortium, strengthening of the regulatory and ineligible framework, the absorption of the proviso of nationalist integer identity, promotion of blockchain integer literacy and awareness, instauration of blockchain concern inducement programs and constitution of a nationalist blockchain sandbox for impervious of concepts and aviator implementation.

Nigeria is known to beryllium 1 of the world’s most funny nations astir cryptocurrencies

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