Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban

The Nigerian Federal authorities said connected May 3 it had passed what it called the “national blockchain policy.” The Nigerian curate of communications and integer economy, Isa Pantami, said the caller argumentation is simply a merchandise of consultations with 56 institutions and personalities. Lucky Uwakwe, the laminitis of the exertion work transportation institution Sabi Group, said the Central Bank of Nigeria (CBN) is improbable to reverse its stance connected privately issued integer currency.

Blockchain Policy a Product of Widespread Consultations

The Nigerian Federal authorities precocious approved what Isa Pantami, the country’s curate of communications and integer economy, has described arsenic the country’s “national blockchain policy.” According to Pantami, the caller argumentation is simply a merchandise of wide consultations with immoderate 56 Nigerian institutions and personalities. Remarking connected what this feat means for Nigeria’s blockchain industry, Pantami, who spoke aft a Federal Executive Council gathering chaired by outgoing president Muhammadu Buhari, said:

With the support of the nationalist blockchain argumentation for Nigeria today, we tin safely accidental that blockchain exertion with each its components and types person been institutionalized successful the country.

The curate added that the country’s information assembly and the National Information Technology Development Agency (NITDA) person been asked to jointly make and formulate regulatory instruments for each sectors.

CBN Crypto Directive

Following the announcement, immoderate players successful Nigeria person speculated that the caller argumentation signals a displacement successful the outgoing’s authorities disposition towards exertion that underpins cryptocurrencies. In particular, the caller argumentation gives anticipation to Nigerian crypto traders and enthusiasts inactive reeling from the effects of the Central Bank of Nigeria (CBN)’s crypto directive.

Lucky Uwakwe, the laminitis of the exertion work transportation institution Sabi Group, said the caller argumentation means the assorted players successful the blockchain manufacture present person the authoritative backing of the government. According to Uwakwe, the caller argumentation besides suggests that the exertion is “here to stay.”

However, the Sabi Group laminitis told Bitcoin.com News that portion the announcement is acceptable to excite the blockchain manufacture participants, players successful the crypto abstraction fearfulness that the caller argumentation unsocial volition not unit the CBN to reverse its presumption connected privately issued integer currency. This, according to Uwakwe, is due to the fact that the cardinal slope operates independently.

“The cardinal slope is empowered by the instrumentality to enactment independently. If the CBN decides to spot that adjacent with this enforcement argumentation that has passed by the Federal enforcement council, if the cardinal slope inactive sees it arsenic a menace to fiscal stability, they inactive person the powerfulness to proceed to maintaining that instrumentality [CBN crypto restriction],” Uwakwe said. According to Uwakwe, the lone mode the CBN’s crypto directive tin beryllium removed is erstwhile the cardinal slope itself “deletes” the Feb. 5, 2021 directive.

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