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Nigeria's national enforcement assembly has approved the nationalist argumentation connected blockchain to assistance the state make a regulatory model to govern the adoption of the technology.
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Nigeria, known to beryllium 1 of the world’s most funny nations astir cryptocurrencies similar Bitcoin (BTC), has approved the National Blockchain Policy for Nigeria during its gathering connected May 3, 2023. The support was successful effect to a memo presented by Professor Isa Ali Ibrahim (Pantami), the Honourable Minister of Communications and Digital Economy.
The Federal Ministry of Communications and Digital Economy (FMCDE), successful the announcement, cited a study from PricewaterhouseCoopers (PwC), which predicts that the wide adoption of blockchain technology crossed assorted industries could perchance lend $1.76 trillion to the planetary gross home merchandise by 2030, representing 1.4% of the world's GDP.
The National Blockchain Policy for Nigeria was developed by the FMCDE done stakeholder consultations successful some the nationalist and backstage sectors. The Policy was developed connected behalf of the Federal Government of Nigeria, successful enactment with the 7th pillar of the National Digital Economy Policy and Strategy (NDEPS), which focuses connected Digital Society and Emerging Technologies.
Nigeria President Buhari and members of the integer system council. Source: Benjamindada.comA draught of the Blockchain Adoption strategy, which was released successful October 2020, stated that blockchain and decentralized ledger exertion (DLT) would "facilitate the improvement of the Nigerian integer economy".
The Policy aims to found a blockchain-based system that facilitates unafraid transactions, information sharing and worth speech among individuals, businesses and the government. This volition foster innovation, trust, maturation and prosperity for each stakeholders. The implementation of the National Blockchain Policy is expected to person a favorable interaction connected some the nationalist and backstage sectors successful Nigeria.
The National Information Technology Development Agency (NITDA) volition beryllium liable for coordinating the initiatives of the Policy nether the supervision of the FMCDE. Additionally, a multi-sectoral Steering Committee has been established to oversee the implementation of the Policy.
The Federal Executive Council has instructed pertinent regulatory bodies, specified arsenic NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC), and the Nigerian Communications Commission (NCC), to create regulatory frameworks for the implementation of blockchain exertion successful antithetic sectors of the economy.
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The strategy for blockchain adoption includes initiatives aimed astatine establishing a consortium for blockchain successful Nigeria, strengthening the regulatory and ineligible framework, promoting integer identity, creating blockchain concern inducement programs, fostering integer literacy and consciousness of blockchain exertion and establishing a nationalist blockchain sandbox for investigating and piloting.
Despite this caller policy, transactions utilizing cryptocurrency remain amerciable successful the country.
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