Nigerian president-elect aims to use blockchain technology in the banking sector

Nigerian President-elect Bola Tinubu has precocious released a manifesto that, if enacted, would alteration the usage of blockchain exertion and cryptocurrencies successful the nation's banking and concern sector. 

The manifesto suggests reviewing existing Security Exchange Commission (SEC) regulations connected integer assets to marque them much business-friendly. The caller regularisation provides a model for regulating integer assets similar cryptocurrencies and different integer tokens successful Nigeria.

The suggested regulations would necessitate integer plus companies to registry with the SEC and mandate that each integer plus offerings and investments comply with SEC regulations.

Nigeria's President-elect, Bola Tinubu.

In the manifesto, Tinubu said: “We volition betterment the argumentation to promote the prudent usage of blockchain exertion successful banking and finance, individuality management, gross postulation and usage of crypto assets. We volition found an advisory committee to reappraisal SEC regularisation connected integer assets creating a much businesslike and business-friendly regulatory framework.”

Some cryptocurrency enthusiasts person criticized existing regulations for lacking provisions to let crypto users to marque transactions with their section banks.

this existing SEC regularisation connected crypto successful Nigeria is truly not letting crypto users marque transactions with banks.

The published insubstantial besides aligns with the Central Bank of Nigeria's (CBN) eNaira — the country's cardinal slope integer currency — and plans to grow the adoption of the coin, which has not lived up to expectations.

Related: Nigeria revisits its payments scenery amid sluggish eNaira adoption

The authorities hopes the projected betterment to SEC regulations volition assistance pull much investors successful the integer and economical sectors and stimulate economical growth.

Tinubu said, “We volition besides promote the CBN to grow the usage of our integer currency, the eNaira.”

The manifesto's merchandise coincides with Nigerians' expanding involvement successful crypto assets, arsenic Google search information indicates a beardown appetite for stablecoins.

Nigerians' involvement successful crypto is reflected successful the CBN’s milder presumption toward stablecoins. The apex slope precocious published a probe study titled “Nigeria’s Payment System Vision 2025” exploring the instauration of a caller model to present a stablecoin successful Nigeria.