The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will \u201cadd clarity, trust and confidence in the [blockchain] ecosystem.\u201d The unveiling of the adoption strategy document has also been hailed as a step that will lend \u201csome form of legitimacy\u201d to a technology that many Nigerians still only associate with cryptocurrency.<\/strong><\/p>\nCentral Bank Expected to Eventually Change Its Position on Crypto<\/h2>\n The Nigerian government\u2019s recent approval of a blockchain adoption strategy has been hailed by advocates of the technology as \u201ca significant milestone for the blockchain industry in Nigeria.\u201d The advocates have also argued that the unveiling of the strategy document by the government helps to lend \u201csome form of legitimacy\u201d to a technology that many still confuse with cryptocurrency.<\/p>\n
As recently reported by Bitcoin.com News, the approval of the blockchain strategy followed what Isa Pantami, the country\u2019s minister of communications and digital economy, characterized as widespread consultations with some 56 Nigerian institutions and personalities. However, despite the positive step taken by the government of outgoing president Muhammadu Buhari, some in Nigeria\u2019s crypto space have insisted that this will not result in the Central Bank of Nigeria (CBN) reversing its position on cryptocurrencies.<\/p>\n
However, according to Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the Nigerian central bank will eventually change its stance and start regulating cryptocurrencies just as countries like Saudi Arabia have done. Ophi also hinted that the incoming government of Bola Tinubu might result in changed fortunes for Nigeria\u2019s crypto industry.<\/p>\n
\u201cA few players in the space think the policy is just an academic exercise but I think with time there will be a balance just like the Markets in Crypto Asset [that has] just [been] approved by the European parliament. The new [Bola Tinubu] administration might just do something different from the outgoing administration,\u201d Ophi said.<\/p>\n
Nigeria\u2019s \u2018All-Encompassing Approach\u2019 Hailed<\/h2>\n Meanwhile, Binance\u2019s director for West and East Africa, Nadeem Anjarwalla, said the approval of the adoption strategy means that Nigeria is \u201cpositioning itself as a nation significantly ahead of the curve \u2013 supporting further blockchain innovation, user protection, security and economic competitiveness in the long term.\u201d<\/p>\n
The adoption strategy will also \u201cadd clarity, trust and confidence in the ecosystem\u201d which is still in its very early stages of development. Anjarwalla also commended what she described as the Nigerian government\u2019s \u201call-encompassing approach\u201d which is laid out in the policy document.<\/p>\n
As stated in the National Blockchain Adoption Strategy, the government of outgoing Nigerian president Muhammadu Buhari believes the unveiling of the strategy document will likely bolster efforts aimed at \u201ccreating and fostering an efficient, safe, and economically viable digital Nigeria using blockchain technology.\u201d The Nigerian government said it is also confident that the blockchain will not only facilitate the development of Nigeria\u2019s digital economy but will also \u201cenable citizens to have more confidence in digital platforms.\u201d<\/p>\n
At its conclusion, the strategy document said while the blockchain is said to pose challenges to governments, Nigeria\u2019s focus will be \u201con the application of blockchain to resolve business and governance process inefficiencies.\u201d<\/p>\n
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Terence Zimwara <\/p>\n
\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.<\/p>\n<\/span><\/p>\n<\/span><\/p>\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n
Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/p>\n\n
Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n
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