The Federal Executive Council of Nigeria has approved the National Blockchain Policy drafted by the Federal Ministry of Communications and Digital Economy, paving the way for the formal use of blockchain technology in the country.
On a May 2 tweetSpecial Assistant to the President on Digital and New Media Tolu Ogunlesi said relevant agencies would work to develop appropriate regulatory frameworks. He said the government has set up a steering committee headed by the National Information and Technology Development Agency to oversee the implementation of the policy.
However, the approved policy is not yet public. Ogunlesi promised that this would be provided soon.
Many Nigerians have welcomed the news of the approval even without seeing the policy document. Some have too interrogated if the new policy legalizes crypto use in the country.
In 2021, the Central Bank of Nigeria (CBN) banned financial institutions from offering their services for crypto-related transactions.
Since then, the CBN has not clarified its position with the industry. However, that hasn’t stopped cryptocurrency adoption – Chainalysis placed Nigeria in the top 20 of its 2022 Global Crypto Adoption Index.
Nigeria’s pro-crypto movements
Meanwhile, this policy continues a recent series of pro-crypto moves made by Africa’s most populous country. Earlier this week, CryptoSlate reported that the Nigeria Securities and Exchange Commission intends to support asset tokenization.
According to the report, the financial regulator is currently processing applications from fintech companies that would serve as subbrokers, crowdfunding intermediaries, issuers of tokenized coins, and fund managers.
Before that, another Nigerian government agency met with Binance to discuss establishing a virtual asset free trade zone similar to the Dubai free trade zone in the country.
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