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Nigeria Passes National Blockchain Policy After Extensive Consultations

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The National Blockchain Policy Passes in Nigeria

Wide Consultations Result in New National Blockchain Policy

The Nigerian Federal government recently approved what Isa Pantami, the country’s minister of communications and digital economy, has described as the country’s “national blockchain policy.” According to Pantami, the new policy is a product of widespread consultations with some 56 Nigerian institutions and personalities.

With the announcement, Pantami shared his enthusiasm for Nigeria’s blockchain industry. The minister stated that blockchain technology has been institutionalized in Nigeria, and the country’s security council and the National Information Technology Development Agency (NITDA) have been asked to jointly develop and formulate regulatory instruments for all sectors.

The CBN Crypto Directive

Following the announcement of the national blockchain policy, some Nigerian industry players believe that the new policy signals a shift towards technology that underpins cryptocurrencies. The policy gives hope to Nigeria’s crypto traders reeling from the effects of the Central Bank of Nigeria (CBN)’s crypto directive.

Although the Sabi Group founder, Lucky Uwakwe, thinks the policy means that players in the blockchain industry now have the government’s backing, he is skeptical about the CBN reversing its position on privately issued digital currency. Uwakwe told News that the central bank operates independently, and only deleting the Feb. 5, 2021 directive could reverse the CBN’s crypto restrictions.

In conclusion, the national blockchain policy demonstrates Nigeria’s efforts to mature its blockchain and cryptocurrency markets. Interestingly, Pantami’s announcement comes a few months before the Central Bank of Nigeria’s planned rollout of its digital naira currency. This, combined with the national blockchain policy, may bring in a new era of positive regulatory developments in Nigeria’s blockchain industry.

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