The Nigerian authorities has permitted its nationwide blockchain coverage. It goals to institutionalize blockchain expertise and its parts within the nation.
Nigeria, probably the most populous nation in Africa, is lastly able to deliver regulatory readability to its blockchain business and lay the muse for web3 adoption within the oil-rich nation.
Barely per week after the nation’s Securities and Alternate Fee (SEC) revealed plans to license fintech corporations inside its shores to allow them to problem asset-backed tokens, the Nigerian authorities has launched a Nationwide Blockchain Coverage.
Per a report by an area newspaper, the Punch, Professor Isa Pantami, Nigeria’s Minister of Communications and Digital Financial system, disclosed throughout a Federal Government Council assembly on Could 3 that the president Muhammadu Buhari-led authorities has greenlighted a brand new blockchain coverage for the nation.
Is amenable crypto regulation within the works?
The minister famous that the brand new blockchain coverage is a product of consultations with 56 establishments and entities inside the nation. The coverage goals to institutionalize blockchain expertise and its parts within the Nigerian economic system.
“With the approval of the nationwide blockchain coverage for Nigeria at the moment, we will safely say that blockchain expertise with all its parts and kinds has been institutionalized within the nation,”
Professor Isa Pantami, Nigeria’s Minister of Communications and Digital Economy
The minister additionally acknowledged that the nation’s Safety Council has mandated the related regulatory watchdogs to collaborate with the Nationwide Info Know-how Growth Company (NITDA) to formulate a regulatory framework for blockchain expertise inside all sectors of the nation’s economic system.
The Central Financial institution of Nigeria (CBN) has barred monetary establishments from facilitating crypto transactions since 2021. Whereas the brand new blockchain coverage is a welcome growth for the nation, how the authorities will deal with bitcoin (BTC) and different blockchain-based belongings stays unclear.
whether or not the regulators will impose exorbitant capital features taxes on bitcoin and different crypto belongings identical to India, or it would take a extra relaxed and liberal method in the direction of crypto regulation, stays to be seen.