Nigeria has approved a national policy on blockchain, which aims to create a framework for the adoption of blockchain technology.
Blockchain is a technology used for secure data sharing and recording transactions without the need for intermediaries. The government aims to establish a blockchain-based economy that will make transactions, data sharing, and value exchange between individuals, businesses, and the government easier and more secure.
The policy is based on consultations with stakeholders from the public and private sectors and is in line with the government's digital economy policy. The National Information Technology Development Agency (NITDA) will coordinate the policy's initiatives, and a steering committee has been established to oversee its implementation.
The policy aims to create a regulatory framework for the adoption of blockchain technology in different sectors of the economy. This will include establishing a consortium for blockchain in Nigeria, strengthening the regulatory and legal framework, promoting digital identity, creating blockchain business incentive programs, fostering digital literacy and awareness of blockchain technology, and establishing a national blockchain sandbox for testing and piloting.
Despite this new policy, transactions using cryptocurrency remain illegal in Nigeria. The government has not yet approved cryptocurrencies as a legal tender, and it views them as a high-risk investment. However, the policy shows that Nigeria is interested in the potential of blockchain technology and aims to create a favorable environment for its development.