Regulation

Nigerian government formally approves blockchain use

The Nigeria Federal Government Council has permitted the Nationwide Coverage on Blockchain drafted by the Federal Ministry of Communications & Digital Economic system, paving the way in which for the formal use of blockchain know-how within the nation.

In a Could 2 tweet, the particular assistant to the President on digital and new media, Tolu Ogunlesi, mentioned related companies can be working to develop applicable regulatory frameworks. He mentioned the federal government established a steering committee led by the Nationwide Data and Know-how Growth Company to supervise coverage implementation.

Nonetheless, the permitted coverage shouldn’t be but public. Ogunlesi promised that this may be supplied quickly.

Many Nigerians have welcomed the information of the approval even with out seeing the coverage doc. Some have additionally questioned if the brand new coverage legalizes crypto utilization within the nation.

In 2021, the Central Financial institution of Nigeria (CBN) prohibited monetary establishments from offering their companies for crypto-related transactions.

Since then, the CBN has but to make clear its stance in direction of the business. Nonetheless, that has not stopped cryptocurrency adoption — Chainalysis ranked Nigeria within the prime 20 of its 2022 International Crypto Adoption Index.

Nigeria’s pro-crypto strikes

In the meantime, this coverage continues a current collection of pro-crypto strikes made by Africa’s most populous nation. Earlier this week, CryptoSlate reported that the Nigeria Securities and Trade Fee plans to assist asset tokenization.

In response to the report, the monetary regulator is at present processing functions from fintech corporations that may function sub-brokers, crowdfunding intermediaries, tokenized coin issuers, and fund managers.

Earlier than that, one other Nigerian authorities company met with Binance to debate establishing a digital belongings free commerce zone just like the Dubai free commerce zone within the nation.

The submit Nigerian authorities formally approves blockchain use appeared first on CryptoSlate.



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