The Federal Government of Nigeria has finally made a stand on blockchain by the approval of Nigeria Blockchain Policy
On May 3rd 2023, the Federal Executive Council approved the National Blockchain Policy during its meeting.
This approval is in response to the memo presented by the minister of communication and digital economy, Professor Isa Ali Ibrahim.
Nigeria and blockchain technology
While Nigeria is one of the fastest-growing adopters of blockchain technology, the Central Bank of Nigeria is yet to reverse its memo issued on February 5, 2021.
The memo restricted all banks in the country from involving in cryptocurrency transactions and close all accounts that involve crypto trading.
Nevertheless, this does not prevent Nigeria from buying, selling and holding cryptocurrency in the country via a peer-to-peer market.
In order to push the adoption further, the Securities and Exchange Commission (SEC) issued guidelines on digital assets including cryptocurrency in May 2022.
It should also be noted that the Central Bank of Nigeria include stablecoin and the use of blockchain technology (Distributed Ledger Technology) in its Payment System Vision 2025 (PSV 2025)
After going back and forth on the issue of blockchain technology the Federal Government of Nigeria has directed all relevant regulatory bodies such as National Information Technology Development Agency (NITDA), the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC) among others to develop regulatory framework for the deployment of blockchain technology across various sectors of the economy.
Nigeria National Blockchain Policy
According to the press release by the Federal Ministry of Communication and Digital Economy, “the vision of the policy is to create a blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and governments.
FMCDE acknowledges that blockchain technology can boost innovation, improve public services, create job opportunities, and drive economic growth.
Not only that, blockchain technology has the potential to revolutionize many Industries such as Finance, Healthcare, transportation, supply chain management etc.
The National Information Technology Development Agency will be in charge of organizing the policy while a multi-sectoral steering committee has been established to oversee the implementation of the Nigeria National Blockchain Policy.
In its final note, FMCDE calls for all federal and state governments, and private sectors to leverage blockchain technology in various sectors.
This is coming at a time when Crypto Smart is set to launch Bitsave, the SaveFi protocol of web3 finance, to help individuals save money and interest in cryptocurrency without losing their capital to the market volatility.
About Crypto Smart
Crypto Smart is a B2B Crypto Asset Management company founded in January 2021 by Karla Obakpolor, a blockchain business developer and Algorand ambassador in 2020.
The company offers fast and secure services which are based on a well-encrypted system with 24/7 customer support services. It has grown from offering its services to individuals, to companies and major enterprises as well as providing crypto education through various crypto courses.
Crypto Smart upscaled to the Algorand blockchain and offers blockchain products which include SmartChange; a cross-chain P2P marketplace, Bitsave Protocol; a SaveFi protocol that combines savings with DeFi.