Tuesday, June 6, 2023

The Nigerian government recently approved a strategy that allows people to use blockchain technology. People think this is an important moment because it gives more confidence in using and trusting the technology. It also adds legitimacy since many Nigerians only know about blockchain by its connection to cryptocurrency.

Nigerian Government Acknowledges Blockchain Tech, but Skeptics Still Remain

The Nigerian government recently announced a plan to adopt blockchain technology and it was celebrated by people who believe in the technology. They said that this shows how much the government supports the technology even though some people still think it’s related to cryptocurrency.

Recently, the Nigerian government took a big step by approving a new blockchain strategy after getting opinions from 56 different Nigerians. However, some people think that this won’t change the Central Bank of Nigeria’s (CBN) opinion on cryptocurrencies.

The boss of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) believes that the Nigerian government will eventually regulate cryptocurrencies like Saudi Arabia has done. He also suggested that when a new government, lead by Bola Tinubu, takes office, it could mean good news for crypto businesses in Nigeria.

Ophi said that some people think the policy is just a silly plan, BUT he believes there can be a balance within the Crypto Markets like what was recently decided in the European parliament. He also mentioned that the new Bola Tinubu administration might try something different from the past one.

Nigeria Spearheads Blockchain Adoption to Take Digital Economy to the Next Level

Nadeem Anjarwalla, director for West and East Africa at Binance, said that by approving the adoption strategy, Nigeria is making sure they have a solid plan when it comes to blockchain technology. This means Nigeria will be better protected in the long run from things like user protection and security, plus it’ll help make the country more economically competitive.

The adoption strategy will also help make the ecosystem much clearer, more trustworthy, and give people more assurance. Ms Anjarwalla was very encouraged by how the Nigerian government plan included things related to this in its policy document.

The Nigerian government made a National Blockchain Adoption Strategy that could help Nigeria build their digital economy and give citizens more trust in digital platforms. The strategy document is meant to create a secure, financially effective digital Nigeria with the help of blockchain technology.

Nigeria is making plans and strategies which aim to use blockchain technology so that businesses and government processes can work more efficiently.

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