The approval of Nigeria’s National Blockchain Policy is expected to have a positive impact on the country’s crypto industry, particularly in governance, digital identity management, and e-payments. The policy’s draft states that blockchain and decentralized ledger technology will facilitate the development of Nigeria’s digital economy. Experts believe that if the policy is implemented correctly, it could help manage digital identity, creating a tamper-proof digital identity for citizens to authenticate and access government services securely. Blockchain technology could also impact e-payments and billings in Nigeria. With the proper regulations, businesses can reduce costs and improve cash flow by offering secure and transparent payment options, with consumers benefiting from faster and more convenient transactions.
The Federal Executive Council instructed relevant regulatory bodies to create regulatory frameworks for implementing blockchain technology in different sectors of the economy. Local blockchain experts see the move as a milestone, with the potential to encourage innovation, investment, economic growth, and job creation for Nigerian youth. Binance’s West and East Africa director commended the comprehensive approach taken in the policy document based on six key initiatives. Nigeria is known for its keen interest in cryptocurrencies.
