- A National Blockchain Policy was officially adopted by the government of Nigeria on May 3.
- Blockchain has the potential to affect e-payments and bills with the right rules in place.
The crypto community in Nigeria is ecstatic about the recent ratification of the National Blockchain Policy. Because it means the sector has an opportunity to grow. The impact of this new legislation on Nigeria’s blockchain ecosystem has been discussed by a few industry leaders in the country.
A National Blockchain Policy was officially adopted by the government of Nigeria on May 3, 2023. An official document claims that distributed ledger technologies like blockchain would “facilitate the development of the Nigerian digital economy.”
Furthermore, KiaKia’s co-founder and CEO, Olajide Abiola, was overjoyed by the news. KiaKia is a Nigerian financial technology business. Also, according to Olajide, blockchain technology policy may have an effect on many facets of Nigerian politics and administration.
Framework Underway
Also, according to him, the blockchain policy has the potential to facilitate the management of digital identity. By providing people with a secure means of digital authentication and access to government services. Olajide has said that blockchain technology has the potential to affect e-payments and bills in Nigeria with the right rules in place.
Furthermore, while most Nigerians have yet to adopt this technology, companies may save money and increase their cash flow by providing safe and transparent payment methods, and customers can enjoy quicker and more convenient transactions.
Moreover, if more people take advantage of these streamlined processes, the economy might expand. Together with the policy’s approval, the Federal Executive Council sent directives to the appropriate regulatory organizations, telling them to create rules for using blockchain technology in various industries.
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