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The Federal Government of Nigeria said on May 3 that it had passed what it called a “national blockchain policy.” Nigeria’s minister of communications and digital economy, Isa Pantami, said the new policy was the result of consultations with 56 institutions and figures. Lucky Uwakwe, founder of technology service delivery firm Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to change its stance on privately issued digital currencies.
Broad Consulting Product Blockchain Policy
The Federal Government of Nigeria recently approved what Isa Pantami, the country’s minister of communications and digital economy, described as the country’s “national blockchain policy.” According to Pantami, the new policy is the product of extensive consultations with around 56 Nigerian institutions and figures. Commenting on what this achievement means for Nigeria’s blockchain industry, Pantami, speaking after a meeting of the Federal Executive Board chaired by outgoing president Muhammadu Buhari, said:
With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types has been institutionalized in the country.
The minister added that the country’s security council and the National Information Technology Development Agency (NITDA) have been asked to jointly develop and formulate regulatory instruments for all sectors.
CBN Crypto Directive
Following the announcement, some players in Nigeria speculated that the new policy signals a shift in the government’s disposition towards technology in favor of cryptocurrencies. In particular, this new policy provides hope for Nigerian crypto traders and enthusiasts who are still reeling from the effects of the Central Bank of Nigeria (CBN) crypto directives.
Lucky Uwakwe, founder of technology service delivery company Sabi Group, said the new policy means various players in the blockchain industry now have official government support. According to Uwakwe, the new policy also shows that the technology “is here to stay”.
However, founder Sabi Group told Bitcoin.com News that while the announcement is set to excite blockchain industry participants, players in the crypto space are concerned that the new policy itself will not force CBN to reverse its position on privately issued digital currencies. This, according to Uwakwe, is because the central bank operates independently.
“The central bank is empowered by law to act independently. If CBN decides to see that even with these executive policies that have been passed by the Federal Executive Board, if the central bank still sees them as a threat to financial stability, they still have the power to continue defending those laws. [CBN crypto restriction],” said Uwakwe. According to Uwakwe, the only way CBN’s crypto directive can be removed is when the central bank itself “deletes” the February 5, 2021 directive.
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