The Nigerian Federal Executive Council has approved a national policy on blockchain drafted by the Federal Ministry of Communications and Digital Economy, paving the way for the formal use of blockchain technology in the country.
May 2nd Tweet, Tolu Ogunlesi, special assistant to the president on digital and new media, said relevant agencies are working to develop an appropriate regulatory framework. He said the government has set up a steering committee headed by the National Information Technology Development Agency to oversee the implementation of the policy.
However, the approved policy has not yet been published. Ogunlesi promised that this would be available soon.
In 2021, the Central Bank of Nigeria (CBN) banned financial institutions from servicing crypto-related transactions.
Since then, CBN has yet to clarify its stance on the industry. But that doesn’t stop cryptocurrency adoption. Chainalysis ranks Nigeria among the top 20 in his 2022 Global Crypto Adoption Index.
Cryptocurrency support movement in Nigeria
Meanwhile, the policy continues a recent string of crypto-friendly moves by Africa’s most populous country. Earlier this week, crypto slate reported that the Nigerian Securities and Exchange Commission plans to support the tokenization of assets.
Financial regulators are currently processing applications from fintech firms acting as sub-brokers, crowdfunding intermediaries, tokenized coin issuers and fund managers, according to the report.
Before that, another Nigerian government agency met with Binance to discuss the establishment of a free trade zone for virtual assets similar to the free trade zone in the country’s Dubai.
A post formally endorsing the use of blockchain by the Nigerian government first appeared on CryptoSlate.