The Minister of Digital Economy has officially launched the National Blockchain Policy for Nigeria and inaugurated the National Blockchain Implementation and Steering Committee. The policy will transform the blockchain landscape in Nigeria and usher in a new era of development and prosperity for the country.

According to the National Information Technology Development Agency (NITDA), the policy will focus on talent development, innovation, and adoption of key areas to harness the potential of blockchain technology in Nigeria.

It is expected to drive job creation, improve transparency across various sectors of the Nigerian economy, and improve security infrastructure.

Earlier in 2022, the agency set up a blockchain educational program through which 30,000 Nigerians learned about the technology. 

Nigeria and cryptocurrencies 

Nigeria ranks as one of the leading nations in terms of cryptocurrency adoption and has a large market globally. Despite this, in early 2021, the Central Bank of Nigeria issued a circular prohibiting financial institutions from facilitating cryptocurrency transactions and ordered the investigation and closure of bank accounts connected to cryptocurrency trading.

The Securities and Exchange Commission, in its classification of cryptocurrencies, defined them as securities until proven otherwise. The burden of proof lies on the promoter of the tokens.

“All Digital Assets Token Offering (DATOs), Initial Coin Offerings (ICOs), Security Token ICOS and other Blockchain based offers of digital assets within Nigeria or by Nigerian issuers or sponsors or foreign issuers targeting Nigeria investors, shall be subject to the regulation of the Commission.”SEC, NIGERIA.

And that;

“Any person, (individual or corporate) whose activities involve any aspect of Blockchain-related and virtual digital asset services, must be registered by the Commission and as such, will be subject to the regulatory guidelines. Such services include, but are not limited to reception, transmission and execution of orders on behalf of other persons, dealers on own account, portfolio management, investment advice, custodian or nominee services.”SEC, NIGERIA.

The National Blockchain Policy for Nigeria presents an opportunity for the players in the Nigerian business scene to unlock more potentials in the country for the digital space.