Nigeria is working on a plan for the integration of the blockchain and digital currencies
The Nigerian government plans to speed up cryptocurrency and blockchain adoption in the country.
The roadmap, published by Nigerian government, breaks down how blockchain has changed the trust paradigm, its adoption in Nigeria so far, how the government intends on applying it and how it integrates with other emerging technologies.
The Government of Nigeria has launched a roadmap to promote the adoption of blockchain and digital currency technology. The Government is committed to digitising the country’s economy and seeks for more innovative approaches in the financial sector.
The roadmap, entitled “National Blockchain Adoption Strategy”, details how blockchain has changed the paradigm of trust, its adoption in Nigeria so far, how the government intends to implement it and how it is integrating with other emerging technologies. The framework was developed by the Federal Ministry of Communications and the Digital Economy of Nigeria and published by the local edition of Technology Times. It states that the government of President Muhammad Buhari is committed to digitising the Nigerian economy and gradually reducing overdependence on oil and gas.
“The primary objective of the Nigerian Blockchain Adoption Strategy is to identify and utilize the opportunities provided by Blockchain technologies to strengthen the country’s security on cyberspace and stimulate the growth of the economy.”
The roadmap focuses on key areas including regulation of technology, innovation, skills and capacity building, investment and international competitiveness.
In terms of regulations, the Ministry recognised that Nigeria currently has no legal framework for blockchain. In addition, the Central Bank of Nigeria has warned the public against trading in digital currencies. According to the government project, this is one of the key areas that the government needs to address if the West African country wants to implement the blockchain.
“A legal/regulatory framework issued by the government has become a paramount factor that would guide and determine the successful implementation of blockchain technology in both the public and private sectors.”
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