Home | Crypto News | Nigeria’s Blockchain Adoption Strategy Set To Bring Clarity And Legitimacy To Crypto Ecosystem, Say Experts

Nigeria’s Blockchain Adoption Strategy Set To Bring Clarity And Legitimacy To Crypto Ecosystem, Say Experts

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The Nigerian government’s recent adoption of a blockchain deployment strategy has been characterized as a landmark that will “add clarity, trust, and confidence to the [blockchain] ecosystem.” 

The introduction of the adoption strategy document has been praised as a move that could give blockchain technology some legitimacy, which is currently mainly associated with cryptocurrencies among most Nigerians.

Will The Central Bank Of Nigeria Shift Its Stance On Cryptocurrency In The Near Future?

Proponents of the technology have hailed the recent approval by the Nigerian government of a blockchain adoption strategy as “a significant milestone for the blockchain industry in Nigeria.” Advocates also contend that the government’s release of the strategy document lends “some legitimacy” to a technology many still misunderstand with cryptocurrency.

The government’s acceptance of the blockchain approach came after extensive consultations with 56 institutions and individuals in Nigeria, according to Isa Pantami, the nation’s minister of communications and the digital economy. 

Nevertheless, others in Nigeria’s cryptocurrency community have argued that this favorable move by the administration of outgoing president Muhammadu Buhari would not lead to the Central Bank of Nigeria (CBN) changing its stance on cryptocurrencies.

According to Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), it is his belief that the Nigerian central bank will follow the footsteps of other nations, such as Saudi Arabia, and eventually regulate cryptocurrencies. Ophi also made a suggestion that the Bola Tinubu administration would bring about a revolution in the cryptocurrency sector in Nigeria.

Ophi stated that while some individuals in the industry consider the policy to be merely an academic exercise, they believe that over time, a balance will be achieved, similar to the approval of Markets in Crypto Asset by the European Parliament. They added that the new administration under Bola Tinubu’s leadership may bring about different actions from the previous administration.

Nigeria’s Comprehensive Approach To Blockchain Adoption Earns Distinctions

Nadeem Anjarwalla, Binance’s Director for West and East Africa, commented on the adoption of the Nigerian blockchain and digital assets strategy, stating that it signifies Nigeria’s commitment to staying ahead of the curve and promoting blockchain innovation, user protection, security, and economic competitiveness in the long term.

The ecosystem, which is still very young and under development, will gain “clarity, trust, and confidence” as a result of the adoption of the strategy. Anjarwalla praised the Nigerian government’s “all-encompassing approach” as outlined in the plan of action.

The Nigerian government under outgoing President Muhammadu Buhari has stated in the National Blockchain Adoption Strategy that unveiling the strategy document is expected to strengthen efforts towards establishing an efficient, safe, and economically viable digital Nigeria through the use of blockchain technology.

According to the Nigerian government, the blockchain is expected to aid the growth of Nigeria’s digital economy and increase trust in digital platforms among citizens.

The National Blockchain Adoption Strategy concludes by stating that while blockchain technology presents some challenges to governments, Nigeria will primarily focus on leveraging it to address inefficiencies in business and governance processes.

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