Nigeria President-elect Seeks Blockchain Technology in Banking
The president-elect of Nigeria, Bola Tinubu, has released a manifesto focused on utilizing blockchain technology and cryptocurrencies within the African nation’s banking and finance sector.
Tinubu’s manifesto suggests the review of current regulations put in place by the Nigerian Security Exchange Commission (SEC) on digital assets, and he strives to relax such regulations to make them more business-friendly. The new regulation provides a detailed framework for the regulation of digital assets in Nigeria, including cryptocurrencies, NFTs and digital tokens.
As stated by Tinubu in the manifesto, “We will reform the policy to encourage the prudent use of blockchain technology in banking and finance, identity management, revenue collection and use of crypto assets. We will establish an advisory committee to review SEC regulation on digital assets creating a more efficient and business-friendly regulatory framework.”
If the manifesto is implemented, Nigerian business and citizens would be able to effectively utilize an array of blockchain & crypto services in the nation; unlocking many more use cases for cryptocurrencies in the crypto-friendly nation.
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