The government of crypto-friendly Nigeria has recently approved a national blockchain policy during its meeting on May 3, which aims to develop a blockchain-based economy to boost the country’s public and private sectors.

The Federal Ministry of Communications and Digital Economy (FMCDE) has been a long advocate for cyptocurrency adoption and utility within Nigeria, and its latest move in developing the policy aims to transform digital society and emerging technologies.

Among the aims of the policy are to facilitate secure transactions, data sharing and value exchange among corporations, the government and individuals, and the implementation of such policy is widely-expected to benefit Nigeria’s public and private sectors. Under the supervision of the FMCDE, the National Information Technology Development Agency (NITDA) will be responsible for coordinating this policy.

Nigeria has been in the forefront of cryptocurrency adoption, despite transactions via cryptocurrencies remaining illegal in the African nation. The newly-approved policy among other endeavors aim to establish a robust regulatory framework for cryptocurrencies while fostering digital literacy and creating incentives for businesses to utilize blockchain technology on a larger scale.

Sources:

https://cointelegraph.com/news/nigerian-national-blockchain-policy-gets-government-approval

https://beincrypto.com/nigeria-greenlights-national-blockchain-policy-digital-economy/

https://www.ledgerinsights.com/nigeria-national-blockchain-policy/

https://www.premiumtimesng.com/news/more-news/596619-nigeria-approves-national-blockchain-policy.html

https://twitter.com/FMoCDENigeria/status/1653846759779475458