Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban

The Nigerian Federal authorities mentioned on May 3 it had handed what it known as the “national blockchain policy.” The Nigerian minister of communications and digital economic system, Isa Pantami, mentioned the brand new coverage is a product of consultations with 56 establishments and personalities. Lucky Uwakwe, the founding father of the know-how service supply firm Sabi Group, mentioned the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital foreign money.

Blockchain Policy a Product of Widespread Consultations

The Nigerian Federal authorities just lately accepted what Isa Pantami, the nation’s minister of communications and digital economic system, has described because the nation’s “national blockchain policy.” According to Pantami, the brand new coverage is a product of widespread consultations with some 56 Nigerian establishments and personalities. Remarking on what this feat means for Nigeria’s blockchain business, Pantami, who spoke after a Federal Executive Council assembly chaired by outgoing president Muhammadu Buhari, said:

With the approval of the nationwide blockchain coverage for Nigeria as we speak, we are able to safely say that blockchain know-how with all its elements and kinds have been institutionalized within the nation.

The minister added that the nation’s safety council and the National Information Technology Development Agency (NITDA) have been requested to collectively develop and formulate regulatory devices for all sectors.

CBN Crypto Directive

Following the announcement, some gamers in Nigeria have speculated that the brand new coverage indicators a shift within the outgoing’s authorities disposition in the direction of know-how that underpins cryptocurrencies. In explicit, the brand new coverage offers hope to Nigerian crypto merchants and fanatics nonetheless reeling from the consequences of the Central Bank of Nigeria (CBN)’s crypto directive.

Lucky Uwakwe, the founding father of the know-how service supply firm Sabi Group, mentioned the brand new coverage means the assorted gamers within the blockchain business now have the official backing of the federal government. According to Uwakwe, the brand new coverage additionally means that the know-how is “here to stay.”

However, the Sabi Group founder advised Bitcoin.com News that whereas the announcement is ready to excite the blockchain business members, gamers within the crypto area concern that the brand new coverage alone won’t drive the CBN to reverse its place on privately issued digital foreign money. This, in keeping with Uwakwe, is as a result of the central financial institution operates independently.

“The central bank is empowered by the law to act independently. If the CBN decides to see that even with this executive policy that has passed by the Federal executive council, if the central bank still sees it as a threat to financial stability, they still have the power to continue to maintaining that law [CBN crypto restriction],” Uwakwe mentioned. According to Uwakwe, the one means the CBN’s crypto directive might be eliminated is when the central financial institution itself “deletes” the Feb. 5, 2021 directive.

Register your electronic mail right here to get a weekly replace on African information despatched to your inbox:

What are your ideas on this story? Let us know what you suppose within the feedback part beneath.