Nigeria's national blockchain guideline given by the government Green Light
Nigeria's national blockchain guideline given by the government Green Light
The Nigerian Federal Ministry of Communication and Digital Business (FMCDE) approved the National Blockchain Policy because the country doubles the creation of a block chain -operated economy.
The assumption of the government's guideline will pave the way for the formal use of the technology in the country, which has experienced a significant introduction of cryptography in recent years. The FMCDE believes that its implementation will have a positive effect on both public and private sector in Nigeria.
blockchain assumption
The recent advance towards Blockchain was also triggered by the efforts of Nigeria to detach himself from its strong economic dependence on the oil and gas sector and instead allow the economy to "jump" into an economy powered by digital technologies.
The Federal Ministry of Communication and Digital Economy developed the national blockchain policy to diversify the economy on behalf of the federal government. This is in line with the National Digital Economy Policy and Strategy (NDEPS), which was presented by President Muhammadu Buhari in November 2019.
Then the first draft of the directive published in October 2020 outlined the strategy and explained that it matched the 8 pillars of the Roadmap "Digital Nigeria" of the FMCDE. They focus on - development regulation, digital competence and skills, solid infrastructure, service infrastructure, development and promotion of digital services, soft infrastructure, digital society and new technologies and finally the development and takeover of indigenous content.
"The vision of the guideline is to create a blockchain-based economy that supports safe transactions, data exchange and exchange of values between people, companies and governments and thereby promotes innovation, trust, growth and prosperity for everyone. The implementation of the National Blockchain Policy will have a positive effect on both the country's private sector."
The National Information Technology Development Agency (Nitda) is commissioned to coordinate the political initiatives under the supervision of the FMCDE. The authorities have also set up a multidecectoral steering committee to monitor the implementation of politics.
The Federal Executive Council, on the other hand, indicated the relevant regulatory authorities-Nitda, Nigeria's Central Bank, the National University Commission, Securities and Exchange Commission and the Nigerian Communications Commission-to develop regulatory structures for blockchain implementation in various economic sectors.
Meanwhile, the Nigerian SEC plans to support tokenization, with the focus on real assets such as stocks, bonds and real estate. However, cryptocurrency is not on the roadmap.At the beginning of this year, the country witnessed a shortage of money that led to violent protests in which countless citizens were violated and some were killed. Nigerians flock to cryptocurrencies in droves in order to secure themselves against current inflation and to avoid the various restrictions on Naira transactions during online payments. In the Chainalysis 2022 Global Crypto Adoption Index, the African country took 11th place and 17th place in the peer-to-peer stock exchange trading volume.
course of the introduction of blockchain technologies
PricewaterhouseCoopers (PWC) recently published a report in which blockchain technology is analyzed in detail. It found that blockchain, which happens to be one of the "fastest developing technologies in the world", could boost the global economy with $ 1.76 trillion.
The economists of the financial giant assume that the majority of companies will use blockchain by 2025. By 2025, GDP is estimated by blockchain to $ 422 billion.
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