Experts Say Nigeria’s Blockchain Adoption Strategy Likely to Add Clarity and Legitimacy to Ecosystem

0 7

knife

The recent approval of a blockchain adoption strategy by the Nigerian government has been described as a milestone that will “add clarity, trust and confidence in the [blockchain] ecosystem.” The unveiling of the adoption strategy document has also been hailed as a step that will lend “some form of legitimacy” to a technology that many Nigerians still only associate with cryptocurrency.

Central Bank Expected to Eventually Change Its Position on Crypto

The Nigerian government’s recent approval of a blockchain adoption strategy has been hailed by advocates of the technology as “a significant milestone for the blockchain industry in Nigeria.” The advocates have also argued that the unveiling of the strategy document by the government helps to lend “some form of legitimacy” to a technology that many still confuse with cryptocurrency.

As recently reported by Bitcoin.com News, the approval of the blockchain strategy followed what Isa Pantami, the country’s minister of communications and digital economy, characterized as widespread consultations with some 56 Nigerian institutions and personalities. However, despite the positive step taken by the government of outgoing president Muhammadu Buhari, some in Nigeria’s crypto space have insisted that this will not result in the Central Bank of Nigeria (CBN) reversing its position on cryptocurrencies.

However, according to Rume Ophi, the executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the Nigerian central bank will eventually change its stance and start regulating cryptocurrencies just as countries like Saudi Arabia have done. Ophi also hinted that the incoming government of Bola Tinubu might result in changed fortunes for Nigeria’s crypto industry.

“A few players in the space think the policy is just an academic exercise but I think with time there will be a balance just like the Markets in Crypto Asset [that has] just [been] approved by the European parliament. The new [Bola Tinubu] administration might just do something different from the outgoing administration,” Ophi said.

Nigeria’s ‘All-Encompassing Approach’ Hailed

Meanwhile, Binance’s director for West and East Africa, Nadeem Anjarwalla, said the approval of the adoption strategy means that Nigeria is “positioning itself as a nation significantly ahead of the curve – supporting further blockchain innovation, user protection, security and economic competitiveness in the long term.”

The adoption strategy will also “add clarity, trust and confidence in the ecosystem” which is still in its very early stages of development. Anjarwalla also commended what she described as the Nigerian government’s “all-encompassing approach” which is laid out in the policy document.

As stated in the National Blockchain Adoption Strategy, the government of outgoing Nigerian president Muhammadu Buhari believes the unveiling of the strategy document will likely bolster efforts aimed at “creating and fostering an efficient, safe, and economically viable digital Nigeria using blockchain technology.” The Nigerian government said it is also confident that the blockchain will not only facilitate the development of Nigeria’s digital economy but will also “enable citizens to have more confidence in digital platforms.”

At its conclusion, the strategy document said while the blockchain is said to pose challenges to governments, Nigeria’s focus will be “on the application of blockchain to resolve business and governance process inefficiencies.”

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 67,213.01
ethereum
Ethereum (ETH) $ 3,523.31
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 594.02
solana
Solana (SOL) $ 174.17
staked-ether
Lido Staked Ether (STETH) $ 3,522.27
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.594835
dogecoin
Dogecoin (DOGE) $ 0.134526
the-open-network
Toncoin (TON) $ 7.27
cardano
Cardano (ADA) $ 0.437642
tron
TRON (TRX) $ 0.134721
avalanche-2
Avalanche (AVAX) $ 29.15
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,279.03
polkadot
Polkadot (DOT) $ 6.33
chainlink
Chainlink (LINK) $ 14.26
bitcoin-cash
Bitcoin Cash (BCH) $ 395.42
near
NEAR Protocol (NEAR) $ 6.29
uniswap
Uniswap (UNI) $ 8.02
litecoin
Litecoin (LTC) $ 73.11
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.68
wrapped-eeth
Wrapped eETH (WEETH) $ 3,676.13
pepe
Pepe (PEPE) $ 0.000012
matic-network
Polygon (MATIC) $ 0.541997
internet-computer
Internet Computer (ICP) $ 10.29
kaspa
Kaspa (KAS) $ 0.181314
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46
ethereum-classic
Ethereum Classic (ETC) $ 23.94
aptos
Aptos (APT) $ 7.38
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105388
monero
Monero (XMR) $ 163.30
mantle
Mantle (MNT) $ 0.899507
blockstack
Stacks (STX) $ 1.91
render-token
Render (RNDR) $ 6.90
filecoin
Filecoin (FIL) $ 4.71
injective-protocol
Injective (INJ) $ 27.59
hedera-hashgraph
Hedera (HBAR) $ 0.074576
dogwifcoin
dogwifhat (WIF) $ 2.64
maker
Maker (MKR) $ 2,808.56
arbitrum
Arbitrum (ARB) $ 0.779803
okb
OKB (OKB) $ 43.00
cosmos
Cosmos Hub (ATOM) $ 6.53
immutable-x
Immutable (IMX) $ 1.65
crypto-com-chain
Cronos (CRO) $ 0.093988
vechain
VeChain (VET) $ 0.030587
bittensor
Bittensor (TAO) $ 337.52
arweave
Arweave (AR) $ 33.62
optimism
Optimism (OP) $ 1.93
bonk
Bonk (BONK) $ 0.000031
sui
Sui (SUI) $ 0.849815
the-graph
The Graph (GRT) $ 0.213433
first-digital-usd
First Digital USD (FDUSD) $ 1.00
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,570.93
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,938.09
floki
FLOKI (FLOKI) $ 0.000201
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,671.27
lido-dao
Lido DAO (LDO) $ 1.93
notcoin
Notcoin (NOT) $ 0.016268
thorchain
THORChain (RUNE) $ 4.88
theta-token
Theta Network (THETA) $ 1.63
bitget-token
Bitget Token (BGB) $ 1.14
ondo-finance
Ondo (ONDO) $ 1.09
aave
Aave (AAVE) $ 98.93
based-brett
Brett (BRETT) $ 0.148163
fantom
Fantom (FTM) $ 0.521982
whitebit
WhiteBIT Coin (WBT) $ 10.15
jasmycoin
JasmyCoin (JASMY) $ 0.029942
jupiter-exchange-solana
Jupiter (JUP) $ 1.04
pyth-network
Pyth Network (PYTH) $ 0.368909
algorand
Algorand (ALGO) $ 0.158222
celestia
Celestia (TIA) $ 6.55
coredaoorg
Core (CORE) $ 1.42
sei-network
Sei (SEI) $ 0.398258
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,507.15
mantra-dao
MANTRA (OM) $ 1.34
quant-network
Quant (QNT) $ 75.59
gatechain-token
Gate (GT) $ 7.84
elrond-erd-2
MultiversX (EGLD) $ 36.30
flow
Flow (FLOW) $ 0.64804
beam-2
Beam (BEAM) $ 0.019247
gala
GALA (GALA) $ 0.026049
popcat
Popcat (POPCAT) $ 0.97679
axie-infinity
Axie Infinity (AXS) $ 6.40
kucoin-shares
KuCoin (KCS) $ 9.88
bitcoin-sv
Bitcoin SV (BSV) $ 47.48
msol
Marinade Staked SOL (MSOL) $ 209.36
eos
EOS (EOS) $ 0.609613
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,585.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.18
flare-networks
Flare (FLR) $ 0.020154
akash-network
Akash Network (AKT) $ 3.64
bittorrent
BitTorrent (BTT) $ 0.00000090454235
dydx-chain
dYdX (DYDX) $ 1.44
ordinals
ORDI (ORDI) $ 41.44
ethereum-name-service
Ethereum Name Service (ENS) $ 26.49
ethena
Ethena (ENA) $ 0.502226
neo
NEO (NEO) $ 11.83