However there is a lot more that blockchain can do for the economy and this strategy document aims to redirect the focus to other areas, the draft reads in part.
Christian Duffus, founder and CEO of blockchain startup Fonbnk, explained to TechCabal that the blockchain policy may be a reactionary measure by the government to send out a clear signal that it is not broadly against blockchain technologies, especially after the publicity of its ban on crypto. The blockchain policy is an important move by the government to accommodate blockchain innovation in the country.
While the next steps in the implementation process remain unclear, the fact remains that through this policy, the Nigerian government is announcing itself as a collaborator for blockchainrelated innovation in the country.
Nnamdi Uba, the CEO of HouseAfrica, a startup that leverages blockchain to solve land title ownership in Africa, spoke to TechCabal effusively about the national blockchain policy. I am one of the people that have been working on that policy project for the past three years, he revealed. We want to unlock the power of blockchain in our national economy through a governmentled approach.
In July 2021, the CBN banned banks from facilitating crypto transactions and asked that banks close accounts of persons or entities involved in cryptocurrency transactions. The bank cited terrorism financing and money laundering as its key reasons for the action, maintaining that it was protecting Nigerians from the risks of crypto adoption.
Meanwhile, the national blockchain policy draft reveals that the Nigerian government is still cryptoaverse as it seeks to develop a regulatory framework for other use cases of the blockchain. Blockchain technology undoubtedly holds great potential for the development of Nigerias digital economy.
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