Nigeria’s crypto community celebrates the approval of the National Blockchain Policy, set to impact governance, digital identity management and e-payments.
The approval of the National Blockchain Policy for Nigeria has left the nation’s crypto community over the moon as it signals room for more development in the nation’s crypto industry. Some local experts have expressed their opinions about the implications of this new policy and the blockchain ecosystem in Nigeria.
The government of Nigeria approved a National Blockchain Policy during a meeting on May 3, 2023. A policy draft stated that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy.” Cointelegraph contacted the local blockchain ecosystem to understand how the industry and the community accept the policy.
Olajide Abiola, the co-founder and CEO of KiaKia — a Nigerian fintech company — expressed delight at the development. Olajide said the blockchain technology policy can potentially impact various areas of governance and policy-making in Nigeria.
He further stated that if the blockchain policy is leveraged correctly, it could help manage digital identity, creating a tamper-proof digital identity for citizens to authenticate and access government services securely. With the proper regulations, blockchain technology could also impact e-payments and billings in Nigeria, Olajide stated.
Considering that the technology is yet to be imbibed into the day-to-day activities of Nigerians, businesses can reduce costs and improve cash flow by offering secure and transparent payment options, with consumers benefiting from faster and more convenient transactions. This increased efficiency and convenience can lead to increased economic activity and growth.