Nigeria’s authorities permitted a nationwide blockchain coverage on Wednesday as a part of the nation’s effort to transition to a digital economy.
The Federal Ministry of Communications and Digital Economy developed the coverage, in accordance to an announcement tweeted by the ministry.
“The imaginative and prescient of the Policy is to create a Blockchain-powered economic system that helps safe transactions, knowledge sharing, and worth alternate between folks, companies, and Authorities, thereby enhancing innovation, belief, development and prosperity for all,” the assertion stated.
The coverage doc does not seem to have been made public but.
The tweet didn’t point out cryptocurrencies, which the federal government cracked down on in 2021 after the nation emerged as one of many quickest digital asset adopters on the earth.
The cupboard, generally known as the Federal Government Council, directed regulators together with the Central Financial institution of Nigeria and the Securities and Trade Fee (SEC) “to develop regulatory devices for the deployment” of blockchain tech throughout varied sectors of the economic system. Earlier within the week, Bloomberg reported Nigeria’s SEC was contemplating permitting tokenized coin choices backed by fairness, debt or property – however “not crypto” – on licensed digital asset exchanges.
“A multi-sectoral Steering Committee has additionally been permitted to oversee the implementation of the Policy,” the assertion stated.
CoinDesk has reached out to the Federal Ministry of Communications and Digital Economy for remark.
Learn extra: Nigeria’s SEC Mulls Allowing Tokenized Equity, Property but Not Crypto: Bloomberg