{"id":20593,"date":"2023-05-05T11:00:08","date_gmt":"2023-05-05T11:00:08","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigeria-passes-national-blockchain-policy-industry-player-says-central-bank-unlikely-to-lift-crypto-ban-africa-bitcoin-news\/"},"modified":"2023-05-05T11:00:08","modified_gmt":"2023-05-05T11:00:08","slug":"nigeria-passes-national-blockchain-policy-industry-player-says-central-bank-unlikely-to-lift-crypto-ban-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigeria-passes-national-blockchain-policy-industry-player-says-central-bank-unlikely-to-lift-crypto-ban-africa-bitcoin-news\/","title":{"rendered":"Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Nigerian Federal government said on May 3 it had passed what it called the \u201cnational blockchain policy.\u201d The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital currency.<\/strong><\/p>\n

Blockchain Policy a Product of Widespread Consultations<\/h2>\n

The Nigerian Federal government recently approved what Isa Pantami, the country\u2019s minister of communications and digital economy, has described as the country\u2019s \u201cnational blockchain policy.\u201d According to Pantami, the new policy is a product of widespread consultations with some 56 Nigerian institutions and personalities. Remarking on what this feat means for Nigeria\u2019s blockchain industry, Pantami, who spoke after a Federal Executive Council meeting chaired by outgoing president Muhammadu Buhari, said<\/a>:<\/p>\n

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With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types have been institutionalized in the country.<\/p>\n<\/blockquote>\n

The minister added that the country\u2019s security council and the National Information Technology Development Agency (NITDA) have been asked to jointly develop and formulate regulatory instruments for all sectors.<\/p>\n

CBN Crypto Directive<\/h2>\n

Following the announcement, some players in Nigeria have speculated that the new policy signals a shift in the outgoing\u2019s government disposition towards technology that underpins cryptocurrencies. In particular, the new policy gives hope to Nigerian crypto traders and enthusiasts still reeling from the effects of the Central Bank of Nigeria (CBN)\u2019s crypto directive<\/a>.<\/p>\n

Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the new policy means the various players in the blockchain industry now have the official backing of the government. According to Uwakwe, the new policy also suggests that the technology is \u201chere to stay.\u201d<\/p>\n

However, the Sabi Group founder told Bitcoin.com News that while the announcement is set to excite the blockchain industry participants, players in the crypto space fear that the new policy alone will not force the CBN to reverse its position on privately issued digital currency. This, according to Uwakwe, is because the central bank operates independently.<\/p>\n

\u201cThe central bank is empowered by the law to act independently. If the CBN decides to see that even with this executive policy that has passed by the Federal executive council, if the central bank still sees it as a threat to financial stability, they still have the power to continue to maintaining that law [CBN crypto restriction],\u201d Uwakwe said. According to Uwakwe, the only way the CBN\u2019s crypto directive can be removed is when the central bank itself \u201cdeletes\u201d the Feb. 5, 2021 directive.<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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