Nigeria has recently approved a National Blockchain Policy that promises to bring about significant development in the country’s rapidly growing crypto industry.
However, the nation’s blockchain revolution faces some serious challenges, with local experts voicing concerns about the implications of this new policy on the Nigerian blockchain ecosystem.
The potential of blockchain technology in Nigeria
The Nigerian government approved the National Blockchain Policy during a meeting on May 3, 2023. The policy aims to facilitate the development of Nigeria’s digital economy by leveraging blockchain and decentralized ledger technology.
Olajide Abiola, the co-founder and CEO of Nigerian fintech company KiaKia, believes that the policy has the potential to impact various areas of governance and policymaking in t.he country
Abiola says that with the correct implementation, blockchain technology can help manage digital identity, create a tamper-proof digital identity for citizens, and enable them to securely access government services.
Moreover, it could influence e-payments and billings,…