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Nigeria’s incoming president intends to deploy blockchain technology in the banking industry.



Nigeria's incoming president intends to deploy blockchain technology in the banking industry.

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Bola Tinubu, the incoming president of Nigeria, recently unveiled a manifesto that, if adopted, will permit the usage of cryptocurrencies and blockchain technology in the country’s banking and financial industry.

In order to make existing Securities Exchange Commission (SEC) restrictions on digital assets more business-friendly, the manifesto advises revisiting them. A framework for regulating digital assets in Nigeria, such as cryptocurrencies and other digital tokens, is provided under the new rule.

According to the proposed regulations, all digital asset offerings and investments must abide by SEC rules and regulations, and digital asset issuers must register with the SEC.

“We will modify the policy to encourage the responsible application of blockchain technology in banking and finance, identity management, revenue collection, and the use of crypto assets,” Tinubu the incoming president stated in the manifesto. In order to create a regulatory framework that is more effective and beneficial to the industry, we will set up an advisory committee to evaluate SEC regulations on digital assets.

The absence of provisions that would have allowed cryptocurrency users to do transactions with their neighborhood banks has drawn criticism from some bitcoin fans.

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The document also aligns with efforts to increase the use of the Central Bank of Nigeria’s (CBN) eNaira, the nation’s central bank’s digital currency that still needs to meet expectations.

The government is proposing changes to SEC laws in the hopes that they will increase investor interest in the financial and technology industries and promote economic expansion.

“We will also encourage the CBN to use more of our digital money, the eNaira,” Tinubu stated.

The manifesto’s publication matches Nigerians’ rising interest in digital assets, as shown by Google search data, which also shows a big demand for stablecoins.

The CBN’s more tolerant stance on stablecoins reflects Nigerians’ interest in cryptocurrencies. In a recent research report titled “Nigeria’s Payment System Vision 2025,” the apex bank examined the development of a fresh framework to bring a stablecoin to Nigeria.

See Also: Nigeria to develop the legal framework for ICOs and stablecoins

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