FG Approves National Blockchain Policy⁣

by Mercy Ulasi
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The National Blockchain Policy was approved by the Federal Government of Nigeria on Wednesday in Abuja. This was revealed following this week’s Federal Executive Council meeting, which was presided over by President Major General Muhammadu Buhari (retd.) at the State House in Abuja.

The Minister of Communications and Digital Economy is Prof. Isa Pantami. The new policy, according to Pantami, is the result of discussions with 56 institutions and individuals whose ultimate objective is to institutionalise blockchain technology in Nigeria’s economy and security sectors.

The national blockchain policy for Nigeria was adopted today by the Federal Government of Nigeria.
“This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing and reviewing the policy. ⁣

“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,” said the Minister.

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He noted that the Security Council has directed regulatory bodies to liaise with the National Information Technology Development Agency to come up with regulatory instruments in all sectors.⁣

Wednesday’s approval underlines the potential opportunities of blockchain technology even as studies predict that blockchain would add $1.76tn to the global GDP by 2030.⁣

The establishment of a national steering council to be coordinated by NITDA is also part of the approval.

 

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