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FEC approves use of blockchain in Nigeria

FEC approves use of blockchain in Nigeria

#economy
#crypto
#blockchain
Nigeria's federal executive council has approved the national policy on blockchain. Through the policy, the country will develop regulatory framework to govern the adoption of the technology.

The Nigerian government has approved a National Policy on Blockchain, according to an aide to the country's president. The National Information Technology Development Agency (NITDA) stated that the country aims to capture a market share of about $10 billion by 2025 through its National Blockchain Adoption. The strategy includes the establishment of a National Blockchain Consortium, strengthening of the regulatory and legal framework, promoting blockchain digital literacy and awareness, creating blockchain business incentive programmes, and establishing a national blockchain sandbox for proof of concepts and pilot implementation. Transactions using cryptocurrency remain illegal in the country, but there is a provision to tax cryptocurrency and other digital assets in the latest finance bill.


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