Tech
Nigeria adopts blockchain tech, NITDA to develop regulatory tools
The Minister of Communications and Digital Economy, Isa Pantami, has disclosed that the Federal Government has approved a nationwide blockchain policy.
Pantami said this on Wednesday, stating that the policy was passed after consultations with stakeholders, comprising 56 institutions and figures.
The approval will lead to the integration of Nigeria’s economy with blockchain technology, “Nigeria has institutionalized blockchain technology, with all its components and types, with today’s approval of the National Blockchain Policy,” Pantami said.
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Blockchain is a database or ledger that stores and secures information, preventing hacks or manipulation of the information. It is mostly used in the cryptocurrency industry to safeguard decentralized records of transactions.
The National Information Technology Development Agency (NITDA) will lead the integration of blockchain across sectors, as regulators have been told to collaborate with NITDA to develop regulatory tools.
Blockchain’s adoption in Nigeria and other countries will add $1.76 trillion to the global gross domestic product (GDP) by 2030.
Ripples Nigeria previously reported that Nigeria’s Vice President, Yemi Osinbajo, had urged Central Banks around the world to adopt blockchain technology, as it might disrupt central bank operations globally if it was not absorbed into the system.
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