A roadmap was recently published by the Nigerian government that outlines a plan for the adoption and promotion of blockchain. Their aim is to reduce corruption, help the unbanked in banking, and to ensure the growth of the country’s economy. There is increasing crypto adoption all over the world. Only a few days ago, PayPal made an announcement that it is planning on adding support for crypto on their platform in the foreseeable future. Now, a whole government i.e. the Nigerian government, to be more accurate, has revealed a roadmap that’s dedicated to the adoption of blockchain and crypto in the country.
This Nigerian roadmap details a plan intended to digitize the country’s economy and it believes that blockchain technology has the potential to assist it in creating a bright financial future. ‘National Blockchain Adoption Strategy’ is the name given to the roadmap and it basically sheds some light on the importance of blockchain, how it has eliminated the need for trust and how it has been adopted in the country so far. Moreover, it also provides details about the government’s plans on how blockchain tech can be used even further and even how they can integrate it with a number of other modern technologies.
The Federal Ministry of Communications and Digital Economy in Nigeria created the framework of the roadmap and is publicly available currently. The current government in the country plans on digitizing the Nigerian economy and eventually reduce the reliance they have on resources, such as gas and oil. For the most part, the roadmap is focused on introducing some proper rules and regulations related to emerging technologies, but also areas like capacity building, skills, international competitiveness, investment, innovation, and more. Where the regulations are concerned, the Ministry highlighted that there is no legal framework in place when it comes to blockchain.
Furthermore, the central bank in the country also seems quite distrustful of digital assets up till now. On several occasions, the central bank had issued warnings to Nigerian citizens against trading of cryptocurrencies. This was also addressed in the government draft and it also highlighted that there was a vital need for solving this problem as soon as possible. If there is no proper regulatory framework in place, it wouldn’t be possible for the country to adopt blockchain technology and then use it for growing the Nigerian economy as planned. According to the draft, having a legal framework has become essential because it would provide guidance regarding the adoption of blockchain technology in the private and public sectors.
There is no doubt that a regulatory framework is crucial, but it is not the only initiative that has been mentioned in the draft. In fact, there are a total of six tasks that have been mentioned. These include establishing the Nigerian Blockchain Consortium, strengthening the regulatory framework, providing the national digital identity, developing blockchain business incentive programs, establishing a nationwide blockchain sandbox, and promoting blockchain literacy. If all of these are accomplished, it could provide great benefits to the country.