Nigeria has approved a national blockchain policy in its bid to shift towards a digital economy.
The policy was developed by the Federal Ministry of Communications and Digital Economy, with the aim to create a blockchain-based economy that facilitates secure transactions, data sharing, and value exchange among individuals, businesses, and the government.
The policy document has not been made public yet, but the government has directed regulators like the Central Bank of Nigeria and the Securities and Exchange Commission (SEC) to develop regulatory frameworks for the deployment of blockchain technology across various sectors of the economy.
The government did not mention cryptocurrencies, which were banned earlier this year after Nigeria emerged as one of the fastest digital asset adopters in the world. A multi-sectoral Steering Committee will oversee the implementation of the policy.