Nigeria's President-Elect Aims to Use Blockchain Technology in the Banking Sector

The President-elect of Nigeria, Bola Tinubu, recently released a manifesto that, if implemented, will allow the use of blockchain technology and cryptocurrencies in the country's banking and financial sector.

 Politics and Society   March 17, 2023

Nigeria's President-Elect Aims to Use Blockchain Technology in the Banking Sector

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The manifesto suggests revising existing Nigeria Security Exchange Commission (SEC) regulations on digital assets to make them more business-friendly.

The new regulation provides a framework for regulating digital assets like cryptocurrencies and other digital products in Nigeria.

The suggested regulations would require digital asset companies to register with the SEC and mandate that all offerings and investments in digital assets comply with SEC regulations.

In the manifesto, Tinubu said, “We will reform the policy to encourage the prudent use of blockchain technology in banking and finance, identity management, revenue collection and use of crypto-assets. We will establish an advisory committee to review SEC regulation on digital assets, creating a more efficient and business-friendly regulatory framework”.

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