In a significant move that heralds a new era for cryptocurrency community in Nigeria, the newly sworn-in President Bola Tinubu has vowed to review the ban placed on cryptocurrencies and also sustain the Blockchain Policy put in place by former president Muhammadu Buhari. The new President also expressed his desire to review the Naira redesign Policy, all of this which is expected to positively impact cryptocurrency users in Nigeria.
Having assumed office on the 29th of May, President Tinubu has quickly begun to address key matters within the financial technology sector of the country. His pledge to revisit the ban on cryptocurrencies is seen as a positive step towards accepting the potential benefits that accompanies the adoption of digital currencies.
In February 2021,the ban on cryptocurrency was imposed by the Central Bank of Nigeria (CBN), citing money laundering, terrorism financing, and other illicit activities as reasons why the sanction was put in place. However, the move was subjected to heavy criticism from different quarters, including investors, entrepreneurs, and technology enthusiasts who believed that digital currencies held consequential possibilities for financial inclusion and economic growth.
President Tinubu’s dedication to reconsider the ban indicates a willingness to reevaluate the risks accompanying cryptocurrencies and look into the opportunities they offer. This move is expected to attract investments, encourage innovation, and foster an environment that will empower blockchain technology companies and platforms.
Furthermore, the intention of the President to implement the Blockchain Policy already mapped out by his predecessor, President Muhammadu Buhari, has demonstrated a continued focus to leverage on distributed ledger technology for various sectors in Nigeria. The aim of this policy is to enhance efficiency, security, and transparency, across industries such as finance, governance, supply chain management, and healthcare.
By adopting the Blockchain Policy, President Tinubu hopes to foster an ecosystem that will enable the growth of blockchain-based platforms and applications, which will benefit a wide range of businesses and individuals engaged in decentralized technologies.
As President Bola Tinubu assumes office, his promises to implement the Blockchain Policy, review the cryptocurrency ban, and redesign the Naira signals a progressive and approach toward financial technology in Nigeria which will embrace digital innovation and foster an inclusive and thriving economy in the country.
Featured Image Source: AP News
