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Nigeria is Modernizing its Banking Sector with Blockchain

ByLouis Adams

Mar 13, 2023
Reading time: < 1 minute

The president of Nigeria, Bola Tinubu, has declared his intention to modernize the Nigerian financial infrastructure by utilizing blockchain technology.

To that end, he has issued a manifesto that calls on the Nigerian Securities and Exchange Commission (SEC) to reconsider its stance on the digital currency market.

According to the document, the president believes that the economy will be able to progress more quickly if the state softens regulatory policy and makes blockchain technology available to businesses.

To achieve this, the SEC must register blockchain companies and regulate digital asset transactions. The Bank of Nigeria made a similar statement in January, announcing the legalization of stablecoins and Initial Coin Offerings (ICOs) so that startups can attract internal and external funding and investors can be assured of government protection.

President Tinubu’s manifesto states that the new policy will encourage the use of blockchain technology in banking and government sectors, and an advisory committee will be formed to study SEC policy and draft a suitable regulatory framework for businesses.