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Nigeria Begins Blockchain Framework for Cryptocurrency Adoption

Last Updated on July 3, 2021 by Ope Quadri

Nigeria’s plan to generate a whopping $10 Billion from blockchain by 2030 received a boost a few hours ago as the Ministry of Finance mandated the Security Exchange Commission (SEC) to come up with a framework for the adoption of cryptocurrency in Nigeria.

The move is seen as an impressive step by Nigeria to be one of the biggest gainers in blockchain technology in Africa and the world in the next 10 years.

Saddled with the responsibility of regulating the institution of Nigerian capital market and protecting investors, SEC, got the green light from the Finance Ministry, which supervises SEC, to “provide a regulatory environment for blockchain” and digital assets.

A few years ago, only a few cryptocurrency trading platforms gave Nigerian crypto traders full access to their services, but the promising potentials of the Nigerian market looked too huge to be neglected.

Today, there are more than 20 crypto trading platforms available for Nigerians – beginners and pro – in the crypto trading.

In September 2020 SEC, which earlier warned investors against investing in cryptocurrency made a bold a move by editing its regulation on the digital asset by mandating cryptocurrency platforms to register with SEC in Nigeria setting the pace for blockchain adoption in Africa’s largest economy.

Also, the National Information Technology Development Agency (NITDA) in its November announcement stated that it’s working on National Blockchain Adoption Strategy Framework, Charles OkaforMbah, blockchain expert and a member of the drafting committee confirmed the development said in a tweet.

A draft of NITDA’s 37 Page strategy was first released in October and stated that blockchain and decentralized ledger technology (DLT) would “facilitate the development of the Nigerian digital economy.”

Director-General of NITDA Kashifu Inuwa was quoted as saying, “We want Nigeria to be strategically placed to capture value from this economic potential of blockchain”.

Inuwa stated that Nigeria’s youthful population which is mainly digitally native “we are looking at how we can get at least around six to 10 billion dollars by the year 2030.”

Blockchain is going to play a key role in terms of creating, tracing products and services.

A report by PricewaterhouseCoopers revealed the huge economic opportunity blockchain technology, saying it would potentially add $1.76 trillion to the global gross domestic product in the next 10 years.

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