Nigeria to lift ban from Crypto- All you need to know 

The Nigerian Communications Commission (NCC), as well as academics, government officials, and technology enthusiasts have discussed the benefits of emerging technologies such as Blockchain in boosting the economy after the country imposed a crypto ban for months.

Nigeria’s discussions on blockchain technology

At a two-day workshop hosted by the Commission in collaboration with the Bureau of Public Service Reforms, stakeholders agreed that efficient implementation of policies as expressed in the NCC’s guidelines, regulations, and directions may be a bedrock of innovation and growth (BPSR).

The workshop, which took place in Abuja and focused on ‘Distributed Ledger Technology (Blockchain) Ecosystem, Decentralisation and Adoption Methods,’ attracted participants from financial institutions, Ministries, Departments and Agencies (MDAs), academia, the Nigerian military and paramilitary forces, the Nigerian Cyberwarfare Command, and the private sector.

The event’s opening remark was given by Dr. Haru Al-Hassan, NCC’s Director of New Media and Information Security, who stated that existing national digital economy frameworks, such as the Federal Government’s National Digital Economy Policy and Strategy, are inadequate (NDEPS), The years 2020-2030, as well as the Commission’s regulatory actions, have been important enablers of Blockchain and new technologies in the country.

The positive spirit of participants

The workshop participants recognized and appreciated NCC’s role in fostering a dynamic digital regulatory environment, its significant contribution to the growth and development of novel and emerging technologies, and NCC’s Nigeria has benefited from the deployment of adaptive processes that have improved developing technology.

In a similar spirit, Dr. Dasuki Arabi, Director-General of the BPSR, reminded the audience that the Nigerian government was already working on harmonizing emerging technologies with the modern public service sector through a number of measures to increase the public sector’s efficiency. 

He also indicated that Blockchain would play an important role in the implementation of the National e-Government Masterplan.

In Nigeria, the Treasury Single Account (TSA), the Integrated Payroll and Personnel Information System (IPPIS), the Bank Verification Number (BVN), and the automation of several government agencies’ enforcement tasks have all been implemented. 

According to the BPSR, examples of technology utilization in the public sector include the Federal Road Safety Corps (FRSC) and computerized performance measurement tools for public sector employees.

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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