The Nigerian government is looking to digitize the country’s economy and view blockchain as the technology to build its future on. Titled ‘National Blockchain Adoption Strategy,’ the roadmap breaks down how blockchain has changed the trust paradigm, its adoption in Nigeria so far, how the government intends to apply it, and its integration with other emerging technologies. The framework was drafted by Nigeria’s Federal Ministry of Communications and Digital Economy, reported by the local outlet Technology Times.
Nigerian government seeks to digitize the economy.
The Nigerian government is looking to digitize the country’s economy in the future. “The primary objective of the Nigerian Blockchain Adoption Strategy is to identify and utilize the opportunities provided by Blockchain technologies to strengthen the country’s security on cyberspace and stimulate the growth of the economy.” The roadmap focused on key areas, including regulating the technology, innovation, skills and capacity building, investment, and international competitiveness. On regulations, the Ministry admitted that the country currently has no legal framework for blockchain. Additionally, the Central Bank of Nigeria has cautioned the public against the trading of cryptocurrencies.
Crypto adoption increases in African countries.
Cryptocurrency adoption in African countries has increased in 2020 amid the ongoing pandemic. The bitcoin trading on Peer-to-Peer platforms witnessed a rapid growth in the last few months, with the African continent now the second-strongest region in the world for P2P volume, just behind the US. The African continent is the only region to post an increase in the seven-day P2P trade in July. Since early this year, the sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest peer-to-peer market by a volume margin of more than 50%. Twitter and Square CEO Jack Dorsey and several other industry giants believe that Africa will play a huge role in the mass adoption of crypto.