Nigeria Initiates Review of National Blockchain Policy

Nigeria has commenced a comprehensive review of its national blockchain policy. This move is aimed at ensuring that the policy remains relevant and effective in light of the rapidly evolving technological and economic landscape.

The review process was officially launched on July 17, 2024, as confirmed by Chimesie Chuta, the Chairman of the Steering Committee responsible for overseeing the review. Chuta announced the commencement of the review on the X social platform (formerly known as Twitter).

The National Information Technology Development Agency (NITDA) of Nigeria is leading the review process. The agency had previously revamped the National Blockchain Policy Steering Committee (NBPSC) in May 2024 during a workshop in Abuja, the nation's capital. The revamped committee is now tasked with reassessing and refining the regulatory framework governing Nigeria's blockchain strategy.

The review is expected to cover a wide range of issues, including:

• Emerging technologies and economic realities: The review will consider how new technologies and economic trends are impacting the blockchain landscape and how the policy can be adapted to accommodate these changes.
• Expansion of blockchain applications: The review will explore the potential for expanding the use of blockchain technology beyond its current applications in finance and cryptocurrency. This could include the use of blockchain in areas such as land registration, health, and education.
• Stakeholder engagement: The review will seek to involve a wide range of stakeholders, including government agencies, businesses, and civil society organizations, in the review process. This is to ensure that the policy is inclusive and reflects the needs of all relevant parties.

The review of the national blockchain policy is a significant step for Nigeria. It demonstrates the country's commitment to remaining at the forefront of blockchain innovation and adoption. The outcome of the review is expected to have a major impact on the future of blockchain technology in Nigeria and could serve as a model for other countries in Africa and beyond.

The review is expected to be completed in the coming months, and the updated policy is expected to be released by the end of the year. The revised policy is expected to provide a clear and comprehensive framework for the development and use of blockchain technology in Nigeria, while also ensuring that the technology is used in a responsible and ethical manner.

July 2024, Cryptoniteuae