The Nigerian authorities want to use blockchain technology as part of a policy to modernize the financial infrastructure. The new president of the country, Bola Tinubu, came up with a corresponding initiative.
He published a manifesto calling on the Nigerian Securities and Exchange Commission (SEC) to reconsider its attitude towards the digital currency market.
The document notes that the country’s economy will be able to develop at a faster pace if the authorities soften the regulatory policy and make blockchain technology available for business.
First of all, it is necessary to develop a regulatory framework for the cryptosphere.
The President believes that the SEC should register blockchain companies and control transactions with digital assets.
The Bank of Nigeria made a similar statement in January. He announced the legalization of stablecoins and the initial offering of tokens (ICO). Startups will be able to attract internal and external funding, and investors will be able to count on state protection.
The presidential manifesto says:
We will change policy and encourage the use of blockchain technology in the banking and government sectors. We will form an advisory committee to study SEC policy and create an effective regulatory framework for businesses.
