- They plan to introduce technology in all areas of management
- And they urged business not to delay with the “crypto revolution”
The Federal Executive Council of Nigeria has approved a national blockchain transition strategy. This information was reported by the press secretary of the President of Nikeria, Tolu Ogunlesi:
The country will develop a regulatory framework to introduce this technology into all areas of life. These are the financial industry, healthcare, transport, logistics and many other areas.
The doctrine says that the blockchain can bring huge profits to the state. It will increase the transparency and efficiency of many processes. It will also improve user experience and significantly reduce transaction costs.
The implementation of the blockchain will be controlled by the Federal Ministry of Communications and the Digital Economy. The country also created a new body, the National Information Technology Development Agency (NITDA).
The state calls on local authorities and private businesses to implement blockchain technologies where it will be useful.
Despite the new doctrine, transactions using cryptocurrency remain illegal in Nigeria. However, Finance Minister Zainab Ahmed has already vowed to fix this. In the new finance bill, they will add a provision for the taxation of cryptocurrencies and other digital assets.