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Nigeria is establishing a new regulatory framework for cryptocurrency and blockchain

Time : 07/12/2021 Author : d37yqu Click : + -
        The Ministry of finance of Nigeria is working with the country's securities regulatory authority to establish a new framework for blockchain and cryptocurrency and provide a regulatory environment for blockchain and digital assets. This move may accelerate the adoption of cryptocurrencies in the country. According to the Nigerian sec, the overall goal of regulation is not to hinder technology or stifle innovation, but to develop standards that encourage ethics, which will ultimately establish a fair and effective market. Blockeye app news: Nigeria's Ministry of finance is cooperating with the country's securities regulatory authorities to establish a new framework for blockchain and cryptocurrency and provide a regulatory environment for blockchain and digital assets.
 
        This move may accelerate the adoption of cryptocurrencies in the country. According to the Nigerian sec, the overall goal of regulation is not to hinder technology or stifle innovation, but to develop standards that encourage ethics, which will ultimately establish a fair and effective market. According to the guardian of Nigeria, abdullahin, director general of the National Information Technology Development Agency (nitda), said that the Nigerian government hopes to make use of the potential of blockchain technology to obtain value from it, and the goal is to achieve $10 billion in revenue from blockchain technology by 2030. Considering Nigeria's young population and its strategic position in Africa, nitda research believes that it is feasible to achieve this goal through Nigeria's huge strategic payment system and financial service sector.
 
        
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