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Nigeria focuses on the new regulatory framework to promote the application of cryptocurrency and blockchain

Time : 12/02/2022 Author : scz5dm Click : + -
        Blockeye app news: the Ministry of finance of Nigeria is cooperating with the securities and Exchange Commission (SEC), the capital market supervision institution of Nigeria, to provide a new regulatory environment to promote the application of blockchain and cryptocurrency. In September, Nigeria's SEC announced that it was creating a clear regulatory framework for crypto transactions to protect the interests of investors and ensure transparent transactions. The regulator said that the purpose of regulation was not to stifle innovation or hinder technology, but to establish standards that promote ethical practice. Nigeria has always been one of the leading countries in the field of encryption / blockchain in Africa. In July, together with other countries such as Kenya, South Africa and Ghana, their weekly transaction volume of bitcoin (BTC) exceeded US $1 million, showing significant progress in this field.
        A recent paxful study shows that Nigerians are breaking the conventional thinking and using bitcoin to cope with the devaluation of the national local currency naira caused by the current covid-19 pandemic and other factors. For example, since 2018, naira (NGN) has depreciated, and 380ngn can be exchanged for us $1, compared with 306ngn before. Through the National Information Technology Development Agency (nitda), the Nigerian government believes that blockchain technology is the stepping stone needed to help the country create 6 billion to 10 billion US dollars in revenue in the next decade. Nitda, responsible for leading the national digital economy policy, believes that this goal is realistic because Nigeria has great potential in the field of payment and financial services.
        In addition, the country is regarded as one of the hotspots of fintech in Africa. With the formulation of new encryption and blockchain regulatory standards, Nigeria strives to continue to be one of the African centers in this field.
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