Tuesday, 30 May 2023

Crypto News

Policy could impact digital identity

Policy could impact digital identity

The approval of the National Blockchain Policy in Nigeria has left the nation’s crypto community over the moon as it signals room for more development in the nation’s crypto industry. Some local experts have expressed their opinions about the implications of this new policy in Nigeria in relation to the current blockchain ecosystem in Nigeria.

The government of Nigeria approved a national blockchain policy during a meeting on May 3, 2023. A draft of the blockchain adoption strategy stated that blockchain and decentralized ledger technology would “facilitate the development of the Nigerian digital economy.” Cointelegraph reached out to the local blockchain ecosystem to get a sense of how the industry and the community accept the policy. 

Olajide Abiola, the co-founder and chief executive officer of KiaKia, a Nigerian fintech company, expressed delight at the development. Olajide said the blockchain technology policy has the potential to impact various areas of governance and policy-making in Nigeria.

He went further to state that if the blockchain policy is properly leveraged, it could help in digital identity management, creating a tamper-proof digital identity for citizens to authenticate their identity and access government services securely. With the right regulations, blockchain technology could also impact e-payments and billings in Nigeria, Olajide stated.

Considering that the technology is yet to be imbibed into the day-to-day activities of Nigerians, businesses can reduce costs and improve cash flow by offering secure and transparent payment options, while consumers can benefit from faster and more convenient transactions. This increased efficiency and convenience can lead to increased economic activity and growth.

The Federal Executive Council alongside the approval of the policy, instructed relevant regulatory bodies, to create regulatory frameworks for the implementation of blockchain technology in different sectors of the economy.

A local blockchain expert, Barnette Akomolafe of M7pay, a crypto exchange app, also spoke about how great of a milestone it is for governments to recognize the potential of blockchain technology. According to Akomolafe, by creating policies and regulations around blockchain, governments can encourage innovation and investment in the technology. This move could lead to economic growth and job creation for Nigerian youth.

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