Nigeria Passes 'National Blockchain Policy,' Industry Player Says Central Bank Unlikely to Lift Crypto Ban
The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria is unlikely to reverse its stance on privately issued digital currency.
The minister added that the country’s security council and the National Information Technology Development Agency have been asked to jointly develop and formulate regulatory instruments for all sectors.Following the announcement, some players in Nigeria have speculated that the new policy signals a shift in the outgoing’s government disposition towards technology that underpins cryptocurrencies.
However, the Sabi Group founder told Bitcoin.com News that while the announcement is set to excite the blockchain industry participants, players in the crypto space fear that the new policy alone will not force the CBN to reverse its position on privately issued digital currency. This, according to Uwakwe, is because the central bank operates independently.
“The central bank is empowered by the law to act independently. If the CBN decides to see that even with this executive policy that has passed by the Federal executive council, if the central bank still sees it as a threat to financial stability, they still have the power to continue to maintaining that law [CBN crypto restriction],” Uwakwe said. According to Uwakwe, the only way the CBN’s crypto directive can be removed is when the central bank itself “deletes” the Feb. 5, 2021 directive.