Nigeria Passes National Blockchain Law

The Nigerian government has approved the National Blockchain Policy, which will strengthen the country’s digital economy. A wide variety of industries will use this technology.

The West African country has taken an important step towards incorporating blockchain technology into its economy. The country’s Federal Executive Council has approved a blockchain policy to help boost its digital economy.

The Ministry of Communications and Digital Economy was responsible for the development of this policy, which focuses on creating a policy that includes all the benefits of blockchain technology. Regarding this, the following statements were included in the press release:

The vision of this policy is to create a Blockchain-powered economy that supports secure transactions, data sharing and value exchange between people, businesses and government, thereby increasing innovation, trust, growth and prosperity for all. The implementation of the National Blockchain Policy will have a positive impact on both the public and private sectors of the country.

Nigeria will also allow tokenized assets
Nigeria has also taken further steps regarding the use of tokenized assets. The Nigerian Securities and Exchange Commission (SEC) aims to allow tokenized assets.