FEC APPROVES THE USE OF BLOCKCHAIN TECHNOLOGY IN NIGERIA

Dunamisx

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Quote from: Spaceman1000$ on May 03, 2023, 10:43:23 AM

The federal executive council has approved the use of Blockchain technology in Nigeria.
This is another plus for the crypto currency in the country, as companies can now develop various means of its usage for it's framework.
A committee has also been set up to oversee the implementation of the new national policy on Blockchain technology.
This one na good thing for we country oh, this one go help us develop our local based knowledge on Blockchain technology.
My people how Una see am?
https://twitter.com/toluogunlesi/status/1653769481691299840?t=WpNGXuNcW5cpTm3GlO1D0w&s=19

To reiterate on the news further:

The Nigerian government has made another push in a new dimension towards the acceptance of cryptocurrency and some of it related element when it made an official statement through it Information and Technology Minister: Isa Pantami for an approval of Blockchain Operational Policies in the country, but what their perception is about bitcoin remains a mystery till date since 2021 when the CBN forbid banks from performing any crypto transaction.

Quote

“With the approval of the national blockchain policy for Nigeria today, we can safely say that blockchain technology with all its components and types has been institutionalized in the country,” https://crypto.news/nigeria-finally-implements-its-blockchain-policy/

The Nigerian youth being fully involved in cryptocurrency abd bitcoin to be precise have developed more irresistible interested in this decentralized digital network and the country is one of the fast growing cryptocurrency adoption countries in the world, this new policy on the law that permit the use of blockchain could further extend to bitcoin on which is part of where blockchain is more applicable.

Smartvirus

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Quote from: Igebotz on May 03, 2023, 05:35:26 PM

The blockchain technology was first used to build Bitcoin and has since been adopted by many fields of life, as Charles has enumerated a few of them. The blockchain can also be used for voting systems (which Nigeria desperately needs) because it cannot be manipulated or altered. However, it is now widely used for smart contracts.

Just as Igebotz don talk and as the name carry am and as e evern translate literally, blockchain (block + chain) na technology way dey concerned with taking records in a systematic order way be say, dem just join body dey go. E dey take records in a way e go be say, to change am dey impossible or to manipulate am in some kind way no go fit happen.
So, e no really dey focused on cryptocurrency shah except say, we as people, we dey more likely to associate some kind innovation based on the technology way bring them come. Like, when person hear cryptocurrency, one of the first thing way go enter en mind na bitcoin. Na so e still be with blockchain.

Where e good say something dey na em be say, we nation don dey wake up to the arising for the world around us and with that, them go come to know plenty.

Charles-Tim

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@Spaceman1000$
Maybe you can add this link: https://twitter.com/FMoCDENigeria/status/1653846759779475458?s=20

Quote from: https://twitter.com/FMoCDENigeria/status/1653846759779475458?s=20

The activities of the Policy shall be coordinated by the National Information Technology Development Agency (NITDA), under the supervision of the Federal Ministry of Communications and Digital Economy. A multi-sectoral Steering Committee has also been approved to oversee the implementation of the Policy.

The Federal Executive Council has further directed relevant regulatory bodies to develop regulatory instruments for the deployment of Blockchain Technology across various sectors of the economy. These regulatory agencies include NITDA, the Central Bank of Nigeria (CBN), the National Universities Commission (NUC), the Securities and Exchange Commission (SEC) and the Nigerian Communications Commission (NCC), among others.

All other Federal and State Government institutions, as well as the private sector are urged to leverage Blockchain Technologies in education, health, security, agriculture and finance, among many other sectors. Deploying these applications will further support in the implementation of the National Digital Economy Policy and Strategy for a Digital Nigeria.

We all know that CBN has already started this with the creation of eNaira, but there are other areas that CBN can still make use of blockchain technology.

This is not related (or directly related) to bitcoin or other cryptocurrencies, but I think it is a good move to raise awareness for the regulatory bodies as well as federal and state institutes to make use of blockchain technology which is the way to the future.

Igebotz

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Quote from: Spaceman1000$ on May 03, 2023, 11:32:07 AM

Quote from: Charles-Tim on May 03, 2023, 11:21:19 AM

Was eNaira not created with the use of blockchain technology? They said it was.

If this does not mean the legalization of cryptocurrencies like bitcoin in Nigeria, that means I do not know the need for this approval of what has been approved with CBN using it to create eNaira.

I think it has nothing to do with cryptocurrencies like bitcoin.

Quote from: https://twitter.com/toluogunlesi/status/1653769481691299840?t=WpNGXuNcW5cpTm3GlO1D0w&s=19

Policy document should go online soon. Stay tuned.

This is what is mostly important for us to read. I mean we need to read the policy document.

Before now, the government weren't ready to discuss anything concerning Blockchain technology, I think these are stepping stone for the ban on crypto to be lifted, because you cannot talk about Blockchain technology without inculcating crypto into the system.

The blockchain technology was first used to build Bitcoin and has since been adopted by many fields of life, as Charles has enumerated a few of them. The blockchain can also be used for voting systems (which Nigeria desperately needs) because it cannot be manipulated or altered. However, it is now widely used for smart contracts.

Charles-Tim

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Quote from: Spaceman1000$ on May 03, 2023, 11:32:07 AM

Before now, the government weren't ready to discuss anything concerning Blockchain technology, I think these are stepping stone for ban on crypto to be lifted, because you cannot talk about Blockchain technology without inculcating crypto into the system.

Check the topic that I created on our local board: Nigeria’s SEC plans to allow asset-backed tokens but not crypto. This are not cryptocurrencies like bitcoin, ether or stable coins like USDT or USDC, they are asset backed tokens. There are a lot of things that can now be tokenized.

Blockchain technology can also be used in other areas that are not pertaining to cryptocurrencies. Like in medical field, personal identity security and social media.

We need to just read the policy document for us to understand better.

Spaceman1000$

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Quote from: Charles-Tim on May 03, 2023, 11:21:19 AM

Was eNaira not created with the use of blockchain technology? They said it was.

If this does not mean the legalization of cryptocurrencies like bitcoin in Nigeria, that means I do not know the need for this approval of what has been approved with CBN using it to create eNaira.

I think it has nothing to do with cryptocurrencies like bitcoin.

Quote from: https://twitter.com/toluogunlesi/status/1653769481691299840?t=WpNGXuNcW5cpTm3GlO1D0w&s=19

Policy document should go online soon. Stay tuned.

This is what is mostly important for us to read. I mean we need to read the policy document.

Before now, the government weren't ready to discuss anything concerning Blockchain technology, I think these are stepping stone for the ban on crypto to be lifted, because you cannot talk about Blockchain technology without inculcating crypto into the system.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Was eNaira not created with the use of blockchain technology? They said it was.

If this does not mean the legalization of cryptocurrencies like bitcoin in Nigeria, that means I do not know the need for this approval of what has been approved with CBN using it to create eNaira.

I think it has nothing to do with cryptocurrencies like bitcoin.

Quote from: https://twitter.com/toluogunlesi/status/1653769481691299840?t=WpNGXuNcW5cpTm3GlO1D0w&s=19

Policy document should go online soon. Stay tuned.

This is what is mostly important for us to read. I mean we need to read the policy document.

Spaceman1000$

sr. member

Activity: 700

Merit: 270

The federal executive council has approved the use of Blockchain technology in Nigeria.
This is another plus for the crypto currency in the country, as companies can now develop various means of its usage for it's framework.
A committee has also been set up to oversee the implementation of the new national policy on Blockchain technology.
This one na good thing for we country oh, this one go help us develop our local based knowledge on Blockchain technology.
My people how Una see am?
https://twitter.com/toluogunlesi/status/1653769481691299840?t=WpNGXuNcW5cpTm3GlO1D0w&s=19

Topic: FEC APPROVES THE USE OF BLOCKCHAIN TECHNOLOGY IN NIGERIA (Read 117 times)