The former Vice President of Nigeria and leader of the country’s main opposition has spoken out in favor of more positive legislation for the cryptocurrency.
People’s Democratic Party’s leader Atiku Abubakar has said that if he is elected to run the country in Nigeria’s next general elections, he plans to launch progressive blockchain initiatives and produce a “comprehensive policy on blockchain technology and cryptocurrencies.”
A new policy would also ensure that students would be required to learn about blockchain and cryptocurrencies from an early age, beginning at the primary school level, this education would then follow through to university level.
The current situation in Nigeria has seen its central bank (CBN) warning the public against cryptocurrencies due to concerns about the unreliability of exchanges and market volatility. Under the current government, the Electronic Payment Practitioners Association of Nigeria (E-PPAN) warned about a growing possibility of fintech businesses offering blockchain services being driven overseas unless both the Nigerian government and the Central Bank of Nigeria can offer clarification on its view towards cryptocurrency.
E-PPAN is asking government regulators in the country for clearer guidelines to drive the industry forward. The Bitcoin Exchange Guide claims that the Central Bank Governor, Godwin Emifele has done little to encourage the growth of cryptocurrency; investors continue to be reluctant owing to the government’s lack of guidelines.
Nigeria should be looking to overseas for regulation, according to E-PPAN member Michael Kiberu, calling for regulators to look to countries such as Uganda, Switzerland, Kenya, and Japan, where cryptocurrency guidelines are clear and operate with legal status while creating a healthy flow of capital into the financial sector.
71-year-old Abubakar says a government led by his party after the February 2019 election will change all this. He promised a favorable legislation and countrywide initiatives to promote blockchain technology. He also promises to ensure government departments take measures so that Nigeria can adapt to these new technologies.
Lady Victoria Walker, CEO of the United Digital Currency Reserve Foundation, has recently stressed that the understanding and deployment of Bitcoin can kickstart the financial growth in Nigeria and Africa as a whole.
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