The Federal Executive Council (FEC) approved the implementation of the National Blockchain Policy during the Council’s meeting on Wednesday in the Council Chamber, Presidential Villa, Abuja which was presided over by President Muhammadu Buhari. Speaking to State House journalists after the meeting, Isah Pantami, the Minister of Communications and Digital Economy said, “This policy was gotten through consultation with our stakeholders where 56 institutions and personalities were involved in the process of conceptualizing, developing and reviewing the policy.
“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.”
He further revealed that the Central Bank of Nigeria (CBN), Nigerian Communications Commission (NCC), Security and Exchange Commission (SEC), and other agencies have been tasked with developing regulatory instruments in their respective sectors to facilitate the implementation of the policy while the National Information Technology Development Agency (NITDA) would supervise the process.
According to him, Nigeria has joined other countries such as Denmark, Singapore, and the United Arab Emirates (UAE) to legalize and approve blockchain technology.
A blockchain is a decentralized, public digital ledger used to record transactions that cannot be retroactively changed without altering subsequent blocks and the consensus of the network.
