Nigeria will go to the election polls in early February 2019, and one of the top campaign issues is cryptocurrency regulation. According to the Daily Post, Atiku Abubakar will create a “comprehensive blockchain and digital currency policy” once elected. Abubakar is a presidential candidate with the Peoples Democratic Party (PDP), an opposition political party.
In particular, Abubakar and his party have in place a policy that aims to revitalize the economy of Nigeria, dubbed “Get Nigeria Working Again.”
Stimulating Nigeria’s Growth
In an analysis of the policy document by the Daily Post, the policy lays out steps for a cryptocurrency venture. Particularly, the policy aims to speed up the economy in the positive territory by taking advantage of the emerging blockchain technology.
Interestingly, Nigeria is in a stubborn recession that is hampering growth. The country’s poor are suffering, with many blaming the government for gross mismanagement. In this light, the opposition Presidential candidate believes cryptocurrency will bring the badly needed financial integrity.
Further, the analysis of the policy document establishes that the candidate hopes to ease restrictions on cryptocurrency businesses. Essentially, crypto-related businesses will be able to thrive without over-regulation.
The analysis further elaborates that Abubakar’s government “will take care of the creation of a comprehensive policy on blockchain technology and cryptocurrency.” Ultimately, the aim is “to provide opportunities for Nigerians and for raising revenue for the government.”
Favorable Cryptocurrency Regulations
On cryptocurrency regulations, the policy document says that the new government will provide regulatory clarity. Specifically, such clarity aims to help Nigerians make informed decisions when exploiting the $278B USD cryptocurrency industry.
Particularly, Abubakar’s government will dwell on enhancing ICT literacy levels from early school programs to adult education. The aim is to enable Nigerians to take advantage of the emerging technology.
“My mission is to ensure that Nigeria’s economy is responsive to the challenges of the 21st-century knowledge economy by keeping with the amazingly dynamic technological pace,” Abubakar elaborates in the policy document.
Interestingly, Abubakar’s declaration contrasts with Nigeria’s Central bank stance which advises against the digital currencies.
In January this year, Central Bank of Nigeria Governor, Godwin Emefiele, spoke to The Independent where he said, “Cryptocurrency or Bitcoin is like a gamble, and there is a need for everybody to be very careful. We cannot as a central bank give support to situations where people risk savings to gamble.”
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