{"id":32873,"date":"2022-10-23T10:07:10","date_gmt":"2022-10-23T10:07:10","guid":{"rendered":"http:\/\/egrowonline.com\/?p=32873"},"modified":"2022-10-23T10:07:10","modified_gmt":"2022-10-23T10:07:10","slug":"nigerian-presidential-hopefuls-party-says-it-will-review-countrys-blockchain-and-crypto-policy-if-elected-africa-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=32873","title":{"rendered":"Nigerian Presidential Hopeful’s Party Says It Will Review Country’s Blockchain and Crypto Policy if Elected \u2013 Africa Bitcoin News"},"content":{"rendered":"


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The party of the Nigerian presidential hopeful Asiwaju Bola Tinubu has promised to set up an advisory committee to review regulations that govern blockchain and virtual asset services if it wins in the upcoming elections. The All Progressives Congress also said it \u201cwill work with the Central Bank and the financial sector to carefully review and better optimise the exchange rate regime.\u201d<\/strong><\/p>\n

A \u2018Business-Friendly Regulatory Framework\u2019<\/h2>\n

In its recently unveiled manifesto<\/a>, Nigerian presidential aspirant Asiwaju Bola Tinubu\u2019s party \u2014 the All Progressives Congress (APC) \u2014 said it plans to \u201cestablish an advisory committee to review the existing regulatory environment governing blockchain technology and virtual asset services.\u201d The APC, which is also the party of current Nigerian President Muhammadu Buhari, added that where necessary the committee will propose changes that bring about \u201ca more efficient and business-friendly regulatory framework.\u201d<\/p>\n

According to the APC\u2019s 80-page manifesto, the Tinubu government in fact wants to reform Nigeria\u2019s policy towards information technology.<\/p>\n

\u201cWe will reform government policy to encourage the prudent use of blockchain technology in finance and banking, identity management, revenue collection and the use of crypto assets,\u201d an excerpt from the APC manifesto states.<\/p>\n

During the outgoing President Buhari\u2019s tenure, the Nigerian government and the Central Bank of Nigeria (CBN) have pursued policies that discourage the use of crypto assets. In addition, the CBN\u2019s February 5, 2021, directive<\/a> against crypto assets as well as the subsequent crackdown<\/a> against entities defying the order are thought to have forced some startups to halt operations in Nigeria.<\/p>\n

However, according to the APC manifesto, the Tinubu government will prioritize putting in place a regulatory framework that is business-friendly. In addition, the manifesto states that an APC government will \u201calso encourage the CBN to expand the use of our digital currency, the e-naira.\u201d<\/p>\n

Exchange Rate \u2018Most Evocative Monetary Issue\u2019<\/h2>\n

Meanwhile, concerning the local currency\u2019s exchange rate, the APC acknowledges that this may be the \u201cmost evocative monetary issue of the day.\u201d The party argues, however, that since it influences the costs of imports, the competitiveness of exports, and net capital flows, management \u201ccannot be ignored nor left to the vagaries of an unrestrained market.\u201d<\/p>\n

As previously reported<\/a> by Bitcoin.com News, the naira\u2019s plunge versus the U.S. dollar \u2014 albeit on the parallel market \u2014 has partly contributed to the rise of Nigeria\u2019s inflation rate. Nigeria\u2019s inability to generate enough foreign exchange to meet its import bill is often cited as the main cause of the naira\u2019s continuing depreciation. Still, despite the currency falling against the greenback to just under N750;$1, the CBN still keeps the naira officially pegged at just under N450:$1.<\/p>\n

However, in its manifesto, the APC suggested it would take a different approach towards managing the exchange.<\/p>\n

\u201cTo ensure that exchange rate policy harmonises with our goals of optimal growth and job creation driven by industrial, agricultural and infrastructural expansion, we will work with the Central Bank and the financial sector to carefully review and better optimise the exchange rate regime,\u201d the APC said.<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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