{"id":561965,"date":"2023-03-10T16:04:14","date_gmt":"2023-03-10T13:04:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nigerian-president-elect-aims-to-use-blockchain-technology-in-the-banking-sector\/"},"modified":"2023-03-10T16:04:14","modified_gmt":"2023-03-10T13:04:14","slug":"nigerian-president-elect-aims-to-use-blockchain-technology-in-the-banking-sector","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nigerian-president-elect-aims-to-use-blockchain-technology-in-the-banking-sector\/","title":{"rendered":"# Nigerian president-elect aims to use blockchain technology in the banking sector"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4169384e3e3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4169384e3e3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nigerian-president-elect-aims-to-use-blockchain-technology-in-the-banking-sector\/#%E2%80%9D_Nigerian_president-elect_aims_to_use_blockchain_technology_in_the_banking_sector_%E2%80%9C\" >&#8221; Nigerian president-elect aims to use blockchain technology in the banking sector &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Nigerian_president-elect_aims_to_use_blockchain_technology_in_the_banking_sector_%E2%80%9C\"><\/span>&#8221; Nigerian president-elect aims to use blockchain technology in the banking sector &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Nigerian President-elect Bola Tinubu has recently released a manifesto that, if implemented, would enable the use of blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and cryptocurrencies in the nation\u2019s banking and finance sector.<\/p>\n<p>The manifesto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/apc.com.ng\/img\/apc_renewed_hope.pdf\">suggests<\/a> reviewing existing Nigerian Security Exchange Commission (SEC) regulations on digital assets to make them more business-friendly. The new regulation provides a framework for regulating digital assets like cryptocurrencies and other digital tokens in Nigeria.<\/p>\n<p>The suggested regulations would require digital asset companies to register with the SEC and mandate that all digital asset offerings and investments comply with SEC regulations. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/25fff367-9acc-4f69-bf58-93495ec31714.jpg%3Fw%3D909%26ssl%3D1%26width%3D1200%26enable%3Dupscale\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Nigeria\u2019s President-elect, Bola Tinubu.<\/em><\/figcaption><\/figure>\n<p>In the manifesto, Tinubu said: \u201cWe will reform the policy to encourage the prudent use of blockchain technology in banking and finance, identity management, revenue collection and use of crypto assets. We will establish an advisory committee to review SEC regulation on digital assets creating a more efficient and business-friendly regulatory framework.\u201d <\/p>\n<p>Some cryptocurrency enthusiasts have criticized existing regulations for lacking provisions allowing crypto users to transact with their local banks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">this existing SEC regulation on crypto in Nigeria is really not letting crypto users make transactions\u00a0with\u00a0banks.<\/p>\n<p>\u2014 Son of Timothy (@ObiUcheUzoije) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ObiUcheUzoije\/status\/1633059953014366210?ref_src=twsrc%5Etfw\">March 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The published paper also aligns with the Central Bank of Nigeria\u2019s (CBN) eNaira \u2014 the country\u2019s central bank digital currency \u2014 and plans to expand the adoption of the currency, which has not lived up to expectations.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Nigeria revisits its payments landscape amid sluggish eNaira adoption<\/em><\/strong><\/p>\n<p>The government hopes the proposed reform to SEC regulations will help attract more investors in the digital and economic sectors and stimulate economic growth. <\/p>\n<p>Tinubu said, \u201cWe will also encourage the CBN to expand the use of our digital currency, the eNaira.\u201d<\/p>\n<p>The manifesto\u2019s release coincides with Nigerians\u2019 increasing crypto adoption, which is among the highest in the world.<\/p>\n<p>Nigerians\u2019 interest in crypto is reflected in the CBN\u2019s milder position toward stablecoins. The bank recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cbn.gov.ng\/Out\/2022\/CCD\/PSMD%20vision%202025%20EDITED%20FINAL.pdf\">published<\/a> a research report titled \u201cNigeria\u2019s Payment System Vision 2025,\u201d exploring the creation of a new framework to introduce a stablecoin in Nigeria.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nigerian-president-elect-aims-to-use-blockchain-technology-in-the-banking-sector\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Nigerian president-elect aims to use blockchain technology in the banking sector &#8220; Nigerian President-elect Bola Tinubu has recently released a manifesto that, if implemented, would enable the use of blockchain technology and cryptocurrencies in the nation\u2019s banking and finance sector. The manifesto suggests reviewing existing Nigerian Security Exchange Commission (SEC) regulations on digital assets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":561966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/88df6ff9-2599-4f61-9b43-b95526a5e4c5.JPG","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,74894,75046,74863,79786,76358,70610,70934],"class_list":["post-561965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-blockchain","tag-cbdc","tag-cryptocurrencies","tag-digital-asset","tag-nigeria","tag-finance","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561965"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561966"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}