Nigeria’s Largest Opposition Party Has Included Blockchain and Crypto Policy

Nov 25, 2018 at 21:00 Update Date :Nov 25, 2018 at 21:00 UTC

Considering the upcoming elections in February 2019, Atiku Abubakar, the presidential candidate of Nigeria’s largest political party People’s Democratic Party (PDP), has announced that if he is voted into power, the country will adopt the crypto and blockchain technology.

Atiku Abubakar said that his party has included plans in their policy document such as teaching cryptocurrencies and blockchain technology to kids in primary school through university.

Atiku Abubakar is the opposition leader as well the former vice president of Nigeria. Abubakar is the main representative of the People’s Democratic Party. On November 19, he promised the people to produce a policy that favors the cryptocurrency and blockchain technology. He said that his government will change the way people think about the crypto market, by developing awareness and enhancing the literacy in these technologies by including them in the school curriculum.

Crypto Image in the Country

The financial regulatory environment of Nigeria has been recognized as conservative as banks apply their influence on decisions and processes undertaken. Therefore, despite having a larger adoption and awareness of BTC and other major cryptocurrencies among users, the authorities have warned crypto investors with legal statements.

Godwin Emefiele, the governor of CBN, described BTC investment as ‘gamble’ that need to be regulated. Nigeria has most dynamic peer-to-peer (P2P) crypto ecosystem and various providers like PundiX have already launched BTC payment products in the country.

Cryptocurrency Shaping the Future

Atiku has with a vision to create larger scale job creation which according to him is important for national security. Apart from this, he is portraying himself as a well-positioned leader for the 21st century.

Atiku, while speaking at the launch of its party’s policy plans, said:

“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.”

The discussions on this matter are necessary, as it is the first time that crypto regulations are subjected as a serious political discussion in the country. It also indicates that Nigeria, with a market of over 195 million people will be opened up to adopt cryptocurrency in large scale.

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