SIBAN Urges Nigerian Government to Adopt Regulations Accelerating National Blockchain Policy Adoption
Summary:
Obinna Iwuno, the President of the Stakeholders in Blockchain Association of Nigeria (SIBAN), has urged the Nigerian Federal Government to adopt regulations promoting the broad implementation of the National Blockchain Policy. This policy offers potential economic growth, job creation, and financial inclusion. Iwuno emphasized the importance of a proactive regulatory framework, following the policy's ratification by former President Buhari, to foster a wide integration of blockchain technology into various economic sectors. He also underscored the strategic collaboration between industry stakeholders and the government in transforming Nigeria into a global hub for blockchain technology.
As a key influencer in the realm of blockchain and fintech, a pressing need for the Nigerian Federal Government to instate regulations promoting the comprehensive adoption of an approved blockchain policy in the nation has been presented. The incumbent National Blockchain Policy extends the promise of economic progression, the generation of employment, and progression towards financial inclusion. The president of the Stakeholders in Blockchain Association of Nigeria (SIBAN), Mr. Obinna Iwuno, voiced these sentiments during a recent interview at a Policy Dialogue event held in Lagos, jointly hosted by the National Information Technology Development Agency and the Stakeholders in Blockchain Technology Association of Nigeria. He emphasized the importance of adopting a forward-thinking regulatory agenda to expedite the penetration of blockchain technology across a range of economic sectors.
This proposition came on the heels of the National Blockchain Policy being ratified by former President Muhammadu Buhari. As per Mr. Iwuno's statement to Cointelegraph, Nigeria possesses all the necessary tools to put this blockchain technology into use. SIBAN is an organisation comprising members of the blockchain and digital assets industry, serving a regulatory function for a more conducive digital asset terrain in Nigeria.
Mr. Iwuno also stated, “We now have a full assembly of industry stakeholders, regulators, and operators. We are primed for total adoption at this point and liquidating government-initiated blockchain policy positions Nigeria as a forerunner in the digital economic terrain of the continent if the policy is effectively employed."
The National Blockchain policy unveiled in May 2023 by the Director General of the National Information Technology Development Agency avows the extensive potential of blockchain technology. This policy document suggests that this technology can stimulate economic advancement, create employment opportunities, and address the long-standing concern of financial exclusion.
Mr. Iwuno emphasized that Nigeria should be seen as a powerful competitor on the global stage as technological progress continues to flow from the world's leading nations. Furthermore, the full integration of blockchain technology into Nigeria's mainstream economy should not be a state-led initiative. Rather, it should be driven by a collective effort of stakeholders aimed at promoting Nigeria’s cadre on the global stage. The President of SIBAN also underscored the necessity of fostering a collaborative endeavor between the Government and industry stakeholders to transform Nigeria into a worldwide hub of blockchain technology.
Published At
11/29/2023 12:17:54 PM
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