President Of Tinbu Ball, Manifesto Release To Use Blockchain And Cryptocurrency In The State Financial Sector

Nigeria's elected president, Bola Tinubu, recently released a crypto and blockchain manifesto. (photo: twitter @officialABAT)

JAKARTA - Nigeria's elected president, Bola Tinubu, recently released a manifesto that, if implemented, will allow the use of blockchain and cryptocurrency technology in the banking and state financial sectors.

The Manifesto recommends reviewing existing digital asset regulations at the Nigerian Security Exchange Commission (SEC) to make it more business-friendly. This new regulation provides a framework for regulating digital assets such as cryptocurrencies and other digital tokens in Nigeria.

The proposed regulation will require digital asset companies to register with the SEC and ensure that all digital asset and investment offerings comply with SEC regulations.

In the manifesto, Tinubu said: We will reform policies to encourage the wise use of blockchain technology in banking and finance, identity management, revenue collection, and the use of crypto assets. We will form an advisory committee to review SEC regulations on digital assets creating a more efficient and business-friendly regulatory framework.

Some cryptocurrency enthusiasts have criticized existing regulations for not having provisions that allow crypto users to transact with their local banks.

The manifesto is also in line with eNaira Central Bank of Nigeria (CBN) - the country's central bank digital currency - and plans to expand the adoption of the currency that has not met expectations.

The government hopes that the reforms proposed in SEC regulations can help attract more investors in the digital and economic sectors as well as stimulate economic growth.

"We will also encourage CBN to expand the use of our digital currency, eNaira," Tinubu was quoted as saying by Cointelegraph.

The announcement of the manifest is in line with the increasing adoption of crypto by Nigerians, which is one of the highest in the world.

Nigerian interest in crypto is reflected in CBN's softer stance on stablecoins. The central bank recently published a research report entitled Vision of the 2025 Nigerian Payment System, exploring the creation of a new framework to introduce stablecoins in Nigeria.