ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

Crypto ban sets back digital economy

17th February 2021
in Business, National
0
Crypto ban sets back digital economy
0
SHARES
136
VIEWS
Share on FacebookShare on Twitter

From Benjamin Babine, Abuja

The Central Bank of Nigeria’s (CBN) recent restrictions on cryptocurrency has sparked debate amongst Nigerians about the effects of the restrictions on Nigeria’s digital economy.

Cryptocurrencies operate on the blockchain technology which is a growing list of records called blocks, which are linked using cryptography. Each block contains a cryptographic hash (a string of numbers and letters) of the previous block, a timestamp, and transaction data.

The CBN has cited a lack of regulation in the system, amongst other issues, as its main reason for banning its use in Nigeria, in spite of its going against the objective of the National Digital Economy Policy and Strategy.

The policy, championed by the Ministry of Communications and Digital Economy, provides the National Information Technology Development Agency (NITDA) with the mandate of developing a strategy for the adoption, implementation and possible regulation for the blockchain industry in Nigeria.

NITDA, which is the apex regulator for Information Technology in Nigeria, has the responsibility of creating frameworks for the planning, research, development, standardisation, application, monitoring, evaluation and regulation of all Technology practices in Nigeria.

Earlier in November 2020, the agency held its Stakeholder Engagement for the Review of the National Blockchain Adoption Strategy. NITDA Director-General Mallam Kashifu Abdullahi mentioned at the conference that the government is interested in harnessing the potentials of the Blockchain industry.

He said that Nigeria in 2030 will begin to make an average of N10 billion if the industry is taken seriously. ‘Looking at our youthful population, which is mainly digitally native and our strategic position in Africa, we are looking at how we can get at least around $10 billion from this by the year 2030, and this is doable looking at our strategic and huge payment and financial services sector.

‘Nigeria is already one of the hottest places when it comes to tapping from this. We are coming up with a strategy that will help Nigeria to capture value from the financial services from land administration, from education, and from healthcare because Blockchain is going to play a key role in terms of breaking and tracing products and services,’ he said.

This progress was welcome by many Nigerians at the time as people saw the blockchain space as the best way of diversifying the economy from its sole dependence on petrol products.

Nigeria as of now stands as the second-largest market for cryptocurrencies worldwide and it will be interesting to see what further moves the CBN may take following the backlash.

Tags: blockchain technologycbnCentral Bank of NigeriaCryptocurrencydigital economyNITDA
David

David

Sun News Online team

Related Posts

Herbalist in court over alleged N1.2m fraud
Business

Directors’ sack: Oando challenges SEC on court ruling

26th February 2021
Labour threatens shutdown of Huawei’s operation in Nigeria
Business

Labour threatens shutdown of Huawei’s operation in Nigeria

26th February 2021
Business

Agric investment in South-West hits $80bn, says Odua Group

26th February 2021
Next Post
FCT: Security agents target scavengers, cultists, others

FCT: Security agents target scavengers, cultists, others

2023: Yahaya Bello campaign posters plaster Jos streets

2023: Yahaya Bello campaign posters plaster Jos streets

Daniel an asset to APC - Akintunde

Daniel an asset to APC - Akintunde

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Music comes to me naturally–Obidi Stanley

Directors’ sack: Oando challenges SEC on court ruling

Labour threatens shutdown of Huawei’s operation in Nigeria

Agric investment in South-West hits $80bn, says Odua Group

AFCFTA: Poor infrastructure, low productivity’ll short-change Nigeria –NACC

Group wants minister to review suspension of SIM card activation 

Trending

Imo debacle and Obiano’s power of turning the other cheek
Columns

Imo debacle and Obiano’s power of turning the other cheek

26th February 2021
0

Although we may never admit it but the recent naked dance of power in Imo State has...

The etiquette of mourning

The ultimate backlash: Sex dolls

26th February 2021
Managing COVID-19 resurgence

Gaps in Buhari’s policies, actions

26th February 2021
Music comes to  me naturally–Obidi Stanley

Music comes to me naturally–Obidi Stanley

26th February 2021
Herbalist in court over alleged N1.2m fraud

Directors’ sack: Oando challenges SEC on court ruling

26th February 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist