Cryptocurrency, Giftcards, Flashchange

Nigeria sets the stage with the National Policy to create a Blockchain Powered Economy.

1 year, 1 month ago

The development of a national policy to create a blockchain-powered economy is set to have a significant impact on cryptocurrency. While the terms cryptocurrency and blockchain are often used interchangeably, it is important to note that blockchain technology is a much broader subject. It is a system of recording information that ensures it is shared securely and is virtually impossible to alter, making it an ideal solution for the increased fraud on digital channels. 


Blockchain technology can be applied in several fields beyond finance and cryptocurrency, including supply chain management, internet of things, real estate, healthcare, and more. 


On the 3rd of May, 2023, the Federal Ministry of Communications and Digital Economy announced that the Federal Government had approved a national policy to create a blockchain-powered economy as part of its effort to transition to a digital economy. According to the statement, the vision of the policy is to create an economy that supports secure transactions, data sharing, and value exchange between people, businesses, and the government. This move represents a significant step forward from the Central Bank of Nigeria's directive to all banks to desist from transacting in and with entities dealing in cryptocurrency in February 2021. 


A blockchain-powered economy is characterized by increased efficiency, transparency, and decentralization across various industries and applications, with cryptocurrencies playing a prominent role in facilitating transactions. The adoption of blockchain technology will likely lead to increased acceptance and adoption of cryptocurrencies as a means of payment and investment. Smart contracts, tokenization, and decentralized governance are other features that could be part of a blockchain-powered economy. 


In conclusion, the development of a national policy to create a blockchain-powered economy is a step in the right direction, as it has the potential to revolutionize the way we do business and interact with each other in various industries.


The FlashChange Team.

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