Party Of Nigerian Presidential Candidate Says It Will Consider Country’s Blockchain And Crypto Policies If Elected – Bitcoin News In Africa

garretschoenbergOctober 23, 2022

The political party of Nigerian presidential candidate Asiwaju Bola Tinub has pledged to set up an advisory panel to consider regulations governing blockchain and virtual asset services if it wins the next election. The All-Progress Conference also said it would “work with central banks and the financial sector to carefully review and optimize the exchange rate regime.”

“Business-friendly regulatory framework”

In its recently released manifesto, the All Progressive Congress (APC), the political party of Nigerian presidential candidate Asiwaju Bora Tinub, “established an advisory board to review the existing regulatory environment governing blockchain technology and virtual asset services. “We plan to do so,” he said. The APC, which is also the political party of current Nigerian President Muhammadu Buhari, added that if necessary, the commission would propose changes that would result in a “more efficient and business-friendly regulatory framework.”

According to the APC’s 80-page manifesto, the Tinubu government actually wants to reform Nigeria’s information technology policy.

An excerpt from the APC manifesto states, “We will reform government policies to encourage the prudent use of blockchain technology in finance and banking, identity management, revenue collection, and the use of crypto assets.”

During President Buhari’s presidency, the Nigerian government and the Central Bank of Nigeria (CBN) have pursued policies to discourage the use of crypto assets. Additionally, CBN’s February 5, 2021 directive against crypto assets and the subsequent crackdown on entities defying the directive are believed to have forced some startups to cease operations in Nigeria.

However, according to the APC manifesto, the Tinubu government will prioritize the implementation of a business-friendly regulatory framework. Additionally, the manifesto states that the APC government “also encourages CBN to expand the use of its digital currency, e-naira.”

Exchange rate ‘the most exciting financial problem’

Meanwhile, regarding local currency exchange rates, APC admits that this may be “the most exciting currency issue of the day.” But the party argued that controls “cannot be ignored or left to the whims of unbridled markets” because they affect the cost of imports, the competitiveness of exports, and the flow of net capital. ing.

As previously reported by Bitcoin.com News, the naira’s plunge against the US dollar has partially contributed to the rise in inflation in Nigeria, albeit in a parallel market. Nigeria’s inability to generate enough foreign exchange to meet its imports is often cited as the main cause of the naira’s continued depreciation. Yet CBN still continues to officially peg the Naira just below her N450:$1, even though the currency is just below N750;$1 against the dollar.

However, in its manifesto, APC suggests taking a different approach to managing the exchange.

“We will work with central banks and the financial sector to ensure that exchange rate policy is in line with the goals of optimal growth and job creation, facilitated by expansion of industry, agriculture and infrastructure. We will review it and optimize it further,” APC said.

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Terrence Jimwala

Terence Zimwara is an award-winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of several African countries and how digital currencies can provide an escape route for Africans.