Former Vice President Atiku Abubakar who will contest the upcoming presidential election has promised regulations if elected.
Promises Legal Policy
Nigeria will go to the polls in February 2019 to elect its new president. Among the more than 50 candidates that will take part in the elections is former vice president Atiku Abubakar who is being looked upon as the leading contender against the incumbent President.
Abubakar, who owns multiple businesses, served as the vice president from 1999 to 2007 under the former government of Olusegun Obasanjo.
The former vice president in his campaign policy document has promised the “Production of a comprehensive policy on blockchain technology and cryptocurrencies by the relevant government agencies”. The manifesto was released earlier on Monday.
Current Government’s Position
The incumbent president Muhammadu Buhari and the existing government machinery has had a hostile stance towards cryptocurrencies. The governor of the Central Bank of Nigeria (CBN), Godwin Emifiele, had earlier compared digital currencies to gambling.
Cryptocurrencies have been gaining popularity in the African nation due to their ability to facilitate cheaper and faster cross-border money transfers. Citizens have also been using cryptos as a hedge against inflation.
It is reported that Nigeria ranks among the top three jurisdictions when it comes to Bitcoin holdings as a percentage of gross domestic product (GDP).
Being a successful business magnate, the former vice president understands the benefits of embracing blockchain technology.
In the policy document, Abubakar states:
The terms of this mandate will ensure that these areas are regulated and managed in a way that provides job opportunities as well as income for the government and people of Nigeria.
Fintech start-ups in the country have been demanding regulations for the blockchain and cryptocurrency industry, and the lack of it has resulted in money flowing out to other African countries and Europe.
Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1,800 currency types.
The former vice president, outlining plans about the technology infrastructure, says:
My mission is to ensure that Nigeria’s economy is responsive to the challenges of the 21st century knowledge economy by keeping with the amazingly dynamic technological pace.
Abubakar has spoken in details about his plans to place Nigeria in a leading position to capitalize on global technological innovations including blockchain. It is to be seen whether these promises swing the mandate in his favor.
Do you think if elected, Abubakar will deliver on his commitments? Let us know in the comments below.
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