Nigerian Presidential Candidate Wants to Use Blockchain to Speed Up Economy

Nigerian local news outlet, Daily Post,  reported that Presidential candidate of the opposition party, Peoples Democratic Party (PDP), Atiku Abubakar stated that  if he is elected, the Federal Government will support blockchain and cryptocurrency.

The presidential candidate promoted his pro-crypto stance as part of the “Get Nigeria Working Again” policy. If elected on February 16, 2019, the ex-Vice President announced that he will reinvigorate Nigeria’s economy through blockchain and cryptocurrency.

In order to create his “new economy”, Abubakar will drive forward with blockchain and cryptos, making them a priority for the countries regulators. Once the framework has been decided on, this will help provide job opportunities and income for the country.

The presidential candidate stated:

“In harnessing the potentials of the new economy, we shall promote the Production of a comprehensive policy on blockchain technology and crypto-currencies by the relevant government agencies.

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.

Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1,800 currency types.”

While Abubakar crusades that crypto and blockchain is the future of the Nigerian economy, back in March, Nigerian regulator Nigeria Deposit Insurance Corporation (NDIC) warned against the use of cryptocurrencies because transactions are not insured.