At its meeting on May 3, 2023, the government of Nigeria – one of the most cryptocurrency-conscious nations such as (BTC) – approved a national blockchain policy. The approval came in response to a memorandum presented by Isa Ali Ibrahim, Minister of Communications and Digital Economy.
In the announcement, the Federal Ministry of Communications and Digital Economy (FMCDE) cited a report by PricewaterhouseCoopers (PwC) that said the widespread adoption of blockchain technology across various industries could potentially contribute $1.76 trillion to global gross domestic product by 2030equal to 1.4% of world GDP.
The FMCDE developed the national blockchain policy through consultation with stakeholders in both the public and private sectors. The policy was developed on behalf of the Federal Government of Nigeria, in line with the seventh pillar of the National Digital Economy Policy and Strategy, which focuses on the digital society and emerging technologies.
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