Nigerian pro-crypto presidential candidate promises regulations

25 Nov, 2018
by David Robb
Nigerian pro-crypto presidential candidate promises regulations

A leading candiate for the upcoming presidential election in Nigeria has promised regulation on cryptocurrencies and blockchain. Atiku Abubakar sees the technologies as a way to boost the nation's struggling economy.

As reported by the Nigeria-based Daily Post, the new measures were outlined in a ‘Get Nigeria Working Again’ policy document released by Abubakar's campaign. The document claims that "we shall promote the Production of a comprehensive policy on block chain technology and crypto-currencies by the relevant government agencies...Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1,800 currency types."

Abubakar represents the People’s Democratic Party (PDP), the leading opposition party in Nigeria. Ahead of the election in February 2019, much of the debate will be about how to fix Nigeria's economy, which suffered a major recession in 2016 around the same time as a global slump in the price of oil, the country's major export. The national currency, the Naira, lost around 85 percent of its value.

The Central Bank and other financial authorities in Nigeria have so far adopted a cautious attitude towards crypto, despite its potential as a way to help the unbanked and provide a more secure store of value. This approach hasn't prevented it from growing in popularity, however, and the Luno crypto exchange is one of the major trading platforms that currently has offices in the country.

Read more: Nigerian blockchain firms demands crypto guideline from central bankCryptocurrency platform Luno planning aggressive expansion into Africa

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