The All Progressives Congress (APC) declared in its recently released manifesto that it intends to “establish an advisory committee to review the existing regulatory environment governing blockchain technology and virtual asset services.”
The APC — political party of Nigerian presidental candidate Asiwaju Bola Tinubu and current president Muhammadu Buhari — stated that the committee will make suggestions for reforms that would result in “a more efficient and business-friendly regulatory framework” as needed.
In fact, the APC manifesto states that the Tinubu administration aims to change Nigeria’s approach to information technology.
APC would change government policy to promote the responsible application of blockchain technology in finance and banking, identity management, revenue collection, and the use of digital assets, according to an excerpt from the party’s manifesto.
The Nigerian government and the Central Bank of Nigeria (CBN) have implemented policies that discourage the usage of digital assets throughout the administration of outgoing President Buhari.
Additionally, it’s believed that several businesses were compelled to cease operations in Nigeria as a result of the CBN’s prohibition against crypto assets on February 5, 2021, as well as the ensuing crackdown against entities disobeying the order.
However, the APC manifesto states that the Tinubu administration will give top priority to creating a regulatory environment that is conducive to business. APC officials will also urge the CBN to extend the usage of the digital currency, the e-naira, according to the manifesto.
The APC acknowledges that the exchange rate of the local currency may be the most hotly debated monetary topic at the moment. However, the party contends that management cannot be disregarded or left to the whims of an unconstrained market because it affects import costs, export competitiveness, and net capital flows.
