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Regulation

Nigeria’s Presidential Candidate Promises Cryptocurrency Regulation In An Attempt To Get More Votes

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It seems like using ‘cryptocurrency’ in your mission can help you in many ways. After all, this was beneficial for many brands who made most of the crypto initiative and grew their value proving that they are digital-friendly. In the latest cryptocurrency news, we are focusing on the same subject – cryptocurrency regulation – which was mentioned by a candidate who is competing for Nigeria’s general elections which will take place in February 2019.

Atiku Abubakar is the name of the presidential candidate of the People’s Democratic Party (PDP) which is the country’s largest opposition party – who included the creation of a “comprehensive blockchain and digital currency policy” in his official policy document.

The move comes as a surprise as the country’s regulatory establishment led by the Central Bank of Nigeria has held a very cautious but non-hostile line towards cryptocurrencies. Atiku, who was a vice president in Nigeria between 1999 and 2007, is now running a modernistic approach and trying to disrupt the status quo present in the country – all while slumbering the economy of the country into life.

An excerpt from the official document points out to blockchain and cryptocurrency regulation, citing:

“In harnessing the potentials of the new economy, we shall promote the Production of a comprehensive policy on block chain 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.”

Atiku is also seeking to present his vision of large-scale job creation as necessary for the national security, all while positioning himself as a leader who is well-suited for the 21st century (in contrast to the current 78-year old Muhammadu Buhari who has been criticized for handling the economy poorly in many occasions.

As Atiku said during the launch of his policy:

“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.”

This is the first time cryptocurrency regulation is a subject of serious political discussion on the African continent – which is why it is worthy of commenting. With a GDP exceeding $450 billion and a market of over 177 million people, this initiative could place Nigeria as a pioneer in the global cryptocurrency market.

 

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