CBN Sets Up Industry Committee to Develop Policies and Guidelines For Blockchain Tech Regulations

Blockchain Technology is gradually becoming a pervasive platform in the conduct of modern payments. It has presented itself to the world of payments by giving strong value propositions around security, digitalization and trust. 

That Blockchain will define our payments here in Nigeria is a question of when, rather than if.

Proshare has learnt that the Central Bank of Nigerian has decided to take steps through the setting-up of an industry Committee to look into this and articulate a road map that will shape Nigeria’s payment system in the years to come; and for which the financial industry and the society at large will depend on as part of global best practice.

The Committee will be tasked with looking critically at the following areas which will guide Blockchain implementation within the Nigerian Payment Space;

  1. Policies and Guidelines that will guide blockchain technology regulation in Nigeria; and

 

  1. Operational Framework for instituting a domestic Cryptocurrency in Nigeria

The Committee is expected to deliver its report to the CBN by February 24, 2017.

Source: Proshare

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