Nigerian Presidential Candidate Promises Pro-Crypto Regulations

Presidential candidate of People’s Democratic Party (PDP) of Nigeria, Atiku Abubakar has promised that if elected president of the country, his government will support blockchain and cryptocurrency.

Atiku Abubakar

Atiku, who already has a proven track record in politics as the country’s vice-president during 1999-2007, is convinced that cryptocurrencies will play an essential role in the modernization of the Nigerian economy and is determined to promote a legal framework that allows for their adoption and the use of blockchain technologies in industrial applications.

In a document entitled “Let’s Get Nigeria Working Again” which contains his government plan, Atiku mentions that for “building the Economy of Our Dream” his government will “Produce a comprehensive policy on blockchain technology and cryptocurrencies.”

According to the Nigerian news portal The Daily Post, Atiku is determined to change the cautious view of the Nigerian government and create the conditions necessary to make Nigeria a crypto-friendly country:

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

Nigerian Economy Could Benefit From Crypto and Blockchain Technologies

Woman wearing a dress with the Nigerian flag

The Nigerian economy has been stricken by a recession during 2016 and a fall in oil prices. As a result of these two factors, unemployment and corruption increased considerably.

For Atiku supporters, the use of cryptocurrencies can stimulate the country’s economic growth while blockchain technologies can help tackle the problem of corruption.

It is important to note that not all actors within Nigerian politics share Atiku’s vision. A few months ago, the Central Bank of Nigeria Governor Godwin Emefiele said in an interview that his view (speaking on behalf of the Central Bank of Nigeria) was quite “anti-crypto.”

“Cryptocurrency or bitcoin is like a gamble, and there is a need for everybody to be very careful. We cannot as a central bank give support to situations where people risk savings to “gamble,”

Nigeria’s presidential election is scheduled for February 16, 2019. Atiku will have the opportunity to defend his proposal in a public debate against his adversaries this December 14

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