Nigeria plans to build a blockchain system to meet local needs and strengthen its “data sovereignty.” Dubbed Nigerium, the blockchain will be built by the country’s National Information and Technology Development Agency (NITDA).
However, a NITDA spokesperson said Decipher Monday that there is no timetable for its development and implementation.
“[The] “The committee is still discussing the possibility with stakeholders,” said Hadiza Umar, NITDA’s head of corporate affairs and external relations. “Even if a decision is finally made, there is no guarantee that the name will be Nigerium.”
Nigerium is expected to address various challenges related to data security and transparency by providing a safer and more efficient means of conducting transactions. Blockchain will “ensure secure and transparent transactions in various sectors,” said NITDA Director General Kashifu Inuwa She said.
It could play a crucial role in Nigeria’s digital economy, driving innovations in finance, healthcare, and public services. The country’s cryptocurrency industry is estimated to be is worth 400 million dollars.
Nigerium launch is in line with Nigeria national policy on blockchainwhich aims to promote a robust digital economy. Nigeria launched a national blockchain policy in May last year. politics will be “create a blockchain-based economy that supports secure transactions, data sharing and value exchange between people, businesses and the government,” the Ministry of Communications and Digital Economy said at the time.
The plan contrasts with the country’s previous crackdown on the digital asset sector. Nigeria’s Central Bank (CBN) and the Security and Exchange Commission have warned at different times that the anonymity provided by virtual currencies could foster fraud, terrorist financing and volatility.
This move follows the country’s growing interest in blockchain technology, as illustrated by previous efforts to regulate and integrate digital assets into the economy. The nation’s securities regulator has given cryptocurrency firms a Deadline to register is end of July or face coercive measures.
“Developing an indigenous blockchain like Nigerium is a significant step towards achieving data sovereignty and promoting trust in digital transactions in Nigeria,” he said. Mr. Chanublockchain expert at the University of Hertfordshire Law.
Kuppuswamy led a team at the university that proposed the idea of developing blockchain. He argued that Nigerium would allow Nigeria to adapt the technology to its needs and be built in accordance with its existing laws.
Kuppuswamy did not immediately respond to a request for comment from Decipher.
The development of Nigerium is also seen as a strategic move to reduce dependence on foreign blockchain technologies. However, Umar insisted that the blockchain to be developed will not necessarily focus on data sovereignty per se.
“Rather, measures will be implemented in any blockchain solutions to maintain data sovereignty,” he said. Decipher.
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