Blockchain Could ‘Speed up the Economy,’ Says Nigerian Presidential Candidate

The presidential candidate of Nigeria’s leading opposition party has promised to support blockchain and cryptocurrency, local news outlet the DailyPost article reported Nov. 24.

The Nigerian news outlet reportedly analyzed the Peoples Democratic Party (PDP) candidate Atiku Abubakar’s “Get Nigeria Working Again” policy that he reportedly promised to enact if he is elected president February 16, 2019.

DailyPost reports that in the document, the politician declared that “he aims to speed up the economy positively through blockchain and cryptocurrency.”

According to DailyPost, Abubaka stated that to unlock “the potentials of the new economy” PDP “shall promote the production of a comprehensive policy on blockchain technology and cryptocurrencies.”

DailyPost also quoted Abubakar platform as stating “regulation will provide clarity” in this “industry that consists of 1,800 currency types.” The terms of the mandate are also promised to be “managed in a way that provides job opportunities as well as income for the government and people of Nigeria.”

As Cointelegraph reported in mid-October, the Nigerian government has been partnering with local startups to develop blockchain in the country. In March, Nigerian regulator Nigeria Deposit Insurance Corporation (NDIC) warned against the use of cryptocurrencies because transactions are not insured.