Africa’s biggest nation might be coming to the fore of international recognition in the cryptocurrency industry after Atiku Abubakar, the biggest opposition to the incumbent Nigerian president, revealed grand plans for cryptocurrency and blockchain throughout the country.
Atiku who had once served in the presidential cabinet as the Vice President for eight years between 1999 and 2007, has revealed plans to ‘shake things up’ technologically-wise as he prepares to get Nigeria ready for the rapid technological evolution in the 21st century; prior to Nigeria’s 2019 elections.
Publishing an elaborate policy document detailing the plans he has for his tenure as the Nigerian President provided he wins the election, the business tycoon details comprehensively his program to improve the country’s technological space, which includes an elaborate blockchain and cryptocurrency policy.
Atiku believes an implemented legal policy concerning the cryptocurrency field would in strategic ways ensure Nigeria is in pace with other developed countries. He explained the reason behind his plan:
“My mission is to ensure that Nigeria’s economy is responsive to the challenges of the 21st century knowledge-economy by keeping up with the amazingly dynamic technological pace.”
Breaking the Trend
Atiku’s campaign is all about breaking the tedious pattern of past tenures as he dubs his elaborate policy document for the country: Get Nigeria Working Again. While a few have been quick to discard the new development as a ploy and a familiar propaganda of politicians to make appealing promises in a bid to win, many have hailed the plan has a much-needed change in the country in a world that is fast moving beyond people’s expectations. Representing Nigeria’s largest opposition party— People’s Democratic Party (PDP)— Atiku has a large support and a good chance of usurping the incumbent president, Muhammed Buhari, after a relatively devastating worse three years for Nigeria.
The present tenure has taken an unfriendly stance against the cryptocurrency market in the past, despite having one of the most successful and biggest peer-to-peer cryptocurrency markets in the continent. Earlier this year, Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) had publicly labelled Bitcoin and other digital assets as a ‘gamble’.
Atiku, however, believes the policy when implemented would be a ready solution to the slumping Nigerian economy which saw the Nigerian currency (Naira) lose more than 80% of its value in barely twenty months. According to an excerpt from the document, regularization of cryptocurrencies would be implemented as a calculated plan to decrease the staggering rate of unemployment:
“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. “