Isa Ali Pantami, Nigeria’s Minister of Communications and Digital Economy stated that the federal government is looking into ways to balance encouraging innovation with controlling new risks in the nation’s tech sector. The minister stated that this would be accomplished through the creation of regulatory measures.
The Minister gave a keynote on using blockchain technology for intellectual property (IP) enforcement at an American Business Council event.
Dr. Salihu Abdulkareem Arsh of the National Centre for Artificial Intelligence and Robotics represented Pantami (NCAIR).
According to Pantami, the nation is aiming to assist the expansion of its FinTech sector while keeping safety and risk management in mind. By implementing the appropriate regulatory frameworks and plans, it hopes to accomplish this.
Pantami stated that the National Information Technology Development Agency (NITDA) has been instructed by the ministry to implement regulatory sandboxes that allow participants to test products and services on a modest scale in a regulated environment.
This, according to him, will lower innovation costs and entry obstacles. He claimed that by maintaining contact with key players, including those in the audience, the implementation of these regulatory guidelines would be improved, creating a favorable regulatory environment for all participants in the digital economy to flourish and reach their full potential for economic success, and societal advancement.
He added that the ministry had given NITDA instructions to build a national infrastructure for the deployment of Blockchain solutions that connect identity and incentive platforms, foster research and development, as well as to concentrate on workforce skill development and develop a procurement process to make it possible for government agencies to use Blockchain solutions.
Speaking on the occasion, Pantami noted that occasions like this will provide regulators the chance to get player input before developing legislation.
Nevertheless, the Minister emphasized that obstacles including the interoperability of various Blockchain platforms and legal problems like data ownership, privacy, liability, and jurisdiction continue to be obstacles for the nation’s tech sector.
Remember that the Nigerian stock exchange, Nigeria Exchange Limited, revealed interest in starting utilizing blockchain technology for transaction settlement on its platform by 2023 last month.
This, according to the exchange, was intended to address the country’s growing youth population, facilitate capital markets, and settle trades.
This occurs under the shadow of Nigeria’s partial prohibition on cryptocurrencies and amid rising support for the new sector.
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