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Nigerian Presidential Candidate will Invest in Blockchain if Voted to Power

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Atiku Abubakar, the Presidential candidate for the upcoming Nigerian elections in February 2019, has promised to support Blockchain and cryptocurrency, if voted to power, a DailyPost article reported on Nov 24.

The DailyPost has analyzed that the People's Democratic Party (PDP) candidate has announced the same as a part of his "Get Nigeria Working Again" policy if he is elected the president on February 16, 2019.
As the nation faces an economic turmoil, the move is aimed at reviving the economy and creating more job opportunities along with a new tax collection avenue for the government.

"Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1800 currency types", he added.

Nigeria has faced significant setbacks due to the rise in oil prices and an exacerbating currency. Citing Abubakar: "In harnessing the potentials of the new economy, we shall promote the production of a comprehensive policy on Blockchain technology and Cryptocurrencies 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 the people of Nigeria."
"Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1800 currency types", he added.

With the current President facing criticism over the economic policies, the decision to deploy Blockchain technology and digital currencies conforms with Abubakar's stance as a "modernizer" who aims to rejuvenate the Nigerian economy.

"My mission is to ensure that Nigeria's economy is responsive to the challenges of the 21st century knowledge economy by keeping with the amazingly dynamic technological pace", stated Abubakar.

"My mission is to ensure that Nigeria's economy is responsive to the challenges of the 21st century knowledge economy by keeping with the amazingly dynamic technological pace", stated Abubakar.
Earlier this year, the Nigerian government was partnering with local startups to develop Blockchain in the country. Also, in March this year, Nigerian regulator Nigeria Deposit Insurance Corporation (NDIC) warned against the use Cryptocurrencies as transactions are not insured.
The demand for Blockchain technology has seen a tremendous increase in the past few years, with several countries around the world looking at digital assets seriously to formalize their usage. For instance, Malta has been among the leaders in this domain, with other countries like Germany announcing to harness the potential of Blockchain technology in preventing tax evasion and fraud.

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