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Nigerian Election 2019 Presidential Candidate, Abu Bakar Promises to Support Cryptocurrency Policies If Elected

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Presidential Candidate

Nigerian Election 2019 Presidential Candidate, Abu Bakar Promises to Support Cryptocurrency Policies If Elected

Nigerian former vice president and presidential candidate of People Democratic Party (PDP), Abu Bakar plans to support a Blockchain and cryptocurrency policy if he comes to power in the 2019 election.

As per his ‘Get Nigeria Working Again’ campaign manifesto released on Nov 19, he proposed to improve the Nigerian economy through Blockchain and cryptocurrency. He also promises to enhance ICT literacy program by altering academic curriculum from primary school to adult education and reveled his plan to build a knowledge-based economy using advanced information and communication technology with the comprehensive policy of Blockchain and digital asset.

Abu Bakar said: “My mission is to ensure that Nigerians economy is responsive to the challenge of the 21st-century knowledge economy by keeping with the amazingly dynamic technological pace.”

He further claims that as the government is not embracing the digital currency in spite of the fact that when the citizens are keen in embracing the digital currency space to avail cheaper and faster way to transfer money, is driving investment out of Africa to other nations like Rwanda and regions of Europe.

He also assumes that the current inflation and exchange related losses of Naira are also responsible for this incline towards digital currency.

According to Abu Bakar “nations that will prosper are those that embrace (a) comprehensive, agile approach that infuses the influence of rapid technological advancement into every area of governance and policy to address the issues of inadequate technological infrastructure, funding and poor database.”

Talking about the proposed plan, Munachi Ogueke, co-founder of Nigerian startup Cryset stated: “so, according to the policy plan he (Abu Bakar) laid out, a planned Blockchain and cryptocurrency framework would be looked into by the administration.” However, the extent remains still unclear. The community believes that this is a right step as Nigerian Blockchain is widely unregulated for long.

He further added “Blockchain and cryptocurrency companies are playing over cautiously or recklessly because there is no clear line. A framework will go a long way to give clarity. ”

How do you think Abu Bakar promise will affect the election? Let us know in the comments below.

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