TechFlow News, March 12 — According to Cointelegraph, Nigerian Minister of Information Mohammed Idris stated that Nigeria is shifting from restrictive policies toward balanced regulation of cryptocurrencies, recognizing the transformative potential of crypto and blockchain technology. Nigeria is one of the world's highest adopters of cryptocurrency, with a population of over 200 million and a median age under 20, making its people naturally inclined toward new technologies.
Idris noted that while the government supports innovations that benefit the public, it will not allow abuses that harm citizens. He highlighted legitimate use cases of cryptocurrencies, including promoting financial inclusion for the unbanked and underbanked, reducing costs of cross-border payments and remittances, enabling Nigerian entrepreneurs and freelancers to access global markets, and creating wealth opportunities through emerging digital economies such as decentralized finance (DeFi) and non-fungible tokens (NFTs). At the same time, the government remains committed to addressing issues like fraud, money laundering, and terrorist financing through effective regulation rather than prohibition.
