Gluwa, a leading global blockchain company, has announced its intention to work closely with the Federal Government of Nigeria to create a policy framework that supports the legalization and adoption of cryptocurrencies in Africa’s largest economy. Gluwa has a proven track record of success in the blockchain industry, having launched several innovative blockchain-based financial products and services across the globe.
“Gluwa is committed to driving innovation and growth in the blockchain industry, and we believe that Nigeria has tremendous potential in this area,” said Tae Oh. “Our proposals have been sent to the Ministry of Finance and we earnestly look forward to working with them to create an environment that fosters innovation, encourages investment, and supports the growth of the Web3 industry.”
The Nigerian government is amenable to the idea of embracing cryptocurrencies, provided that the right regulatory framework is in place. Recently, the Governor of Lagos State; Mr Babajide Sanwo-Olu, made clear his administration’s desire to boost cryptocurrency adoption by unlocking the power of cryptocurrency and the blockchain.
In 2021, the Central Bank of Nigeria issued a directive to all commercial banks demanding the closure of all accounts belonging to crypto exchanges and hitherto fined defaulters.
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