{"id":13436,"date":"2021-10-21T12:54:03","date_gmt":"2021-10-21T12:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-agency-refuses-blockchain-start-up-application-says-tech-not-recognized-by-government\/"},"modified":"2021-10-21T12:54:03","modified_gmt":"2021-10-21T12:54:03","slug":"nigerian-agency-refuses-blockchain-start-up-application-says-tech-not-recognized-by-government","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-agency-refuses-blockchain-start-up-application-says-tech-not-recognized-by-government\/","title":{"rendered":"Nigerian Agency Refuses Blockchain Start-Up Application \u2014 Says Tech Not Recognized by Government"},"content":{"rendered":"

Nigeria\u2019s company registration agency, the Corporate Affairs Commission (CAC), reportedly rejected an application for registration by a start-up on the basis that blockchain is yet to be recognized by the Nigerian government.<\/strong><\/p>\n

Decision Disappoints Blockchain Community<\/h2>\n

According to a report<\/a>, the unnamed start-up, which is building an API connection for blockchain gaming rewards, was told the agency will only process the application once the reference to blockchain technology is resolved. The CAC reportedly wrote: \u201cBlockchain is yet to be recognised by the Nigerian government, kindly expunge.\u201d As expected, the decision has angered some members of Nigeria\u2019s blockchain community.<\/p>\n

One of those expressing their disappointment with the CAC is Adedeji Owonibi, the founder and COO at Convexity, a blockchain incubating hub. As the report by Cryptoassetbuyer explains, Owonibi\u2019s displeasure with the agency stems from the fact that CAC is one of the 27 institutions in Nigeria that are supposed to implement the country\u2019s blockchain strategy.<\/p>\n

Lamenting what some see as a backward decision, Owonibi said:<\/p>\n

I can\u2019t believe we have this level of ignorance in govt circle, at least not the agency saddled with company registration in Nigeria. The staff that queried this application for company registration on the pretence that blockchain is not approved by the Nigerian Govt need to be educated immediately for ease of doing business to improve in Nigeria.<\/p>\n

Nigerian Government Asked to Intervene<\/h2>\n

In addition to Owonibi\u2019s remarks, the report also quotes Convexity\u2019s other co-founder, Charles Okaformbah, similarly expressing his disapproval of the CAC\u2019s decision. In his own statement, the co-founder asks the country\u2019s vice president, Yemi Osinbajo (one of the few figures inside the Nigerian government to back fintechs), to intervene.<\/p>\n

Following the CAC\u2019s decision, the Cryptoassetbuyer report concludes that Nigeria is now unlikely to achieve its goal of generating $10 billion in revenue from blockchain technology.<\/p>\n

What does the CAC\u2019s refusal to process this application mean for Nigeria\u2019s blockchain industry? <\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Adedeji Owonibi, Africa, Blockchain, Convexity, Corporate Affairs Commission, ease of doing business, Nigeria blockchain, Yemi Osinbajo<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s company registration agency, the Corporate Affairs Commission (CAC), reportedly rejected an application for registration by a start-up on the basis that blockchain is yet to be recognized by the Nigerian government. Decision Disappoints Blockchain Community According to a report, the unnamed start-up, which is building an API connection for blockchain gaming rewards, was told…<\/p>\n","protected":false},"author":0,"featured_media":13437,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13436"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13436"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13437"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}