Gluwa, a global blockchain business firm based in Nigeria, has taken an important step to bring the potential of blockchain technology to the country and Africa's largest economy. With their new proposal to the Nigerian government for a crypto policy framework, Gluwa is creating the possibility for new financial innovation and economic growth in the country.

The government is still unsure of the legalization of cryptocurrencies due to the fear of fraud, money laundering, and other illegal activities linked with it. With Gluwa's initiative, they plan to create a policy framework in Nigeria which will balance the safety measures needed while allowing innovation and investment to occur.

Gluwa is inclusive of a variety of technological applications with the usage of blockchain technology. Their multi-purpose non-custodial wallet permits users to invest their USDC in international fintech lending associates over the blockchain. If this is successful in its aims, it could open up a new range of opportunities for users within the country.

Gluwa Capital, the company’s venture arm, has presently confirmed $35 million in investment for the growth of localized financial service providers and cryptocurrency exchanges across Africa. This shows the company is keen to make the country a hub for digital asset transactions and that they are confident their systems can put a stop to any illegitimate activity.

In response to the news, Ahmed Gloria Kufeji, a Director at the Nigerian Ministry of Finance said: “We are pleased to see interest from companies like Gluwa in supporting the growth and development of the blockchain industry in Nigeria. With the appropriate legislative framework in place, Nigeria could be the leader in digital asset technology in Africa.”

Tebogo Thobeje, the founder of the Blockchain Africa Society has also shown great enthusiasm for Gluwa's initiative saying "Gluwa's announcement is a positive development for the African blockchain industry, with Nigeria at the forefront. We hope that government takes a proactive approach to support the growth of the blockchain industry, in order to make sure the technology's potential is fully realized.”

Gluwa and the Nigerian government have teamed up to create a framework which encourages the responsible use of cryptocurrencies, provides protections for consumers and prevents any criminal activities. With this framework in place, Nigeria could potentially reap the benefits of blockchain technology, such as increased economic growth and increased financial inclusion with reduced transaction costs. Gluwa and the Nigerian government’s initiative could be a revolutionary step forward for the country.



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