Tinubu’s Crypto Literacy Push: Nigeria Needs Policy Clarity Before Judicial Training
President Bola Tinubu recently tasked Nigeria’s judiciary with embracing cryptocurrency literacy, a directive delivered through Vice President Kashim Shettima at a pivotal workshop for judges and justices. Organised by the Economic and Financial Crimes Commission (EFCC) and the National Judicial Institute (NJI), the initiative aimed to equip courts with an understanding of blockchain and digital assets, essential for effectively prosecuting sophisticated financial crimes in an increasingly digital world. This move acknowledges the pervasive nature of digital transformation across both commerce and criminality.
Beyond Literacy: The Urgent Need for a Clear Crypto Policy
While President Tinubu’s call for a more crypto-literate judiciary is undoubtedly a forward-looking step for Nigeria, experts argue it overlooks a fundamental prerequisite. Senator Ihenyen, Lead Partner at Infusion Lawyers and Executive Chair of the Virtual Asset Service Providers Association (VASPA), noted that despite the commendable intent to combat advanced financial crimes, the President’s message “misses a crucial point.” The core issue lies in the absence of a comprehensive and clear regulatory framework for digital assets within the country. For judges to effectively apply their knowledge of blockchain technology and cryptocurrencies, they require robust legal guidelines and established policies to interpret. Without definitive regulations, judicial training, however extensive, operates in a vacuum, making it challenging to establish precedents, ensure consistent rulings, and ultimately dispense justice efficiently in cases involving digital assets. Nigeria’s regulatory landscape needs to evolve to provide the necessary legal foundation that empowers the judiciary to act with confidence and clarity.
Ultimately, while enhancing the judiciary’s understanding of digital currencies is a progressive ambition, its efficacy hinges on the prior establishment of a clear, coherent, and enabling policy framework. Such a framework would provide the essential legal scaffolding, allowing Nigeria’s courts to translate their newfound crypto literacy into impactful judicial decisions, fostering both innovation and a safer financial ecosystem.
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