Nigeria: Who Bears Final Responsibility and Liability

Pending the upcoming regulatory framework, there is no clear legislation around liability for smart contracts. April 25, 2018, members of the House of Representatives, urged the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Commission (NDIC) to create a legal framework for the regulation of blockchain technology. The resolve was passed following the adoption of a continuous motion titled ‘Need to regulate blockchain applications and Internet technology’, which was supported by Solomon Adaelu, with a deadline set for July 2018.

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