Following Central Bank of Nigeria’s (CBN) disclosure that its much-anticipated digital currency will be launched in October this year, the founder of
One reason for the initiative would be to make it easier to transfer remittances into the country. It will also lead to creation of job and evolves new ways for digital services in the country.
However, CBN must look for ways to secure and regulate it by getting team of experts and independent minds to work with them. We have lots of young minds in Nigeria that can come up with various ideas around digital currencies. Therefore, CBN has to engage all of them as well as other stakeholders in the space.
The technology behind cryptocurrencies, which is Blockchain, is here to stay and our ability to tap on the opportunities that come with it rather than looking at the negative aspect, will tell how we are going to survive future global financial crisis in view and truly become the giant of Africa.
We know of the story of websites like Silk Road, which allows people to buy drugs online and underground take Bitcoins. The criminal side of the usage of Bitcoin is what has garnered most headlines and that is why government is working at protecting its citizens.
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