Nigeria Does About-Face On Bitcoins, Will Now Study Adding Cryptocurrency

September 26, 2017 2:31 pm Published by

The African nation of Nigeria’s central bank is now looking at researching blockchain technology and even introducing its own digital currency, reported Tuesday.

In January 2017, the Central Bank of Nigeria (CNB) issued a notice to financial institutions and banks around the country, the report said, warning them of virtual currencies and barring them from holding any reserves of virtual currencies.

In January 2017, Nigeria’s capitals market regulator warned the public against investing in cryptocurrencies including bitcoin.

However, a recent Guardian report says the CNB is now allocating resources and personnel to study digital currencies and its underlying technology, the blockchain.

In fact, the report said, the central bank’s deputy director Musa Jimoh, speaking at a recent cryptocurrency conference in Lagos, where he revealed the central bank is working on a white paper on cryptocurrencies.

Jimoh’s comments represented a remarkable admission from a central bank official, reported.

“[The CNB] cannot stop the tide of waves generated by the blockchain technology and its derivatives,” Jimoh said, adding “currently, we have taken measures to create four departments in the institution that are looking forward to harmonize the white paper on cryptocurrency.”

The report shows how the CBN had previously been ‘wary’ of adopting or being open to digital currencies. Until, it learned “decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation,” the report said.

Speaking at the conference, the head of Nigeria’s cyberspace watchdog underlined blockchain technology and cryptocurrencies as unavoidable “facts that we must face, whether we like it or not.”

More specifically, the official called for Nigeria to proactively embrace the decentralized technology in adopting them among wider society, the report said.

Other speakers pinned blockchain as the ‘technology of the future’ with the potential to reshape society with its implementation across a number of sectors., Jack Durschlag

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