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CBN Said Cryptocurrency Wave Cannot Be Stopped

The deputy director of Central Bank of Nigeria, Musa Jimoh recently spoke at a cryptocurrency focused conference in Lagos that the CBN is taking a closer look at blockchains and cryptocurrencies. Jimoh indicated that the Central Bank of Nigeria is preparing a white paper on the subject of Cryptocurrency Wave in the country.

The most notable report however was how Musa Jimoh framed the reason for the study, noting the central bank “cannot stop the tide of waves generated by the blockchain technology and its derivatives.” Such comments carry extra weight coming from the institution that oversees domestic monetary policy as well as banking sector regulation.

Cryptocurrency

In Jimoh remarks, he noted the nature of the Cryptocurrency technology, which gives users autonomy over the private keys that access blockchain linked data, enables the creation of forms of money that are “beyond restriction and confiscation.”

The attendees surveyed at the conference painted a generally positive picture of how the technology is progressing domestically. Other topics addressed included how blockchains can help move payments across borders, and the investment risks associated with the nascent Cryptocurrency technology.

The Corion Platform president, Ida Frauda while highlighting the Cryptocurrencies coin, said: “Cryptocurrency is a currency that allows parties to exchange value. Unlike gold, paper money and other means of payments, Cryptocurrency is digital and decentralised granting transactions to be made without intermediaries and giving the transactors control over their money.

President of the Information Security Society of Nigeria, Dr David Isiawe also spoke to the general consensus, when he was quoted as saying the technology is a reality that must be faced by the country’s leaders “whether we like it or not.”

The comments also coincide with a growing acknowledgement of the technology in Nigeria and the issues with a relatively immature market. So far this year, domestic regulators, the Central Bank of Nigeria included, have issued two warnings about the technology.

Culled from The Guardian | CBN Mulls Digital Currency

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Lawrence

Akin Lawrence is a part-time blogger who loves searching the Internet and writes about any topic that can be of value to people who visit my blog. An expert when it comes to the area of Real Estate, Urban Development Control, Architectural Consultation and Building Technology. Architectural Designing and Real Estate Investment is my major.
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