The Central Bank of Nigeria (CBN) has endorsed the Blockchain and Cryptocurrency technologies in Nigeria.
Deputy Governor of the country’s apex bank, Musa Itopa Jimoh, made this known while delivering his speech at the first ever Nigeria Blockchain Conference in Lagos earlier this month.
According to the Central Banker, Monetary Authorities around the globe are consciously monitoring the ongoing disruption the financial sector is undergoing via Blockchain Technology enabled digital currencies. “While some countries have come out with specific directives and stance on the adoption of digital currency and Blockchain Technology, Some countries are still reviewing their positions to enable them to decide on which way to go,” Musa stressed.
However, he is optimistic some of these authorities have no other option but to be cautious and play delay tactics. The Deputy Governor went ahead and predicted that sooner than later all the central banks and Monetary authorities will finally legitimize the use of Blockchain Technologies to drive financial services as well as issue digital currencies.
Fascinatingly, the second in command mentioned that his office has no intention of standing in the way of the revolution that is changing the future of finance. He explains:
“Nigeria’s position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. However, the Central Bank has the responsibilities of ensuring price and financial system stability. To this end, the Central Bank of Nigeria has kick-started several initiatives and research works to identify the various use cases of Blockchain Technology including the issuance of Digital currency using the Blockchain”
He made a greater emphasis on the point that there is no way anyone can regulate the Blockchain and it will only be an exercise in futility. Moreover, Musa revealed that so far there are four committees his outfit has tasked with looking into the technology.
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This is a good news to the people of Nigeria and Africa as a whole. I think they are pace setters. Well done CBN. I hope they will do their best to regulate the industry for the mutual benefit of all