CBN May Legalise The Use of Bitcoin For Transactions In Nigeria, Says NDIC

Yes, you read the heading right! The Managing Director of the Nigeria Deposit Insurance Commission (NDIC), Alhaji Umaru Ibrahim, at the 2016 Workshop for Financial Correspondents in Kaduna last weekend disclosed that the commission and the Central Bank of Nigeria (CBN) have set up a committee to look into the possibility of legalizing the use of the digital currency, the Bitcoin, for transactions.

Peradventure, if you don’t know; Bitcoin uses peer-to-peer technology to operate with no central authority or banks; there is no government, company, or bank in charge of Bitcoin; managing transactions and the issuing of Bitcoins is carried out collectively by the network. Bitcoin is an open-source, designed is public, nobody owns or controls Bitcoin and everyone can take part. This is against the traditional currencies we already known; such as Dollars, Naira, Euro, Pounds etc.

This means that Bitcoin is more resistant to wild inflation, devaluation, import policies, currency fixing and corrupt banks. It is a true floating currency whose value is solely determined by demand and supply.

Alhaji Umaru Ibrahim said: “On our part, we have constituted a committee together with the central bank to have an in depth study of this phenomenal Bitcoin.

“We will look at its advantages and disadvantages, what it means for the payment system and what it means for the safety and security of customers.

“We will also look at what it means for money laundering, anti-corruption, crime and measurement of money/near money instruments for the economy.

“But we need a lot of education to do this and I’m calling on you (the media) to educate yourselves about all of this so you can educate the public.”

Ibrahim also said with the bitcoin, has included block-chain technology-based products in the market

What Does This Mean?

It simply means the value of Bitcoin is going to increase because there will be more people using Bitcoin in Nigeria. So, if you are thinking is you should join the Bitcoin world or not; you are honestly doing yourself more harm than good.

However, if you want to build your business and make money with trading and investing Bitcoin then join Now.

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