On its digital currency, the government must seek local and international experts

  • One motivation for the endeavor is to make remittance transfers into the nation easier
  • CBN must work with all of them, as well as other stakeholders in the industry. Their innovations should not be suppressed, but rather thoroughly investigated and utilized for the benefit of the country
  • Because of its anonymity, prohibiting the use of Bitcoin will not deter individuals from using it

One motivation for the endeavor is to make remittance transfers into the nation easier. It will also result in the creation of new jobs and the development of new digital services in the country. It would enable Nigerian importers to use cryptocurrency as a payment mechanism rather than relying on FX, which may be difficult to get at times. The majority of products used in Nigeria are imported, which is why the government is striving to localize these commodities so that they may be manufactured and distributed in the nation, including digital money. As a result, having Nigeria’s own digital money will be beneficial. CBN, on the other hand, must seek out methods to secure and control it by assembling a team of specialists and independent thinkers to assist them. In Nigeria, they have a lot of young brains that may come up with different ideas on digital currencies. 

As a result, CBN must work with all of them, as well as other stakeholders in the industry. Their innovations should not be suppressed, but rather thoroughly investigated and utilized for the benefit of the country while ensuring that security is a key concern for its citizens operating in the very dangerous and unpredictable digital realm. Would one urge the CBN to outright prohibit other cryptocurrencies such as Bitcoin and Ethureum, given that it is creating its own digital currency? The technology that underpins cryptocurrencies, Blockchain, is here to stay, and our ability to capitalize on the benefits that come with it, rather than focusing on the drawbacks, will determine how we will survive future global financial crises and really become Africa’s giant. My advice to the CBN is to address the key issues about whether to prohibit or regulate the cryptocurrency sector, while also encouraging well-intentioned Nigerians and people to propose methods for the government to look at the industry for the greater good.

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Because of its anonymity, prohibiting the use of Bitcoin will not deter individuals from using it. Others prefer the anonymity of a currency not subject to the same accounting standards as bank transactions. Others, however, believe that Bitcoins are now worth more than legal money as a result of the Eurozone and other nations’ troubles. Virtual currencies, according to some customers, maybe more efficient and provide newer, more flexible methods to pay for products and services across borders. We’ve all heard about Silk Road, a website that allows users to buy narcotics online and in secret using Bitcoins. The illegal aspect of Bitcoin usage has gotten the most attention, which is why the government is attempting to safeguard its citizens.

Nigeria is brimming with minds, and I believe now is the moment for the CBN and the people to work together to embrace this technology for our own benefit, as well as enabling businesses to participate, such as PayPal, Micro Strategy, and Tesla, who have all expressed their support for Bitcoin. Bitcoin, in my opinion, is impossible to prohibit, and because it is not issued by a government, it may still be generated. Rather than discussing a ban, another option would be to seek regulatory assistance. What advice would one give the CBN as it prepares to launch its own digital currency? CBN should recruit local and international specialists to assist them in developing a better digital currency platform, in my opinion. Cryptocurrency, for example, is not created in a matter of months. It necessitates the use of a well-organized route map. As a result, CBN should seek out professionals both locally and internationally to advise them within this time frame to prevent getting into problems. I believe that if the CBN seeks out excellent hands and professionals to work with, they will get it right.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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