Nigeria should not lose the cryptocurrency opportunity – SIBAN
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Obinna Iwuno, the Executive Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) speaks on cryptocurrency as the currency of the digital economy and urges the Federal Government to collaborate with stakeholders to develop the nascent cryptocurrency industry.
Giving the global growth of emerging technologies, some people have argued that cryptocurrency would be the future currency worldwide. What is your take on this?
The argument of Cryptocurrency becoming the future currency of the world, is not in any way stating that Cryptocurrency will replace the fiat currencies of the world. But Cryptocurrency has ushered in a new form in which money can exist and be transacted; which is better, faster, cheaper, and cost-effective to produce even for the government.
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Chukwuemeka Fred Agbata Jnr.
In one of the previous articles on my ICT Clinic column, I expressed my concerns about the Nigerian government’s draconian policies which do not take its citizens into consideration. Needless to say, it has happened again!
The cryptocurrency community along with its ardent supporters are perplexed and equally enraged about the recent circular passed by the Central Bank of Nigeria on 5th February 2021.
Dated January 12, 2017, with ref FPR/DIR/GEN/C1R,06/010, the circular warned Deposit Money Banks, Non-Bank Financial Institutions, Other Financial Institutions, and individual citizens against the risk associated with transactions with cryptocurrency.