Central Bank Of Nigeria Endorses Blockchain and Cryptocurrencies

The Central Bank of Nigeria (CBN) has made it categorically clear it will not stand in the way of Blockchain and Cryptocurrency technologies. Musa Itopa Jimoh, Deputy Governor of the country’s apex bank made this known when he was addressing the first ever Nigeria Blockchain Conference in Lagos earlier this week.

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.

Nigeria’s Stance 

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.

Event Organisers Lauded

The conference which was organized by the Nigeria Blockchain Users Group with an excellent participation across industries received commendation from the Deputy Governor of the Central Bank of Nigeria. It was his conviction that such initiatives will spur adoption in the oil-rich nation.

“The Blockchain Nigeria Group is on the right path as this group is poised to raise awareness on Blockchain technology and Cryptocurrencies in Nigeria,” Musa stated. “This event is one of such measures to raise the awareness amongst stakeholders including the regulatory authorities. “

As a matter of fact, this conference unveiled how Nigeria is gradually taking over the Blockchain and Cryptocurrency space in Africa.  If there is no policy reversal, then the future of financial technology, especially Blockchain and Cryptocurrencies are extremely bright in the West African Nation.