Cryptocurrency: Kano School Starts Accepting Coins For School Fees Payment

Expert Advises FG To Embrace Digital Currency Now

by AnaedoOnline

On Tuesday 8th June 2021, Mr. Adekunle Daniel, The developer of the First Bitcoin Automated Teller Machine (ATM) in Nigeria, has urged the Federal Government to embrace digital currency. Daniel said this in an interview with journalists in Lagos.

During the 279th MPR meeting held recently in Abuja, the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, had assured Nigerians that digital currencies would have a place in the country.

Emefiele said, “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency which is not the best, some may be legitimate but most are illegitimate.”

According to Daniel, if the Central Bank digital currency purported to be developed by the government eventually comes to fruition, it will have stability, visibility, and banks’ involvement.

“A CBN digital currency is going to benefit the country, looking at the way our conventional naira is at the moment.


LATEST: What NCC Said On Arresting, Prosecuting Twitter Ban Violators

“We don’t transact in a way that is efficient, we are a cash-based economy and we depend solely on cash.

“CBN coming to develop digital currency is actually something that would revolutionize Nigeria because there is no how you will not utilize blockchain technology when developing a digital currency.

How Dangote moved to “edge out” competition, demanded sanction against rival sugar business
“The idea of a digital currency would soon become a reality in Nigeria because the central bank has already set up its committee, which is working on the concept,” Daniel said.

Daniel, a blockchain technology expert and cryptocurrency consultant, said there was only one switching company in the country, everybody using their service is vulnerable when they have a network problem.

He said blockchain technology has been initiated to address the issue.

Daniel expressed delight over the decision of the CBN to set up a committee to look into cryptocurrency trading in Nigeria.


“I’m so excited that there is no way they would go around developing cryptocurrency without consulting stakeholders from the blockchain technology and some experts too.

FAILED PLAN: How Buhari Plotted To Ban Facebook, Twitter At The Same Time

“It shows that the problem we are looking into solving long ago is becoming feasible to stakeholders and people in the conventional banking system.


“We have only one switching company in the whole of Nigeria, which means that when the switching company has an issue either with their internet or network, we all are affected.

“But with digital currency, it will eradicate this and makes transactions seamless, efficient, faster, and a whole lot more good,” he said.



Post Disclaimer

The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.

You may also like