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CBN plans to create Nigeria digital currency.

Cryptocurrency and blockchain adoption is about to hit its highest in Nigeria as the Central Bank of Nigeria plans to create Nigeria digital currency.

During the Monetary Policy Rate (MPR) meeting held in Abuja, cryptocurrency and blockchain adoption in Nigeria was discussed and the CBN Governor, Godwin Emefiele confirmed that digital currency will soon be adopted in Nigeria.

According to him, “we are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

This is a confirmation of what the Vice president, Yemi Osinbajo, said after the cryptocurrency ban in Nigeria in February, 2021.

The vice president acknowledged the decentralization of the blockchain which is a main reason why a country can not ban it but can only regulate it.

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. Don’t get me wrong, some may be legitimate but most are illegitimate. Under cryptocurrency and Bitcoin, Nigeria comes 2nd while in the global side of the economy, Nigeria comes 27th. We are still conducting our investigation and we will make our data available.” ~Godwin Emefiele, CBN Governor.

The statement of the CBN governor indicates that the CBN is highly interested in the blockchain.

We have carried out our investigation… We are still conducting our investigation…

According to the CBN Governor, the cryptocurrency market volatility should be put into consideration.

We saw the market collapse. Initially, when Elon Musk tweeted around the time when we said our banking and payment facilities are no longer available for cryptocurrency transactions and he tweeted that he will invest $1.5 billion and the price (Bitcoin) went up. He now tweeted and raised a few concerns and the thing (Cryptocurrency) plunged.” CBN Governor.

This statement alone is a confirmation that the CBN is keeping an eye on cryptocurrency.

What does this imply?

Nigeria is the second largest market for bitcoin even amidst the ban on banks to engage in cryptocurrency transactions.

On the 5th of February, 2021, the CBN released a directive, directing all commercial banks to close all accounts that were related to cryptocurrency.

There was chaos in the country but rather than enforcing the ban, CBN is now planning to create Nigeria digital currency.

This implies that the ban on cryptocurrency will be lifted and cryptocurrency transactions will go on smoothly in the country.

During the ban, Kurepay is the only leading Africa payment processing platform that allows Nigerians to buy, sell and swap cryptocurrencies.

Register on Kurepay wallet and enjoy the best experience managing cryptocurrencies, fiat and subscription, all in one wallet.

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