Wednesday, June 23, 2021

    Expert urges Nigeria to embrace digital currency

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Adepote Arowojobe
    Ikorodu, (Lagos State), June 8, 2021 (NAN) The developer of First Bitcoin Automated Teller Machine (ATM) in Nigeria, Mr Adekunle Daniel, has urged the Federal Government to embrace digital currency.
    Daniel said this in an interview with Newsmen in Lagos on Tuesday.
    Naija247news reports that 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.
    “We don’t transact in a way that is efficient, we are a cash-base economy and we depend solely on cash.
    “CBN coming to develop digital currency is actually something that would revolutionise Nigeria because there is no how you will not utilise block chain technology when developing a digital currency.
    “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 crypto currency consultant, said there was only one switching company in the country, everybody using their service are 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 crypto currency trading in Nigeria.
    “I’m so excited that there is no way they would go around developing crypto currency without consulting stakeholders from the blockchain technology and some experts too.
    “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.

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