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| Five☆blog |
In a meeting organised by the Chartered Institute of Bankers in Nigeria to discuss the impart of cryptocurrency specifically bitcoin and blockchain technology, deputy director of CBN, Musa Itopa Jimoh said that they can't control or regulate bitcoin and blockchain just the way you can't control or regulate the Internet. He clarified that CBN has no intention of stopping bitcoin usage.
In his statement, he said " We are not the issuing authority for bitcoin. We do not control it, we don't issue it. We are just issuing caution to Nigerians on the premise that if they participate in cryptocurrency, they cannot come to CBN for consumer protection because it's not within our control ".
He added that all CBN is doing is cautioning Nigerians when dealing or investing in digital currencies since they are not under the control of CBN.
Speaking on the theme of the meeting titled " Virtual/Cryptocurrency : Evolution, Regulatory Challenges and Impart on the Future of Payments and Settlement System" , the first vice president of CBN , Dr. Uche Olowo criticality looked at the topic in his opening remarks. He said " on the one hand, interested partners view it as the highest performing and the most valuable currency in the world" on the other hand, " it is seen by traditional financial players as unstable and complicated, and with doubt of its inherent value".
Nonetheless, he said that bitcoin has the power of greatly affect the more traditional means of payment and settlement systems globally.
With the way the globe is going, what do you think is the future of digital currencies like bitcoin? Let's know your views through your comments.
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