I was keen in knowing Nigeria government stand on cryptocurrency and blockchain technology. It feels good to hear that more federal governments all over the world are accepting the reality of change in financial technology with the advent of Blockchain.
The best part of it is that they are also realizing that the best option is not to actually try fighting the new technology of blockchain and trend of cryptocurrency but rather find a good way to adapt to it.
Do you notice the reason why the Central Bank of Nigeria said they are adopting? Because " they cannot stop the tide of waves generated by the blockchain technology and its derivatives."
They really can't and its a good thing they are coming into this realization so quickly. Blockchain and cryptocurrency are here to stay, though there are still a lot of challenges ahead, but sure the industry need them to mature.
What do you think about this? Let me know in the section below
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very nice, however, there are several forms of blockchain tech, most companies and governments use what is known as private blockchain solutions. These private blockchains are in-house, i.e only within the companies or government systems, this means that the public still has no way of checkmating the activities of the establishments, and it could also have the opposite effect.
Such model will defeat the purpose of blockchain and the token created for it might not be regarded as a cryptocurrency. For sure i know government will try to be smart in this type of scenario but the end result of this type of system is always "coming back to it purpose". If the purpose of blockchain (decentralization and transparency ) is defeated, then a crypto currency can't be one.
Government will have to think twice and do more research on their path
Thanks for the contribution
I believe its best for the Nigerian government to join in on the cryptocurrency world, China tried it against btc, it didn't work. Thanks for the info bro
Welcome bro,
I think they are following the slogan "if you can't beat them, you join them".
Yes you are right
That is some awesome news!! Thanks for the info:):)
Yeah, thanks for reading
personally, i dont know much about crypto currency but i do know it is an advancement in technology and that in itself is a good news as nigeria is not always quick to adapt to new technologies
Yeah, it makes a lot of sense to see Nigeria government adapt so quickly but the major advantage and joy here is that they will not be able to fight the system since they are resolving to use it because earlier on there were opinions they could fight the system since its not really in their favor.
I think like you said, its basically because they are choiceless
Your post is very effective and powerful, Thanks for sharing
Upvoted !
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Excellent post, very well articulated. thank you so much.
This will be a good step for Africa.
If Nigeria adopts crypto,then other countries like where i come from Uganda can easily follow suit.
Recently in South Africa one big supermarket Pick n Pay began accepting payments in Bitcoin.
Really?. That's good news then