Crypto will ‘come to life’ in Nigeria, central bank governor says

The central bank of Nigeria, the Nigerian Central Bank Governor, Dr. Godwin Emefiele, is one of the most influential people in Nigeria’s crypto space, and he has now declared that Nigeria could soon launch its own cryptocurrency.

At the end of 2018, the central bank of Nigeria announced that it has plans to launch its own digital currency, called the Naira Stablecoin. The claim came from the governor of the central bank, Godwin Emefiele, who said that the Naira Stablecoin will be launched after the successful launch of the international digital currency, the Naira.

Blockchain technology can be used to enable new, more efficient ways of doing business, especially in the financial services industry. The technology has helped to cut the cost of many banking transactions, and there are now more than 1,500 crypto startups and projects in existence. But cryptocurrencies can also have a dark side, and the use of crypto in the financial services industry is still a relatively new phenomenon.. Read more about latest news about cryptocurrency ban in nigeria and let us know what you think.

The 279th. Speaking at the 17th Monetary Policy Committee meeting in Abuja, the Governor of the Central Bank of Nigeria, Godwin Emefiele, expressed confidence that cryptocurrencies such as Bitcoin (BTC) will become legal in the country, Business Insider reported Wednesday. Emefiele did not speak directly about the decision to lift the CBN’s February ban on institutions buying and selling cryptocurrencies, but said the bank was investigating the sector: We are committed to the CBN and I can assure everyone that digital currencies will also come to life in Nigeria […] Nigeria is 2nd in crypto currency and bitcoin and 27th in the world economy. We are continuing our investigation and will publish our findings. Emefiele also said the Nigerian government would do everything possible to prevent cryptocurrencies from being used to fund illegal activities. We have noticed that a significant portion of our staff is involved in cryptocurrencies, and that is not a good thing. Make no mistake, some may be legal, but most are illegal, he said. The banker also expressed concern about the plunge in the cryptocurrency market in mid-May, largely due to Tesla CEO Elon Musk’s decision to suspend car payments in bitcoin and his relentless criticism of BTC : We have seen the market collapse. Originally, when Elon Musk tweeted around the time we reported that banking and payment options for cryptocurrency transactions were no longer available, and wrote that he was investing $1.5 billion, the price soared. Now he’s tweeted, asked some questions, and it looks good. CBN did not immediately respond to Cointelegraph’s request for comment. As previously reported, in August 2020, Nigeria was the largest source of bitcoin exchange volume in Africa, as well as one of the fastest growing cryptocurrency markets in the world. According to Paxful’s P2P Bitcoin marketplace, Nigeria was second only to the United States in terms of trade volume in December 2020. While bitcoin is gaining traction, Nigeria’s national currency, the naira, is in free fall. Bitcoin has made our currency virtually worthless or worthless, Senator Sani Musa of Niger’s eastern senate district said in February. Following Emefiele’s recent comments, the naira’s exchange rate on the black market fell 1.2 percent Thursday to its lowest level in three and a half years.Cryptocurrencies are already being used in countries such as Venezuela and other parts of Latin America to circumvent economic crises, but they have yet to take hold in Africa. Nigeria, however, is different. Its central bank governor recently said that digital currencies “will come to life” in the country.. Read more about crypto ban lifted in nigeria and let us know what you think.

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