Nigeria: CBN Mulls Digital Currency

Sep 26, 2017 | The Guardian; All Africa

Following cautious considerations, the Central Bank of Nigeria (CBN) has commenced arrangement to introduce a digital currency in a move to key into the global adoption of Crypto currency initiative.

The Deputy Director/Head, Payments System Policy and Oversight, CBN, Musa Jimoh, disclosed this at the Crypto currency conference recently held in Lagos. Crypto currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency, and verify the transfer of funds, operating independently of a central bank. Jimoh said the Apex bank "cannot stop the tide of waves generated by the blockchain technology and its derivatives. Currently, we have taken measures to create four departments in the institution that are looking forward to harmonise the white paper on Crypto currency." Before now, the CBN had been wary to adopting digital currency until it had concluded assessment on its transaction methodology, especially as it has been said that "decentralised crypto currencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation." Speaking on the development, the President, Information Security Society of Nigeria (ISSAN), Dr. David Isiawe, said: "The reality that is before us today, particularly in Nigeria, is that the Distributed Ledger Technology (DLT), blockchain and Crypto currency are facts that we must face, whether we like it or not. We cannot wish this reality away. It is made worse when we realise that we are still grappling with current challenges of e-commerce and other electronic payment systems but technology development and advancements are not waiting. "The impact of the emergence of blockchain and Crypto currency will be felt in the nation just as in the global community. Nigerian must be proactive rather than reactive by considering how these technologies would affect and influence our lifestyles and business operations and channel, and thus fashion our rules of engagement for their adoption." Isiawe also admonished prospective investors to be careful investing in Crypto currencies, as every investment has its share of risks.The conference tagged: "Learning to Glow with the Flow," also served as the debut of a new coin, Corion. Highlighting the coin, the President, Corion Platform, Ida Frauda, said: "Crypto currency is a currency that allows parties to exchange value. Unlike gold, paper money and other means of payments, Crypto currency is digital and decentralised granting transactions to be made without intermediaries and giving the transactors control over their money. Read more on All Africa. Source: All Africa