CBN Might Legalise The Use Of Bitcoin As Means Of Payment Soonest

If you are conversant with investment trends, you will surely know what bitcoin is. Bitcoin news is live on NTA website today as the government is making progress making it a means of payment. 
Lucy Nwachukwu(NAN): Alhaji Umaru Ibrahim, the Managing Director, Nigeria Deposit Insurance Commission (NDIC), on Friday said the commission and CBN had set up a committee to look into the trending digital currency.



Bitcoin is regarded as a digital currency compared to other local currency. It has no centralised authority as payment are made through the internet. However, there are no banks neither government controls it.
During a workshop for financial correspondent 2016, Ibrahim made some points clear. The theme is titled  Economic Recession and the Nigerians Banking Sector: Opportunities, Challenges and the way Forward”

Here are the points he gave out

  • On our part, we have constituted a committee together with the central bank to have an in debt study of this phenomenal bitcoin.
  • “We will look at the advantages and the disadvantages, how secured and how safe it will be for mass.
  • “We will also look at what it means for money laundering, anti-corruption, crime and measurement of money /near money instrument for the economy

In some countries, most especially leading banks in Europe now uses Bitcoin as means of payment even in nigeria some website accept it as means for paying airtime fees. With all this evidence, it is glaring that cryptocurrency is means of future payment. If you haven’t gotten a blockchain wallet register Here

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