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Central Bank of Nigeria set to approve Cryptocurrency

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@tomlee
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Yesterday, I came across this news and it's a good one for cryptocurrency. It shows that we are making progress in the mass adoption of cryptocurrency.

Cryptocurrency has no legislation in Nigeria yet although the number of people transacting cryptocurrency in the country continues to increase by the day.

On the other hand, there is a large percentage of Nigerians who know little or nothing about cryptocurrency and blockchain because the country is yet to approve it and adopt it as well.

Many often refer to cryptocurrency as scam because they are ignorant. So, if the country is set to formally and legally approve it, I believe those in the fintech sector will devise ways of educating the masses on how cryptocurrency works and the risks involved.

One of the reasons the Central Bank of Nigeria is yet to approve cryptocurrency and blockchain is because they can't regulate it. But it is only wise to adopt the technology as it can reduce the issue of unemployment and poverty in the nation.

As of now, the Central Bank of Nigeria notes that they can't stop bitcoin and other cryptocurrencies as nobody owns it but warns the citizens to be cautious and careful when dealing with this digital money.

Posted Using LeoFinance