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Monday, March 13, 2017

Central Bank of Nigeria Says ‘We Can’t Stop Bitcoin’

Central Bank of Nigeria Says ‘We Can’t Stop Bitcoin’

At a breakfast meeting early this week, organized by the Chartered Institute of Bankers in Nigeria (CIBN), key players in the country’s fintech space gathered to discuss the impact of cryptocurrencies, specifically bitcoin, and blockchain technology. The Deputy Director of the Central Bank of Nigeria’s Banking and Payments System (CBN), Musa Itopa-Jimoh, spoke at the meeting. In an interview afterwards, he clarified the CBN’s stance on bitcoin, citing that a lot of people misinterpret the central bank’s recent warning.

The meeting was entitled ‘Virtual/Cryptocurrency: Evolution, Regulatory Challenges and Impact on the Future of Payments and Settlement Systems’. Dr. Uche Olowo, First Vice Central Bank of Nigeria Says ‘We Can’t Stop Bitcoin’President of the CBN, in his opening remarks, talked about why the institute considers this topic crucial for the Nigerian financial market, starting with bitcoin.

Citing both curiosity and caution about bitcoin from the global financial community, he said “on the one hand interested parties view it as the highest performing and the most valuable currency in the world”. On the other hand, “it is seen by most traditional financial players as unstable and complicated, and with doubts of its inherent value”. Nonetheless, he said that bitcoin “has the power to greatly affect the more traditional means of payments and settlement systems, globally”.

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