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Wednesday, September 27, 2017

Crypto News: Nigerian Central Bank Director: Cryptocurrency Wave 'Cannot Be Stopped'

Nigerian Central Bank Director: Cryptocurrency Wave Cannot Be Stopped

The Central Bank of Nigeria is said to be taking a closer look at blockchains and cryptocurrencies.

According to a report in The Guardian this week, Musa Jimoh, a deputy director at the country's central bank, recently spoke at a cryptocurrency-focused conference in Lagos, Nigeria's largest city. There, Jimoh indicated that the Central Bank of Nigeria is preparing a white paper on the subject.

Perhaps most notable, however, was how Jimoh framed the reason for the study, noting the central bank "cannot stop the tide of waves generated by the blockchain technology and its derivatives." Such comments carry extra weight coming from the institution that oversees domestic monetary policy as well as banking sector regulation.

In his remarks, Jimoh also noted that the nature of the technology, which gives users autonomy over the private keys that access blockchain-linked data, enables the creation of forms of money that are "beyond restriction and confiscation."


Full story at http://bit.ly/2wjAURS


Source: CoinDesk


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