Categories: CryptoNews

Nigerian Bankers Committee Plans to Legalize Bitcoin

Quite a few countries are contemplating how they should treat bitcoin moving forward. Cryptocurrency poses intriguing opportunities, yet it is difficult to regulate as there is no centralized entity controlling the ecosystem. Nigerian banks are contemplating to legalize bitcoin, which would give the popular cryptocurrency a significant boost, to say the least.

Nigeria Has Plans with Bitcoin

It is not the first time someone brings up the concept of Nigerian banks legalizing bitcoin. The same idea was proposed several months ago. Albert no one saw this as a hint of what the future could hold, it would appear various Nigerian banks are thinking along the same lines. This development caught quite a few people by surprise, even though it makes a lot of sense.

An article appeared in The Inquirer, which talks about how the Nigerian Bankers Committee is studying blockchain technology. That is anything but surprising, as nearly every bank around the world is well aware of what distributed ledgers bring to the table. However, there has not been any major product to come forth from this interest so far. Experts predict a few of these blockchain applications will see the light of day in 2017, albeit that remains to be seen for now.

What is more interesting, however, is how the Nigerian Bank Committee still feels bitcoin poses somewhat of a threat the national financial ecosystem. To be more precise, the group touched upon the concept of “dubious virtual currencies flooding the country”. It is not hard to see which projects they are talking about, as OneCoin has become somewhat of a popular concept in Nigeria. Additionally, there is also the MMM Global scheme, which only accepts bitcoin deposits in Nigeria right now.

Related Post

It is evident the Central bank of Nigeria wants to gain a better understanding of bitcoin and its blockchain technology. That open-minded approach can mean big things for cryptocurrency in the country moving forward. Moreover, it only appears to be a matter of time until Nigeria introduces bitcoin regulation, which could occur as soon as this year. Introducing such a regulation would effectively legalize bitcoin in Nigeria, even though the current is not issued by the country’s central bank.

Nigeria is not the only country in the world looking to regulate and legalize bitcoin. Japan will be doing the same later this year, which will bring a lot more legitimacy to cryptocurrency moving forward. Albeit no one can effectively regulate bitcoin itself, governments can impose specific guidelines for companies dealing with customer funds, either in the national currency or bitcoin. Then again, running a financial business will always be subject to specific regulation and bitcoin enterprises should not be exempt from those rules.

Bitcoin regulation does not have to be a bad thing by any means. China’s central bank issued a few new regulatory measures over the past few weeks, which has only helped the bitcoin price stabilizes as time progressed. It is unclear what Nigeria will do exactly when it comes to blockchain and cryptocurrency, but it will be an intriguing situation to keep an eye on.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

2 hours ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

2 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

2 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

3 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

3 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

6 hours ago