The Nigerian government is set to repent from the stance action against cryptocurrency transaction in the country. The spokesperson of the central bank cited that the Nigerian central bank is set to join the central bank digital currency (CBDC) project ongoing in the world.
The CBDC is said to employ the blockchain technology which makes it possess the attributes of cryptocurrency . Early this year, the government of Nigeria banned cryptocurrency activities in the country . The government says, it is used as an instrument for money laundering, terrorism sponsorship, buying unlawful harms and sponsoring insurgency
The financial financial institutions pioneer the cause of the cryptocurrency outlaw by the government. There are so many countries planning to join the CBDC development projects. Some of them are Ghana Japan, Vietnam etc.
Do you think that Nigeria central bank is in the right direction?