What are the Effects of Digital currencies on Commercial Banks in Nigeria?

[Haypril]

Crypto currencies has been making waves of successful transactions since it acceptance in Nigeria. But suddenly, the Central Bank of Nigeria decided to place a ban on any transactions that has to do with Crypto currencies.

And this action of theirs has affected lots of individuals and businesses that has accepted digital currency as a medium of exchange. Personally, I have suffered a great loss and find it difficult to purchase this Crypto currencies directly from exchange wallet.

In my opinion, Commercial banks really had contributed in the ban of Crypto currency in Nigeria. Take for instance, about 2 years ago, when there is increase in the acceptance of Crypto currency in Nigeria, a popular commercial bank launched their own coin and made it possible for customers to be able to store.

So I think the ban is as a result to reduce the effects on the financial institutions in Nigeria.

 

[Ozigba Richard Lamai]

The Central Bank of Nigeria has in digital currency as a way to fraud commercial Banks and it will also affect commercial Banks operation because of this is CBN bank digital currency which is known as cryptocurrency in Nigeria but for me I don't see it that way I see critical essay as an improvement in terms of monetary exchange in the country and an easy way to buy and sell through online.

 

[Abbeyola]

Crypto currencies has been making waves of successful transactions since it acceptance in Nigeria. But suddenly, the Central Bank of Nigeria decided to place a ban on any transactions that has to do with Crypto currencies.

And this action of theirs has affected lots of individuals and businesses that has accepted digital currency as a medium of exchange. Personally, I have suffered a great loss and find it difficult to purchase this Crypto currencies directly from exchange wallet.

In my opinion, Commercial banks really had contributed in the ban of Crypto currency in Nigeria. Take for instance, about 2 years ago, when there is increase in the acceptance of Crypto currency in Nigeria, a popular commercial bank launched their own coin and made it possible for customers to be able to store.

So I think the ban is as a result to reduce the effects on the financial institutions in Nigeria.

The effect of the ban of crypto currency transactions on the financial institution popularly known as banks in our country Nigeria will be a negative effect on the financial institution because of the federal government of Nigeria has passed the law and it has been put to practice.
Most of the financial institutions will not be able generate income from cypto currency which is digital currency and no more profit from that angle any more.

 

[Godslamp]

Digital currency has became a threat to the continuity of Nigerian banks. Normal before the invention of these digital currencies, people save their money at the bank through which banks make some transactions with these deposited money buy today people prefer to save their money on digital currencies because over time there has been an increase in the value of these currency which in turn incure some gains for them which they wont have gotten in banks