Nigeria's Central Bank Endorses Bitcoin

[haroldtee]

I believe this is a great news for Nigerians and Bitcoin as well. Recently, Jamaica did thesame and If this keeps going on with so many other countries, I am sure we will start seeing huge light.

For more; http://www.hmcryptogear.com/2017/08/central-bank-of-nigeria-endorses-bitcoin.html

Jamaica - http://www.hmcryptogear.com/2017/08/the-central-bank-of-jamaica-seeks-to-build-cryptocurrency-awareness.html

[franco123]

This is great news! In fact, central banks of different countries should start on doing the same. Introducing Bitcoin is healthy for the economy of the countrt because it is a mean of investment that would circulate the money of the country around. And with the central bank themselves endorsing will entice investors that the Bitcoin has huge potential to spike up in the future making them more aggresive of Buying and investing into it. In my country, it is still to be introduced to the people as a whole because are still not familiar with it.

[sanjeevtalks]

I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.

[haroldtee]

I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.

With 21 million coins in circulation at the end. Do you really think supply can exceed demand? Even if it does for instance, and it gets accepted globally for regular use, do you think the value would be the same compared to what we have now? Probably a satoshi then might even be worth something. Just an analogy anyway as no one can predict the future but from your claim,  I see no reason why adoption should pose threat for bitcoin on the long run.

[sanjeevtalks]

I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.

With 21 million coins in circulation at the end. Do you really think supply can exceed demand? Even if it does for instance, and it gets accepted globally for regular use, do you think the value would be the same compared to what we have now? Probably a satoshi then might even be worth something. Just an analogy anyway as no one can predict the future but from your claim,  I see no reason why adoption should pose threat for bitcoin on the long run.

16.4 in circulation as of now. However it will reach 21 million soon (or someday) as you rightly point out. But you are also discounting the fact that there are others snapping at its heels. So over time I have a feeling that it may loose its sheen but that will be sometime away (Hopefully not in my lifetime  ).

[Manuj]

I believe this is a great news for Nigerians and Bitcoin as well. Recently, Jamaica did thesame and If this keeps going on with so many other countries, I am sure we will start seeing huge light.

For more; http://www.hmcryptogear.com/2017/08/central-bank-of-nigeria-endorses-bitcoin.html

Jamaica - http://www.hmcryptogear.com/2017/08/the-central-bank-of-jamaica-seeks-to-build-cryptocurrency-awareness.html

Great news for Bitcoin! This will further increase the demand for bitcoin, therefore causing the price to pump. These countries are doing a great decision both for their financial aspects as a nation as well as for the people in general. I hope this national decision made by their leaders will help improve their economies.

[Vishnu.Reang]

This is another fake news. The Central Bank of Nigeria (CBN) has neither endorsed nor legalized Bitcoin or any other crypto-currency. They have issued a warning against using the Blockchain technology and crypto-currencies. Mr Musa Itopa Jimoh, although an employee of the Central Bank of Nigeria is a crypto-coin enthusiast. And his words represent his personal vies and not that of the CBN.

[audaciousbeing]

This is great news! In fact, central banks of different countries should start on doing the same. Introducing Bitcoin is healthy for the economy of the countrt because it is a mean of investment that would circulate the money of the country around. And with the central bank themselves endorsing will entice investors that the Bitcoin has huge potential to spike up in the future making them more aggresive of Buying and investing into it. In my country, it is still to be introduced to the people as a whole because are still not familiar with it.

A further read on the link would have solved this mis-information. Its is not an endorsement rather its an expression of opinion by a top functionary of the Central Bank which was credited to him. The same way other central banks governors will equally express an opinion on the current matter but this does not inteprete to adoption because a lot of process as well as discussions will have to be done before this can be implemented even at the low level.

[NEUROSEED]

I believe this is a great news for Nigerians and Bitcoin as well. Recently, Jamaica did thesame and If this keeps going on with so many other countries, I am sure we will start seeing huge light.

For more; http://www.hmcryptogear.com/2017/08/central-bank-of-nigeria-endorses-bitcoin.html

Jamaica - http://www.hmcryptogear.com/2017/08/the-central-bank-of-jamaica-seeks-to-build-cryptocurrency-awareness.html

This will increase the demand for bitcoin and it will rise in price. Perhaps it will push other countries to do the same. And that would be a great idea.

[ahiaba.john@yahoo.com]

Great news for Nigerian. This will boast economic development for Nigeria.

[bigmaster23]

Thank's it is happen somehow it can helps those where at the Nigeria's living, people with interest at BTC in Nigiria this could be a really good opportunity with them.

[Mysterious01]

I believe this is a great news for Nigerians and Bitcoin as well. Recently, Jamaica did thesame and If this keeps going on with so many other countries, I am sure we will start seeing huge light.

For more; http://www.hmcryptogear.com/2017/08/central-bank-of-nigeria-endorses-bitcoin.html

Jamaica - http://www.hmcryptogear.com/2017/08/the-central-bank-of-jamaica-seeks-to-build-cryptocurrency-awareness.html

This is the first time that I hear this kind of good news. As far as I thought most of the bank are afraid of bitcoin.
I'm hoping that this will be the start of banks to accept bitcoin.

[stompix]

I for one believe that too much recognition would not give us returns on our investment in the long run. If the supply exceeds the demand... you know the rest.

The supply is fixed.
And recognition means more demand.

So there is no way that your scenario unfolds in this situation.

Back to the title, is pure clickbait.

Nigeria's position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. However the Central Bank has the responsibilities of ensuring price and financial system stability. This is why digital currency issuance becomes a major concern to the Central bank of Nigeria. To this end, the Central bank of Nigeria has kick started several initiatives and research works to identify the various use cases of Blockchain Technology Including the issuance of Digital currency using the Blockchain technology

.

There is no word about endorsing BTC and actually no word about BTC at all.
They talked about the blockchain.

Same for the Jamaica article.

The Deputy Governor of the BOJ, Livingstone Morrison provided this statement on Wednesday, 23rd August, 2017 at the central bank’s quarterly media briefing. He mentioned that the central bank must create opportunities for the exploitation of certain technologies, including cryptocurrency, while identifying that such technologies should not pose undue risk to the local financial system.

Not a single mention of bitcoin but about cryptocurrency and technology.
It could mean anything, including a government controlled currency.

[zombie6]

of course) they have no economy in the country!

[Kiiti1]

Wow.. I'm surprised.. Finally.. This great news

[iamTom123]

Central Banks are usually careful in endorsing Bitcoin and cryptocurrency because they don't want to sound like promoting a business or they are having some self-vested interest on it plus if something wrong can happen they don't want to be blamed. One of the role of a central bank is to warn people to be cautious with any financial tool or deal.  As discussed above, this news is not completely true but I think that Nigeria is actually allowing Bitcoin transactions to flourish within the country as it can be of big help to a developing economy.

[NorrisK]

I hope this causes a landslide in acceptence of bitcoin.

No matter what country it is, it is a country on the list that is in favor of bitcoin, which is great!

[Phalo]

This is wonderful news for the community. This hopefully increases demand. With the crisis in Zimbabwe that saw bitcoin trade at prices more than 20% higher than global prices. We can see whether its bad or good news, the bitcoin prices goes higher. Bitcoin surely deserves all the recognition it can get. I'm just hoping that recognition doesn't attract more organized scams like the 419 scams. But hey, we already have enough of those. That won't be anything new.

[ajmapalo22]

This is good many countries are now supporting bitcoin sooner the legality issues of bitcoin will also be resolve. I guess some countries already realize the impact bitcoin can make to the financial status of many people it is proven that many were able to improves their lives by doing trading and holding bitcoin which in return helps the country's economy to grow also.

[Harlot]

Did a little background checking of the news and have found out a recent interview or news report with Musa Itopa Jimoh on September 15, 2017 and it looks like they are encouraging Bitcoin and other cryptocurrency because of their country's problem with their poor economic situation and many financial institution shutting down because of the rise of insurgency. At least that is how I viewed their situation.