NIGERIA's APEX BANK PROPOSES BLOCKCHAIN FOR ITS MARKET

[Leonardo7]

The apex bank of Nigeria has proposed to use the blockchain to transform its financial markets, they equally advise various stakeholders not to work in solo but must collectively work to make the growth together. They stated that commercial banks shouldn't fear that they would be crowded out by the blockchain technology, that they should rather see this as a more improved way of doing business with lost cost, and they should leverage on it. This was reported by one of her national newspaper: https://www.dailytrust.com.ng/cbn-proposes-block-chain-tech-to-transform-financial-system.html

The country's apex bank governor once likened the cryptocurrency to a Ponzi scheme and said the people who were buying it were gamblers since the nation's apex bank has no control or regulation over its activities. It seems they have like Dimon Jamie the CEO of JP Morgan realize their error or they were actually hypocrite and have now make a U-turn. I don't know yet the currency they are likely to integrate to the remittance system if they are to incorporate cryptocurrency option. Although many Nigerian youths have already embraced the cryptocurrency market despite past warning form the apex bank.
Currently, in Nigeria, cryptocurrency is neither legal nor illegal is strictly at the discretion of the investors. The country has over 200 million plus population and major are youth.

[GospelCrypto2]

The apex bank of Nigeria has proposed to use the blockchain to transform its financial markets, they equally advise various stakeholders not to work in solo but must collectively work to make the growth together. They stated that commercial banks shouldn't fear that they would be crowded out by the blockchain technology, that they should rather see this as a more improved way of doing business with lost cost, and they should leverage on it. This was reported by one of her national newspaper: https://www.dailytrust.com.ng/cbn-proposes-block-chain-tech-to-transform-financial-system.html

The country's apex bank governor once likened the cryptocurrency to a Ponzi scheme and said the people who were buying it were gamblers since the nation's apex bank has no control or regulation over its activities. It seems they have like Dimon Jamie the CEO of JP Morgan realize their error or they were actually hypocrite and have now make a U-turn. I don't know yet the currency they are likely to integrate to the remittance system if they use to incorporate cryptocurrency.
Although many Nigeria youth have already embraced the cryptocurrency market despite past warning form the apex bank.
Currently, in Nigeria, cryptocurrency is neither legal nor illegal is strictly at the discretion of the investors. The country has over 200 million plus population and major are youth.

First I need to make a correction.. This report was made based on a mini project powered by the Central Bank of Nigeria and not by Central Bank itself and lastly it in no way points out Central Bank support for bitcoin and other blockchain products.. The truth is although blockchain technology proposes a huge upgrade to the financial system in Nigeria,  I think it might be premature to gain mass adoption on an enterprise level due to numerous shortcomings of the Nigerian system..

[Gaaara]

It's a gamble since the financial state of Nigeria has no way around, they needed something that might help them to go further and the traditional financial system is never good enough for them, its still a bold move to just do it head on but I am pretty sure they plan things out, still to me there is a small percentage that this strategy or this event will cause any good for their overall financial state it might be put aside and will never be mentioned. Nevertheless it is a good thing too to start early regarding cryptocurrencies because of the fact that there are young population, with cryptocurrencies being introduced early they might easily adopt and understand it better.

[Leonardo7]

First I need to make a correction.. This report was made based on a mini project powered by the Central Bank of Nigeria and not by Central Bank itself and lastly it in no way points out Central Bank support for bitcoin and other blockchain products.. The truth is although blockchain technology proposes a huge upgrade to the financial system in Nigeria,  I think it might be premature to gain mass adoption on an enterprise level due to numerous shortcomings of the Nigerian system..

If a mini project is powered by the Central Bank, and they are discussing and proposed what has not been approved by their sponsor, then the mini project manager should either be fired or the project cancelled, CBN has various department. I didn't write that they support bitcoin yet. I only said " I don't know the currency they will likely use in remittance if they are to incorporate cryptocurrency payment option" 

Friend what area do you think they are likely to use blockchain in their financial system and do you think is a mere speculation?

[Beerwizzard]

The apex bank of Nigeria has proposed to use the blockchain to transform its financial markets,

Oh, dat famous Nigerian financial markets... I'm definetely gonna buy some Nigerian obligations or some other financial instruments.

The country's apex bank governor once likened the cryptocurrency to a Ponzi scheme and said the people who were buying it were gamblers since the nation's apex bank has no control or regulation over its activities.

So if someone is storing his savings in extremely unstable virtual coin in order to catch a moment when his savings grow in price, that can't be considered as gambling?

It seems they have like Dimon Jamie the CEO of JP Morgan realize their error or they were actually hypocrite and have now make a U-turn.

He gonna issue a stablecoin that would be only used inside his bank and won't have any impact on the other cryptocurrencies. This guy is still not suporting traditional cryptocurrencies.

[sheenshane]

The apex bank of Nigeria has proposed to use the blockchain to transform its financial markets,

Oh, dat famous Nigerian financial markets... I'm definetely gonna buy some Nigerian obligations or some other financial instruments.

I guess that APEX decided very quickly with this. If the bank would like to adopt the blockchain technology then they must first know how it works and sees the potential of it. I understand that establishing a business could start with trials and errors but it is really possible to avoid a lot of errors if you will study first before entering something.

The youth embraced the cryptocurrency for the reason that they are thinking that they have a different approach in life. However, it doesn't mean they know everything about the cryptocurrency. Sometimes, they just wanted to feel belong to the group of people they admire or to society.

[Beerwizzard]

The apex bank of Nigeria has proposed to use the blockchain to transform its financial markets,

Oh, dat famous Nigerian financial markets... I'm definetely gonna buy some Nigerian obligations or some other financial instruments.

I guess that APEX decided very quickly with this. If the bank would like to adopt the blockchain technology then they must first know how it works and sees the potential of it. I understand that establishing a business could start with trials and errors but it is really possible to avoid a lot of errors if you will study first before entering something.

The youth embraced the cryptocurrency for the reason that they are thinking that they have a different approach in life. However, it doesn't mean they know everything about the cryptocurrency. Sometimes, they just wanted to feel belong to the group of people they admire or to society.

Nigeria is still struggling with high inflation. Any kind of blockchain implementation (and I'm sure that won't be cryptocurrencies) is a technical solution that would only support some possible solutions. To transform Nigerian financial markets first of all they need to make institutional changes to reorganize their financial system and build an economy, that would produce good quality projects. Without it any kind of blockchain implementation would be useless.

[CryptoBry]

I guess this has something to do with the use of the blockchain which does not mean automatically that cryptocurrency can also be use though it can be a good option to explore. There is no question that governments and banks right now are exploring on how they can improve their services and products using the innovations of the blockchain technology. There is no question that the blockchain technology can be a big game-changer even with those who are not convinced with Bitcoin or similar cryptocurrencies. The great opportunity to further improve and dramatically revolutionize one's set-up and organization can be possible with the help of the blockchain. Time is coming when Nigeria and its people can gain benefits with this development.

[Haunebu]

A proposal is one thing and actually achieving it is something else. Nigeria is known for their failed economy which is why they are basically looking for any way to possible to fix it up and blockchain could help to an extent depending on how they utilize its power.