Thursday, September 29, 2022

CBN’s digital currency good for Nigeria, says bitcoin ATM developer

The developer of the First Bitcoin Automated Teller Machine (ATM) in Nigeria, Adekunle Daniel, says the CBN’s digital currency will benefit Nigeria.

• June 8, 2021

The developer of the First Bitcoin Automated Teller Machine (ATM) in Nigeria, Adekunle Daniel, says the CBN’s digital currency will benefit Nigeria, urging President Muhammadu Buhari’s regime to embrace it.

During the 279th MPR meeting held recently in Abuja, the Central Bank of Nigeria’s governor, Godwin Emefiele, assured Nigerians that digital currencies would have a place in the country.

According to Daniel, if the CBN’s digital currency purported to be developed by the government eventually comes to fruition, it will have stability, visibility, and banks’ involvement.

“A CBN digital currency is going to benefit the country, looking at the way our conventional naira is at the moment. We don’t transact in a way that is efficient, we are a cash-based economy, and we depend solely on cash.

“The idea of a digital currency would soon become a reality in Nigeria because the central bank has already set up its committee, which is working on the concept,” Mr Daniel said.

He added, “I’m so excited that there is no way they would go around developing cryptocurrency without consulting stakeholders from the blockchain technology and some experts too.

“It shows that the problem we are looking into solving long ago is becoming feasible to stakeholders and people in the conventional banking system.”

He, however, expressed concern over the existence of only one switching firm to handle cryptocurrency activities.

“We have only one switching company in the whole of Nigeria, which means that when the switching company has an issue either with their internet or network, we all are affected.

“But with digital currency, it will eradicate this and makes transactions seamless, efficient, faster, and a whole lot more good,” he said. 

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