Nigeria to Launch its own Digital Currency - Techsvilla

Wednesday, 4 October 2017

Nigeria to Launch its own Digital Currency



Digital currency is here to stay for real and I’m sure few years from now fiat currency may be out of place. I remember Central Bank of Nigeria fought against bitcoin and other digital currency, gave strict warning to banks that all banks in Nigeria will be sanctioned should they process or get involved in cryptocurrency… then I laughed in Swahili…


Right now, Japanese and Nigeria’s Central Bank are said to be looking at collaborating to development of digital currencies that will be legally accepted as a means of payment across both countries.

It will interest you to know that Japan already ahead of Nigeria accepted bitcoin as a means of payment in its financial market. As at when CBN kicked against the use of bitcoin, the value was still around $450 - $600; but right now, the value is $4,336.7. 

I was privileged to get myself some bitcoin, invest in some cryptocurrencies and I have no regret at all for that. 

According to PageOne, the government is also looking at developing its alternative digital currency that will be politically sanction called the J-Coin developed by the Mizuho Financial Group and Japan Post Bank.


There is no timeline as to when the digital currency for Nigeria will be launched but there are indications that an initial coin offering, ICO might be possible in the next 12 months.

So if you’ve got yourself some bitcoin, trade with it or keep it, but don’t spend it. Either way, it will increase in value.

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