The fate of Blockchain and Cryptocurrencies in Africa

The Central Bank of Nigeria (CBN) has made it categorically clear it will not stand in the way of Blockchain and Cryptocurrency technologies. Musa Itopa Jimoh, Deputy Governor of the country’s apex bank made this known when he was addressing the first ever Nigeria Blockchain Conference in Lagos earlier this week.

According to the Central Banker, Monetary Authorities around the globe are consciously monitoring the ongoing disruption the financial sector is undergoing via Blockchain Technology enabled digital currencies. “While some countries have come out with specific directives and stance on the adoption of digital currency and Blockchain Technology, Some countries are still reviewing their positions to enable them to decide on which way to go,” Musa stressed.

However, he is optimistic some of these authorities have no other option but to be cautious and play delay tactics. The Deputy Governor went ahead and predicted that sooner than later all the central banks and Monetary authorities will finally legitimize the use of Blockchain Technologies to drive financial services as well as issue digital currencies.