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CNB and Deposit Insurance Commission Investigating Bitcoin Use

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The CNB and the Nigeria Deposit Insurance Commission have officially set up their own committee to investigate the prospective solutions Bitcoin can be integrated into and possibly explore means of adoption through the country.

“We will also look at what it means for money laundering, anti corruption, crime and measurement of money /near money instrument for the economy. “But we need a lot of education to do this and I’m calling on you (media) to educate yourselves about all of this so you can educate the public,” he said.

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The central bank has also considered how the Bitcoin has performed when partially integrated into other countries’ economies. Countries such as the UK and America were highlighted as benefiting from the Bitcoin. Developing countries such as African nations could also make huge use from the remittance opportunities Bitcoin provides according to the CNB.

“You can make payments with it because it has been recognized and one of the famous ex-chief executive of Barclays PLC, Antony Jenkins, has joined the group’s board of directors, “Ibrahim said.

To conclude the hint that the central bank may delve further into exploring the possibilities that Bitcoin brings, considerably helps the image of the coin. Associated with the recently collapsed MMM scheme the coin is currently considered financially unstable as previously the CNB was aware of its use in these illegal financial activities. Also many users also suggested the infiltration of the Bitcoin currently is to a point where the CNB may not be able to take the reins. However as with any governmental intervention, the growth of Bitcoin markets and infrastructure is sure to be accelerated.

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