CBN: “Bitcoin is Unstoppable in Nigeria”

The Central Bank of Nigeria has officially informed that they can never stop bitcoin. Such a radical statement was made at a breakfast meeting prepared by the Chartered Institute of Bankers in Nigeria which are considered key players in Nigeria’s financial and technology sphere.

The meeting was titled as “Cryptocurrency: Evolution, Regulatory Challenges, and Impact on the Future of Payments and Settlement Systems.” In particular, all experts gathered to talk about the impact of cryptocurrencies—blockchain technology and bitcoin.

Musa Itopa-Jimoh, the Deputy Director of the Central Bank of Nigeria’s banking and Payments System, clarified the CBN’s attitude to bitcoin. In particular, he told that plenty of people misunderstand the bank’s hot warning.

The First Vice President of the CBN, Dr. Uche Olowo, told that such a topic was undoubtedly crucial for the Nigerian financial market.

“On the one hand, all interested parties consider bitcoin as the most valuable and the highest performing currency in the world. On the other hand, most traditional and reputable financial players consider bitcoin as complicated and as unstable, doubting its intrinsic value. Nonetheless, bitcoin has the necessary power to affect the more traditional methods of payments and settlement systems worldwide,” explained Dr. Uche Olowo…

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