Expert Advises  FG  To  Embrace Digital Currency

The developer of the first Bitcoin Automated Teller Machine (ATM) in Nigeria, Mr Adekunle Daniel, has urged the Federal Government (FG) to embrace digital currency.

Daniel disclosed this in an interview  in Lagos.

According to Daniel, if the Central bank digital currency purported to be developed by the government eventually comes to fruition, it would have stability, visibility and banks involvement.

“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 base economy and we depend solely on cash base.

“CBN coming to develop digital currency is actually something that would revolutionise Nigeria because there is no how you will not utilise block chain technology when developing a digital currency.

“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,” Daniel said.

Daniel, a blockchain technology expert and crypto currency consultant said that there was only one switching company in the country, everybody using their service are vulnerable when they have a network problem.

He said that blockchain technology has been initiated to addressed the issue.

According to him, blockchain technology to finance would ensure transparency in the way we send and receive money and the way we make settlements and also eradicate third party companies intervention in payment processes.

Daniel expressed  delight over the decision of the CBN setting up committee that would look into crypto currency trading in Nigeria.

“I’m so excited that there is no way they would go around developing crypto currency without consulting stak beholders from the blockchain technology and some experts too,  so it is a great one.

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

“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.