Just a few nations are taking into consideration how they must treat bitcoin moving forward. Cryptocurrency poses fascinating possibilities, but it is hard to control as there’s no centralized entity controlling the environment. Nigerian banks are contemplating to legalize bitcoin, which could provide the famous cryptocurrency a great increase, to mention the least.
It isn’t the first time somebody brings up the idea of Nigerian banks legalizing bitcoin. The identical idea was proposed some months in the past. Albert nobody noticed this as a hint of what the future should keep, it might appear numerous Nigerian banks are wondering along the same lines. This improvement caught some people by wonder, although it makes a variety of sense.
An article appeared in the Inquirer, which talks about how the Nigerian Bankers Committee is analyzing blockchain technology. This is anything but unexpected, as almost each financial institution around the world is well aware about what distributed ledgers bring to the desk. There has not been any main product to come forth from this interest thus far. Specialists are expecting some of those blockchain programs will see the light of day in 2017.
What’s more exciting, is how the Nigerian bank Committee nonetheless feels bitcoin poses somewhat of a danger the national economic environment. To be more accurate, the organization touched upon the idea of doubtful crypto currencies flooding the country. It is not difficult to see which initiatives they’re speaking about, as OneCoin has grown to be somewhat of a famous idea in Nigeria. Moreover, there’s the MMM international scheme, which just accepts bitcoin deposits in Nigeria nowadays.
It is obvious the central bank of Nigeria desires to gain a more information of bitcoin and its blockchain technology. That open-minded method can suggest huge things for cryptocurrency in the country moving ahead. Furthermore, it just seems to be a matter of time until Nigeria introduces bitcoin regulation, which could arise as soon as these 12 months. Introducing this type of regulation might successfully legalize bitcoin in Nigeria, despite the fact that the modern isn’t issued by the Nigeria’s central bank.
Nigeria is not the only country in the world trying to control and legalize bitcoin. Japan will be doing the equal later this year, so that it will bring lots more legitimacy to cryptocurrency moving ahead. Albeit nobody can correctly control bitcoin itself, governments can impose particular suggestions for organizations working with customer finances, either in the national currency or in bitcoin. On the other hand, running a financial commercial enterprise will usually be issue to particular law and bitcoin businesses must not be exempt from those regulations.
Bitcoin law does not need to be a terrible element by any ways. China’s central bank issued some new regulatory measures during the last few weeks, which has just helped the bitcoin price stabilizes as time progressed. It is uncertain what Nigeria will do exactly in terms of blockchain and cryptocurrency, however it will likely be an exciting situation to keep watching on.