The National Publicity Secretary of the Central Bank Of Nigeria last weekend ,in an interview with Wakabia in Lagos said that CBN have authorised commercial banks to ok transactions made in cryptocurrencies by customers in their various bank branches.
Mr Lawal Opeyemi said the 40 per cent appreciation of the bitcoin in July following the senate meeting on cryptocurrency usage in commercial banks was good news for the economy.
Virtual currency bitcoin is starting to get recognisition in Nigeria as CBN is giving a nod and a go ahead order to commercial banks to authorise transactions made with with cryptocurrency . A startup funded with $106 million from the Nigeria Stock Exchange as well as banks and venture capital firms, is set to launch the first licensed Nigeria bitcoin exchange.
Wakabia noted that it’ll add increased security to traders as well as monitor real-time pricing of the world’s foremost cryptocurrency. If you’ve forgotten, unlike normal currencies, bitcoin is traded virtually and isn’t backed by a central government: reasons why the currency often fluctuates severely. The startup’s founders have managed to gain licenses from half of the states’ financial regulators, including (importantly) Central Bank of Nigeria .
The banks can only do business in all states of the federation in which it’s gained approval, taking 0.25 percent from most transactions, with the first two months charge-free. The exchange already has 2.2 million “ coin wallets” on file, and plans to operate in 30 countries by the end of the year – it’s already set up in 19 of them.
Amogst the banks approved by central bank to engage in bitcoin includes:
First Bank PLC
Zenith Bank
Mr Lawal Opeyemi said the 40 per cent appreciation of the bitcoin in July following the senate meeting on cryptocurrency usage in commercial banks was good news for the economy.
Virtual currency bitcoin is starting to get recognisition in Nigeria as CBN is giving a nod and a go ahead order to commercial banks to authorise transactions made with with cryptocurrency . A startup funded with $106 million from the Nigeria Stock Exchange as well as banks and venture capital firms, is set to launch the first licensed Nigeria bitcoin exchange.
Wakabia noted that it’ll add increased security to traders as well as monitor real-time pricing of the world’s foremost cryptocurrency. If you’ve forgotten, unlike normal currencies, bitcoin is traded virtually and isn’t backed by a central government: reasons why the currency often fluctuates severely. The startup’s founders have managed to gain licenses from half of the states’ financial regulators, including (importantly) Central Bank of Nigeria .
The banks can only do business in all states of the federation in which it’s gained approval, taking 0.25 percent from most transactions, with the first two months charge-free. The exchange already has 2.2 million “ coin wallets” on file, and plans to operate in 30 countries by the end of the year – it’s already set up in 19 of them.
Amogst the banks approved by central bank to engage in bitcoin includes:
First Bank PLC
Zenith Bank
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