The crypto currency meeting with CBN
The meeting commenced at about 10:15 am with many stakeholders across board in attendance. Some stakeholders represented different organisations and companies that provides services . Groups such as : Exchangers
Wallets providers
Miners
Transaction service providers
Software developers
Crypto Currency investors and Users and of course
those who are curious to know what crypto currency is all about were all in attendance.
The Director, Governors Department was represented by Mr Yakasai who gave key note address on behalf of Director Governors Department.
The CBN Chairman on Lead Team, Study on Crypto Currency, Mr Vincent Wuranti gave a key not address and gave a very encouraging remark on Crypto currency and why the meeting was organised, which was to brainstorm on
1, The Crypto Currency ,
2, How to domesticate crypto currency ,
3 How to regulate around crypto currency or protect investors.
3, How to prevent crypto currencies being used for money laundering,
- Administration of tax on Crypto currency trading and other things and the overall impact on the economy.
One of the stake holders who is an expert on block chain Technology who took the first session gave a mind blowing presentation in a layman's language with practical demonstration.
The second presenter was Mr Akintunde Olubisi a CBN staff and a member of Diagnostic workshop on Crypto Currency who explained the opportunities and challenges with the crypto currency, the third presenter was another crypto currency expert who explained to the house on how the Government can manage and benefit from Crypto currency if they are implemented fully. The man encouraged CBN to fast track the process of taking position on crypto currency and possibly come in with their operational rules and may be KYC policy .
There was also technical session were CBN staff sat and listened and learnt from the brilliant contributions from all crypto currency guys in the house, from my observation, CBN called all of us to learn from us on how best to come with a policy that can help the adoption and domestication of crypto currencies with Bitcoin as yardstick like what Japan , Canada and some other countries who have accepted crypto currency are already doing .
CBN has not been sleeping over crypto currency , Different meetings have been held with critical stake holders on financial matters which includes SEC, EFCC, FIRS and other Ministries, Departments and Agencies of the Federal Government. All of them are aware that Crypto Currency is genuine , there is no doubt about that and that it has come to stay and Nigerians are massively involved in it .That is why they called the meeting (both Lagos and Abuja meeting ) to learn from the experts and investors so as to help them in their research and working documents to come up with the best way to key in this global trend. The outcome of our meeting and their research work will be submitted to the CBN in order to guide them on policy direction on Crypto Currency.
Questionnaires were given for all the participants to fill and return. They also gave their email for suggestions and technical advice from any company , groups and individuals, that will help CBN
From my observation, CBN, will come up with indigenous crypto currency (Nigeria crypto currency) which will be under the control of CBN. But experts have given brilliant advice to CBN on how to come up with the best policy that will help crypto currency thrive in Nigeria. .
Summary report from the meeting at the CBN Auditorium, CBN Corporate Head Office Central Business District, Abuja.
One thing the CBN acknowledged, is that crypto currency is a global stuff and cannot be done away with. The meeting was hot, turnout, responses , comments were very impressive.
Conclusion: everyone should come on board Crytocurrency because something great is about to happen to crypto currency in Nigeria.
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