The slowness in the adoption and trading in Crypto currency in Nigeria has been blamed on the Federal Government’s failure to adopt a framework for the implementation of blockchain that can give rise to its participation. Already many countries have done that but for some reasons it has not happened in Nigeria.
This was the view of the Chief Executive Officer/Principal Consultant, Cryto Plus Certified, Peter Ayoade Moradeyo, in Lagos, who stressed that there was need to educate Nigerians appropriately as to what cryptocurrency really meant and what disruption it will address.
Crypto currency is a digital asset from block chain technology designed to work as a medium of exchange using cryptography to secure transactions and to control the creation of additional units of the currency. Crypto currencies are a subset of alternative currencies or specifically digital currencies.
Indeed, following the economic revolution and the quest to sustain the economy through advanced financial technology, a new form of digital currency in which encryption techniques are used to regulate the generation of units of a currency it is also used to verify the transfer of funds operating independently of a central bank, needed to be introduced into the economy.
As it is today, report has it that Automated Teller Machines (ATM) for crypto currencies have been launched in Canada, U.K. Germany, South Korea, Brazil, India, among others with the sole aim of aiding banking technology.
Moradeyo said the success story of Crypto currency dated back to 2009, during the financial breakout, when Bitcoin was formed on blockchain technology, adding that it was introduced in Asian countries and gradually to Europe, U.S. among others.