Adekunle Daniel Expresses Excitement As CBN Moves To Establish Committee On Digital Currency
By Trek Africa Newspaper
Mr. Adekunle Daniel
The developer of the first Bitcoin Atm machine in Nigeria Adekunle Daniel, in an interview with gentlemen of the fourth estate of the realm expresses delight and excitement with the decision of the Central Bank of Nigeria to set up committee that would look into crypto currency trading in Nigeria.
We gathered on may 26, 2021 that the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, addressed journalists after a two-day meeting of the Monetary Policy Committee in Abuja.
He said the idea of a digital currency would soon become a reality in the country, and that the central bank has already set up its committee, which is working on the concept.
This statement predicated Adekunle Daniel’s excitement, in his word, “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”.
He said if the Central bank digital currency purported to be developed by the government eventually comes to fruition, it would have stability, it would have visibility and banks involvement.
“The central bank digital currency as they claim to develop would have stability, it will be stable and it would also have visibility and banks involvement, which happen to be one of the disadvantages that we have as a crypto currency trader. It is something great and i am really excited and am supporting as my own stake”
“I’m so excited that there is no way they would go around developing crypto currency without consulting stakeholders from the blockchain technology and some experts too, so it is a great one.
“Central Bank 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. We depend solely on cash base. Central bank of Nigeria 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”. He said.
“If you add blockchain technology to finance, it means that we are going to see transparency like i said before, the way we send and receive money, the way we make settlements, it is going to eradicate third party companies intervention in payment processes.
Adekunle said because we have only one switching company in the whole of Nigeria, everybody using their service are vulnerable when they have a network problem, block chain technology has already addressed this issue.
“We have only one switching company in the whole of Nigeria. It means when this switching company has an issue either with their internet or network, we all are affected. With digital currency, it will eradicate this, makes transactions seamless, efficient, faster and a whole lot more good”. Adekunle asserts.
