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Central Bank of Nigeria (CBN) Authorises Bitcoin Usage In 10 Nigerian Banks?

URCH September 3, 2017Business, Technology Leave a comment

The National Publicity Secretary of the Central Bank Of Nigeria last weekend ,in an interview with dailymailng 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.

Dailymailng 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…

However;

A dedicated Bitcoin exchange for Africa has launched after a four-month development phase from Nigeria-based programmers.

Announced Sunday by lead developer Timi Ajiboye, the unusually-named Bitkoin.Africa seeks to provide legitimate trading opportunities for local cryptocurrency holders.

“We’re launching today Oct. 1, 2017. With complete support for Nigeria and partial (buying only) support for all other countries,” Ajiboye confirmed on Twitter.

The move marks an encouraging step for Nigeria, which has frequently made the headlines for the wrong reasons regarding illicit usage and spurious regulatory warnings surrounding Bitcoin.

In further tweets, Ajiboye confirmed the platform boasts an automated escrow service and the ability to buy Bitcoin using Visa and MasterCard.

Buy listings currently revolve around 1,650,000 naira per Bitcoin, around $150 higher than spot rates on exchanges such as Bitstamp in Europe.

The release marks a further Nigerian ‘spin-off’ of popular Bitcoin-based tools. In July, Overstock appeared to ‘inspire’ Shopnow.ng, a Bitcoin-only e-commerce site offering a range of products available for purchase strictly with cryptocurrency.

The site currently lists a more advantageous rate in naira, around one mln lower than Bitkoin.Africa.

Nigeria already enjoys dedicated exchanges in the form of NairaEx and Remitano, while Kenya’s payments and remittances platform BitPesa is also establishing a firm foothold in the country.

Start your wise chase for bitcoins now that the value is still $4000 per one bitcoins before it hits $10,000, contact ATEL today for counselling and advice.

At Altecho Trading and Exchange Limited- ATEL, we give you news, opinions, advice and research on Crypto-currency (eCurrency, digital currency), computer/general security issues and the latest internet threats.

Credit: ATEL + William Suberg