CBN may establish its own crypto currency.

© CBN may establish its own crypto currency.
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The Nigerian apex bank, the Central Bank of Nigeria said it will soon create its own digital currency, otherwise called crypto currency. The decision to create a crypto currency of its own was made in light of the bank’s earlier ban placed on the purchase and sale of crypto currencies by Nigerians. Recall that on the 5th of February, the central bank in a statement issued and signed by Bello Hassan, Director of Banking Supervision had placed an indefinite ban on crypto trade, claiming that the currency lacked security and was volatile. The new decision was announced by the Central Bank Governor, Godwin Emefiele after a meeting the bank had with regards to monetary policies in Nigeria. According to the CBN boss, the bank had already set up a committee to oversee the introduction of the currency. In light of this new development, Nigeria will join the league of Nations who have introduced their own crypto currency, and they include Dubai (Emcash), Venezuela(Petro), Estonia (Estcoin), Russia (cryptorubble), Sweden (E-Krona)etc.
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