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Blockchain Technology:Nigeria must align with International best practices-Prof Segun Ajibola

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Wednesday, February 8,2017 1.30pm/Damilola Ajibola

As the debate over the impact of Block Chain technology on the financial markets ensues across the globe, Nigerian scholar Professor Segun Ajibola has called on the country’s monetary authorities to align themselves with international best practices.

Prof Segun Ajibola who is the President of the Chartered Institute of Bankers in Nigeria(CIBN), stated this in a recent interview  with Proshare.

According to him “With the advent of the fourth industrial revolution, digital currencies are now becoming the new phenomenon, even in developed economies”.

He asserted  that if it becomes a legal and acceptable means of payment, Nigeria should align itself with the developments in global financial landscape.

The CIBN  President stressed that  the bitcoins and cryptocurrencies, which are part of the block chain must be legalized to become a means of payment and transaction in Nigeria.

Speaking further Professor Ajibola emphasized the need for a comprehensive review of the implications of the blockchain technology, on the Nigerian money market space.

He urged the monetary policy authorities to explore the applicability of the block chain technology, to the Nigerian financial market without destabilizing the system.

Ajibola also referred to a recent advisory from the Securities and Exchange Commission(SEC), cautioning Nigerians from indulging in bitcoin and cryptocurrency transactions.

The University Don believed at the moment Nigerians indulging in the transactions around block chain technology, are engaging a “Ponzi scheme” type of investment

In Nigeria the Central Bank of Nigeria recently set up an Industrycommittee, to develop policies and guidelines for the Block Chain technology regulations and the report from the committee is due by February 14, 2017. 

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