NEW TOPIC: Why Nigeria may not adopt Bitcoin as legal tender.
As usual, I dey normally search for Bitcoin related news every now and then just to stay updated Incase any new development dun dey for the country. Today research make we see this news article and after reading am, I just gaz share am make we discuss. This thing wey we all want fit no come to pass oh, as day they go by I dey understand say e go hard for Nigeria to accept Bitcoin as as legal tender. I understand say constitution gaz change and na one thing wey dey hard is to do be dat. Abeg make una go through and give feedback, wetin you think and you go dey satisfied if Nigeria accept Bitcoin as a means of exchange but not a legal tender?.
However, experts believe that nations have to be cautious regarding the adoption of BTC and other forms of crypto as legal tender. They stated that BTC wasn’t designed to become a legal tender.
According to them, Nigeria might someday consider BTC as a form of payment, but it would never replace the Naira. They added that using it as Naira would contravene the constitutional purview of the CBN.
They further stated that the nations that had accepted or thinking of accepting crypto as a form of payment were those on the brink of economic collapse and Nigeria wasn’t necessarily one.
If the president and the judiciary arm of government want to make bitcoin a legal tender, then CBN is nothing to decide that, CBN has no option than to follow, but the arms of government are not showing any green light towards that which makes bitcoin as a legal tender in Nigeria to be likely not possible.
What matters most is not for bitcoin to become a legal tender in my opinion, but for the government to be friendly with bitcoin and make it legally acceptable which is what that matters.
Also in the research, 71% of bitcoin sales are mostly converted to dollar, 17% stored as dollar on Chivo wallet while 10% stored as bitcoin.
Even most of the bitcoin payment in El Salvador are converted to fiat, bitcoin is an investment to most people and would most likely not replace naira but just for investment but the CBN will be affraid about this.
But even if Nigeria government is friendly with bitcoin, that is even enough for adoption.