When on February 6 2021, the Central Bank of Nigeria (CBN) gave the directive that all deposit money banks in Nigeria should close all cryptocurrency accounts, it was received with misgiving among Nigerians.
Although the CBN through its Governor, Mr. Godwin Emefiele, explained the fears of the apex bank, especially that Cryptocurrencies are not controlled by a singular entity, that directive did not go down well with many Nigerians who are already neck-deep in cryptocurrency trading. Of course, as usual, they continued their trading using alternative means.
With the advancement in technology, everything is now possible, including digital currency.
Several reports have shown that digital currencies are already on the way to become the perfect alternative to the traditional fiat currency.
A thought of that has forced countries to begin research into developing their own Digital currencies, to take back the flow of money into their own hands. As Cryptocurrency is totally decentralised, they want to give their citizens an alternate option that is quite similar to Cryptocurrency but will be a centralised one.
