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Blockchain technology is the future financial technology and it already taking over the financial ecosystem

Introducing Africa's decentralized cryptocurrency. With eDeposite tokens, it just takes seconds to make a payment from and to anywhere in the world.

As cryptocurrency becomes widely embraced, businesses need to start keeping a close eye on the technological advancements and look for ways to use it to their advantage. This is why we present to you, Africa's largest cryptocurrency which is widely accepted for various goods and services - eDeposite! Pay your bills, pay for goods, withdraw to cash.

Cryptocurrency regulation and participation from the Central Bank of Nigeria
A comparative analysis of the centralised and decentralised financial system and what it means for the Central Bank of Nigeria.

Gbemisola Alonge
Cryptocurrency regulation and participation from the Central Bank of Nigeria
The CBN and cryptocurrencies: Source: Stears Business
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Sometime in October last year, the Central Bank of Nigeria (CBN) restricted some bank accounts from receiving or making payments.

The restricted accounts had either sent or received funds to run the protests. When the fundraisers hit this hurdle, they set up a bitcoin wallet which donors used, and operations continued as usual. The CBN could not do anything about it because cryptocurrency uses a decentralised monetary system which they or any other central bank have no control over—crypto's biggest strength.

But even if the central banks cannot regulate cryptocurrency, this does not mean they cannot participate in this new technology. But before going into that, let's see what the CBN's limitation to control this system means for monetary policy

Everyone in the Blockchain space has been very expectant of a 2021 filled with policies and regulations. It is as though 2021 is the year of policy makers and regulators.

Let's take A Walk on Blockchain and Crypto Policy and Regulations Across the World with Jude Ayua on Twitter

Jude Ayua is a Blockchain Enthusiast, a Lawyer by profession, and a Writer; who develops content and edits for other authors, magazines, websites and other publishing media.

Why should there be regulations?

1. Government control and supervision - accountability

2. Cyber-Crime control

3. To protect investors

4. To create standards for ethical practices.