The director of a secondary school in Nigeria is optimistic that digital money will be more popular than fiat currency in the nearest future.
In the city of Kano, Nigeria, there is a private secondary school which has promised to start taking crypto as a means of school fees payment. This is happening even though the Federal Government has issued a warning to the banks not to support crypto exchanges.
The school bringing the good news is known as New Oxford Science Academy, located in Chiranchi, Kano. The director, Sabi’u Musa Haruna, said clearly that students can now start paying with crypto. In addition, he encouraged the Federal Government of Nigeria to do the needful towards embracing cryptocurrency. The director made the announcement:
Haruna gave examples of countries that have taken the right step towards crypto such as El Salvador and Tanzania. El Salvador citizens are expected to start paying for goods and services anywhere in the country beginning from September 7 after the pro-crypto bill was passed. Yesterday, Tanzania made it known that its former rejection of cryptocurrencies was now obsolete.
Although the director didn’t say the cryptos that will be accepted, it is only logical to think that Bitcoin would be one of them. This is because Nigeria’s activity on BTC is among the highest in the world. In fact, Google Trends places Nigeria as first before Austria, Turkey, and Switzerland.
Four months ago, the governor of the CBN announced that all financial institutions under the control of the government must stop aiding anything that concerns cryptocurrencies. However, the ban wasn’t for individuals and other entities from participating in the sector.
Nevertheless, Nigerians are hopeful that the ban will be lifted especially because some lawmakers who have links with the central bank are against the idea. In fact, the same governor who announced the ban on crypto in the banks also announced last month that there are plans to regulate the industry and also bring up a CBDC next year.
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