Bitcoin ATM developer, Adekunle Daniel, urges FG on digital currency

Etim Ekpimah

The developer of the first Bitcoin Automated Teller Machine (ATM) in Nigeria, Mr Adekunle Daniel, has asked Federal Government (FG) to key into digital currency.

Speaking during an interview with journalists in Lagos on Tuesday, Daniel said that if the Central Bank of Nigeria decision on digital currency materialises, it will have stability, visibility, and banks involvement.

Daniel said: “CBN digital currency is going to benefit the country, looking at the way our conventional naira is now.

“We don’t transact in a way that is efficient, we are a cash base economy, and we depend solely on cash base.

“CBN coming to develop digital currency is actually something that would revolutionise Nigeria because there is no how you will not utilise block chain technology when developing a digital currency.

“The idea of a digital currency would soon become a reality in Nigeria because the CBN has already set up its committee, which is working on the concept.”

The CBN during its 279th MPR recent meeting in Abuja, its governor, Godwin Emefiele indicated interest in also having digital currencies in the country.

He had said: “We have carried out our investigation and we found out that a substantial percentage of our people are getting involved in cryptocurrency, which is not the best, some may be legitimate, but most are illegitimate.”

Daniel, a blockchain technology professional and cryptocurrency consultant, said Nigeria only has one switching company, which is prone to network issue as all Nigerians are linked to the service.

He added that with the blockchain technology, such issue would be addressed.

Daniel noted that with the blockchain technology, finance would be transparency in the way Nigerians send and receive money as well as debt settlements. He added that the service will eradicate third party interventions in the payment processes.

Daniel, however, thanked the CBN for its decision to set up committee that would look into cryptocurrency trading in Nigeria.

“I’m so excited that there is no way they would go around developing crypto currency without consulting stakeholders from the blockchain technology and some experts too, so it is a great one.

“It shows that the problem we are looking into solving long time ago, is becoming feasible to stakeholders and people in the conventional banking system.

“We have only one switching company in the whole of Nigeria which means that when the switching company has an issue either with their internet or network, Nigerians would not be able to make transactions.

“We all are affected, but with digital currency, it will eradicate this and makes transactions seamless, efficient, faster and a whole lot better,” he said.