Digital Currency Get The Backing of Nigeria’s Presidential Candidate

A Nigerian presidential candidate has endorsed digital currencies, expressing faith in their potential and rejecting the notion that they could disrupt an economy.

Bukola Saraki, one of the Peoples Democratic Party’s 15 presidential candidates, believed that digital currencies may actually assist the country’s youth.

Bukola Saraki, one of the PDP’s fifteen presidential candidates in Nigeria’s next election, acknowledged that digital currencies may actually assist the country’s youth. Former Senate President Saraki claims to be the best candidate to lead the country in 2023, emphasizing the importance of enacting legislation governing players in this field.

Saraki said:

“I believe that digital currencies have contributed to create jobs and opportunities, particularly for the younger generation. And I support initiatives that produce jobs and a conducive atmosphere for people to conduct business “

Despite the Central Bank of Nigeria’s restrictions on cryptocurrency transactions, the cryptocurrency exchange Kucoin estimates that about 34 million Nigerians trade or hold crypto assets as of April of this year.

According to Jennifer Echenim, a software engineer based in Lagos, the use of digital currency is growing because enterprises and individuals are constantly looking for ways to preserve value.

The African country inaugurated a digital currency in October of last year, which the CBN described as a “significant stride forward in the evolution of money” in Africa’s most populous country.

However, the CBN has mandated that financial institutions restrict crypto-related transactions since February 2021. According to the central bank, privately created cryptocurrencies such as bitcoin have no place in Nigeria‘s traditional financial system.

Despite the central bank’s mandate to financial institutions and a crackdown on errant institutions, Nigerian interest in digital currencies has remained high.

Nigeria has the most peer-to-peer trade outside of the United States, according to Paxful, a Bitcoin marketplace.

Three months after its debut, the eNaira app had been downloaded 694,00 times from 160 countries and utilized in over 35,000 transactions, according to a study published in January of last year. According to local media reports, there have been approximately 700,000 downloads since last week.

The eNaira is the digital version of Nigeria’s official currency, as well as Africa’s first national digital currency. Following the CBN’s implementation, bank officials argued that it would facilitate financial inclusion as well as fiscal gains that would stimulate the economy.

Meanwhile, Saraki has yet to define his plans for the cryptocurrency industry if he is elected President of Nigeria.

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