Nigerian Central Bank Acknowledges The Benefits of cryptocurrency: lifting banking restriction soon?

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If you can't beat them, join them. This is something that will become a reality in most nations of the world, and thereafter, it will be innovations upon innovations, taking the financial sector to a whole new level.

^{The Central Bank of Nigeria (CBN) has acknowledged that the emergence of cryptocurrencies has introduced innovations into the financial sector, an aspect that has forced most institutions to change their mode of operations.
CBN governor Godwin Emefiele noted that despite the existing risks associated with cryptocurrencies and fintech, they come with benefits such as financial inclusion driving growth, and lowering poverty levels, Daily Nigeria reported on July 15. finbold}

I recall writing a post titled "Will the government FOMO into crypto?"

Obviously, this is something that will happen sooner or later, the primary cause would be their inability to control the industry. What we've noticed from the nations of the world's governmental bodies has been an attempt to either control or restrict the usage of cryptocurrencies, but to no avail, they've failed on both attempts.

Reading this report made me chuckle a bit, as I began to analyze what potential regulatory attempts may be on the desk, and I can't help but see the political motives that are attached to this, not that it's any surprise, there's always that factor.

Many governments of nations of the world have termed the risk factors of crypto to outweigh its benefits, it's not much to expect with an infant industry populated with capitalist attacks. I often tell people that not all coins in the markets should be addressed as a "cryptocurrency" as many are plotted attacks, targeted at great industry players.

We have to admit, every new innovation is accompanied by several attack structures, we've seen it in cryptocurrencies, seen it in NFT projects, seen it in blockchain gaming, it's basically a by-default effect, where there's money, there's bound to be attacks.

However, this doesn't take away the glory of the ecosystem's functionality. Crypto, being an evolving technology, will always build over these weaknesses, this is why developments are a bigger piece of the puzzle. Today, we have better securities across networks, better financial management structures, products are better designed to fit all possible shortcomings, the idea to build sustainable frameworks is on the rise, and likely to keep up the pace.

The central bank of Nigeria, like any other monetary policy maker, will try to regulate the usage of these protocols, it's only crazy that it's impossible. How many Dapps exist today? I'm sure that even if you knew the exact number today, you'd be surprised how many will exist thereafter. Banning something doesn't stop its operations, Twitter was banned in Nigeria but most Nigerians still used it, that's including me. Technology basically rules, the government has bullshit powers when crypto is a target.

The earlier they understand this, the better chances they will have to build along as the industry expands.

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