Concerned about the rapid encroachment of Blockchain into the country, Nigeria’s top bank chief has sounded the alarm for relevant agencies to begin to take the disruptive technology more seriously.
Speaking at an event organized by the Nigeria Electronic Fraud Forum (NeFF), Deputy Governor of the Central Bank of Nigeria Adebayo Adelabu has described the Blockchain revolution as a “swim or sink” situation:
“I implore you to, however, work harder, especially as technology yet again has taken us to the dark waters of Blockchain technology, where players must learn to either swim or sink, in the novelty of the tide.”
Events of the recent past have attracted the attention of the Federal Government of Nigeria as it regards the entire Blockchain ecosystem. Citizens have literally taken their destinies in their own hands, ignoring several warnings and threats by the nation’s national assembly as they invest in various schemes that may be directly or indirectly related to Bitcoin and Blockchain.
The genuineness and credibility of some of these schemes may not be guaranteed, however, as investors can practically carry out their businesses without the interference of government agencies and banks have become a subject of concern for the Nigerian government.
Blockchain will be bigger than the Internet
Jeremy Epstein of Never Stop Marketing, emphasizes how important Blockchain will become to the global technological and economic environment.
Epstein tells Cointelegraph that Blockchain will eventually become even bigger than phase one of the Internet:
“The Internet was all about information. Blockchain is about assets and assets are what really make the world go round.”
The good and the bad
However, Epstein describes the “swim or sink” phenomenon based on the peculiar circumstances of any given society.
He indicates that the given idea has a twofold explanation.
For any country that is plagued by a lack of transparency and/or corruption, foreign investment will be stifled if there is a lack of confidence in the legal/ownership system of that country.
While for countries that start to get their act together in regards to security/transparency, which Blockchain affords, they will attract the next round of FDIC.
In addition, Epstein says that this will increase consumer confidence in their own economy, which means that the value of the currency will increase, the opposite of what happened in Venezuela.
Benefits will outweigh the losses
Epstein identifies some concerns as it pertains to criminal elements taking advantage of the system, however, he believes that the benefits to be gained by tackling corruption will very much outweigh such vices.
As it concerns Nigeria, Epstein believes that the empowerment of individuals, for example in property rights, will spark a new wave of business growth.
“Perhaps the bank chief is saying that either Nigeria gets on this revolutionary opportunity that Blockchain affords or we will be left behind.”
Epstein concludes by saying that middlemen and people who take commission are at the greatest risk, because with Blockchains, they don’t offer any real value.
Also, government and private officials who rely on bribes will have a tougher time.