Why central banks are uncomfortable with bitcoin

It is not a secret that both monetary authorities and fiscal authorities globally have been uncomfortable with cryptocurrencies, the most prominent of which is the bitcoin. Recently, the vice president of Nigeria and the governor of the central bank of Nigeria sparred for and against the increasing use of cryptocurrencies in the country. This was sequel to the directive from the central banks to deposit money banks instructing a clampdown on accounts used for cryptocurrency trading. While the vice president felt cryptocurrencies are products of innovation, are progressive and a source of job c…

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