This week has proven beneficial for Bitcoin and its perception among federal deposit insurance organizations. (Strange phrasing I never anticipated I’d articulate.)
On Tuesday, the anti-crypto U.S. Federal Deposit Insurance Corporation (FDIC) Chairman, Martin Gruenberg, revealed he would be resigning in January.
Yesterday, Heritage Falodun, the CEO of DigiOats, which is Nigeria’s foremost Bitcoin education and advisory platform, enlightened members of the Nigeria Deposit Insurance Corporation (NDIC) about the advantages of bitcoin and other digital currencies.
Falodun, an unyielding Bitcoin advocate, led a seminar for the NDIC called “Cryptocurrency in the Evolving Financial Industry”.
This week, @DigiOats in collaboration with #MassCyberTech conducted an innovative seminar for @NDICNigeria
on “Cryptocurrency in the Evolving Financial Industry”. We delved into #Bitcoin incorporation, legislation, and sustainable finance signifying a pivotal moment for Nigeria’s economic future pic.twitter.com/hpWQOqZt8L
— DigiOats
(@DigiOats) November 21, 2024
In this seminar, he underscored the subsequent points:
- Bitcoin can act as a reserve asset for nations, like Nigeria
- By utilizing bitcoin (and other digital currencies), banks can lessen settlement durations
- Bitcoin has the potential to diminish capital constraints, as it is resistant to censorship
Falodun and his team also delivered a presentation on the progression of currency and financial systems and addressed how bitcoin and cryptocurrency are already woven into conventional financial frameworks, aiming to persuade the NDIC of the significance of Bitcoin and cryptocurrencies.
“Nigeria should implement well-rounded regulations that safeguard citizens while encouraging innovation,” Falodun conveyed to Bitcoin Magazine. “By acknowledging Bitcoin’s distinctiveness and connecting with the Bitcoin community, Nigeria could spearhead the worldwide financial transformation.”
Falodun recognizes that without adequately informing government representatives, Bitcoin risks being misinterpreted and, consequently, misregulated.
“I wish regulators to comprehend that Bitcoin’s decentralized essence is not a defect to be eliminated, but a characteristic that provides unprecedented chances for inclusivity, economic liberty, and enhancement of financial infrastructures,” he added.
I admire Falodun’s initiatives.
Before you label me a statist or any other trivial categorization, I’d like to remind you that even prominent cypherpunks like Adam Back have stated that part of the struggle for greater Bitcoin adoption (and encryption at large) will involve engaging with governmental entities (and legal systems).
Supporters of Bitcoin should acknowledge our present political climate and advocate for Bitcoin to those in positions of influence if they wish to see it prosper — or at the very least, to prevent governments from creating detrimental policies surrounding Bitcoin and/or undermining the industry.
Take inspiration from Falodun and contribute to educating local government officials, state-level administrative agency members, or even federal bureaucrats regarding Bitcoin.
This is one of the most crucial actions you can undertake to prevent your country from lagging behind.
