While the Central Bank of Nigeria is yet to legalise the use of digital currencies also known as Cryptocurrency in the country, a local firm, Sembic International Limited, has formed a partnership with e-commerce platforms Jumia and Konga, to make payment with The Billion Coin (TBC) cryptocurrency possible in the Nigerian e-commerce space.
The project will ride on an initiative called MoPas MarketPlace, a platform where holders of TBC can shop and make payments using either Naira or TBC. Punch reports that the launch of the initiative is set for Thursday in Lagos. According to the Chairman of Sembic Limited, Mr Victor Akinbile, the project is aimed at making digital currencies more acceptable in Nigeria.
“We came up with this product in order to boost digital currencies revolution. This was why we went ahead to strike a deal with major e-commerce organisations in Nigeria through the product called MoPAS MarketPlace”, he said. This will certainly be a succour for some Nigerians that have made an investment in Blockchain technology and have experienced frustrations owing to the lack of spending opportunities.
Although blockchain technology has been acclaimed to be the economy of the future owing to the ease of use it guarantees, it has been met with stiff regulations by the traditional finance regulators around the globe. Recall that the Central Bank of Nigeria issued a circular, in January 2017, restricting Nigerian banks from carrying out transactions with Cryptocurrency. The CBN claimed it is still studying the Blockchain technology.
This is not the first attempt at accepting crypto currencies as payment options in Nigeria. Recall that, an e-commerce firm, KAVWIN Nigeria Limited has declared that it was ready to accept crypto currencies such as Bit coins, TBC as the medium of payment for goods services, some months ago. This affirms the strive to overcome the option of cash payment by players in the industry.
This MoPas MarketPlace development will be a great relief for cryptocurrency holders, as they would simply shop with the digital currency which is said to increase its value as a steady rate frequently. Also, if it happens that Cryptocurrency is truly the future legal tender, then Sembic would have had a head start in enabling transactions. With leading e-commerce platforms like Jumia and Konga involved in this partnership, the sustainability of the development has more potential.
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