It’s been a good week for Bitcoin and its standing in the eyes of Federal Deposit Insurance companies. (Okay, there’s a weird sentence I never thought I’d write.)
On Tuesday, FDIC Chairman Martin Gruenberg announced that he will step down in January.
Yesterday, Heritage Vallodon, CEO Digital oatmealNigeria’s leading Bitcoin education and advisory platform, and educated members of the Nigerian Deposit Insurance Corporation (NDIC) on the benefits of Bitcoin and other digital assets.
A tireless supporter of Bitcoin, Vallodon led a symposium for the NDIC titled “Cryptocurrency in the Evolving Financial Industry.”
this week, @DigiOats along with #Mass Cyber Tech Completed a pioneering seminar for @NDICNigeria 🇳🇬In “Cryptocurrency in the Evolving Financial Industry.” We have explored #Bitcoin Sustainable adoption, regulation and financing represents an important moment for Nigeria’s financial future pic.twitter.com/hpWQOqZt8L
— DigiOats⚡️ (@DigiOats) November 21, 2024
It highlighted the following points:
- Bitcoin can serve as a reserve asset for nation-states, including Nigeria
- By using Bitcoin (and other digital assets), banks can reduce settlement time
- Bitcoin can reduce capital controls, because it is resistant to censorship
Fallodon and his team also provided an overview of the evolution of money and financial systems and also touched on the ways in which Bitcoin and cryptocurrencies are already being integrated into traditional financial structures in efforts to convince the NDIC of the importance of Bitcoin and cryptocurrencies.
“Nigeria must adopt balanced regulations that protect citizens and promote innovation,” Falodun told Bitcoin Magazine. “By embracing the uniqueness of Bitcoin and engaging the Bitcoin community, Nigeria can lead the global financial revolution.”
Fallodon knows that without properly educating government officials, Bitcoin runs the risk of being misunderstood and, therefore, improperly regulated.
“I would like regulators to understand that the decentralized nature of Bitcoin is not a defect that should be regulated out of existence, but a feature that provides unprecedented opportunities for inclusion, economic freedom, and improved financial pathways,” he added.
I respect Fallowdon’s efforts.
Before you call me a statistician or some other ridiculous reductive term, I’d like to remind you that even famous cypherpunks like Adam Back have said that part of the fight over greater adoption of Bitcoin (and crypto in general) will include engagement with governments (and courts).
Bitcoin supporters must acknowledge our current political reality and defend Bitcoin to those in power if they want to see it flourish — or if they want to at least prevent governments from formulating bad policies around Bitcoin and/or attacking the industry.
Take a cue from Falodun and do your part to educate local government officials, members of state-level administrative agencies, or even federal-level bureaucrats about Bitcoin.
It is one of the most important things you can do to prevent your country from falling behind.
Comments are closed, but trackbacks and pingbacks are open.