A Nigerian secondary school, New Oxford Science Academy Chiranchi, plans to accept cryptocurrency as school fees. Kano focus says.
Some countries around the world started to embrace cryptocurrencies, predominantly after the most recent crypto campaign. The latest fall in the crypto market did not reduce the demand for these assets as platforms throughout some industries have been assimilating crypto into their systems. Despite the growth of the crypto-sphere, the regulations surrounding it, remain unclear. Nigeria also is in the same boat as these countries.
Nigeria Private Secondary School Accepts Cryptocurrency
Mr. Sabi’u Musa Haruna, the school’s principal said the decision was taken after due consultation with parents.
“We’ve decided to accept cryptocurrency as school fees because the world today is tilting towards the system. And we believe one-day digital money will gain more acceptance than paper money.
The private secondary school head also added that countries like El-Salvador and Tanzania already accept cryptocurrency in their schools.
He, therefore, insisted the Federal Government should quickly embrace the system and regulate it.
The crypto scene in Nigeria has remained quite uncertain. This is specifically after the Central Bank of Nigeria declared it had forbidden financial institutions from supporting services to cryptocurrency platforms.
Nonetheless, while this took place in February 2021, the country’s vice president, Yemi Osinbajo, conveyed a crypto-positive speech in May. He said,
“There is no question that blockchain technology generally, and cryptocurrencies, in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine. We need to prepare for the seismic shift, and it may come sooner than later.”
Nigeria hasn’t been a crypto-friendly country as the government had asked all banks to close any accounts condoning any crypto activity. This move is intended to discourage people from investing in cryptocurrencies.
Ironically, Nigeria now takes a neutral stance on it and might even release their own crypto by 2022.
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