Nigeria’s National Information Technology Development Agency (NITDA) has announced plans to develop the “Nigerium,” a digital currency that is designed to give the Nigerian nation a back-up currency not so affected by the world currency market. The announcement was made by the NITDA’s Director-General, Kashifu Inuwa Abdullahi.
The prospect of nation-states developing digital currencies insulated from the volatility of world currencies is a two-edged sword to this writer. On one hand, digital currency gives small-scale communities a chance to create viable value-exchanges protected from the tyranny of large-scale powers.
On the other hand, government control of a digital currency means total government control over citizens’ lives, who must rely on their good standing with government to have access to exchanging value with others, has obvious risks. If the government allows small-scale communities the power to create their own independent digital currencies, then the threat is blunted.
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Excerpt from bitcoinke.io
National Information Technology Development Agency (NITDA) will develop the ‘Nigerium’ indigenous blockchain to safeguard national security, according to Kashifu Inuwa Abdullahi, Director-General, NITDA.
Abdullahi stated this when he welcomed a delegation from the University of Hertfordshire Law School, in Abuja, adding that that the ultimate goal is to unite the public and private sectors to develop a domestic blockchain.
The people from University of Hertfordshire Law School said that an indigenous blockchain would ensure that Nigerian data and personal information remain under local control, rather than being managed by international co-developers who may not prioritize Nigeria’s interests.
Moreover, they added that reliance on established blockchain platforms such as Ethereum places Nigeria at the discretion of international developers who do not operate under Nigerian law.
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