{"id":17685,"date":"2021-02-11T20:14:48","date_gmt":"2021-02-11T20:14:48","guid":{"rendered":"http:\/\/ci027cfe6eb00a26c3"},"modified":"2021-02-11T20:14:48","modified_gmt":"2021-02-11T20:14:48","slug":"acknowledging-btc-sovereignty-nigeria-becomes-bellwether-for-hyperbitcoinization","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/acknowledging-btc-sovereignty-nigeria-becomes-bellwether-for-hyperbitcoinization","title":{"rendered":"Acknowledging BTC Sovereignty, Nigeria Becomes Bellwether For Hyperbitcoinization"},"content":{"rendered":"
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Today, the Senate of Nigeria \u2014which has similar legislative powers to the U.S. Senate \u2014 <\/p>\n

\u201cCryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don\u2019t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.” – Senator Sani Musa<\/p>\n

\u2014 The Nigerian Senate (@NGRSenate) February 11, 2021<\/a><\/p>\n

“>shared notes from its daily proceedings. Among the presentations of bills and reports was discussion of a recent reminder from the Central Bank of Nigeria (CBN) that financial institutions are prohibited from facilitating any accounts transacting with cryptocurrency exchanges.<\/p>\n

During that discussion, a Nigerian official made a concession that many Bitcoiners champion, but few governmental representatives have ever made. Senator Sani Mohammad Musa<\/a> announced that Bitcoin has all but superseded Nigeria\u2019s fiat system. <\/p>\n

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\u201cCryptocurrency has become a worldwide transaction of which you cannot even identify who owns what. The technology is so strong that I don\u2019t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless." – Senator Sani Musa<\/p>\n

— The Nigerian Senate (@NGRSenate) February 11, 2021<\/a><\/p><\/blockquote>\n