It's been a good week for bitcoin and its status in the eyes of federal deposit insurance corporations. (Well, there's a weird phrase I never thought I'd write.)
On Tuesday, anti-cryptocurrency US Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg announced that he would resign in January.
And yesterday, Heritage Falodun, CEO of DigioatmealNigeria's leading bitcoin education and consulting platform, educated members of the Nigerian Deposit Insurance Corporation (NDIC) on the benefits of bitcoin and other digital assets.
Falodun, a tireless bitcoin advocate, led a seminar for the NDIC titled “Cryptocurrencies in the Evolving Financial Industry.”
<blockquote class="twitter-tweet”>
This week, <a target="_blank" href="https://twitter.com/DigiOats?ref_src=twsrc%5Etfw”>@DigiOats along with <a target="_blank" href="https://twitter.com/hashtag/MassCyberTech?src=hash&ref_src=twsrc%5Etfw”>#MassCyberTech completed an innovative seminar for <a target="_blank" href="https://twitter.com/NDICNigeria?ref_src=twsrc%5Etfw”>@NDICNigeria on “Cryptocurrencies in the evolving financial industry”. we explore <a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Adoption, regulation and sustainable finance mark a key moment for Nigeria's financial future. pic.twitter.com/hpWQOqZt8L
— DigiOats (@DigiOats) <a target="_blank" href="https://twitter.com/DigiOats/status/1859525070990836136?ref_src=twsrc%5Etfw”>November 21, 2024
In it he 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 May Reduce Capital Controls as It Resists Censorship
Falodun and his team also provided an overview of the evolution of money and financial systems and also addressed the ways in which bitcoin and cryptocurrencies are already integrated into traditional financial structures in an effort to convince the NDIC of the importance of bitcoin and cryptocurrencies.
“Nigeria must adopt balanced regulations that protect citizens and encourage innovation,” Falodun told bitcoin Magazine. “By embracing the uniqueness of bitcoin and engaging the bitcoin community, Nigeria can lead the global financial revolution.”
Falodun knows that without properly educating government officials, bitcoin risks being misunderstood and therefore improperly regulated.
“I would like regulators to understand that the decentralized nature of bitcoin is not a flaw that needs to be eliminated through regulation, but rather a feature that offers unprecedented opportunities for inclusion, economic freedom, and optimization of financial pathways,” he added.
I respect Falodun's efforts.
Before you call me a statist or some other silly, reductive term, I'd like to remind you that even well-known cypherpunks like Adam Back have said that part of the fight around greater adoption of bitcoin (and crypto in general) will include participation with governments (and courts).
bitcoin advocates should recognize our current political reality and defend the idea of bitcoin to those in power if they want to see it flourish, or if they want to at least prevent governments from making poor policies around bitcoin and/or attacking the industry. .
Follow Falodun's example and do your part to educate local government officials, members of administrative agencies at the state level, or even bureaucrats at the federal level about bitcoin.
It's one of the most important things you can do to prevent your country from falling behind.
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