Hello friends, do you think Nigerian banks and other related bodies will ever consider categorizing Cryptocurrency as an asset that will make people eligible for loans? I read online that that is a move been considered already by countries like the United States.
This is a very good question. Well, cryptocurrency is still at its developmental stage, and for other countries to have started using crypto as collateral for loans, I am sure it will get to the turn of Nigeria one day. The risk assessment will be ascertained, and perhaps, some kind of escrow or legal documentation linking the crypto with an acknowledged legal agreement to avoid it being spent will be drafted.
It takes one business to start, and many others would follow. And indeed, crypto is an asset, it should be enough to stand as collateral for a loan.