Given the current state of the globe, Cryptocurrency is undoubtedly one of the most exciting technologies available – the digital currency is here to stay and remains our hope for the future. It is right to say that the potential of Cryptocurrency and the blockchain system entirely is limitless, as evidenced by the fact that some of the top CEOs of leading companies and capital firms are beginning to consider cryptocurrencies as an asset.
According to the CEO of Dantown, Goodnews Igwe, cryptocurrencies will greatly change the scope of finance in the world just as the invention of the world wide web changed the scope of the world.
He mentioned that the global economy will inexorably transition to a digital ecosystem. Everything is moving paperless, from investments to money transfers. Cryptocurrency is the newest and most promising addition to the digital payment market. The benefits of Cryptocurrency to individuals and the country’s economy are numerous to mention, especially in Nigeria.
Nigeria has the largest GDP amongst all other African countries, yet approximately 40% of the citizens live in poverty. He also pointed out that the use of blockchain technology by Nigerians, particularly the youths has been on a steady upward trend.
In 2018, Nigerians accounted for the third-largest holdings of Bitcoin as a portion of the gross domestic product only behind Russia and New Zealand. Correspondingly, the country has an approximate value of 13 million Crypto holders with about $400 million worth of Cryptocurrency transactions. In a country with a high unemployment rate estimated at 32.5% in 2021, the rapid growth of the Nigerian Crypto sector has resulted in several career opportunities for the nation’s young populace.
Crypto trading has been pivotal in lifting countless Nigerian Crypto traders out of poverty. A typical example is a Nigerian Cryptocurrency investor, Edosa Ibe, who credits Cryptocurrency for lifting him out of poverty and was initially surviving on minimum wage jobs.
The volume of transactions on Dantown, a fast-growing Nigerian Crypto exchange, shows how fast the industry is growing in Nigeria. The Crypto industry also opens up new frontiers in international transfers, making it easy for Nigerians to carry out cross-border transfers without needing any middlemen.
Goodnews also questioned the decision of the country’s apex bank to restrict traditional financial institutions from partnering with Crypto companies in Nigeria as he believes this will stiffen the adoption of the technology and also, its evolution in the country.
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He further stated that with the high number of investors in Cryptocurrency, it will be an error to classify Crypto traders as terrorists, fraudsters, and money launderers because most of these illegal acts were already in existence before the development of the blockchain industry.
He concluded by saying that we missed out on opportunities as a country in many industries in the past, and we should not miss this exciting, emerging technology. The blockchain industry has the capacity to create new job opportunities, and also attract more investors since the industry is still at its infancy stage. In his words, “ we should not kill what will develop and promote our country.”
Every new technology needs time to evolve and mature. For Crypto, this is the nurturing stage of the industry.