With the Venezuelan government officially recognizing the impact of cryptocurrency on its economy, global financial world policymakers can no longer pretend that this disruptive technology has come to stay.
In recent times, Blockchain and cryptocurrency in general, with Bitcoin taking the lead, have become a thing of concern as the financial technology have been trending online, attracting the interest of various economies and industries. CryptoCurrency as de ned by Coin- TeleGraph is:
“A digital or virtual currency de- signed to work as a medium of ex- change. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency”
By this definition, it means Cryptocurrency is money and can serve the same purpose at (paper money) can serve.
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In December 2017, the President of Venezuela, Nicolas Maduro, socially said the pre-sale of the country’s proposed cryptocurrency.
The “petro” will be launched this February 20, just a few days away. Bloomberg quoted Maduro as saying” “The petrol will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.”
Germany has also recognized the use of Bitcoin and cryptocurrency as legal tender.
Looking at the facts above and the fast growth of this disruptive technology of Blockchain, is Nigeria going to launch one or adopt an existing cryptocurrency?
If the Nigerian Government will produce one, what purpose will it serve? If they will adopt an existing cryptocurrency, which projects will that be?
While making further research on this, I came across a locally made cryptocurrency (ABJCOIN) currently listed on CoinMarketCap and trading on various international exchange websites with other good cryptocurrency projects.
ABJCOIN, says the managers, is poised to foster a borderless trade and commerce in Africa and to other parts of the world. Looking at the roadmap of ABJCOIN as seen on its website (www.abjcoin.org), the Coin is set to
· Connect all Nigerian and African banks.
· Introduce the first Cryptocurrency ATM Machine in Africa.
Stand-alone and won’t depend on Bitcoin to control volatility.
· Remitting Cryptocurrency and Fiats across various industries across Nigeria and Africa at large. (Pay for Electricity bills, Schools and exam fees, transport and flights, malls and receiving payments) and
· Almost zero transaction fees of 0.01 ABJ.
It seems an amazing roadmap coming from ABJCOIN and looks like a way forward if the Nigerian Government will adopt cryptocurrency. So, a few questions may arise:
What is the Future of CryptoCurrency?
– Cryptocurrency is definitely the future of money as it correlates with the cashless policy the Nigerian government is currently projecting.
– By adopting cryptocurrency, every- one including individuals, companies and the government itself enjoys a cashless economy with an insignificant fee on every transaction.
– Experts like Robert Kiyosaki have made positive statements about Cryptocurrencies being the future of money.
– Developed countries such as United States, South Korea, Germany, and China aren’t banning the activities of crypto but regulating the activities of cryptocurrency companies to project investors.
Nigerian policy makers and – financial experts must pay more than a casual attention to this international trend to avoid lagging behind.
Ogbonnaya is the CEO Blockchain Tech Hub, Abuja