March 27, 2024
Latest Cryptocurrency News

President’s Manifesto Aims to Unlock Blockchain and Crypto Potential in Nigeria

Nigeria and Africa have been urged by many to integrate blockchain technology into their daily lives. However, GT Igwe Chrisent, the CEO of SumoTrust, an online savings and investment platform, and Truzact, a crypto wallet, emphasizes that poverty must be addressed as a primary concern before effective integration of blockchain technology can occur in society.

During the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023 in Nigeria’s capital, Abuja, Chrisent asserted that eradicating hunger and poverty in Africa is a prerequisite for achieving a more robust integration of blockchain technology. A World Bank report titled ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’ reveals that only 17 percent of Nigerian workers hold jobs with the capacity to lift people out of poverty.

In Chrisent’s perspective, elevating the poor to the middle class is pivotal to accelerating blockchain technology adoption. This transition would enable individuals to afford three square meals daily and have some savings. Nevertheless, Chrisent pointed out that the stability of Africa’s economy is crucial in facilitating this progress, stating, “If we do not fix that, we’ll keep having these conversations over and over again.”

Despite the potential scalability benefits of incorporating blockchain technology into society and the economy, individuals are unable to focus on exploring the technology while struggling to meet basic needs due to poverty. Despite these poverty challenges, Nigeria has emerged as one of the most active countries in terms of interest in and curiosity about Bitcoin and other cryptocurrencies. Google Trends data reveals that Nigeria ranks second in terms of search interest for the keyword bitcoin, trailing only El Salvador.

The current Nigerian President, Bola Tinubu, presented a manifesto during his campaign that, if implemented, would facilitate the use of blockchain technology and cryptocurrencies in the nation’s banking and finance sectors.

Image by freepik

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