KureCoin Hub’s co-founder and CEO Tega Abikure has scrutinized the position Nigerian financial regulators have taken on digital currencies and the blockchain technology. He insists that the nation will linger behind other African countries like Kenya, Uganda and South Africa, who are now benefiting from the adoption and numerous applications of the blockchain technology and cryptocurrencies. Abikure revealed to New Telegraph:
“It is not a matter of whether the government likes it; it is about whether they need it. I am not sure the internet was liked when it first came. As a matter of fact, the government bodies were the last to have website, but now, all of them own website. It is not a matter of whether they are going to embrace it; it is about when they are going to do so.”
Nigerians Are Cryptocurrency Investors
According to a report from popular Nigerian cryptocurrency platform KureCoin Hub, Nigerians have invested well over $5 million in the cryptocurrency market in just the last few years. This data shows that Nigerians are still investing in digital currencies regardless of several warnings from the country’s financial regulators like the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) against venturing in such an unregulated market.
KURE Coin Hub is an initiative, blockchain solution platform, where users can buy, trade and store their crypto-currency seamlessly and promptly with no hidden charges required. Abikure explained that different nations, for example, Uganda and South Africa have expertly made strides towards embracing the blockchain technology while Kenya is pushing forward with a working blockchain taskforce. He said that:
“South Africa has already started taking actions, same as Uganda, in fact, the President of Uganda is very particular about blockchain. Kenya is also at the forefront, and Nigeria is being left behind.”
Blockchain Helps to Improve Foreign Direct Investments
Abikure also trusts that blockchain innovation could be a noteworthy wellspring of Foreign Direct Investments (FDI) in the next five to ten years. Furthermore, he is of the opinion that a great deal of cash is being made in digital currencies on the continent with a significant portion of it leaving Africa’s economy.
Talking about the advantages of blockchain innovation, he credited the blockchain technology for being open and unchangeable; it can be utilized to make a decentralized means of installment and cannot be manipulated, adding that it upgrades income collation and expels the difficulties of settlements among individuals and firms. He stated that: “[The blockchain] is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the taxpayer had an unhindered access to the collector which is the government. It enhances revenue collection and removes the challenges of remittances.”
Concerning the issue of tackling election malpractices in the West African country, Abikure stated that: “From anywhere you are across the country, and the world, if the system shows that you are a Nigerian through imputing certain data, you can vote. With the technology, wherever you are, you do not need to go to a polling unit, the moment you put in your vote, everybody can see that you have voted and once your vote is put in, it cannot be hacked by any means.” He also noted that “Instead of government setting up committees to curb election malpractices, the simple thing to do, is to take election to blockchain.”