THIS ARTICLE WAS ORIGINALLY PUBLISHED IN THISDAY NEWSPAPER ON JULY 4, 2019
The Chief Executive Officer of Kurecoinhub, Mr. Tega Abikure, an expert in Blockchain and digital currency, has advised the federal government and governments of African countries to consider the adoption of Bitcoin as a currency for storage of national reserves.
According to him, “Cryptocurrencies are changing the face of the global financial world and bitcoin is at the forefront of this. African countries can benefit from its acceptance and value-addition by keeping some foreign reserves in the currency. If adopted, this can help to improve the finances of African countries.”
Abikure who spoke with a journalist in Lagos on the benefits of digital currency like Bitcoin said there was a need to consider a switch to bitcoin as a currency for foreign reserves in view of its global acceptance as a legal tender and also its persistent trade by individual and global corporate bodies.
Abikure, whose firm has launched what has been acknowledged as Africa’s largest Blockchain and Cryptocurrency Project, chided African governments for adopting a sit-and-look posture on cryptocurrency adoption and regulation, at a period when many other countries outside were going ahead to develop a robust cryptocurrency system.
According to him, Africa always tends to be late in the adoption of global technologies and systems, adding that the adoption of cryptocurrencies is another area the continent is lagging behind.
He said: “People and nations all over the world are taking this seriously, building viable projects and infrastructures around bitcoin to safeguard their future and that of the nations. But in Africa, it seems we are the ones on the far side of major adoption.
“We are waiting for others to finish eating up the good stuff and leaving for us scrums to live on. We just need to understand that Bitcoin, kurecoin and other highly valued cryptocurrencies are here to stay and we can only become major stakeholders in this new reality if we can start taking decisive steps now.”
Abikure urged industry leaders on the continent to learn from the countries that were taking decisive steps to secure the future of their nations by taking cryptocurrencies seriously.
He identified some countries such as the United States of America, Estonia, China, and South Korea as nations that African countries should emulate.
The finance expert also noted that the USA had become a global reference point on cryptocurrency regulation and virtually all other nations were looking up to the USA to provide directions for others to follow.
He also said South Korea remained a regular host of Bitcoin conferences and has provided a friendly climate for the local Bitcoin community as a way of becoming a global leader in cryptocurrencies.
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