Jack Dorsey, the co-founder and chief executive officer of
Twitter, a microblogging platform, says “the people of Nigeria will lead
bitcoin”.
Dorsey tweeted on Sunday in response to an Oped on Bitcoin
Magazine written by Russell Okung, an American footballer.
Okung, a Nigerian descendant and self-acclaimed Bitcoin
proponent, advised Nigeria to focus on achieving “economic independence and
financial sovereignty” by establishing a Bitcoin standard.
“It is no secret that the current global economic
environment is worrisome and unsustainable,” Okung wrote in the oped. “Sadly,
the fate of the Nigerian economy is in the hands of global central bankers who
do not represent the best interests of the Nigerian people. Despite the
challenges we face, the resilience of Nigerians continues to inspire.”
Okung insisted that it is “urgent” for Nigeria to act and
that the country has a “limited window”. He pointed to the finite supply of the
digital currency as one of its main attractions.
He claimed that Iran, Russia, China and Kenya are already
“mining or otherwise utilising bitcoin,” partly as a means of circumventing the
United States sanctions which prevent them from full participation in the
global financial system.
Last week, El Salvador, a country in Central America,
officially recognised Bitcoin as a form of legal tender to “drive financial
inclusion”.
The Central Bank of Nigeria (CBN) recently announced that it
will launch its own digital currency before the end of 2021.
In February, the apex bank issued a directive to banks to
close accounts of persons or entities involved in cryptocurrency transactions.
It warned that cryptocurrencies pose the risk of loss of
investments, money laundering, terrorism financing, illicit fund flows and
other criminal activities.
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