Tech consultant and investor, Victor Asemota, has defended bitcoin and cryptocurrency against claims made by Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN) that the digital assets are used by criminals.
In the wake of Coinbase listing on Nasdaq, the world’s second largest stock market, there have been reflections on the decision of CBN to ban cryptocurrency in February.
His decision has remained unpopular among tech enthusiasts and many Nigerians who saw the decision as a clampdown on innovations by the President Muhammadu Buhari-led administration.
One notable name that has been vocal against the decision is Asemota, who has been involved in technological advancements in the financial sector since early 2000.
Banks can’t make cryptocurrency disappear
Asemota said he has seen technology evolve and disrupt the financial industry’s tradition from typewriters to the usage of plastic cards to carry money despite being laughed at while presenting the idea to a team of Nigerian bank.
He said crypto is another disruption that is being experienced by the bank and its emergence can’t be snuffed out. He said the digital asset is not going anywhere and the banks can’t make it disappear.
“Crypto is NOT going away. Banks will not wish it away. Volatility will not make it disappear. It is NOT a fad. It may look complicated and complex but that is what the Internet was like before it became mainstream. This is a new world and Africa has to participate fully.” Asemota said in a statement on his Twitter page.
Cryptocurrency is not used by criminals only
He said cryptocurrency might look complicated and complex, but so was the internet when it first debuted. Just like the internet is not only used by yahoo boys (internet fraudsters), crypto is also not used by criminals alone.
“The Internet is not only used by Yahoo Boys as the police want you to think and Crypto is not restricted to criminals as bankers would want you to believe. The future was created many years ago and the rest of the world just caught up but Africa still remains in the past.”
Africa needs crypto for Africans to escape poverty
The investor said crypto is the sure way to create more billionaires in Africa. He stated that while the future had been created by Satoshi Nakamoto years ago, 2009 to be precise, and the world is just embracing it, Africa is still stuck in the past.
Asemota used Coinbase as an example, stating that the American cryptocurrency exchange became richer because it made people wealthy by giving them access to cryptocurrency.
He said that’s the principle of the crypto – making those who make people wealthy through their platform wealthier. The tech enthusiasts said Africa desperately needs this as solution to its poverty problem.
“Coinbase made the investors and founders rich because it helped others to become rich. This is the same formula that we need in Africa. Whatever will create more African billionaires will no longer impoverish others and create poverty but make them richer as well. That is crypto!
“Crypto is about markets and making them more efficient. It is starting with currency and will become commodities and everything tradable. Markets create wealth and anyone who makes markets more efficient becomes wealthy by capturing a fraction of it. Africa desperately needs this”, he said.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...