Cryptocurrency Taking Centerstage In Africa’s Political Campaigns

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Atiku Abubakar

A Nigerian opposition leader has promised to implement crypto policy if elected president. These were sentiments by Mr. Atiku Abubakar, the main Nigeria’s opposition leader who has also served as the country’s vice president. He has stated clearly that Nigeria will adopt cryptocurrency and blockchain technology if he is voted to power.

The Only Crypto-Friendly Candidate On The Ballot

Nigeria’s general elections are slotted for February 2019 and there are more than 50 candidates who are vying for the presidency. Among them is one Atiku Abubakar who is jostling to beat the incumbent Muhammadu Buhari with his cryptocurrency policy push. As the representative of the People’s Democratic Party, Abubakar is the main contender in the forthcoming elections.

He is a business mogul who owns various companies in various sectors within the county and without. He has firms in the agriculture, food and beverages, media, and logistics industries. But above all, he is the only candidate who appears to be crypto-friendly in a country where the crypto and blockchain wave is slowly gathering. From 1999 to 2007, Mr. Abubakar served as the country’s vice president under the reign of Olusegun Obasanjo.

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The Comprehensive Crypto And Blockchain Policy

On November 19th 2018, Atiku Abubakar released his official campaign policy document. In it, the PDP candidate promised to make a comprehensive policy on crypto and blockchain. However, all these will only happen if he is elected as the president of Nigeria, which is Africa’s largest economy. He further made clear his plans to build an economy that is entirely knowledge-based.

Such an economy will be powered by communication and information technologies, with cryptos and blockchain included. He also revealed that, through his government, he will improve literacy in these areas. This will be done by changing the school curriculum, so learners can be taught about them from primary school.

Regime Hostile To Cryptocurrency

The main mission of the PDP’s candidate is to ensure that the economy of Nigeria is responsive to some of the current problems. This can only be possible by keeping up with the great dynamic technological speed. This is one thing that the current Nigeria’s government hasn’t done.

Both the virtual coins and the blockchain technologies have not been embraced by the current regime in Nigeria. According to the Central Bank of Nigeria’s governor, Godwin Emifiele, cryptocurrencies are just like a gamble.

Citizens Active In Digital Currency Platforms

Despite the government of Nigeria holding the stance that the country isn’t ready for cryptos, the situation at the ground tells a different story. Nigerians have continued to search digital currency platforms looking for the most affordable ones.

In Nigeria, these are some of the easiest ways citizens use to send money abroad or receive it. They have also been using the crypto for other important uses. One is to protect against inflation and losses related to exchanging its local fiat unit, naira. Based on a report done by Citigroup, Nigeria is the world’s 3rd largest holdings of Bitcoin, the leading crypto. It ranks after Russia and New Zealand.

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