Creation of decentralised tokens can save Nigeria from debt — Cryptocurrency Expert
By Omolola Dede Adeyanju
Africa’s premier cryptocurrency consultant; The Convener, Cryptocurrency Marathon; and a top leader with Ultima business Africa, Dr Favor Sunano has recommended an escape route from the accelerating debt and the increasing rate of poverty in Nigeria.
He enumerated this during the three days Africa Cryptocurrency Marathon which kick started on Thursday at the Lagos Chamber for Commerce and Industry (LCCI) conference and exhibition centre. The event featured a wide range of cryptocurrency Industry players and facilitators training participants on acquisition and accessibility of digital assets.
According to Dr Favor, “Since working with the CEO of Ultima, Alex Reinhardt, it has opened my eyes to other areas, like what we call Use Cases which is how we make digital assets accessible. Blockchain has been complex since inception, however, Alex has been able to add simplicity to it. All you need to do is to buy shares in the blockchain just as you buy stocks of different companies. We call the blockchain shares ‘split’, you become a shareholder and earn from ‘split’ every 24 hours when you buy it. The blockchain produces profits gotten from transaction fees.”
As regards the invention of E-naira, Dr Favor said that the E-naira was not well thought out. He emphasised that Cryptocurrency is like a democracy of money.
“The government can make e-naira something everyone will want to have in their wallet, something very attractive and they can start small.Teach people what blockchain is, then they will softly get the concept behind it, and it will create wealth for the masses.
“We do not need too many loans. If the government can honestly create tokens, tokens that other countries can buy, real decentralised tokens and sell it. That is the concept of wealth transfer. Wealth of other countries. If Nigeria wants to get out of debt, they can float tokens. Nigeria is very populated, our population is our strength.”
He encouraged people to own digital shares on the blockchain as ‘the shares will keep paying till the year 2055,’ he added.
In his submissions, Digital Assets Education Facilitator, Honourable Andrew Imafidon explained that the event was organised in order to educate people on the reality of blockchains, the opportunities it provides and how to maximise the potentials. “
Blockchain is massive; it has the capacity to engage more people in legitimate business and Investment opportunities while reducing unemployment,” he said.
The facilitator continued by stating, “The cryptocurrency sector is gradually gaining momentum but not to the extent to which we expected it because as an emerging industry, awareness needs to be created, more people should be informed and educated about this Industry. We are still growing and the government too is seeing the light in the tech Industry.”
He expressed the relevance of the Ultima Debit Card that helps people convert digital assets into physical cash that can be spent.
“The card is available but a lot of people are not aware of it. Therefore, creating awareness is key. That’s why we are not only enlightening people of cryptocurrency but also helping them understand its usage,” he emphasised.
Speaking to one of the benefactors of the cryptocurrency Industry, Mrs Rita Ojeifo, a top leader in Ultima noted how Ultima has blessed her since 2017. She testified of Ultima being the reason she was able to travel Internationally, stating that people who once discouraged her from cryptocurrency business now seek to be a part of the business seeing her new self.
