I just read through the entire article, and the speaker was directing his speech and advice to Nigerian banks on how they can benefit from the new financial system (cryptocurrency), which is good, and the government will benefit heavily from taxation. A few job creations will be open, which is also good, but I saw nothing like empowering, training, and all that, which can really help the lives of the youth ascertain the knowledge of being productive in the crypto space.
Nna ehn, especially at this period wey we dey, government suppose take the issue of diversification serious especially in the Fintech industry so that e go open more doors for the average and less-priviledged citizens. The number one way, wey dem fit achieve that na wen dem draw young people close to the government. Young people wey get doings. And trust me, by so doing. More jobs will be created and e go they easy to train people, through train the trainer mentorship programs.
And based on the article, the thing that the banks can do as advised is run something similar to PayPal, that is, if they do not have a separate payment network for crypto currency, they can initiate a simple system that can allow the buying and withdrawal of crypto, and they can milk their customers heavily in the aspect of fees. The government can also tax each purchase that is being made using any of the Nigerian bank payments, which is also an extra income for the government.
See indigenous companies like Flutterwave and Paystack too. If government fit open their arms towards partnering with these payment gateways, e go dey easier to build more confidence to people and the taxes go dey locally collected.
My question here is, will anyone who already knows the way of buying and selling crypto in this country be willing to use such a service?
And is the economy problem of this country mainly not having enough funds to generate (both from external and internal revenue sources) or is the problem mismanagement?
What difference will it even make if they are able to earn most of their income from crypto currency purchases? Will that one make a difference?
IMO, the only way I see this as going to be beneficial is for those who have known about crypto currency but are afraid of going into it because of some sort of restriction and not knowing how to do it, to be willing to do that since they can then buy through their bank account and won't be afraid of disobeying any law.
And the few job creations that might come afterwards, if they will consider using the experience developers we have here in our local community and not run entirely to outsiders,
At last, we need plenty awareness creation and community engagement about some of these new technologies. You sabi how our people dey conservative to new ideas. We go need just take am slow slow in to the schools and other institutions. For example, e don tey wey I know about bitcoin. But e never too tey wey I enter the house. Everything boils down to awareness creation sha!
