The Co-founder and Chief Executive Officer of a microblogging and social media platform, Twitter, Jack Dorsey, has reacted to an open written to the Nigerian Government over its ban of Bitcoin, saying “the people of Nigeria will lead bitcoin revolution.
Jack, who so much have interest in any issue relating to Nigeria, has tweeted on Sunday in response to an American footballer, Russell Okung’s Oped on Bitcoin Magazine.
The people of Nigeria will lead #bitcoin 🇳🇬 https://t.co/A8Ev3tMkJS
— jack (@jack) June 13, 2021
Russell, a Nigeria descendant and self-acclaimed Bitcoin advocate, in his Open letter, implored the Nigerian government to focus on achieving “economic independence and financial sovereignty” by establishing a Bitcoin standard.
He noted it is clear that the current global economic environment is worrisome and unsustainable, adding that it is saddened that 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,” he said.
Russell pick-pointed the finite supply of Bitcoin as one of its main attractions, insisting that it is “urgent” for Nigeria to act and that the country has a “limited window”.
The American footballer cited 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.
He also stated that El Salvador, a country in Central America, last week recognised Bitcoin officially as a form of legal tender to “drive financial inclusion”.
But in Nigeria, The Central Bank of Nigeria, CBN, directed in February, all banks to close accounts of persons or entities involved in cryptocurrency transactions.
It noted that cryptocurrencies pose the risk of loss of investments, money laundering, and it’s being used to in financing terrorism, illicit fund flows and other criminal activities.
However, the Nigeria apex bank, CBN, recently announced that it will launch its digital currency before the end of 2021.
