Money slow to enter, money quick to go….

Although Mr Incredible (M.I) sang these words over a decade ago, they remain relevant to Nigerians today. Faced with the dual reality of widespread youth unemployment and high double-digit inflation, Nigerians have had to look for alternatives to make sure the money enters fast.

Enter bitcoin and other cryptocurrencies; the shiny new version of digital money that has never been seen or touched physically but has attracted scores of young Nigerians intending to make extra income by flipping it. According to Binance, the world’s leading cryptocurrency exchange, Nigeria has the highest cryptocurrency adoption globally. About 32% of surveyed individuals say they have owned cryptocurrency.

Some takeaways:
  • Even though the blockchain has become popular due to cryptocurrency, it has other use cases that can improve social and economic transactions by removing the need to trust a central entity.

  • Decentralised Autonomous Organisations (DAO) is a member-driven community powered by the blockchain that automates and streamlines the process of decision making, community governance and resource management.

  • With the blockchain and DAOs, Nigeria can solve its trust problems in areas like development aid and electoral processes.

But this has not come without its challenges. The Federal Government and its treasury—the CBN—fearing the potential effect of this adoption, have kicked against it.

So we are at an impasse. Nigerians