Nigeria Urged To Pursue National Bitcoin Standard

Nigeria Urged To Pursue National Bitcoin Standard

An NFL player of Nigerian origin, Russell Okung, has urged the Nigerian Government to adopt a national bitcoin standard to create financial sovereignty.

Okung stated this in an open letter to President Muhammadu Buhari, speaking on the state of the country’s economy, and espousing the benefits of adopting cryptocurrency.

He said that an “aggresive approach” towards the national acceptance of bitcoin, as it would have significant economic impact.

“The hope of Nigeria lies within this generation. I am proudly a Nigerian descendant living in America and am a proponent of Bitcoin. I write to urge the Nigerian government to pursue economic independence and financial sovereignty by pursuing a national Bitcoin standard.

“Soon, every nation will be faced with this decision, but those who seize the present moment proactively as we have just witnessed in El Salvador will enjoy significant advantages globally for generations to come.

“It is no secret that the current global economic environment is worrisome and unsustainable. Sadly, 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. The Nigerian society enjoys more favourable conditions than many of its neighbours. However, even greater opportunity awaits with the adoption of national action in favour of a Bitcoin standard.

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“Nations such as Iran, Russia, China and Kenya have been reportedly mining or otherwise utilizing Bitcoin, often as a means to circumvent U.S. sanctions which prevent them from full participation in the global financial system.

“Other nations like Barbados, Singapore and Malta have moved to become “Bitcoin-friendly” in an effort to attract wealth and human capital through migration.

“And this week, El Salvador became the world’s first nation to require merchants to accept Bitcoin as legal tender. I’m proposing an equally aggressive approach to national Bitcoin adoption which would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.

The NFL player noted that policymakers did not need permission or license from any entity to use bitcoin to reshame the Nigerian economy.

“Bitcoin is not controlled, managed or operated by any single entity. It is an innovation that will surpass the automobile or the internet in terms of its impact on humanity.

“Nigeria does not need to ask for permission from any other nation nor acquire a license nor secure a trade agreement from any corporation to reshape its economy with Bitcoin.

“All that is required is a vision for a new future and an allocation of its own national resources to pursue a Bitcoin standard.”

He enjoined world governments to embrace bitcoin, describing it as “once in a generation opportuinity”, as bitcoin is “verifiably finite than gold” seeing as there “will only ever be 21 million bitcoin in circulation”.

“As world leaders become more aware of the chance to make history, the pursuit of Bitcoin will be widespread. We offer our full support, a willingness to voluntarily consult and a commitment to activate every resource available to us in order to see Nigeria pursue a Bitcoin standard,” he added.

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Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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