TheCable

Jack Dorsey, the co-founder and chief executive officer of Twitter, a microblogging platform, says “the people of Nigeria will lead bitcoin” revolution.

Dorsey tweeted on Sunday in response to an Oped on Bitcoin Magazine written by Russell Okung, an American footballer.

Okung, a Nigerian descendant and self-acclaimed Bitcoin proponent, advised Nigeria to focus on achieving “economic independence and financial sovereignty” by establishing a Bitcoin standard.

“It is no secret that the current global economic environment is worrisome and unsustainable,” Okung wrote in the oped. “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.”

Okung insisted that it is “urgent” for Nigeria to act and that the country has a “limited window”. He pointed to the finite supply of the digital currency as one of its main attractions.

He claimed that 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.

Last week, El Salvador, a country in Central America, officially recognised Bitcoin as a form of legal tender to “drive financial inclusion”.

The Central Bank of Nigeria (CBN) recently announced that it will launch its own digital currency before the end of 2021.

In February, the apex bank issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.

It warned that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.