By Kayode Emola
Money has meant many things to many people across a plethora of different civilisations and ages. For many people in our current society, money is still synonymous with the hard cash in which transactions are conducted. However, more advanced countries have adopted a cashless economy, seeing money gradually moving to the digital space.
For centuries, Africans has spent money in different forms: from trade by barter, to cowries, to the present-day cash in our pocket. Nigeria is no exception to this. Historically, we have used trade by barter as a means of commerce, even using the local gin as the currency for land transactions, particularly during the colonisation by Britain in the twentieth century. Cash-based transactions were introduced by Lord Lugard in order to create a way for the British government to impose tax on them. Till today, most of us still hold to the idea of a cash-fuelled economy, despite the digital world presenting enormous opportunities.
Many countries, such as Sweden, have been employing a cashless society for years. Although now less physical cash is printed in Sweden, the transition has not diminished their way of life nor reduced the population’s earning potential. And as digital economy has become the accepted standard across most of the world, we are seeing the emergence of the next stage in finance: cryptocurrency. Its growing popularity is undeniable, with nearly a thousand crypto wallets being created daily.
Nigeria today has started encouraging electronic payments with the “point of sale” (POS) payment system. However, the government has sought to curtail the exchange of crypto to conventional money, as it accorded the youth increased freedom to voice their anger. This was most pertinently seen during the ENDSAR’s protests. Thanks to transactions sent through crypto, the youths were able to rapidly mobilise sufficient funds to enable millions of people to mount daily protests against police brutality. Consequently, Nigerian youths were able to organise the most peaceful yet prolonged protest the world has ever seen.
Many countries and their central banking systems are against the full-scale introduction of the cryptocurrency, understandably so. However, there is a flaw in their claim that cryptocurrencies are worthless, as they are not back by any commodity. In 1971 President Nixon ended the ability to convert US dollars into gold – a move described by financial expert Robert Kiyosaki as being the death of the dollar. Yet despite the loss of equivalency, the dollar is still accepted as the global currency even now. If the gold bars no longer underwrite the dollar, then I believe it and all other currencies are backed by nothing more substantial than the global goodwill of us all.
Just as Nigeria was forced to adopt cash-based transactions in the colonial days, I foresee that the world will be compelled to accept cryptocurrency in the imminent future. Many countries are already beginning to recognise its importance, and are adapting their economies to be able to withstand whatever challenges this new world currency may pose. However, there remain many countries and governments who are still in denial about its longevity and the potential financial disruption it will bring to world in the next 50 – 100 years.
The fear of the unknown has never succeeded in obstructing innovation across the world. For example, on first glance it seems utterly implausible that aeroplanes should stay in the air for hours without falling to the ground. Yet today aeroplanes spend days in the air and, likewise, ships stay afloat on seas without sinking.
In our journey to Yoruba nation, we must realise that some ideas will appear to contravene the prevailing wisdom of the day. Yet we must be ready to embrace them nonetheless. Cryptocurrency will be a game changer for the financial markets in years to come, and so we must be ready to learn how to integrate it into our financial system. For the young people who are aware of the endless opportunities abounding in this digital currency, my advice is to take advantage of every one that you can: for Yoruba people trapped in poverty due to the economic dilapidation of Nigeria, the digital economy is truly a place to traverse for opportunities.
However, it should be acknowledged that the high volatility in the crypto market makes it unattractive for the risk-averse person, and it can be difficult to successfully profit from it. There are several genuine global platforms that can help ordinary people fulfil their dreams of financial independence. However, caution should be exercised as, alongside the genuine platforms, there are also many fake platforms set up just to defraud people of their hard-earned money. Therefore, I would counsel anyone venturing into this world to always seek information and guidance on how to maximise the enormous potential that the crypto has to offer.
As we strive towards an independent Yoruba nation, there is no doubt that our fledgeling country will face numerous challenges. One way to safeguard against any financial storm is to explore opportunities in the digital space. This may perhaps protect those who might have otherwise been vulnerable left to conventional means of making income.
Cryptocurrency is set to become a worldwide phenomenon with no regard for whether or not we choose to embrace it. Therefore, let us, as individuals and as a united Yoruba society, position ourselves at the head of the curve; let us equip and educate ourselves now. Then, by the time crypto is global and inescapably integral to the functioning of everyday life, we will be the frontrunners, world leaders in this sector, in possession of powerful leverage to make our voices heard and our rights defended. This could be one of the greatest bargaining chips the Yoruba nation could ever attain, and the power to acquire it is in YOUR hands. The time is ripe; take this opportunity to garner all the knowledge that you can. Through the accumulation of every individual’s action, we can collectively build a brighter tomorrow for the Yoruba people.
