The Chief Executive Officer (CEO) of Manoka Island Trade and Krypto Waves, Mit Phoenix, has urged banks to seize the opportunity of the rapid evolution of cryptocurrency and blockchain technology to boost Nigeria’s economy.
According to him, as Nigerian banks navigate this uncharted territory, they can draw inspiration from the innovative approach taken by PayPal.
Recall that PayPal, once synonymous with online payments, has not only joined the cryptocurrency bandwagon but also pioneering a unique stablecoin called PYUSD. This leap marks a significant turning point for PayPal and highlights the growing importance of regulatory clarity and adoption within the cryptocurrency ecosystem.
Speaking with journalists on Friday, Phoenix explained how Nigerian banks can learn from PayPal’s cryptocurrency strategy to benefit the central, private, public, and informal sectors. He noted that the lesson will foster job creation, attract foreign investors, empower creative minds and blockchain developers, as well as generate substantial tax revenues for the Nigerian government.
Phoenix, whose dynamic career in cryptocurrency and entrepreneurship spanned over a decade, outlined several benefits the Nigerian government stands to gain across sectors.
Phoenix, who has been deeply entrenched in the world of cryptocurrency since 2015, spearheading transformative changes in the financial landscape, said the Central Bank, private sector, public sector, and informal sector will benefit from the adoption of cryptocurrency.
He added that the adoption of crypto would create jobs for the youth, attract foreign investors, boost economic growth, and empower creative minds and blockchain developers.
Leveraging his keen insight and foresight, Phoenix has not only navigated the intricate complexities of the cryptocurrency world but also managed to leverage its potential for the betterment of countless individuals. He said the Nigerian government will benefit in tax revenues and government revenue streams.
According to Phoenix, the sectors that stand to benefit from the adoption of cryptocurrency include: Central Bank, private sector, public sector and the informal sector
In conclusion, he said: “The global financial landscape is undergoing a transformative shift, and Nigerian banks have a chance to position themselves at the forefront of this evolution. Drawing inspiration from PayPal’s approach to cryptocurrencies, Nigerian banks can benefit various sectors, stimulate job creation, attract foreign investment, empower local talent, and bolster government revenues. By embracing the potential of cryptocurrency and blockchain technology, Nigerian banks can pave the way for a more inclusive, innovative, and prosperous financial future for the nation and the Sub-Saharan region as a whole.”
