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Inventor proffers solution to money laundering

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…Urges FG to legalise Bitcoin

By Bose Adelaja

A Lagos-based inventor, Chief Executive Officer of Block Stale, Adekunle Daniel, has unveiled the first ever Bitcoin Automated Teller Machine (ATM) in Africa just as it said this will eliminate money laundering which has tarnished the image of Nigerians.

Unveiling the machine in Aga area of Ikorodu, Lagos State, Daniel urged the Federal Government to make Crypto Currency (Bitcoin) a legal tender in Nigeria.

The businessman said the currency is digital, operates independently and can be used for all business transactions globally.

According to him, the currency is legally accepted in the United States, China, Japan, United Kingdom, Canada and other developed countries as a means of payment and settlement, hence, it should be considered a legal tender in Nigeria.

He said: “If Bitcoin can be instrumental in these countries, how much more in Nigeria where there is little or no infrastructure”?

READ ALSO: Money Laundering: FG re-arraigns Ex-AGF Adoke, Aliyu Abubakar

The inventor who enumerated the benefits associated with Bitcoin especially in the COVID-19 crisis said, it operates on less charges, eliminates money laundering, allows for cryptographic proof in lieu of trust, and reduces printing of traditional currencies which contribute towards inflation and eliminates unnecessary spendings.

He said the first batch of the machines, which are five in number will be installed at Agungi/Lekki, Ajah, Imota/Ikorodu and two other locations in Lagos.

He said Nigeria has the largest number of cypto currency users unfortunately, absence of Bitcoin ATM has negative effects on most of their international transactions. He said, “statistics have shown that Africa, precisely Nigeria has the highest number of cryptol currency traders but no Bitcoin machine.

Meanwhile, some vendors with ill intentions take advantage of this lspses to rip vulnerable traders and that is why I took it upon myself to design the Bitcoin ATM to build trust among traders.”

In his contribution, the Chairman BeepMagnet Dr. Gilead Okolonkwo said the use of Bitcoin will proffer solution to various trading challenges in Africa.




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