Hi Steemit community, i have heard great things about you guys. I am very happy to introduce myself to you and become part of the steemit family. My name is Chidi Obi, i am a banker in Nigeria. I have an article to post regarding bitcoin and Nigeria. Hope you enjoy the read.
My story is one which is borne out of sympathy and utmost desire to see a cushion to the recent economic tsunami that has bedeviled Africa's most populous nation. I write from firsthand experience and living in the commercial nerve center,East of the Niger.
Economic policies have been unfavorable to local traders who import their goods especially from China. The Naira has crashed in relative to the dollar which is the standard currency for exchange. Business men and traders now rely solely on banks to offer them international money transfer services (Moneygram & Western Union) to their business or trade partners overseas. That being said, these channels still fail to meet up to high demands. This is coupled with strict laws guiding international money transfer services meant to checkmate Money laundry and other financial crimes.
Bitcoin which is an electronic currency with no government regulations and hidden charges, is that option that would make that positive change. Bitcoin could be used in exchange for goods and services since it is acceptable globally as a medium of exchange. Traders could now transfer equivalent bitcoins to bitcoin wallets of their respective business partners overseas without the red tapes of government agencies. I could go on and on to outline the numerous benefits that bitcoin usage could be to the Nigerian economy but that will be a topic in my next episode.
I urge the Government and all stakeholders to consider or take a close analytical approach on the need to choose Bitcoin as a way out of the economic situation in the country.