Dash Nigeria has forged a new partnership with Kurecoinhub to accept Dash on their bank and exchange platform, which occurs as Nigerian opposition presidential candidate has announced plans for cryptocurrency regulation if elected.
Tega Abikure, CEO of Kurecoinhub, said that the integration of Dash will offer “seamless and quick transactions” and “immediate liquidity to fiat” for Nigerians. An additional feature of Kurecoinhub is that users can utilize the platform as a bank with their cryptocurrency and, after a month of banking, can borrow up to 50% of their cryptocurrency value. A borrower can “get up to 20% accrued interest”, receive their loan in fiat (naira), and have “2.5% interest to be paid monthly on the loan collected”. Kurecoinhub is currently servicing Nigeria, but “users from other countries can bank their coin and also receive interest after 12 months”. Nathaniel Luz of Dash Nigeria emphasized how this will help increase liquidity in the region.
However, it also recently emerged that Atiku Abubakar, the presidential candidate of the People’s Democratic Party (PDP) in Nigeria and main opposition party, has announced a “comprehensive blockchain and digital currency policy” should he get elected in February 2019. To date, the Central Bank of Nigeria has taken a cautious, but non-hostile stance towards cryptocurrencies.
Opportunity for mutual benefit
While the thought of regulations may have appeared ominous at first, a little further elaboration made it sound as if Atiku Abubakar recognizes the full economic potential of cryptocurrencies. His campaign recently released a new policy document entitled ‘Get Nigeria Working Again’ with a brief summary of his cryptocurrency regulation goals.
“The terms of this mandate will ensure that these areas are regulated and managed in a way that provides job opportunities as well as income for the government and people of Nigeria. Regulation will provide clarity for informed decision making, in this $278 billion industry that consists of 1,800 currency types.”
While not much more detail has yet to emerge on actual cryptocurrency policy, Abubakar’s plan does not sound too overbearing and seems to recognize that cryptocurrencies can play a significant role in his goal of getting more jobs for Nigerians.
Currently, many Nigerians have to rely on cash exchanges for payments. A 2016 survey revealed that 40.1 million Nigerian adults, or about 41.6% of the adult population, are “financially excluded” from having access to a bank account. Nevertheless, Nigeria also has cash liquidity issues creating long lines at ATMs and expensive withdrawal fees. The inefficiencies that surround cash handling severely limits growth opportunities for individuals and more jobs, but cryptocurrency can provide a solution since it allows decentralized and peer-to-peer transactions for pennies.
Dash making significant progress towards adoption and usage
Dash Nigeria has been operating adoption campaigns to get more consumers and merchants to use Dash in their everyday lives. This enables these individuals to more efficiently and safely store their money than in cash, which costs a lot to handle and secure. Other teams, such as Dash Hub Africa, have also been campaigning around Africa to help increase Dash adoption and usage throughout the continent. This has further assisted individuals and merchants to earn and spend Dash rather than hold physical bills of their local currency. These adoption campaigns and exchange/bank integrations will help increase the liquidity of Dash in the country, which will further aid adoption as individuals will have confidence that they can easily spend and save Dash.