DCC: Digital Currencies Will Boost Job Creation, Innovation

Emma Okonji

Digital Currency Coalition (DCC), the largest coalition of crypto asset practitioners and founders in the African digital currency space, has said digital currencies can serve as catalysts for job creation, innovation, and sustainable development.

The coalition therefore called on Nigerians to embrace and leverage the opportunities presented by digital currencies and blockchain technology, to further advance the country’s digital transformation agenda.

The coalition, in a statement jointly signed by its members comprising the CEO of Tradefada, Seun Dania; CEO and Co-founder of Quidax, Buchi Okoro; CEO and Co-founder of Nestcoin, Yele Bademosi and PMO, Digital Currency Coalition, Geoffrey Nwokolo, said: “We firmly believe that embracing and leveraging the opportunities presented by digital currencies and blockchain can make a significant contribution to the nation’s economic advancement. While we acknowledge the potential risks and challenges associated with this emerging sector, we emphasise that with proper regulation and strategic implementation, digital currencies can serve as catalysts for job creation, innovation, and sustainable development.

“As the leading voice in the digital currency and blockchain space, DCC stands ready to collaborate with the government, leveraging our expertise to shape a robust and future-oriented digital currency ecosystem. We are committed to demonstrating to the nation’s leaders how embracing digital currencies can lead to sustainable job creation, especially for the young population, fostering independence and freeing up national resources for other social causes.”

According to them, DCC acknowledges the positive steps taken by the government in formulating a national blockchain policy and applaud the collaborative approach that involved stakeholders within the blockchain space, including the Digital Currency Coalition, in creating the policy and facilitating its implementation.

They however expressed moderate concerns regarding the inclusion of provisions for the taxation of digital assets in newly enacted fintech-focused legislation, adding that the provisions come at a time when the sector’s potential is still hindered by challenges such as the nationwide banking service ban on its operators.

The coalition reiterated its commitment to working hand-in-hand with the government, regulators, and industry stakeholders to ensure the responsible growth of the digital currency industry in Nigeria.