Venezuela Launching Their Own CryptoCurrency, Will Nigeria Officially Launch Her Own? By GT Igwe Chrisent

Venezuela Launching Their Own CryptoCurrency, Will Nigeria Officially Launch Her Own?

In recent times, Blockchain and cryptocurrency in general with Bitcoin taking the lead has become a thing of concern as the disruptive technology have been trending online, attracting the interest of various economies and industries.

CryptoCurrency, as seen on CoinTeleGraph, is

A digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency”

By this definition, it means Cryptocurrency is money and can serve the same purpose fiat (Paper money) can serve.

People use cryptocurrencies like Bitcoin, Abjcoin and the rest for buying and selling, although it still at a young stage of adoption.

In December 2017, the President of Venezuela, Nicolas Maduro, officially said the pre-sale of the country’s proposed cryptocurrency – the “petro” will launch on the 20th of February 2018.

According to Bloomberg, Maduro stated on state TV saying

“The petro will have a great impact, in how we access foreign currencies for the country and in how we obtain goods and services that we need from around the world.”

Germany as a country, on the other hand, have legalized the use of Bitcoin and cryptocurrency as legal tender.

Looking at the Facts above and the fast growth of this disruptive technology of Blockchain, is Nigeria going to launch theirs or adopt an existing cryptocurrency?

If the Nigerian Government will produce one, what purpose will it serve?

If they will adopt an existing cryptocurrency, which project will that be?

While making further research on this, I came across a locally made cryptocurrency (ABJCOIN) currently listed on CoinMarketCap and trading on various international exchange websites with other good cryptocurrency projects.

ABJCOIN at is poised to foster a borderless trade and commerce in Africa and to other parts of the world.

Looking at the roadmap of ABJCOIN as seen on their website (, the Coin is set to

  • Connect all Nigerian and African banks.
  • Introduce the first Cryptocurrency ATM Machine in Africa.
  • Stand-alone and won’t depend on Bitcoin to control volatility.
  • Remitting Cryptocurrency and Fiats across various industries across Nigeria and Africa at large. (Pay for Electricity bills, Schools and exam fees, transport and flights, malls and receiving payments) and
  • Almost zero transaction fees of 0.01 ABJ.

This is an amazing roadmap coming from ABJCOIN and looks like a way forward if the Nigerian Government will adopt cryptocurrency.

The Question now is;

What is the Future of CryptoCurrency in Nigeria?

  • Cryptocurrency is definitely the future of money as it correlates with the cashless policy the Nigerian government is currently projecting.
  • By adopting cryptocurrency, everyone including individuals, companies and the government itself enjoys a cashless economy with an insignificant fee on every transaction.
  • Experts like Robert Kiyosaki have made positive statements about Cryptocurrencies being the future of money.
  • Developed countries like Unites states, South Korea, Germany, China isn’t banning the activities of crypto, but regulating the activities of cryptocurrency companies to project investors.

On this, Its recommended the Nigerian government watch this closely and follow the trend of cryptocurrency to avoid losing out later.