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Africa's Blockchain Journey Must Begin with Poverty Alleviation, Says SumoTrust CEO

Africa's Blockchain Journey Must Begin with Poverty Alleviation, Says SumoTrust CEO

#economy
#crypto
#government
#blockchain
Many people have called for Nigeria and Africa to incorporate blockchain technology into daily life; however, poverty must first be conquered before blockchain technology can be properly integrated into society, according to GT Igwe Chrisent, the CEO of SumoTrust, an online savings and investment platform; and Truzact, a crypto wallet.

Africa needs to address poverty before achieving widespread blockchain technology integration, according to GT Igwe Chrisent, CEO of SumoTrust. Speaking at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023, Chrisent emphasized that eradicating hunger and poverty should be a priority. He argued that helping the poor move to the middle class would drive faster blockchain adoption by enabling access to basic necessities and savings. However, he noted that economic stability in Africa is crucial for this transition to occur. Despite poverty challenges, Nigeria has shown significant interest in cryptocurrencies and blockchain technology, ranking second in Google search interest for "Bitcoin." Nigeria's President, Bola Tinubu, has also proposed incorporating blockchain and cryptocurrencies into the nation's financial sector if elected.


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