The Nigeria Computer Society (NCS) Abuja Chapter identified the need to harness digital money, saying it would benefit the economy.
The Chapter Chairman, Mr. Alabi Olusegun Sunday said on Wednesday, June 17, 2021 in Abuja during the fourth edition of the Techies’ Hangout Initiative (THI) titled “Digital Money and The Future Economy”.
Techies’ Hangout is an event, Physical/Virtual/TV/Radio Series where IT Professionals discuss trending and prospective ICT developmental issues relating to businesses, national economy/security and youth development to bring about, actionable efforts in resolving related issues through professional collaboration.
Olusegun said that Digital currency or digital money, refers to any means of payment that exists only in electronic form. Digital money is not tangible like a dollar bill or a coin or a cheque. It is money exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges.
“As technology becomes more and more important, payments become more and more digital, resulting in less use of tangible money. So, the future of the global economy is ‘digital money,” he said.
The TH4 featured four panelists drawn from various circles of human endeavour and they were able to douse the tension and fears around digital money conspiracies.
The Chairman, African Union Cyber Security Expert Group, Alh. Abdulhakeem Ajijola, urged African policy makers and stakeholders to find ways to strengthen policies and implementation activities. “This is because they are not at the ‘table’ but must live, in the future with the decisions that we make and the precedents that we create.
“NCS should work with government and other stakeholders to constructively empower the digital generation of Africans and support the development of innovative and self-reliant indigenous solutions. It should do research to help African legislatures and policy makers to draft appropriate, interconnected and coherent policies, laws and regulations, based on democratic values and empirical evidence,” he said.
Dr. Abimbola Akintola, professor of Computer Science at the University of Ilorin, said digital money has enabled socio-economic growth around the world, especially in Africa. She said digital money is also helping developing countries by providing them with easier access to capital and financial services.
Additionally, Dr. Kenneth Okereafor, Deputy General Manager ICT, National Health Insurance Scheme (NHIS), said that while digital money is beneficial, it is exposed to cyberthreats. He said the economic impact of cyber-attacks on digital money could lead to loss of revenue, disruption of service, damage to the company’s reputation and loss of confidence in payment.
Okereafor, however, said the remedy for cybersecurity issues in digital currency was to have a stronger legal framework, strict legislation and greater cybersecurity awareness. He said there was a need to support and avoid the negative impacts of draconian legislation, policies and regulations on the development and well-being of society.
Mr. Chris Odutola, Sales Engineer of Sophos Plc quoted the Central Bank Governor, Mr. Godwin Emefiele who said, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.” (Nairametrics — May 2021). “Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system,” he said.
He also said that, in a survey of the respondents from 10 selected countries, who own or have used cryptocurrency, thirty-two percent (32%) are Nigerians while China, US, Germany and Japan are 7%, 6%, 5% and 4% respectively. “So, digital money has come to stay,” he concluded.
The fifth edition of the Techies’ Hangout Initiative (THI) will hold in August 2021 and it is planned to be a physical outing.
For more information, visit NCS Abuja’s Website.
QUOTATBLE QUOTE
Your privacy! Once you sign-up, you have given up! Beware, where you sign up!
- Alabi Olusegun Sunday (KDQ11JAN21)
