Changing lives with Cryptocurrencies

Abdul Kudus Mutaru explains how his team has applied digital technology to land administration

Many people are leveraging on the innovation of digital currencies otherwise known as cryptocurrencies to transform lives by lifting people, especially the rural poor, out of poverty. This was disclosed by Abdul Kudus Mutaru, a cryptocurrency operator and co-founder of Dash Digital Cash, at the third edition of the Stanbic Bank Myndshop held at Stanbic Heights last week.

Abdul Kudus, who has been in the cryptocurrency business for over 5 years, said the benefits cryptocurrencies present are enormous and the innovation could present an opportunity for alleviating poverty in general. “Cryptocurrency paves the way for riches that is not bound by restrictions and I think it holds the key in eradicating poverty. It is the reason why many countries are beginning to adopt and legitimize their use”, Mr. Mutaru noted.

According to Abdul Kudus, the innovation holds very good prospects for the future and therefore encouraged individuals as well as banks to consider its usage. He noted that the Bank of China gave credence to the future of cryptocurrency when they predicted that by 2030, cryptocurrencies will overtake fiat currencies; currencies that are traditionally backed by Central Banks.

In his presentation, Mr. Mutaru revealed that blockchain technology is currently being applied to land title administration in collaboration with chiefs in the Northern Region. This, he said, makes transaction seamless and minimizes the instances of corruption in the sale and acquisition of lands.

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The subject of cryptocurrencies has gained public attention since the introduction of the Bitcoin brand in 2009. Indeed, while interest persists, there has been some sort of unease about the legitimacy and security of cryptocurrencies across the world. Technology is leading the charge against normalcy and everything seems possible and probable.

The issue of what is and could be remains heavily challenged in these times. The sudden rise of digital currencies in the form of mobile money and electronic payment options have given credence to thoughts of numerous possibilities in the digital currency space. Blockchain technology promises to be the biggest disruption in today’s world with the capacity to revolutionize the finance ecosystem and how it operates.

The third edition of the Stanbic Myndshop also hosted renowned banker and IT expert Dr. Ohene Aku Kwapong, who spoke on the topic, “Blockchain and Cryptocurrency: A bubble or the future?”. Speaking on the purpose of the Myndshop, Head of Marketing and Communication at Stanbic Bank, Mawuko Afadzinu said the Myndshop concept was developed with the aim of unearthing knowledge that is vital to developing the Ghanaian society by bringing people together to share ideas critical to development.

“The pursuit of knowledge is a fundamental principle of society and when people meet to share ideas you are afforded the opportunity to listen and appreciate diverse and varying opinions that enrich the human mind”, Mr. Afadzinu said

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Myndshop is a proprietary event of Stanbic Bank dedicated to idea sharing on topical issues among like-mi nded individuals at the Stanbic Heights.

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