No fewer than 18 States in Nigeria and Abuja, the Federal Capital Territory on Saturday, rolled out the drums in celebration of the introduction of ‘Zugacoin’, a new Cryptocurrency, to the Global Digital Market. This Cryptocurrency also nicknamed “The African Princess” had its Initial Coin Offer (ICO), on 1st December, 2020.
Performing the launch, Archbishop, Dr. Sam Zuga who is the Creator of the Digital Currency, stated that “I am hereby commissioning five (5) Digital platforms that will redefine Africa’s financial direction and kickstart the wave of financial revolution in Africa.”
These projects being, a new web portal for the African coin marketcap which is an “advanced coinmarketcap for Africa and from Africa, with the intention to replace the leading tracker across the Africa region.”
A new “official P2P exchange platform for Zugacoin Cryptocurrency” that will work with Naira and other African fiat currencies.
He also announced the creation of a ZUGACOIN SMARTCONTRACT INVESTMENT PORTAL, which is accessible online and
that they “shall be organizing trainings at various locations across Africa to guide interested people.”
It could be recalled that in September, 2020, the Nigerian Security and Exchange Commission (SEC), designated Cryptocurrency as Legal Digital Securities which could be classified as Digital Assets or Commodities based on use.
SEC also announced the new Nigerian Government’s intention to regulate the owners and operators of Digital Exchanges, but not individuals who own, keep and use Cryptocurrency.
The recent controversial CBN’s Directive was also about Exchanges operating in Nigeria, but not about individuals who keep and use Cryptocurrency.
In addressing the teeming Cryptocurrency Enthusiasts in one of the Centres monitored in Enugu State, Hon. Dr. Emeka Asogwa, SSA to the Enugu State Government on Empowerment and Human Capital Development, encouraged Nigerians and Africans at large to identify with the ZUGACOIN Project.
Asogwa who was the Guest Speaker emphasized that as an indigenous Digital Currency, ZUGACOIN holds great promise for Africans.
He also explained that CBN did not ban Cryptocurrency, but rather “banned the Banks under her regulation from running Cryptocurrency Exchanges and from allowing registered Companies from operating as Exchanges in a bid to prevent the fueling of Terrorism and to boost the fledgling Economy”.
Earlier while giving a historical background about money, the South African ZUGACOIN Ambassador, Chief Uche Damian Obisi traced the origin of money from the barter system to stores of value as Cowries, Shells, Gold, till the Modern Day Fiat Money issued and stored in Banks. On the other hand, Cryptocurrency are Digital/Virtual Money used mainly online via the Internet.
In her own remarks, another excited Leader in the Enugu State Zugacoin Community, Hon. Peace Patrick-Nnaji, former Enugu State Zugacoin State Coordinator, advised that “everybody in Nigeria should embrace Cryptocurrency and Blockchain Technology now before it becomes too late. She also prayed more Grace and Blessings to Archbishop Dr. Sam Zuga.
Dr. Maduabuchi John-Moses also explained that the risk in buying and keeping Cryptocurrency is not that of loss, but basically that of decrease in value.
He explained that in the case of Zugacoin, they believe that the value would not decrease because the coin will never be more than 1 Million in quantity for the entire lifecycle.
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