HOW I WILL ADOPT STEEM AS A LEGAL TENDER IF I WERE THE PRESIDENT OF GHANA: GH CONTEST

Its refreshing to be here once again and share my thoughts on this contest with the hope of not just wining but to contribute to the topic. It's my hope and prayer that this contest would find its way to policy makers so as to make sense out of several opinions that would be written through this contest. The Central Bank of Ghana has proposed the adoption of an e-currency and is making efforts to make sure that it materialize. Perhaps they would want to adopt steem as part of its legal tenders if they come across any of the contest on this platform.

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Now lemme jump into the contest and how I intend to adopt steem as a legal tender. Talks of adopting cryptocurrencies and e-currencies always sparks fierce and contentious debate among economists,tech-enthusiasts, and investors. Some are highly optimist about the prospects of cryptocurrencies while others are highly pessimist about its adoption and volatility. Undoubtedly, both parties make cogent argument and use data to buttress their stance. But as a steemian myself, it'll be naive on my part if i do not correct these allegations and insecurities of investors.

Managing economy(country) as a President is no Joke or try and error thing. Steem just like other cryptos are highly volatile and thus would required that I constitute a committee made-up of economists, tech savvies, and other technocrats relevant to the field of cryptocurrency and policy implementations. Many a time, we tend to take knee-jerk approaches and implement policies without thinking through about its feasibility, implementation, adoption and more importantly, its sustainability. As a President, I'll not rush in implementing or adopting steem because I myself is a steemian but I would make sure that the policy of adopting steem as a legal tender is well researched and accepted by the committee of technocrats I intend to constitute.

Another steps I'll take as a President in adopting steem as a legal tender is to make sure that, Internet penetration is almost hundred percent (100%) in the country. Because the blockchain thrives on virtual platforms, it'll be prudent to have an internet that is fast and reliable. The should be digital access and the digital divide within the country should narrow so as to make sure that, the the people already have access to power and internet before mass adoption of the policy.

Another means to used is to start a pilot of the usage of steemit and using the data gathered to make an inform decision. This would help address the possible challenges that would be faced in the process of mass adoption. The loopholes, and key technical challenges would be identified within the pilot phase and this would help in determining the final decision of implementation or otherwise.

Due to the volatility of cryptocurrencies, I'll make sure that the Central Bank steps-in to regulate the steemit ecosystem. This means that, steem within the confines of Ghana would not be fully decentralize but must have some form of central control in terms of fiscal policies that would assure the citizenry that their digital asserts would not be lost when there's is shake-up at the global market. The Central Bank control would not mean that the blockchain would be fully controlled or transactions would be "spied-on ". Rather, it'll help curb illicit financial flow from the country by foreign companies that wishes to evade taxes as well as money launderers or scammers that'll take advantages of the system to swindle others.

Another key steps that would be taken before the adoption of steem as legal tender is no embark on mass education, sensitization through state institutions such as the Media,NCCE, GES, and more importantly, traditional rulers.Just as the government under Kuffours regime did mass education on re-denomination, I'll make sure that the people of Ghana understand the concept of digital currency more so, steem due to how complicated the ecosystem is to even tech-savvy persons. Little mistake done in transferring funds might end up in the lost of funds accrued or saved. Thus, the education is important just as the initial stage of engaging technocrats.

I believe there should be no distinction in explaining the concept of blockchain between the educated and uneducated due to how complex crypto related topics could be so therefore, I will make sure that both the educated and uneducated are given more that enough education before actual adoption.

Just as MOMO was received with skepticism, It'll rest on my government and other State institutions to educated and highlights the enormous advantages of steem to my citizenry such as fast transfer, cheaper costs, strong security system,as well as cross border transfers.
Ahh well !!!
Lemme end here fellow steemians. I hope steem would be adopted in Ghana Soon