How Cryptocurrencies can help reduce high unemployment rate

Cryptocurrencies when fully adopted can increasing financial inclusion of individuals and companies in Nigeria which in return help to tackle increasing unemployment rate.

Nigeria’s unemployment rate came in at 27.1 percent indicate 21,764,614 (21.7 million) while underemployment rate (28.6%) a total combination to sum up to 55.7% as the country continuously to grappling with the coronavirus pandemic and a plunge in oil prices.

The unemployment rate measures the number of people actively looking for a job as a percentage of the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894. This was 11.3% less than the number persons in Q3, 2018. Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1% of the labour force.

Since the introduction of cryptocurrency, most countries especially Nigeria has become a major hot zone in the African cryptocurrency space. The adoption of blockchain/cryptocurrency by Nigerians, has been able to give jobs to young people

The following steps will help curb high unemployment rate with Crypto

1 Crypto will help to reduce the transaction fees and time, cross-border payments

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2.Can improved remittance payments, peer-to-peer lending, and international trade who are currently limited by government’s monetary policies.

3. Employment can also be provided via tech by creating their services like crypto/blockchain solutions for organizations, developing crypto-related products, providing audit for smart contracts, crypto forensic auditing, project management.

4.Searching online shows a great number of jobs are available on employment.

5.Cryptocurrencies like Bitcoin could also help the unemployed facilitate small-scale international trade to sell products in exchange for Bitcoin and a boycott of traditional e-commerce systems

6.Blockchain technology will help to attract investment from the private sector and government as tax will be introduce for companies and individual by government

To achieve this — Blockchain and Crypto education must be a key focus as blockchain technology and Artificial Intelligence could help reduce unemployment in the country.

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