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Ayo Alonge
An expert in digital currency business, Favor Sunano, has enumerated ways in which cryptocurrency can profit world banking system through electronic financial transactions.
Engaging participants at Eagles Crypto Congress 2019, in Lagos, recently, the top leader of Platincoin International in the African region, Favor Sunano, charged the banking public on the need to embrace Platincoin as a digital currency because of the inherent numerous opportunities.
While extolling the business acumen of the Chief Executive of Platincoin, Alex Reinhardt, Sunano, in his remarks, said “Small businesses can benefit from cyptocurrency and that would also define the banking system through electronic financial transactions. If you have a cross border transaction, the fee that you are charged for that transaction is usually very high but with Blockchain, you can get it low. For instance, if in your small business you have a small payment of 50 dollars, the transaction charge from your regular banking system can even be 200 dollars but with cryptocurrency, you can be charged for as slow as 2 cent on that transaction. It is as if you are transacting from person to person. It pays the small businesses a whole lot. It is the best for small businesses.”
He also posited that Platincoin would soon become a means of business transactions across the globe, especially now that the company has Point of Sales (PoS) and Automated Teller Machines (ATM) to enhance smooth transactions for all.
“When we say that the time is now, we are saying that the ability to use crypto-currency is no longer in the future. It is now. We now have ATM cards and machines, POS machines and the rest,” he said.
Speaking on the challenges of cryptocurrency over the years, Sunano said, “The challenge we have is on awareness, adoption and acceptability. The challenge is now making us put resources together to keep educating people. For some years now, experts and stakeholders have had to vote a lot of money into educating people for free and now I can say that people are getting aware about cryptocurrency.
“There is a competitive advantage that platincoin has over bitcoin. Bitcoin might be the first but not the best. There has not been the infrastructure to boost bitcoin usage. You cannot transact without the infrastructure like POS, ATM machines and the rest.
“We can’t be talking about the cashless policy without the infrastructure to run it. Platincoin came in as a utility coin and has focused on creating the infrastructure that would support the use of the coin. The company is planning to distribute about 250,000 ATM machines around the world in a space of three years. That’s what makes Platincoin beneficial to everyone, especially small businesses.”
Some members who have been diligent and hardworking were encouraged with appreciable cash prizes, trophies, plaques and souvenirs.
