" ITREALMS: Exclusive! 2023 Presidential Elections: Labour Party to leverage crypto for funding – ITREALMS

Thursday, June 02, 2022

Exclusive! 2023 Presidential Elections: Labour Party to leverage crypto for funding – ITREALMS

ITREALMS ... making leadership SENSE with digital news!

The leadership of the Labour Party of Nigeria (LPN) may have advanced consideration to deploy cryptocurrency for the 2023 general elections to meet its increasing financial demands of funding election, reports ITREALMS.
Labour Party (Nigeria) logo
A cryptocurrency, crypto-currency, crypto, or coin is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it according to Wikipedia.

This industry observers said, answers the questions of political funding of the party since the emergence of former Governor of Anambra State Mr. Peter Obi was elected unopposed as presidential flagbearer at the weekend in Asaba.

Disclosing this to ITREALMS, the Chief Executive Officer of Gemsbok Group, Mr. Charles Awuzie said on his Facebook post that Labour Party may become the first party to accept Crypto donations in Nigeria.

According to him, he initiated a proposal to the party leadership and which received the idea with enthusiasm.

“If they do, LP will have enough money to seize power,” declared the Biochemist turned cyber security expert.

Awuzie, who is based in Gauteng, Johannesburg in South Africa, advised the Labour Party (LP) to get fresh minds on board and leverage technologies.

Also, ITREALMS gathered that a cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet, as said by experts at Kaspersky.

Although the Central Bank of Nigeria (CBN) had ordered banks in a February 2021 circular to close accounts of persons or entities involved in cryptocurrency transactions within their systems, this has not brought about any known lull in the use and trading in Cryptocurrency.

ITREALMS further gathered that Cryptocurrency, came into fore in the country during the #EndSARS protests nationwide which afforded some techie youth to explore its use and was allegedly used extensively to fund the activities of the protesters who were seeking end to Police brutality and undue profiling of youth.

Founded in 2002, the Labour Party is a social democratic political party in Nigeria with Alhaji Abdulkadir Abdulsalam as the National Chairman and now has former governor of Anambra State, Mr. Peter Obi as its presidential flagbearer in the 2023 elections.

Remmy Nweke/DoP

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