#club100💪 || Contest || How I will Adopt Steem As A legal Tender As The President Of The Republic Of Ghana|| #club100💪

Good evening steemians. I hope you are doing well. I will like to present to you my contest entry. Thank you @njaywan for giving us this great contest.

Introduction

Redenomination of the Ghanaian Cedi

In 2007, it became public to Ghanaians that , the cedi would be changed. I remember there were a lot of negative feedback from Ghanaians. They were worried about their businesses. Their emphasis was on the strength of the cedi after it has been redenominised. They thought it would be depreciated and become weak. The government didn't relax, there were series of publication through all the various media platforms and also people used to move from institution to institutions to explain to the ordinary Ghanaian including market women and men the reason for the redenomination of the Ghanaian Cedi. Some of the basic things that were propagated to Ghanaians were

1 . To have robust economy through the redenomination of the cedi

2 . To prevent people from carrying huge amount of money in bag or any other means which may attract thieves or bad people

3 . Easy counting of many and good record keeping

Clearly , after the redenomination , we realised that, it was the best thing ever considering all the positive impacts . The success of this initiative boils down to the proper implementation through public sensitisation.

Though the Ghanaian cedi were not changed to different currency but it has correlation with the topic at hand. As the president of a country say Ghana, I will first and foremost sensitise the public through series of education on all media platforms and institutions not forgetting about market women and men. I will explain to my people the reason why we should adopt Steem as a legal tender other than the Ghanaian cedi. It is through that , they will realise the importance of crypto currency ( Steem) and eventually accept it through its numerous advantages. Though everything has it prons and cons , but the pros outweigh the cons hence my emphasis is based on the pros.

As the president of the republic of Ghana through the Bank of Ghana ( BoG), economic management team and all government stake holders will laid down these explanation to the good people of Ghana the reason why crypto currency ( Steem) should be adopted as a legal tender in the country

1 . Resistance to inflation

Inflation is a situation whereby currencies such as Cedi , Dollar, Naira loose value which causes the price of goods and services to rise . Crypto currencies such as Steem has strong resistant against inflation. If a team of people move around the country from institution to institutions and explain this in simple terms to people in Ghana, definitely they will accept the idea of using Steem as a legal tender. No one is comfortable with high prices of goods and recent spike of the price of goods in Ghana is not an exception

2 . Transaction cost

The cost of transferring money using crypto currency is relatively low compared to other financial services. This alone will put smile on people face. That extra money paid as service charge can be used to do different thing. Though as the demand on Blockchain increases, the cost of transaction may also rise but the average or median of it is lower compared to other means of transaction

3 . Security

The security of people money is assured when using crypto currency. No one can have access to someone's wallet unless the private key is made known. Hence, funds cannot be transferred from users account which makes using crypto currency more secure compared to other financial services.

4 . Transparency

Crypto currency transaction is transparent and are made public for everyone to see. Any transactions someone make whether receiving or sending, other people can see it. Total crypto that has been stored or saved is also known to the public. This helps to prevent people who are fraud and people who always try to do fruadulent transactions. Everyone want to protect his or her earnings and I am confident enough that , people will accept crypto currency with this vital point.

5 . Privacy

Opening crypto currency account does not require anyone to visit financial institutions to register an account. Your informations are protected unlike other financial institutions which requires identification cards and other details which are personal. Though wallet address is required but no personal details is attached .

Conclusion

Using Steem as a legal tender is a win win situation and I am confident that , if I am the President of the republic of Ghana, after explaining these numerous pros under Steem, my people won't hesitate to embrace it.

Thank you for your time and attention.

My regards