Fraudster and rogue trader were descriptions that painted headline stories about Ghanaian-born Kweku Adoboli, a former trader of Swiss banking giant, UBS, who got entangled in the middle of what has gone down in history as Britain’s largest unauthorized trading loss of £1.4bn. It’s been a year since Adoboli was deported to Ghana upon serving four of his seven-year sentence.
Kweku Adoboli is calling for the use blockchain technology in Ghana. The use of blockchain technology is not limited to cryptocurrency. It can also be used to tokenize everything including property, administer elections, and validate all forms of ownership.
Universa, Ethereum, EOS, WAVES are examples of blockchain technologies currently in use. Interestingly, there are no regulations that streamline these systems of innovation.
The Securities and Exchange Commission (SEC) has so far been advised to consider some form of regulation to make this effective. Describing Ghana’s Payment Systems as “challenged”, Kweku Adoboli proposed to JoyBusiness the need for BlockChain Technology to leverage payment systems in the country.
Mr Adoboli said, “Banking payment systems in Ghana are challenged. I’m going to use a euphemism – they’re challenged and we have a lot of work to do to develop systems that are much more efficient. Much lower levels of friction much lower cost.
One per cent to do a movement transfer is too much. Three or Four per cent to release foreign currency that’s been sent in is too much. If the friction level is 1 per cent then nobody wants to spend any money.”
He added “So blockchain would help. What we need to do is not go incrementally. Right. You’ve got a legacy system, let’s develop it a little bit. Actually, we need to think really big and go; how do we leapfrog so that we don’t spend years and decades iterating forward and blockchain is a mechanism that we could rely on either to build digital currencies or to understand the ledger better and be able to track payments and cash flows et cetera? It would help us and if we could attract people with the skills.”