Where is Our e-Naira?

Worldspectrum

Who can recall that in 2021, the Nigerian government, having banned crypto currency or activities relation to it, created what may seem to be like crypto, called e-Naira? Well, that token did not see the light of the day. It was a project that is dead on arrival..

Over and again, I have asked myself this question and as a common man, my mind has calculated what the fears of the government could be as regards adopting cryptocurrency as a means of exchange over fiat money.

In Nigeria where I hail from for instance, the government is not in support of crypto currency. The ruling government in 2020 banned cryptocurrency with a flimsy excuse that some young people are resulting into cybercrime, thereby becoming wealthy overnight with little or no effort to show for.

As much as the foregoing may be true, there is worse corruption in the government of our nations. The fraudulent act of embezzlement of public fund is the highest point of "cybercrime" there is.

At some point in 2021, the government having heard that some nations in Europe have legalised the use of crypto currency, in Nigeria especially, the government that saw crypto currency as a taboo, created a token for Nigerians to buy, own and hold. Trust me, that token is so unpopular because people do not trust in the government and the fact that the government may attempt to control crypto lovers with those who owned the Nigeria crypto called e-Naira was first seen as a move to accepting crypto but the government as said elsewhere is not sincere with its obligation.

e-Naira in the market have fallen by over 315% since it was introduced. This accounts for the measures that the people have lost faith in fiat and are seeking a way out of the mess created by money bags and politicians in siphoning and keeping a large stock of money in their custody.

Even if an individual is to argue in favour of the government in that cryptocurrency is a way through which terrorism has been sponsored over the world, it may not be totally be totally true because terrorism gave evolved far before the emergence of cryptocurrency.

Simply put, the agencies of government charged with the responsibility of controlling the movement of money in an economy or the central banks of nations also feared the failure that is in the pipeline caused by the presence of cryptocurrency.

•Among many, the advantages of crypto currency in any economy is too numerous to be mentioned. From my perspective, I found out that cryptocurrency has helped in making unemployment heat to reduce among young people. The mining process and the likes is already engaging the teeming unemployed youths who are making ends meet through cryptocurrency.

•Cross-border partnership for entrepreneurs is another good side of cryptocurrency. Business owners are easily linked, one to the other, signed good contracts and increasing productivity to a wider range through the use of cryptocurrency.

To raise funds too has become much easier. Unlike the process of seeking loans that are not feasible from commercial banks, crypto currency affords you the opportunity to kick-start a business with much pain.

Can someone conveniently say that the government is afraid also of the increase in the number of people who are jumping out from the poverty cadre? I thought government is all about welfare and to provide the basic social amenities for her citizens, if that goal is defeated, what them is the purpose of governance.
We should be allowed to seek ventures that would make life a lot easier because the government would have more sector to concentrate on. For this, cryptocurrency should be encouraged.

Keep supporting cryptocurrency. That's the world's next kind of money as paper money will become only a coloured paper.