What is the Future Of Crypto in Nigeria?
-Olawale Daniel
Hello Everyone,
It's more than a year since the Nigerian government banned crypto. The crypto ban is a bit confusing because the government only restricted the banks from performing crypto-related transactions. This means holding or trading crypto isn't illegal. The restriction simply means the bank is exempted from whatever crypto transaction you might want to make as a citizen of the country.
What happened during this period?
At first, it looked like the government finally put a stop to crypto activities as most people rely on their bank cards for deposits and withdrawals. For a couple of weeks, alternatives were being sought. For the next couple of months, alternatives were being found. exchanges like kucoin, and binance gave the people a means to make transactions. they gave Nigerians a chance to keep making crypto transactions and since then Nigeria has had the highest number of active crypto traders in Africa.
Nigerians have taken the crypto space very seriously. The youths have seen that a lot can be benefited from crypto.
What's The Future Of Crypto In Nigeria?
A friend of mine is interested in starting a crypto-related project in Nigeria. He called me to ask about the state of things in the country. He wanted to know why the government fights crypto and if there is any way to bridge the gap.
The thing is, The Nigerian government doesn't hate crypto. They hate the fact that they don't benefit from it. They hate the fact that her citizens can easily hide their wealth.
If the Nigerian government can devise a way to benefit from crypto. Let's say "Crypto taxing". I believe they would even promote crypto.
Recently, the Central bank fined 3 banks for crypto-related transactions. It's really difficult for them to keep going against crypto. At this point, the government knows it. I'm sure they just want to benefit from the whole situation.
What do you think? Is a little bit of crypto regulation necessary by the government?
Image from pixabay, Gifs via tenor
Thanks for reading...
Posted Using LeoFinance Beta
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
What you touch upon is valid for all governments. Ultimately, it comes down to taxation. Governments hate they cant control it while also having problems collecting their taxes.
Hopefully we see more privacy layers put in to start hiding more. That will really make things difficult for them.
Posted Using LeoFinance Beta
I know most government are already looking for a way to implement crypto taxation. I know they are not talking about it but I feel something big is coming in next few years.
Posted Using LeoFinance Beta
To politicians, it is all about the money. Sad but that is what most of it comes down to. So we have to counter that however we can.
Posted Using LeoFinance Beta
This battle would last for a long time. Another angle to look at it from is the creation of her Digital currency.
The government banned crypto and then went ahead to create a digital currency called E-naira. The currency was massively rejected by its citizens.
In our case, it is easy to battle the government. 90% of people in power are corrupt. That's another reason why some banks were caught undergoing crypto transactions.
People are withdrawing naira and storing it in crypto. It's really bad for a struggling economy.
!PIZZA
90% of the people in all governments are corrupt. The difference is everyone in your country knows it.
In my country, people believe their party is not corrupt.
Posted Using LeoFinance Beta
https://twitter.com/taskmaster4450/status/1518054307144376323
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
100%
This is a set of folk(Government) who only care about ripping the average man off his pennies, while they cater to their families abroad.
A way to tax the people would be something they would put in place in the future for sure, but when it comes to tech, the Government has no way to stop us(Youths), especially when it comes to Crypto Adoption.
The Ban is a blessing in disguise TBH.
Posted Using LeoFinance Beta
Our government is way behind so many countries in technology and that is why they can’t allow crypto because they can’t benefit in any way from it.
Our government doesn’t give a fuck about us, they just wanna rip us and live large
Posted Using LeoFinance Beta
Yes you are right, it's all about the monetary gain.
It's high time we break free from their political games.
Posted using LeoFinance Mobile
We must do everything in our power to break away from this ser of people called government and do something great for ourselves
Posted Using LeoFinance Beta
Yes, we must.
That's the only thing we can do for ourselves these days, it takes time but we'll get there.
Posted using LeoFinance Mobile
Yes, I agree. Our government will always want to benefit. Let's see how it plays out. Thanks for stopping by... !PIZZA
Sure! Let's see how it all plays out in let's say 2 years from now or after the election. !PIZZA
Posted using LeoFinance Mobile
The future of crypto in Nigeria is bright and as already help so many people to be financially free but that’s not the end, crypto in Nigeria will bring more
Posted Using LeoFinance Beta
The future of cryptocurrency is bright in Nigeria. Government only know about themselves and their pocket. They are angry how people are make a lot of money In cryptocurrency. Just imagine what happens doing Twitter ban does it affect them same goes with cryptocurrency. F**k government
PIZZA Holders sent $PIZZA tips in this post's comments:
samostically tipped marvinix (x1)
samostically tipped taskmaster4450le (x1)
@marvinix(1/5) tipped @samostically (x1)
Please vote for pizza.witness!