What is the Future Of Crypto in Nigeria?

samostically in #hive-167922 • 2 years ago

"Anything the government hates or bans, invest in it and spend time to understand it better. That could be your missing piece. Bitcoin is a perfect example of such!"
-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?

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Thanks for reading...

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2 years ago in #hive-167922 by samostically

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dwayne16 2 years ago

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

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pizzabot 2 years ago

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marvinix 2 years ago

If the Nigerian government can devise a way to benefit from crypto. Let's say "Crypto taxing". I believe they would even promote crypto.

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.

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samostically 2 years ago

Yes, I agree. Our government will always want to benefit. Let's see how it plays out. Thanks for stopping by... !PIZZA

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marvinix 2 years ago

Sure! Let's see how it all plays out in let's say 2 years from now or after the election. !PIZZA

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dwayne16 2 years ago

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.

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.

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.

Our government doesn’t give a fuck about us, they just wanna rip us and live large

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marvinix 2 years ago

Yes you are right, it's all about the monetary gain.

It's high time we break free from their political games.

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dwayne16 2 years ago

We must do everything in our power to break away from this ser of people called government and do something great for ourselves

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marvinix 2 years ago

Yes, we must.

That's the only thing we can do for ourselves these days, it takes time but we'll get there.

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india-leo 2 years ago

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taskmaster4450le 2 years ago

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.

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dwayne16 2 years ago

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.

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.

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taskmaster4450le 2 years ago

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.

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samostically 2 years ago

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

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taskmaster4450le 2 years ago

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.

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femcy-willcy 2 years ago

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

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poshtoken 2 years ago

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