Recently there has been lots of FUD in my country concerning cryptocurrency. The government are hell bent on cracking down on crypto and cutting us from the rest of the world.
They started a couple of years ago by stopping the seamless buying and selling of crypto using our bank cards. We had to adapt and adopt peer-to-peer (P2P) trading. It took a short while but we all got used to it. There's always someone willing to buy and there's always someone willing to sell.
We thought that was it, but then recently, the government decided to start their witch hunt again. First, they arrested some Binance officials (Binance was the platform most Nigerians used for P2P), and then Binance had to delist the NGN pair from P2P trading. We had to move on from there to some others like OKX, and then the government came for them again and managed to get them to remove the Naira from P2P on their platform. Obviously, there'll always be alternatives and we've moved over to that. Now the government put out statements vowing to delist NGN from all P2P alternatives.
They believe that crypto is the reason the economy isn't doing well even though that is far from the truth. There are a lot of reasons the economy is declining and crypto isn't part of them. The majority of those in positions of power aren't knowledgeable enough and aren't willing to actually understand what crypto is. I find it difficult to see how our involvement in crypto affects the economy negatively. Maybe this is just because I understand what crypto is. Doing research and knowing things before being for or against them is very important, but they aren't prepared to do that.
I personally am not scared of what would happen if they actually manage to delist NGN from all the major Centralized exchanges (CEXs) because I know that there'll always be someone willing to buy and someone willing to sell crypto. But then It'll just be a bit harder and more lucrative than it already is. The only way they can stop us from being involved in crypto is if they ban smart devices, and we all know that is not possible. My major point of concern is the fact that making it this difficult will mean it'd be harder to onboard more people into the space. This year I've seen a lot of new people join the crypto space and they're still getting to know things, but with these new regulations and obstacles the government is imposing a lot of them will be discouraged and probably leave the space. There's also those who were on the fence before but now that the government is trying to paint it as a demon they're not willing to give it a chance anymore.
The contrast between online and offline is crazy. When I come online it seems like everyone is either aware or at least slightly accepting of crypto, but then offline in my day to day life it seems like everyone is oblivious and unaware of what crypto is. Makes me wonder what the average person's online feed looks like.
The major reason I can't leave the crypto space is that I see so much potential and so much that is being developed on a daily basis. The space is expanding, there's a lot of opportunity and being involved could mean I'd strike gold very soon.
I believe the reason the government is so interested in stopping us from accessing the crypto world is because it is something that they can not control and regulate, and they don't want that. They want control. Proof of this is when they introduced the e-naira in 2021, I even wrote a blog on this here. I thought it could be a step in the right direction but I was wrong. I guess seeing the e-naira flop made them realize they can't get a hold of crypto and now they're against it.
It'll be interesting to see the lengths they're willing to go to try and stop crypto. One thing I am certain of though is that they can't win.
let me be waiting for my Notcoin to land 😁
~THANKS FOR READING~
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Government finding unnecessary excuse against crypto and they just want to be in control which is not possible. No matter ways they keep coming up with to ban crypto in Nigeria, Nigerians will always find alternatives. They will get tired and will focus on what the economy really need to make progress. Obviously, crypto isn't the problem here. Nonsense elements 😃
Don't mind them oo. They'll get tired eventually. I can't let them kill my dreams.
Yes, exactly. They will definitely get tired in the end.
I think our government don't know what they actually need because I see no reason why crypto is the cause of the economic problem. Meanwhile the people in power are the real problem of the country.
Exactly. They aren't looking in the right direction, just looking to subdue and control everything while they enrich themselves.