In yet another country, we have cryptocurrencies getting in the crosshairs of financial authorities. This time, the country in question is Pakistan and there are discussions about potentially banning crypto in the country.
According to information released on mainstream media, the State Bank of Pakistan or commonly referred to as the SBP is discussing the potential of banning cryptocurrencies.
The story read that the plan is to place a blanket ban on cryptocurrencies. Unlike Nigeria that only has sanctions for financial institutions that facilitate crypto transactions, Pakistan intends to completely outlaw digital currencies and take it a step further by placing severe punishment for "offenders".
The motivation for this ban cites the usual issues including money laundering, terrorism, and the usual crap governments always say. The country also cited countries like China and Saudi Arabia as similar countries in the continent that have also placed a ban on cryptocurrencies.
The rationale for banning cryptocurrencies is something that I've never understood. The reasons they all cited have been in existence long before the creation of cryptocurrencies, yet they act crypto like it's the problem.
The aggression towards cryptocurrency in countries like Pakistan and Nigeria for that matter is just an opportunity for the government to deflect from the real problems they're facing.
For example, in Nigeria, we have serious issues of terrorism, lack the basic amenities, and horrible welfare for the citizens. These are issues that have been there long before I was born and a gazillion years later, nothing has changed.
There have been countless issues of fraud, money laundering, and wanton misappropriation of funds for tens of years. yet, crypto, a tool that offers hope, is being treated like the enemy.
Fear is the cousin of failure
The simple truth is that the countries fear whatever they don't understand. They worry that the citizens might take their lives into their hands and will not need them.
Look at the Naira for example; virtually every Nigerian crypto enthusiast doesn't hold it in their bank account. We only get it and spend it because it is too much of a risk to hold it.
It's very ironic that the government is comfortable with putting guns and weapons into the hands of strangers in the armed forces but are very uncomfortable with citizens taking charge of their finance. I say this because in Nigeria there have been numerous military coups, yet you don't see them banning guns.
It's like saying that because people have committed crimes with knives, it is banned in the kitchen. No, knives also have important uses that don't involve violence.
They want control
The government sits down and claims that crypto can be used for crime, so it must be banned. Yet we live in a society where numerous things that CAN be used for crime aren't banned.
What about the trillions of NAIRA that have been stolen from Nigeria? What about the internet leaks of terrorist sponsors in the country?
All I'm saying is that if you're going to ban cryptocurrencies, then you might as well ban everything else.
Perhaps they could just come out to say the real truth behind it. That crypto isn't the problem, but control or their lack of control is their real problem.
You see, crypto gives you freedom from your oppressors. In our case, our oppressors are the government made up of individuals that only care about their political ambition.
They take one look at the crypto market and realise there's no face or individual they can bully. It scares the political class because for once, people seem to be taking their finance into their own hands.
They see and hear about all the community-driven projects, the DAOs, and all the beautiful things that web 3 offers us, and they fear. The government likes big corporations like Twitter because there's a face to the organisation.
With crypto, there's no face. There's no way to bully it. In fact, the more you try to bully it, the more it rises.
Crypto is disruptive by nature because it came to uproot everything. We don't know if it's the solution but at least it is different from the norm that has failed us countless times.
The government wants everything to stay the same and expects us to all pretend like we're satisfied. They tell us that things will get better but here I am, a young man that's complaining about the same problems that my dad complained about when he was also a young man.
I don't know the origin of the saying but it goes "Insanity is doing exactly the same thing and expecting a different outcome". Crypto is something different and it offers hope to many. Are we right or wrong? We don't know but at least we know for sure that we're not insane.
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BEER.They going to divide up the world with it for sure. Push people around, that way they can get away with cracking down slowly, and slowly it will spread but crypto can still stay alive, just not global. It sends a big message. Bitcoin is not global currency, it is not bigger than fiat and it will be a niche game.
what the government is actually scared of is the transparecy on the blockchain, they like to know what u do with your funds but they dont want you to know what they do with theirs
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Government is like a cult.
Cult they learn for where them dey.