Surviving in Nigeria hasn’t been an easy task for her citizens, most especially for tech-inclined youths. The government doesn’t seem to care about how the youths are evolving with the trends in the tech space, instead, they create obstacles for the youths from progressing.
It’s no news that cryptocurrency trading with Naira is prohibited in Nigeria. After the news went viral, a rumor was also in the air that crypto is totally banned.
Here’s the thing; The governor of CBN (central bank of Nigeria) clarified in a video that owning crypto isn’t banned but trading it with Naira is banned. However, the Nigerian Police force chose to ignore the fact that owning crypto is fine. Ever since then, they’ve been rubbing young Nigerians in the name of Crypto is illegal. Their evil act worsen after CBN (central bank of Nigeria) started freezing accounts associated with crypto.
The Nigerian arm forces are thieves
A few days ago, while I was on Twitter, I came across a tweet from a young Nigerian explaining how he was delayed by 6 men claiming to be INTERPOL.
As the Nigerian police usually do, they slapped and forced him inside their vehicle, asking for money. Thankfully, he was released that same day without paying a dime.
While I was at the end of his tweet, I immediately said to myself that his story ended well for he was freed and that this isn’t how it ends with everyone. *Some Units in Nigeria Police would make sure to extort the victim of his funds by all means.
While I was still on that trend, I came across a sad one by another young Nigerian.
As you can see from the image above, this user was extorted a total sum of $60,000. This is a huge amount of money to let go as a Nigerian. But since the government doesn’t listen to its citizens, it’d surely be a waste of time explaining to them that the crypto was saved in a wallet and not being traded.
Remember Crypto can be owned by Nigerians but they aren’t allowed to trade it with naira.
My $60,000 can’t be stolen so easily
I have been in the crypto space since 2017 and I have stored my crypto coins on several platforms. The young Nigerian who got robbed of his $60,000 isn’t so smart I must say.
Living in Nigerian is now tougher than anyone could imagine. That alone is a sign to keep your crypto assets more secured.
Hive over anything
Among the list of the platforms I have used, I’m ranking Hive as one of the most reliable and secured Blockchain to safe-lock crypto assets for so many reasons. On Hive wallet,
- Transferring funds with a posting key isn’t allowed.
- Transferring funds locked in savings takes 3days to turn liquid HBD.
- Powering down Hive power(Hp) takes 13 weeks.
With all of these features, It won’t be easy to lose your funds to hackers or thieves.
Why save $60,000 in a wallet that would allow thieves (Nigerian arm forces) to easily transfer them? When you can safely lock your asses as HBD and earn interest with it on Hivewallet.
This news about the government freezing assets is infuriating. We had the same case, not in the government but the local banks. Each time that they hear the word "crypto" their alarms are set up to the owner as if they are doing illegal.
Because of my ongoing transactions in the crypto verse, rather than having my assets be frozen by them, I chose to use other means.
Posted Using LeoFinance Beta
We are always being careful when transacting these because of the ban. Very annoying. Truth is, they didn’t create crypto so they can’t end it. With time, they’ll all embrace crypto. Time will tell.
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