CRYPTO ADOPTION ( Yay ๐ or Nay ๐)
I hear a lot of nice quotes like crypto is the future, or it is the future of finance. Looking at where crypto is headed, I can't help but agree (my personal opinion) as I know there are people who also choose to see only the bad sides of things. .
Regardless we need both sides to form a strong opinion, when someone says something is good it must've been weighed in relation to it's bad side likewise vice versa as I don't think there's anything really 100% good.
But whether or not crypto is the future of finance, at least we can talk about the present and one thing I'm very interested in is whether countries should adopt cryptocurrencies or not. My reference point is my country Nigeria which I'm not entirely sure on its stance on cryptocurrencies.
If you live in Nigeria you'll understand what I mean. The government banned all banks from allowing account holders use their accounts to trade in cryptocurrencies, we have some cases already where there has been enforcement and some account owners have been blocked from accessing their funds.
Now the stance is not entirely clear, as we have people still trading cryptocurrencies within the country. We can understand from a bit of the Central bank of Nigeria statement that the directive was because it was prone to usage by criminals while they could not regulate it's usage.
But are we making a mistake by not adopting cryptocurrencies fully? Let's weigh in the good and bad side and we can decide.
One of the first examples of it's advantage that comes to my mind is the use of cryptocurrencies for donations in the current War between Russia and Ukraine. I've read a lot of news with people making donations using cryptocurrencies, one of the first one I can remember is that of Justin Sun. Imagine having to move from your home with nothing but probably a few neccesities, with crypto you can still have access to funds by just writing down or memorizing your keys. Looks to me like access to funds is quite a big plus for anyone who had to go through such horrible experience.
We've not yet gotten to a state of war here, but theoretically already we're having our fair share. For many years now we've been plagued with continuous disruption to lives and properties in the form of terrorism. Shouldn't Ukraine be an example of how important cryptocurrencies can be if we find ourselves in such dire situations.
As I said earlier the stance is not entirely clear itself, we have some leading cryptocurrency exchanges operating in the country. Technically this has provided an avenue for job creations, as we are currently battling a high unemployment rate. Fully adopting cryptocurrencies can be another source of employment creation. Although a large percentage of the population do not have access to good tech compared to developed nations, what we have is a very large young population that is very enterprising. They find the advantages in every situation.
I've been talking about why we should adopt crypto, but let's look at the government reason for banning it's trade using bank accounts. It's usage by criminal elements The same can be said about even paper money, anywhere there's an advantage for something criminal elements will also find usage for illegal purposes. Statistics show that criminals were able to launder over 8.6 billion dollars worth of crypto last year and because of problems with regulations and traceability it becomes a problem when solving crimes. This is a very valid argument for such a nation as Nigeria battling terrorism issues, as it could be used as a means of funding for purposes.
But statistics has also shown that only 0.15 percentage of activities have been identified as criminal related. Hence I believe it's adoption has a bigger advantage than it's ban(again my opinion).
So far from my personal experiences, I've seen much of the good cryptocurrencies has done and they far outweigh the bad side.
This is my first post here on leofinance, thanks for reading.
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