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What is the Future Of Crypto in Nigeria?

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Samostically
@samostically
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"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?

Image from [pixabay](https://pixabay.com/illustrations/cryptocurrency-crypto-bitcoin-6601591/), Gifs via tenor

Thanks for reading...

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