Binance halts deposit and withdrawals of Naira(NGN) after ban of cryptocurrency in Nigeria
Just imagine for 1 second that it was possible for the government to restrict the usage of anyone's account for no good reason and block access to ones hard earned money, well it is possible and its been happening since the establishment of Central Banks and Banks are nothing but tools for the governments.
This was one of the shortcomings in the financial system Bitcoin was created against, to curb the menace the central banks and government have turn out to be.
Earlier today, the CBN of Nigeria released a new circular to ban entities that facilitate cryptocurrency transaction in Nigeria. Good thing is that while Nigeria is 10 times behind, the techworld is 90 times ahead.
Many know that Nigeria is a failed state with one of the highest rate of inflation, insecurity, highest rate of unemployment and one of the top dwindling economy ridden by govt embezzlement.
Many of the youth turned to crypto to make ends meet either by taking up various micro tasks that pay in Bitcoin or through trading of bitcoin and other currencies.....
As the value of the national currency keeps draining away, many are using cryptocurrency as an hedge to inflation,......
Through NFTs, artists have been able to tokenize their artworks and make a living doing so. Cryptocurrency is creating legitimate means of making money, but the govt of Nigeria will not have it.
Unfortunately they goofed, they forgot to do their due diligence, very unintelligent and uninformed bunch they are. They failed to realise that cryptocurrency was made to take away such control from their hands, they can ban banks, but thats the limit to their power, they can't ban P2P networking.
This and more are part of the solution crypto offers to financial systems and freedom for the people, other govts have tried and failed, Nigeria is always late to everything.
It just hurts that there are so much other issues we should focus on as a country, but Nigeria just wants to stay redundant while the world is moving forward. Anyway, as I wrote in this post, Nigeria govt keeps fostering the adoption of cryptocurrency without knowing it.. Interesting how Nigeria govt just gave crypto a massive PR for free.
Thank you for reading. Cheers...
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