The Contemporary Conflicts Of Centralized finance on the Masses in Nigeria
source It's a well know fact that Cryptocurrency has brought about a financial revolution in the life of many investors today. Many centralized financial institutions are gradually resorting to crypto investment which after realizing desirable gain, use part of their remnant profit to reward their local investors at 10% interest perannum at most. Many banks today has noticed a drop in active savings and current deposits from their financial stakeholders as many of their clients have resorted to crypto investment. The world of decentralization is now beginning to unfold and gain more grounds in the financial ecosystem today. Local currencies are begining to lose their financial worth on a daily basis and i believe this is one of the reasons why the Central Bank of Nigeria is being strict against crypto exchanges.
Central Bank of Nigeria The central bank as a leading giant for the Centralized finance is exercising strong legal authority tagging crypto investments as Illegal in Nigeria because it has noticed that most youth of the country do not invest their money anymore in their local stock exchanges and financial banking platforms. It's a pity that most of these CEFI officials are after the growth of their banking sector ignoring the fact that most of the young masses out there are thriving hard to make a living through cryptocurrency since their is no proper means to get many of them employed into industries or ministries. What do they want when their is no provision for most unemployed youths and graduates out there since One need to have a strong connection with a politician before securing a job in the public service? The fulani herds men are gradually taking over lands where indigent farmers are being killed on a daily basis. The Average Nigerians could hardly experience a better life for themselves and their family due to hardship from this current administration and lots more.
A ban was placed on crypto exchange in Nigeria, disallowing the centralized banking platform from accepting any Cryptocurrency related transactions. The crypto was tagged as illegal. Most internal decentralized exchanges and applications are on hibernation at the moment to prevent crypto exchange for fait monetary transactions, access to the binance transaction frontend has been temporarily disabled to prevent Nigerian exchangers from further exchanges at the moment. This is quite unappealing and disheartening.
Irrespective of what the centralized ecogiants are doing, i know for sure that it's just for a moment. Decentralization is the key to the liberty and economic advancement we all desire for our mutual benefit. Thanks to @taskmaster4450 and many more authors on the leofinance Platform for giving more insight to the decentralized world by sharing their daily post and experiences. How long will most country citizens be maginalized and denied their fundamental human rights. A usual saying goes that "youths are the leaders of tomorrow". This has been a recitation in anthem of many schools and institution over the years till date, yet it's becoming more apparent that most Nigerian youths today are been marginalized and denied their financial rights. It's good to notice some politicians fighting hard to restore Cryptocurrency exchanges back in Nigeria. One fact i know is that no matter how long this situation can be, it will definitely not last for long.
Irrespective of this situations at hand, i see this as a stepping stone to channel my gains on the platform into more stakings for the future. I'm never moved by all these, but i feel concern for those that invest their money in crypto and wanted using their gain to run an emergent need for one thing or the other.
For me, i think it's high time for many more newbies to get onboarded and be familiar with the #hive blockchain technology and the second layer decentralized platforms such as the #leofinance, #threespeaks, #ctptalks, #sportstalk, #neoxiancity, #palnet and others. Whether the centralized financial bodies like it or not, DEFI is definitely taking over to grant us the financial liberty we all desire to make ends meet and build more asset for the future to come.
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