I don't know if it is ignorance or anything else, but the Nigerian government have been against cryptocurrency for a very long time. They refused to evolve with time and see the opportunities attached to it, they just see it as illegal and also something that needs to be curbed. For the past few years, they have specifically targetted young guys and they have tried to ban cryptocurrency in Nigeria a couple of times by making some policies. In the first quarter of 2021, I remember the government's attempt to ban cryptocurrency in the country and some companies probably panicked and removed Nigeria from the regions that can access their services. I remember removing my bitcoin investment from Luno app then, so my funds doesn't get stuck in it. My initial plan was to leave it for a year, but I was unable to do so.
I have heard of cases where young guys were arrested just because apps like Binance, Metatrader, and some other trading platforms were found on their devices. They automatically tag them as fraudsters and that is so outrageous, to be very honest. They extort them, detain them and do all sort of things just because they have been given the power to. I know the concept of cryptocurrency is overwhelming and for a country that isn't aware of trends or have interest in knowing about it, they might find it very hard to understand the whole thing. They should have tried seeking knowledge about it instead of condemning it, but it just seems as if they want to stay in the past. It is just so sad that they don't see the bright side of this wonderful concept of cryptocurrency.
Just of recent, my country's currency started crashing heaving against the US dollar. The next thing the government decided was to stop Nigerians from trading crypto and holding the US dollar and the major app they faced was Binance. It is very funny that they did not see this from another angle, they just want to get rid of cryptocurrency in Nigeria and that is not even possible. They refused to turn a blind eye to the fact that we import more than we export, our politicians even spend in dollars and not our own currency. So many other things are contributing to the devaluation of our currency, but they just do not want to take the responsibility.
P2P trading was stopped on Binance and this has affected a lot of things. Apart from the swift exchange of cryptocurrencies that these people offer, they blocked their source of income. This could actually lead to an increase in crime rate in the country. There is no job and these people are trying to make some money by being crypto exchange middlemen, and that was still taken away from them. For trading, the route is now longer than normal, but it is just a matter of time.
Well, to still thrive in this situation, one just has to look for alternatives, and I am even sure some people are doing that already. There are a lot of platforms where one can trade from and crptocurrency can never be controlled by anyone. So, the best thing to just do is look for other optional ways to still engage in crypto.
Thanks for reading❤️
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