What Do You Think The Government Is Trying To Do Or Stop With The Crypto Ban In Nigeria? Naijaloaded
Nigeria has enacted a cryptocurrency ban.
You must have noticed the Central Bank of Nigeria's valentine love letter to banks on bitcoin and other cryptocurrencies - Did the subject surprise you, abi?
Walahi, it astounds me that an economy in crisis would outlaw cryptocurrency trading, but one thing is certain: Nigeria's government is up to something.
1.Is it true that the government is only now learning about bitcoin?
2.Why is it that they are now attempting to outlaw it?
3. Why are they enforcing the whole prohibition without providing any prior notice?
1. Is the government only now learning about Bitcoin?
Well, I can assure you that the Nigerian government and the Central Bank of Nigeria (CBN) are well aware of bitcoin's existence in Nigeria and throughout the world.
You'll be surprised to learn that the majority of these politicians have been using bitcoin to send money overseas.
But have faith in Nigeria's powerful politicians; they know how to deal with issues that aren't in their favour.
2. Why are they now attempting to prohibit it?
Are you all familiar with the #ENDSARS Protests, abi?
You're all aware of how easily Nigerian youngsters were able to use bitcoin to circumvent any government measures to stop the demonstration from being funded.
As in ehn, Nigerian youths at home and abroad donated a large amount of bitcoins in order to raise funds to feed protesters, provide security for protesters when the police were unavailable, and ensure the sanitation of protest sites, among other things.
Trust CBN, if all the money had been donated via direct bank deposit, the banks would have been ordered to close the accounts.
However, several known #ENDSARS protestors' bank accounts have been frozen.
Trust me when I say that bitcoin saved the day for the teenagers by allowing them to organise a well-organized protest before the tragic Lekki Toll Gate shooting.
As a result, they are prohibiting all financial institutions from supporting bitcoin trade for the time being in order to prevent teenagers from banding together to bankroll a youth-led anti-politician campaign in the near future.
Especially because the election in 2023 is just around the corner.
3. Why are they enacting a blanket ban without providing any advance notice?
Former President Olusegun Obasanjo recently stated something to the Nigerian youths, as you may recall.
I'll quote what he said:
“WHEN PEOPLE SAY WHEN WILL THESE OLD HAGS GO OUT OF THE WAY?
I TELL THEM THEY WON’T GO OUT OF THE WAY, YOU HAVE TO MAKE THEM GO OUT OF THE WAY.
THEY WON’T VOLUNTARILY GO OUT OF THE WAY, YOU HAVE TO MAKE IT UNCOMFORTABLE FOR THEM.”
Obasanjo genuinely challenged the youth to make it difficult for the government's elders to win political elections.
So, before Nigerian millennials woke up to the truth of Obasanjo's message, the APC administration needs to rapidly shut down bitcoin in Nigeria to prevent any youth-oriented political party from receiving cheap money.
Because, the reality is, if a group of young people band together to join a political party and support a specific candidate, fundraising using bitcoin or another cryptocurrency will not be an issue.
To be honest, there's more to Nigeria's crypto-currency prohibition than the ostensible goal of curbing online fraud and safeguarding financial security.
I'd want to hear your thoughts on this.
Comments