Ban of Cryptocurrency in Nigeria and the way Forward



Ban of Cryptocurrency in Nigeria and the way Forward

Africa has been lagging behind in technology.

No wonder they have been in vast debt to their debtors and these have incapacitated her outputs to the level which they operate below their capacity, and this with many other reasons is part of why they have been left behind the corridors of development. Maybe not all of its nations but Just for an instance; Nigeria recently banned cryptocurrency trading in all of its financial institutions. A country which was named in 2020 as the world’s second-largest bitcoin trader after the United State, having traded bitcoin worth more than 566 million dollars between 2015-2020 and also being the top cryptocurrency trader with the highest investors all over Africa was heard banning its financial institution from having trade with accounts used for cryptocurrency.

A day before the Central Bank of  Nigeria ”Banned” the golden treasure and wealth creation activities and processes of the so-called ”treasure Hunt – Cryptocurrency” in all its financial abodes in the country, the founder of Tesla, SpaceX, PayPal, The boring Company, and the Richest man in the world, Elon Musk said in short a while that Tesla cars will be bought with Bitcoin. And Tesla as a company recently bought 1.5 billion dollars worth of bitcoin, therefore becoming the first major company to hold cryptocurrency assets on their balance sheet.

This makes me wonder what the Nigerian government was thinking when the ignobly banned cryptocurrency whose imperative advantage is far wide spelled beyond the ordinary.

China recently issued its own coin, the City of Miami in the United State of America will officially allow people to spend cryptocurrency and these with other few developments is enough to tell you that this is the beginning of wide possibilities that lie around cryptocurrency and this makes me wonder why Nigerian government displays such level of rejection on a currency which is about changing the economy of many nations.

Nigerian government should have gotten help on how to regulate cryptocurrency just like other countries like US, China, Canada, the United Kingdom with advanced economies have been striving to do or perhaps, put a team of advisors with knowledge on crypto together or even open a blockchain research institute to understand blockchain and its technology which creates value instead of banning it.

It is widespread knowledge that to ”Understand cryptocurrency, you must understand blockchain” and just like every other new technology that has changed the world, cryptocurrency cannot be stopped. Instead, if you are wise enough, you stop and study its patterns, other than banning it. Cryptocurrency cannot be stopped and neither is any other thing that runs on the internet. Therefore it is of great necessity for every nation that sincerely desires increase, and growth in its economy to embrace the possibilities that cryptocurrency has to offer. The internet indeed has a whole lot to offer and cryptocurrency is among the numerous examples.

The beauty of Blockchain Technology is that it runs in a highly encrypted system that even ban or whatnot cannot stop it. The agony of banning things in any rigid society is that it creates a ”Rapscallion Network of Crooks” who will constantly ”Innovate’ around you and meticulously outsmart every of your systemic approach and furthermore create loopholes around it such that even the rigid walls and banning cannot stop.

This may be hard to imagine, but the possibility is near. Take it or leave it, Cryptocurrency has come to stay!

It is only a pity that we are so knowledgeably blind to accept it as a nation.




Isaacoed Buchi Jamie

Isaacoed Buchi Jamie

Isaacoed Buchi Jamie is a content writer, entrepreneur, and founder of Be first African Initiative, a non-profit organization based in Abuja, Nigeria which focuses on harnessing the strength and potentials of young minds for the purpose of transforming them to be an agent of positive change and impact. He is a Healthcare service professional, and an Experienced Electrocardiograph Technician with a demonstrated history of working in the hospital, health care industry, and non-profit Organisations. He is Skilled in Personal & identity Branding, Personal Development, Organizational Leadership, Fiction & Creative Writing, and Website Development. Also Focused on Clinical Laboratory Science/Medical Technology/Physiological Procedures.

You may also like...

Leave a Reply