The cryptocurrency predicament in my country

In Nigeria, it is as if everything is a crime to the government, even though it's not a crime. The Nigerian government will see it as one. The fact that they said we were in a democratic government used to baffle me sometimes because it looked like a military regime to me.
Some years ago, the Nigerian government banned cryptocurrency. Believe me sincerely, they do not have tangible reasons for that.

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All they see and say is that people are using cryptocurrency to loot a lot. To me, all they see is that they do not have access to trace or track people's accounts who are into crypto currency. I've known so many people who are allegedly wronged by the EFCC in my country, and when they search for everything, they will later realize that they aren't into anything other than cryptocurrency.
They do not believe cryptocurrency can actually give people very good money, make people rich, or even change their lives for the better. But for the fact that they cannot trace people's money,.

The Nigerian government actually wants to know everyone who is rich and even have access to their accounts. But then, cryptocurrency doesn't give them that opportunity. In that case, they ban cryptocurrency. In some years back.

They banned it because they hate it so much that it gives people comfort. I mean, you don't need to go to work before you do anything online. But at some point, since they realize they do not have a good, tangible excuse to ban it, they lift the ban.

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In fact, at some point, if a policeman caught you and you weren't doing any physical work or had a business somewhere, all they thought was that you were a fraudster. Most of them don't even have real knowledge about what cryptocurrency is all about.

Here is the worst part: since last year, the dollar kept increasing; it was $700 per one dollar last year, but then the rapid increases in dollars this year are so alarming. Everything was so extremely expensive. People are suffering because once the dollar is high, everything will go up. To the extent that what we normally purchase at the rate of $100 is now $250. That is for you to know how bad it is.
a few weeks ago, a week or two weeks now.

The government complained about the people doing crypto, saying they were the ones that allowed the rise of dollars.
In fact, it goes to the extent that the government bans most crypto apps in Nigeria. Binance was a crypto app that is known and used very well in my country, but now we can't use it anymore because they have removed Nigerian currency as it is so difficult for us to trade.

This affected me so much last week. Since Binance is not working again, I tried using another app, not knowing that they were also part of the ban. I needed money urgently and put my money inside the app. Not knowing it's not working, the funniest part is that it's my first time using that app. I was so frustrated because it took me three days to see my money. From Friday to Monday.

The frustration was too much; I don't have any money, and I need money urgently. Thank goodness for some of my friends on Hive. They were the ones that came through for me.

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14 comments
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(Edited)

It's what we get when greedy ancient people are ruling us

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It's sad to hear about what's happening in your country. In Ghana, things are different. Most people deal with crypto here so the government dare not ban it ,

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In Nigeria, the government wants to control our assets, so sad my dear. It's like I will be moving to Ghana or we should both be going to Canada to settle down 😂 thanks for stopping by dear.

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Why is the government like this they what to have control over our assets

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Since the youths are no more on the road to beg or hail them as usual they believe that everyone is into fraud and believe that cryptocurrency is now giving opportunity for money laundering, what I do not understand is how crypto increases the value of our currency.

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Same experience I had, I had fund in my Luno and till date I'm yet to access it till date. God will surely help us in this country.

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Sincerely, big men are using crypto to loot money. The problem of our government is that they a very poor in technology to checkmate things. Billions of naira are looting through crypto

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The government just want to control us, once they notice her citizens are beginning to do fine being independent, they launch attack.

Tell me how does restricting us from binance now change what the country is going through. This is wickedness of the highest order but we will not relent, they can't stop us.

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We have weak institutions in Nigeria. The country don't mind throwing the bathwater away with the baby. That is the problem. Everyone doesn't have to suffer for the crime a few others.

One good thing is that cryptocurrency has come to stay.

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