The Government Cryptocurrency Policies Affecting My Country
I never knew there will be a day I will be writing about news because personally I have never been interested in watching it reading them at all not to talk of numerous governmental news to the extent that growing up, what was worst than flogging me was changing the channel from the action movie I was watching to NTA or any news casting channel (except for cypto news)
Little did I know that there will be a day when a news will directly affect me.
You must have been seeing me constantly trying to bring in the fact that "despite numerous unfavorable Governmental policies they make day in day out that the citizens are always trying to find a way to survive" but this particular one is getting a little bit difficult and people are suffering as a result.
The News
Recently, the government of my country tried to ban crypyocurrencies as a whole, it was as if it wasn't enough and they seemed they've not achieved their aim....
Next that the government deemed fit was to go after the most used exchange by her citizens, BINANCE.
This was the very height of it!!
I even saw somewhere that they will be charging BINANCE to court demanding for a fine.
This news directly affects most persons in Nigeria especially individuals who have a life in Blockchain.
Trading is now a very difficult thing especially for persons who got their first exposure to Blockchain when they started Hiving.
Banning the P2P feature is invariably trying to bring back the days of Vendors.... I once vendored crypto coins so I know you're at the mercy of your vendor and this was the great gap that BINANCE was closing.
Not only will the rates be too low but then cybercrimes might be on the increase again just like before.
Personally, I've not much been affected because I am yet to make a withdrawal since the new policy was made but then, I can envision the stress it will put me through whenever I want to make one.
This is because rather than just sending directly to your BINANCE application and then making use of the P2P feature there, you now have to send to BINANCE, convert to USDT and then send to another Exchange platform where the P2P feature still works.
That's not much a stress reading it but then it's actually a great stress and a risky thing (Not to talk of the exorbitant charges you'll have to pay to transfer these USDT from one exchange platform to another) because;
Cyptocurrencies works with wallet and these wallet are not what you could cram; occasionally, people might make mistakes and just like our regular Bank accounts where changing one number will automatically change the direction of the money, so are also crypto transactions just that here it's worst in the sense that you can get your money back when the Bank officials cooperate and give you the contact of the person's information but here in Blockchain, there's not even anybody to complain to talk more of getting your money back... You'll just automatically lose any amount involved and believe me, it's painful 😢.
Also, some of these other exchange platforms aren't safe at all or can't be matched up with the security of BINANCE making users funds vulnerable to theft.
These are just to mention but a few of how any user could be affected.
What Do You Suggest We Do To Come Out On Top?
Honestly, as someone who has been in Blockchain for a while now even before joining up on Hive, I can tell you that there is little we could do to come out of this unless the people at the top of the Hive Blockchain decides to help us but in the meantime....
- Broaden your Blockchain Knowledge
This will be a good time to broaden your horizon on the Blockchain world especially for persons who only knew about BINANCE.
With this new policy, I think it's time to get to learn other exchange platforms and see how they works too.
This will only help you as an individual but then there isn't much it could do for you when the country's policy is against you like in this case.
What Then Must Be Done?
- Listing Hive On Many Secured Platforms
By getting Hive listed on many secured platforms will definitely solve the problem so that people could easily transact with other exchanges.
- Stopping The Government
Finally, this is the only way possible to be honest.
This is because If this government isn't stopped from doing all these things, regardless of how many exchanges people have, they will keep coming after them.
Honestly, We Need Help!!!!
Thanks for reading and have a nice day
The whole crypto ban has been a policy the government have been trying to implement for years but could never get a hold of it due to the complexity of crypto currency.
When I heard of the news, i was not surprised. I knew the government were at it again, though the ban is not just binance, it also includes Coinbase. Though not many knows of the existence of Coinbase unlike binance.
The only reason why I feel hopefully about the impact of the consequences of the ban is because there are still other crypto exchange apps that can be used to trade because we are powerless against this government policies.
But my only concern is that, if they manage to implement this policy of banning binance and Coinbase, will it not extend to other exchange apps later on knowing how dubious Nigeria governments can be.
My KuCoin is still working perfectly just that Hive isn't listed there yet🤕
That's the greatest fear honestly because I feel they're coming at all exchange applications one after another.
The BINANCE own in particular is affecting most because it's one of the exchanges where you can send your hive before the whole conversion stuff...
Personally, I don't even know of any asides BINANCE, do you know another one?
Yes, you can trade HIVE on roqqu exchange app directly without converting or using p2p
Really... It's true oh
Let me go and revive my roqqu exchange, I deleted it before
Maybe when I do, you'll tell me how it's done please
No problem, you can always reach out to me on discord.
I heard about the news of Binance in your country. I feel most of the government don't want to legalise crypto because they will lose control of the asset of people. I hope all the ban will be removed very soon in your country 🙂.
Honestly that's our prayer even though it's looking unlikely 😢
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