Let the failing Naira accelerate Bitcoin mass adoption in Nigeria

Some month ago, the central bank of Nigeria introduced the use of a new naira note that has done a lot of damage to the country's growth. New naira was not a bad idea at all, but the systematic way the central bank wants to introduce it has been a problem for the country, causing many riots in the streets as all banks ran out of cash.

Adobestocks

Many riots cause the death of people and burned a bank because of government legislation that does not consider people living in the society, even until now there is still a shortage of naira notes in Nigeria. People find it difficult to spend money on their earnings, use cash to get cash. With various laws surrounding the Naira, many believed that this is the cashless policy they are trying to introduce, but the government doubled down and changes to the law led to more unrest in the country.

I remember that a year ago they tried to ban the use of Bitcoin with their view that transactions between citizens with Bitcoin could be a problem for them and that they would not have access to effective control, but the attempts were failed. In fact, Nigeria is now one of the countries in the world that is massively adopting the use of bitcoin. Even these leaders are accelerating this adoption of Bitcoin than the introduced CBDCs

Nigerian attempts to introduce a new system never succeed because they did not understand what the people want, instead they enforce coercive laws and continue to regulate the law.

Nigeria tries of rolling out its CBDC, eNaira, but it is not being used by Nigerian people, in fact only 0.7% of Nigeria use the digital currency and that simply means they don't know what their people want, they just do it to embezzled money. They introduce a new system to line their pockets and overspend on projects due to their significant level of corruption.

The 900 billion claimed by the central bank for new naira printing is not accountable, that is why I said they are rolling out a project to line their pockets. Inflation in Nigeria is now at 22%, so I think we should do like El Salvador and use Bitcoin to strengthen our financial system and ease the pressure in the country. We want mass adoption and projects around decentralized finance, not a new project that will put more pressure on people living in the country.

Posted Using LeoFinance ^Beta