It was just like fake news when we all heard that the Nigerian government has placed a ban on any form of cryptocurrency dealings within the country but now it has become clear that our government has no plans for us especially the youths. Some time ago I wrote an article about Africa adopting cryptocurrency as a way of economic growth within the region. What baffles me is that a country like Nigeria with all the intellectual minds she has coupled with the fact that she is seen on the world stage as the giant of Africa could stoop so low as to take the route that will plunge the entire country and her citizens into great poverty and hunger which has become her greatest enemy. I am saddened that I found myself in a country where her leaders have shown that they have run out of ideas to lift the country from perpetual death which is what awaits her if they continue in this downward trend.
While countries like Kenya, South Africa and others are embracing crypto with both hands because they have seen that it is their way out from being in the category of developing countries to developed countries in this 21 century. If a country like Nigeria could stoop so low as to ban crypto dealings without a very tangible reason then it means we are purely not practising democracy rather we are being ruled by dictators who just want their good over the good of others. I remember the last protest where thousands of citizens were killed even as they were singing the national anthem yet to date the government has played lip service with all that happened. Just yesterday it was shown live on the news that the government has sent a large number of heavily armed policemen to stop any form of protest, especially on the Lekki toll gate meanwhile since we have been shouting about the killings and mayhem which is caused by Boko haram, the government of the country has never made any move towards ending Boko haram terrorism.
It is also painful that we have found ourselves in a country where the order of the day has become looting and killing yet not a single arrest and conviction has been made to date. The last time a case of fraud was been heard on live television broadcast by a panel set up by the same politicians who have been looting the countries fund, what did we see? We saw a well mastered and orchestrated drama were the accused who was being questioned about how he spent the millions of dollars given to him for the betterment of the masses fainted or should I say started convulsing on a live broadcast. The panel of inquiry was adjourned till God knows when because as of this morning I’m writing this article, we have not heard anything concerning that case again and I believe that the government knows about this move to close the case in such a manner. My greatest surprise is that no one has spoken up and even those who spoke up were either threatened of made to shut up. If the government of a country like Nigeria cannot see the doom looming around its head then what it means is that we are already heading straight into it without any second option.
In the world today, a lot of countries have boosted their economy by keying into crypto. I understand that volatility of crypto dealings but that is not enough reason for a total ban. What the Nigerian government could have done was to look for a way to harness the benefit that comes with crypto as a country. They could have gone to countries like Romania, Spain and even the USA to learn how they have been able to utilize crypto in their countries. If the government of Nigeria is using China as an example of countries that banned crypto-related dealings, my question is; can Nigeria compare herself with China when it comes to economical development in the world today? A country like China that has developed their economy in such a way that they have numerous ways of generating revenue which has kept them on top of the food chain in the world today, not forgetting that Nigeria has been continuously borrowing from them without any plan on how to pay back.
I see a country where China will completely buy off because of the numerous debts owed to them by the government. Why won’t the Nigerian government look at the brighter future where they will be able to pay off their debts through the returns gotten from crypto? Someone said. “If Nigeria had invested a quarter of her GDP in Bitcoin since the year 2009, Nigeria could have become the richest country in Africa if not in the world”. It may sound fun to anyone those not know that there was a time bitcoin was as low as $20. Just imagine the Nigerian government investing $10,000 in BTC back then, what do you think would have been the outcome? It is very saddening that we missed an opportunity like BTC and yet the government is blind about the other cryptocurrencies like Bitcoin cash which is on a very high increase and has a good mass adoption.
The government have shown that they are not aware of the happenings in the workkld when it comes to crypto and they are completely unaware that the world has entered the higher stage of technological advancement where businesses are done through cryptocurrencies. They have shown that they only care about their interest and not the growth of the entire country. This leaves me to ask; what are we going to tell our children when they ask us what we were doing when other countries were adopting cryptocurrency by the time they grow up to see the entire world dealing on crypto? We may think that it is farfetched but I want us to understand that cryptocurrencies have come to stay and nothing will stop it. If bitcoin could get where it is now, other currencies like bitcoin cash, ethereum, BNB, cardano, polkadot, 1UP, litcoin and many others will certainly get there and even beyond. Therefore it will be in the interest of the Nigerian government to rethink and look at crypto as a solution and not a problem. Let this not be the banana peel that takes us off the track in a way that we may end up not finding our path again.
