I have been following the recent event happening in the crypto sphere which I believe most of us are very much aware of. It may interest you to know that what we are seeing now is nothing but a mere battle which I believe will linger into years and months of war between the government and crypto enthusiasts. Today the Chinese government is at the forefront of the war, but don’t be surprised when another country probably one of the world powers takes over to lead the war. We all are seeing the effect of what the Chinese government and their plan to be in control of cryptocurrency especially within the shores of their country is already doing to the crypto market. Where prices and even the charts are now seriously been manipulated just to shake off the paper hands in other for the whales to take control. I believe most of these whales are not too far from the corridors of power in their various countries. What we are witnessing today is not by any chance a mistake rather it is a well planned and organised move to shake the crypto sphere in other to create fear and uncertainty in the market, thereby making it hard for general adoption which has been the target of crypto enthusiasts.
It is not out of place because one of the reasons why Satoshi created cryptocurrency was to fight against the monopolistic monetary system known as Circular Banking which is and has been the greatest barrier between the rich and the poor in every society. I will not talk about the circular Banking system because I believe we already know and have witnessed its shortcomings in our various communities. What I will look at is the Ripple effect of what the Chinese government is doing and how it will become Africa’s nightmare in months and years to come. It is common knowledge that Africa has always been used as a pawn by the world powers especially in areas of economic and technological advancement. The case of cryptocurrency will not be different because as it has always been, Africa will end up being the last straw that will break Carmel’s back in all of these. I don’t mind if you call me a prophet of Doom or whatever that makes you feel good, the truth is that by the time China would have been done with the world, most if not all the African leaders and their various governments will follow suit. My advice to all my African brothers and sisters, brace up yourself because the war is yet to come.
Just as it has always been with Africa, we love to copy from the Western world even if we are not sure of what we are copying we always end up copying them. This reminds me of my secondary school teacher who will always make this statement about Africa and the way we copy;
“We have become so comfortable with copying the western world that we do not know when we have copied their name in place of ours”…
This is exactly what we are seeing in Africa today because most of our leaders are visionless they are just there to take as much as they can get before their tenure of office ends. This is what has kept Africa where it has been today. You all remembered when China started this war by creating a government-controlled cryptocurrency the called Yuan and subsequently began a crackdown on crypto miners within the shores of their country. The Nigeria government instantly declared war on cryptocurrency by banning all forms of transactions with the country. This was followed up by series of attacks on citizens who were forced to open their mobile phones by the police for them to search. It did not stop there, the government made all effort to cripple any form of P2P platform either by a group of people or a registered exchange.
What is happening today? They have finally created a government-controlled cryptocurrency which they called e-naira making it clear that they are purely copying China and nothing more. For those who do not understand what is to come, I will urge you to be prepared for it even if you doubt it. This is what will happen in Nigeria. The Nigerian government will one day make policies that will make it a law that civil servants will now have to be paid through e-naira. This will be the beginning of another form of a monopolistic financial system which the Chinese government is seriously clamouring for and in extension, the Nigerian government. I am also seeing a Nigeria where citizens will be made to make online payments through the use of e-naira just give it a forceful general adoption. This as we all know has taken away the idea behind the creation of cryptocurrency by Satoshi and whatever it stands for. The question we should ask ourselves is;
What then is the essence of cryptocurrency if the government takes control of it?
Whether we like it or not, the war we are going to fight is not and will not end with the Chinese government. I expect to see other countries and their government joining in this war because they all understand what it means for citizens especially the poor masses to have a monopoly over their finances and whatever happens to it. Call me a prophet or whatever I believe we will all live to see more of these wars erupt from other places and countries. Thank you for reading today’s post.
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China is really a powerful and rich country and a lot of countries are afraid of China.