Crytocurrency

About That Ban On Crypto Accounts

It's breaking news in Nigeria that the government has now banned cryptocurrency accounts. Some people are aware of this, while some aren't; there are people who understand what cryptos are, while others are in the dark.

Here's a quick checklist to help you understand how far these forms of exchange have come.

1. Akon City is underway in Senegal. It will be run with cryptocurrency, called Akoin.

2. We now have Bitcoin ATMs.

3. Bitcoin adopters total more than 79 million people.

4. Cryptocurrency helps you to avoid bank charges levied on money transactions. Bitcoin also keeps you away from overdraft fees, transfer fees, foreign transaction fees, and all other fees that go along with everyday bank business.

5. The bank JP Morgan Chase has launched its own digital currency called JPM Coin.

6

. Coca-Cola has launched vending machines that accept Bitcoin.

7. The internationally recognised institutions, MIT and Stanford operate vending machines that accept Bitcoin.

8. Norwegian Air, Uber are now taking Bitcoin for their services.

9. The retail megastores, Starbucks, Nordstrom and Whole Foods will permit you to spend Bitcoin online as well.

10. You can even buy a Rolls Royce, Porsche, Bugatti, a Tesla, Nissan, BMW and much more with your Bitcoin!

11. Many more countries are adopting the use of virtual currencies.

12. There are about 4,000 cryptocurrencies in the world.

This list is not an exhaustive one because the stats keep getting better!

What The Government Should Do

The government should find ways of regulating the practice. Other countries have moved in swiftly, through government agencies, to try and rein in illegal and dubious practices involving cryptos. A blanket ban might be reactionary, probably because of the access to funds such movements like the #EndSARS movement had.

What is expected from government is proactivity. A vision doesn't necessarily have to have originated from you for you to make it better. A knee-jerk response to international trends, methods and happenings will not be enough. The government can step in to regulate it, as it does other sectors of the economy. Maybe they have done this so that they can go on working behind the scene on the best way forward. Time will tell.

Whatever the reasons may be, regulation, continuous education and multilateral engagements with experts and operators in the sector will help us better. Cryptocurrencies are here to stay; cryptocurrencies are already generating revenue for individuals and families in very legitimate ways, world-wide

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