There is a current rage of anger swiping through the country Nigeria at the moment, Nigeria is the second largest users of Cryptocurrency in the world, with a larger population of its citizen actively involved and learned in the world of crypto, it's vastly and quickly becoming a job to people,and the numbers keeps increasing daily, but just while all is going well, the federal government in conjunction with the central bank issued a press statement baning the use of all trading platform within the country, that is, no one can buy crypto neither can they sell out crypto to get cash for sustainability, they are all presently subjected to peer to peer, that is getting someone who wants to buy crypto and you sell, just like the trade by batter system.
Funny enough this news is not new to the world as other prominent countries had also implemented this law in time past, countries like China, Morocco, Iran, India, Kenya, Zambia, Uganda e.t.c. and the reason unique to all countries probably deliberated by their financial experts is owing to the anonymous nature of the blockchain, its opacity which enables one to transact without leaving any trace back to the person, no doubt the method is a good choice for money laundering as many fraudsters are now capable of transferring money from the duped victims into their account through the crypto channel, and it's completely untraceable by the law enforcement agencies, whenever complaints is being made.
Countries like China and Iran had already issued a query because of the increased energy consumption taken by the crypto mining systems, Iran already siezed over 1000 bitcoin mining system, it led to an increase in the demand for electricity in the country, all this became a matter of concern for the government which brought them into making the decision to place a ban on cryptocurrency in the country.
Personally I say a well though reason is due to the fact that the public is quickly drifting from the use of saving on a local bank, we are now preferring to store our funds in a blockchain, that has proven to be safe and offers as well avenues for one to increase that finances in a matter of time, this is a major concern but the government wont say things this way probably because it sense a picture more like a cry to return by to the active use of banks, well little or no one would respond to such appeal, as we are in a constant search for greater finances, we all want more money so telling someone to leave his well paid platform to return to a platform where not only would he lose total control over his money, but it also reduces in form a bank charges.
Well the crypto/forex market is the highest financial market, having a larger population of the world actively involved, its already too big to be stopped, it's already too loved to be hated, its already very profitable to be tagged as bad. The crypto market is one the younger generation are paying more attention inyo learning as it as proven as a sure way to earn a beneficial living.
The government should devise a means to tap into the trend and actively increase the revenue rather than stopping the ongoing growth, companies and investors should be encouraged to operate and pay their taxes, it would be profitable to the government and the country at large, if other countries are involved in the forex market and their economy keeps excelling, then banning the use of it in a country isn't the right approach, not even for the inability to trace funds to a user making it suitable for money laundering, its good already outweigh its bad effects, moreover we never know a program seeing a measure against money laundering can be devise, if the necessary authorities demands, but not depriving people from the greater benefits enjoyed in the world of crypto.
I stand against the ban on cryptocurrency in Nigeria, I stand against the ban on cryptocurrency in any country. Cryptocurrency is the new wave, its a wise choice for any and everyone to dive into.
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