The Politics against Crypto.

It is difficult sometimes to tell the reasons why most governments are against cryptocurrencies. After the government of China banned crypto, my government (the Nigerian government) followed suit. Never for once did I take crypto seriously until I start seeing the ban on it more frequently. It pushed me to know more about crypto.

Since its introduction, it may surprise you that I've never dealt with it before. Yes, I mean I haven't used it for any transaction, neither do I care to have some while others are keeping them. Until recently that I start reading @MarcDeMesel posts on BCH. It started occurring to me that crypto should be looked at as an asset, although volatile, I just have to understand its trends and how market forces cause its fluctuation. Not very different from fiat currency in that sense only that fiat is a bit less volatile.

A question has always crossed my mind as to why governments that ban crypto do so, even with its vast opportunities to help equalize payments and remove unfair exchange rates where nations' wealth are feltered away through it. Then, I realized the fears in the hearts of these governments. It is not because it will crash economies but will rival authority-ship. Governments abhor anything that tends to put their control to question. No doubt, crypto's decentralized system is a dagger to the heart of government control.

The EndSARs protest showed the world the power of crypto. Where young men and women who came out in protest against police brutality were able to finance this campaign even with the frozen of accounts of individuals who could be sources to finance it. For days the protest lingered and people slept in the streets and ate there too. There was a constant supply of food and clean water, even ambulance services to attend to emergencies. All these were financed outside the fiat currency. And this is the point where the government of Nigeria was gripped with fear. Immediately after the heat of the protest died, comes the pronouncements that it is prohibited to use or transact with crypto of any form within Nigeria or its banks. And accounts with cryptos were frozen.

The actions against crypto are out of fear. Whether for good of the people of a nation or just for the good of government, stopping crypto in this age and time may be impossible. Maybe temporarily but it will rival the government's fiat currency and that may mean seizure of control from the government.