CURRENT STANCE ON CRYPTO
Source
Crypto news is really trending in my country presently. Crypto world has really transformed lots of lives today of which I am one of the major beneficiary. If you claimed you aren't then just reading this post you've been implicated already hahahahaha. Why are you here? What are you doing on this space? It's crypto that binds us. Wow can you see a mystery? Crypto unites nations, races, and so many other things. Men...the relevance of crypto today can't be overemphasized. I have no regret since my advent on this space. It's rapid development and improvement from one level to another.
I have seen people that had nothing before but today through God's grace and the help of crypto, their lives has received a quantum shift such that they become a financial source to other lives out there. One of my passion in life is to affect humanity with the little I have either knowledge, cash or kind. My journey on crypto has been palatable because of this. The country where I hail from is called Nigeria located in the west Africa region of the continent of Africa. The truth is that every year thousands of graduates are produced from the higher institution and these people find it difficult to be absorbed into the labour market because the opportunity for work is not sufficient and the available resources can't accommodate everyone. This challenge creates a loophole for unemployment, at times other atrocities.
The country is still underdeveloped nation and the people with good workable ideas are not given opportunity to showcase themselves. These summed up to the other existing challenges of the nation. The twenty first century invasion has really brought lots of changes in the lives of people and youths. The internet and computers creates an enabling environment to work even at work without necessarily having a physical office or building.
what's the current stance on crypto?
With the clear impact that crypto has done to humanity, there is a current stance on crypto in my nation. The government is trying to place ban on naira probably trading on certain exchanges. Currently there are certain exchanges that you won't be able to transact with naira. We see differently and act differently that's my take on this. The government has not considered the massive impact and reduction in unemployment that crypto has brought. Putting a ban is like increasing the rate of crimes and other evils in the nation because many may be idle. I think the government need to reconsider her present decision on this. They should propagate better and more policies that would synergize with crypto is doing.
The effects
Every decision has its impact on an individual and community generally either positive or negative. There are varied kind of people in the crypto space today. Amateur whereas some that advance are professional hence they know how to navigate through other platforms in the crypto space to continue their business. The question is what of amateur like us? Seriously this decision is biting on me. Crypto has international reputation hence any country that want to boost her economy should engage in this. These decisions taken by the government CA ruined other opportunities they have with the international community.
My suggestion
This is 21st century where technology rules everything. Growth and development can't be sustained with a good breeding space for technological advancements. The government should reverse this policy and permit naira to thrive in the crypto space. Crypto traders also should be disciplined and have self control especially in running transaction on this space. It shouldn't be abused for money laundering or a bank for evil.
Thanks for reading through.
It's weird for Nigeria government to think that crypto is the cause of naira devaluation. What do you expect from old cargos on the seat who lacks vision and ideas on how to run the economy. I didn't have high expectations from the day I saw ho emerged as the president
I am worried about these exchanges we started using after what happened with binance. What if our government shut down the remaining exchanges..how do we trade? I hope I will wake up one day and see that there's a review already
@sagarkothari88 vote
Hmmm God will deliver us from this. Thanks for visiting and making such great input.
It's a decision that has no positive impact to it in anyway to be honest... This will render a lot jobless and many will fall into the hands of internet fraudsters
That's just the fact friend.
Cryptocurrencies have served me as a complement to buy food, my country Venezuela has the highest inflation in the world despite the fact that we have huge oil reserves, something absurd, isn't it? Instead of learning from the people who already knew how to exploit such valuable resources, what they did was to scare them away and they have now taught other countries how to exploit this precious liquid, while here in the oil industry there is plenty of ineptitude and corruption.
The government tried to make international transactions with a cryptocurrency invented by them called Petro, but due to the economic situation of my country together with the bad references of the Venezuelan government it was not successful, nobody wanted to know anything about the Petro and even less about the local currency: the Bolivar.
By anchoring goods and services to a currency without backing, the government was able to acquire resources to finance its acts of corruption.
Wow.... thanks for this eye opener and input
Our government really needs to improve and work towards accepting Cryptocurrency.
Fact friend. The earlier the better.
Point of correction, Nigeria is not under the category of underdeveloped countries, it is more of developing country 😂.
Crypto ban has been something the government has always wanted to implement for almost a decade now despite being aware of the rate of unemployment in Nigeria.
I believe they chose to feign ignorance to the opportunities provided by crypto since most of our rulers are oldies, they barely understand how it works.
Thanks so much for the point of correction sir. Really appreciate.
I don’t even know how the government will think crypto is responsible for the devaluation of Naira cos it is really crazy right now. I’d just put my fingers crossed and hope things get settled
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We are actually going through alot in this country because of the hate from our government. Crypto has come to help alot of idle youth.
Thanks for sharing