We touched upon this a bit yesterday but it seems like Nigeria's central bank is not against cryptocurrency.
What is the resistance there? Is it the government? Or is this another wishy-washy situation like we are seeing with other governments?
Posted Using LeoFinance Beta
The problem we face in Nigeria is the government, always at the throat of the citizens.
Initially they brought out a memo that, if a bank account doesn't make transactions for 6 years, they will assume that the owner is dead and take charge of the money in it.
Then some weeks later they speak of blocking accounts that has any traces of crypto transactions.
All they want to do is, hijack money from any sources possible
Posted Using LeoFinance Beta
That is no different than any other government. They are full of crooked politicians and bureaucrats.
It is legalized stealing is what it amounts to.
Posted Using LeoFinance Beta
Our government is the worst, could you believe that during the first wave of pandemic, they asked every one to stay at home for months, they got donations from across the world for Covid-19 relief palliative, money and food, but they stored the foods in different were houses across the country leaving people to starve.
Posted Using LeoFinance Beta
Same as Indian government and same as most of the other countries government . They want the complete control of money in one way or other .
Posted Using LeoFinance Beta
I just feel and in a way believe that the Nigerian government has discovered the way profitable cryptocurrency can be and its a currency that can not be traced and its more like they are trying to find a way to control crypto through which is not possible. The central bank of Nigeria would not be happy about the blocking of cryptocurrency payments to the account be it is enhancing more financial stock for them and marketing.
Posted Using LeoFinance Beta
I think it's wishy-washy situation given the fact that some people like the central banks want to maintain control. They can't print crypto but they can print money.
Posted Using LeoFinance Beta
True right that just one beautiful thing about crypto that they would never understand 😂😂
Posted Using LeoFinance Beta
No they cant but we can print crypto.
Funny how people in the crypto industry dont apply the same standards here. We can keep adding money infinitely just like the central banks, pushing the market cap higher, in USD terms, providing the same results that the USD printing gets.
Yet that is overlooked.
Posted Using LeoFinance Beta
But the future i just see for crypto is that; there would be a time when people would not use more of cash anymore and use cryptocurrencies to purchase items.
Funny enough, before they blocked cryptocurrency in Nigeria. I discovered people started to appreciate trading using crypto not naira e.g like an advert i saw on Instagram about a car dealer saying bitcoin payments is allowed to purchase cars from his company. What i just want to bring out is that this man knows if they buy his market with crypto he would gain double which is buy selling his cars and also gain from increase rates in crypto more like crypto networking or investments.
Posted Using LeoFinance Beta