The news that the Nigerian government is changing their stands towards crypto after just recently unbanning is quite disheartening, disgusting, and, in my opinion, paints the out government as a set of people who don't have a clear direction of what they are doing, and this kind of makes you wonder if they actually have any plan or if they're just trying out different methods in their bid to see which will savage the country out of the mess they put us in.
Just a few months ago, we were rejoicing that they'd lifted the ban on crypto, and that means we can easily trade our crypto asset to our bank directly without being afraid that our bank account would be frozen, because that was the initial ban before it was lifted months ago. All of a sudden, due to the inflation and devaluation of our local currency, the naira, which led to a high cost of living in the country, the government has used various mediums to curb this effect without any positive outcome.
Since all other mediums they tried didn't work, I guess they decided to put the blame on cryptocurrency and the citizens using it as the main reason for the devaluation of our local currency and the outcome it has brought to the people. According to them, loads of people use crypto, such as bitcoin, to cart away with stolen public funds, and once that is converted into bitcoin, it becomes traceable and unredeemable, so in light of that conclusion, they decided to ban all sort of crypto trading by all citizens.
They didn't stop at that; they even went against big crypto trading platforms such as Binance, claiming they're one of the biggest mediums via which such money went through. It got to a point where they even placed a $10 billion fine on Binance, and while the platform refused to pay the fine, they also made some decisions like scrapping all forms of trading that involve Nigerian currency, NGN.
This started with the scrapping of the p2p trading option on Binance, and after that, they've decided to remove anything that has to do with our currency, NGN, from their platform. According to the news I read days ago, the deadline they gave any holders of NGN on Binance is tomorrow, Friday, March 8, 2023, to exchange their NGN assets to another coin of their choice; otherwise, Binanace would by itself exchange such NGN to USDT after the deadline.
Without beating around the bush much, I'll love to respond to all the questions slated for this prompt, and to start with, I'll love to say that I'm not affected one bit by the government's ban on crypto trading, and neither would it in any way affect my life or interaction with the hive blockchain. The reason being that I know that regardless of any ban they place on crypto trading, I'll always find a way to get my assets if I at one time or another need them.
So in light of that, my commitment to the hive blockchain won't waver because of this regulation and government policies, although I've overheard and come across some users chatting and talking about how they'll have to reduce or limit the time they spend here because of their fear that what if they don't find a way to withdraw their assets, or what if the government starts monitoring where you visit online and, because of that, gets you arrested for going against the government policies?
Moving to the second focal point of the prompt, I'll say there isn't much difference or impact in the policy they've set up concerning crypto trading and the likes, and that's because regardless of how they said trading via p2p makes people set any value they like for naira and that in the end affects the actual value of naira till its gradually devalue, but despite all the ban, the naira hasn't had much significant difference; in fact, the last time I checked, it was still around 1600; only that immediately the policy was implemented, it was reduced to 1400, but now it's as it rises up again.
It did affect my trading though, because initially I only make use of Binance whenever I want to exchange my crypto assets to fiat, but with the headlock with the Nigerian government and Binance, the p2p segment for NGN has been scraped, and neither can I withdraw directly to my bank because that will result in my bank account being frozen alongside anything I've got there.
So in order to survive and trade at will, I've been trying new crypto trading platforms. Mostly, I now use Bybit whenever I want to trade in naira, and it's been seamless without any stress or the like, so that's why I said I'm less bothered by their policies and the ban placed on crypto trading for us citizens.
I don't think there's much anyone can do to change the situation except the government have a rethink of their stand and let us trade freely again, but then, as a crypto trader or hive blockchain user from my country who's lost as to how to convert their earnings to their local currency, I'll suggest you use other crypto trading platforms like I do, maybe Bybit, download on the Play Store, get verified with their KYC, and then you're good to go.
Although there's no Hive on their site the last time I checked, you'll still need to make use of Binance. First, send your hive asset to Binance the same way you normally do, then follow the following steps:
- Send Hive to Binance.
- Exchange hive to USDT
- Go to SpotWallet and click on "withdraw" and choose "send via crypto network.".
- (minimize Binance and open Bybit)
- Open Bybit to go to your Assest (wallet), click on Usdt, and then choose "deposit.".
- Select "deposit crypto," click USDT, and choose BSC (bep20). Copy the address.
- Minimize Bybit and open Binance.
- Open Binance again and choose BSC (Bep20) as the network you want to use, paste the wallet address you copied from Bybit, and input the amount you want to withdraw and send.
- Follow the prompts, and there you've got your USDT transfer to Bybit.
- Once successful, open Bybit again, click on Usdt, and from there, you'll see their P2P option. Choose it and select a trader whose minimum amount suits the amount you want to withdraw.
- Follow the other precautions you take when trading with Binance P2P, and you'll receive your fiat in no time.
That's about it for now. I hope you enjoyed the read and learned a thing or two. Have a wonderful day, and stay blessed.
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