The pace at which cryptocurrency adoption is taking a greater level is worth pondering, as is the opposition coming against it. It is just like two horses in a race where both are battling to see who will take over or speed more than the other before the last lap.
Earlier, during the regime of his excellency, Gen. Muhammadu Buhari, there were some glitches that made the country ban cryptocurrency and its transactions. This was made worse as it sounded as if the country was against cryptocurrency following the crimes and most cyber theft that some hackers were using the advantage of crypto to have access to. This continued on and on till the regime of the president finished and a new president came on board. Most of the reasons the government outlined were backed up by the law governing the country, but the question is, is that a good enough reason, which is rhetorical, that has remained unanswered till now?
Consequently, it was not only that ban that affected cryptocurrency in Nigeria; a well-known social media application was also banned by the name of twitter, which is now called (X), and this has had an influence on cryptocurrency use and transaction because, to an extent, through this social media application, many get information about a coin, airdrop, or even see who to transact their coin with, but because of the restrictions and shutdown of the app, it was first followed by cryptocurrency in Nigeria, though those two bans have been lifted, which made crypto adoption in Nigeria a possibility.
The Reason For its Ban Earlier
Nigeria, a developing country, has earlier struggled with many things from various angles and dimensions, and all these things tend to dent the image of Nigeria and what it portrays as a country. As is normal for every country, there is always one or two problems the country faces, and these problems might serve as a loophole for the country that might restrict the country from having free access to other countries on different levels and standards concerning the economy, income, and business transactions.
Subsequently, there was a very big case of fraud in the country, mostly associated with cryptocurrency, that painted the image of the country badly, and this fraud had to do with foreign bodies, so the government has to reduce or stop further of this by stopping anything concerning crypto, making it a crime that if anyone should be seen with any crypto-related application or transaction, the person would be made to face the law. Forces were assigned to execute this task, and this created fear in the youths that they were once on crypto and the use of it was drastically reduced.
But Was this enough?
During those days of the cryptocurrency ban in the country,smart youths were still having access to it and doing their normal daily cryptocurrency transaction at their hideouts, places, and times they felt it was secure to do so. The navigation of using an application that changes their allegiance and locations so that it would be possible for them to continue their cryptocurrency works.
Banning cryptocurrency is the least problem that the country has, and their banning made youths look for more means to navigate through it regardless. To most people today in Nigeria, it was cryptocurrency that made them rich, and the country banning it made them completely armless, as it might be their only source ofincome They might look for other means of survival, be they good or bad.
Nigeria has Started the Move Maybe other Africans will follow?
Nigeria is the largest African country, and lifting this ban will have an effect on how other African countries see cryptocurrencyas a whole.
Let's take, for example, that most of these African countries revolve around one belief, provided it isn't against their faith. Even if it's against their faith, they do it regardless. If other countries see that Nigerian youths and government are prospering through cryptocurrency, and provided they had a ban against it, they would be forced to make changes that would allow them to adopt cryptocurrency.
Venturing into cryptocurrency right away isn't a bad business avenue, and as such, some people can attest to what it has helped them achieve, but then why would SEC and government rules restrict its use and the job opportunity it has and can provide both for now and for the future?