It's disheartening to realize that when things start to take off like they'll get better, it's at that exact moment that some unpalatable event plays out. For instance, while we rejoiced over the pump of BTC that went over 63k a few hours ago, it's the same moment the government of my country decided to dissociate our currency from all major crypto trading platforms.
I wanted to send some fiat from my account to Binance so I could invest in some more tokens as we brace up for the bull market, and then I realized there are no ngn traders in the P2P section of Binance, and after reading some news, I realized what has happened, as at the time of writing this post, I hadn't seen a means of exchanging the fiat for tradable crypto tokens, and I was even skeptical and had to rethink doing that out of fear of what we Nigerians access being cut off from all crypto platforms.
It's disgusting news because while some nations are seeking a way to tap into the beauty of the crypto market, the reverse is the case in my country. I mean, I still can't believe how someone would blame these crypto trading platforms for the devaluation of our local currency.
While the banks who are the chiefs in this act are let go, while the crypto space that seems like the only hope for a common man to become something in society is what he deems to be the cause of our problem, I've always said this, and I'll keep saying it: I'm not a fan of politicians, because they're all obviously after becoming richer and making sure the common man depends on them solely to survive.
Certainly, I know people will device, although there are means via which they can exchange and withdraw their crypto holdings to our local currency. Still, it's annoying to know that an avenue that's helping citizens cure the effects of inflation has also been blocked by the government.
I really hope this turns out to be a good thing. Even though I know those in power can't change the situation, I still can't find anyone in politics in my country who can change that. The best we can hope for is probably to have enough money to fly out and relocate to a nation that values the lives and well-being of its citizens.
Let's see how it goes, because personally, I feel like this is a costly decision that would affect many people. Take, for instance, the p2p Nigerian guys on Binance, who have lost their source of survival and earnings if this continues. I'm sure many of them survive on the few pensions they get when the price goes up or the few pennies they charge as an exchange levy.
And that's not to talk about people who trade crypto for a living. As a Nigerian or blockchain blogger, like us on the Hive Blockchain, if paraventure we're totally locked out of access to exchange our crypto to our account directly, that means one would have to pay an extra fee to exchange with neighboring countries currencies and then look for means to send from such countries banks to yours.
This act will attract an extra few and could be dangerous if one is trading or having someone help them exchange it; it could lead to a loss of funds. If the person that's supposed to help you exchange and send via intercounty exchange Medium decides to abscond with your money, well, I really don't know much about this, but I'm just looking out for a way out and the likely dangers of such.
Let's see how it goes.
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