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RE: VERY CONCERNING NEWS: What does new BAN ON CRYPTO means for Nigerian users?

in Project HOPE4 months ago

Thanks to you @crypto.piotr for your concern.

Obviously, the government here in Nigeria has a lot to learn about crypto. For the ban, It's most likely going to be for some time as it's just a directive from the country's apex bank to other banks in the country not to support crypto. This has led to the closure of crypto accounts and the use of peer-to-peer networks as the only means of exchanging crypto to fiat and vice-versa.

We're expecting subsequent administrations to come and do us a favor by opening the flood gates once again but till then, we'll be exploring other means of trading our crypto including the virtual world.

The nation might plunge back into recession as that was the state before crypto sort of intervened. The policymakers of course will still have their staggering salaries to earn just like the upper and the upper-middle-class who didn't find their fortune in crypto, won't be stung by the effect of banning crypto. Steemians and crypto enthusiasts will be looking for alternatives but that won't mean the effect won't be felt.

Crypto is money, crypto is an asset if anyone doesn't accept it, it's their cup of tea.