You all must have seen CBN’s valentine love letter to banks about bitcoin and other cryptocurrency – The matter shock you abi?
Walahi, e shock me too say economy wey dey struggle dey ban cryptocurrency trading but one thing I know for sure is, Nigeria’s government is up to something.
The questions that might start ringing in your mind are;
Shay the Government are just getting to know about bitcoin ni?
Why is it that it’s now they are making move to ban it.
Why are they making the whole ban immediate without any upfront warning?
1. Is Government Just Getting To Know About Bitcoin?
Well, I can tell you for free that Nigerian government and CBN are very much aware of bitcoin existence in Nigeria and all over the world.
You will be shocked that most of all these politicians have been moving money abroad through bitcoin.
But trust the powerful people in Nigeria politics, they know how to tackle things that are no longer going in their favour.
2. Why Is It Now That They Are Making Moves To Ban It?
You all remember the #ENDSARS Protests abi?
You all are aware of how easy Nigerian youths were able to bypass all government attempts to stop the funding of the protest through bitcoin
As in ehn, Nigerian youths home and abroad donated a lot of bitcoins so as to raise money to feed protesters, provide security for protesters when Police were not forthcoming, ensure environmental sanitation of protest grounds among others.
If all the money were donated through direct bank deposit, trust CBN, they would have ordered banks to restrict the accounts.
Although, bank accounts of some known #ENDSARS protesters were restricted.
Trust me, bitcoin really came through for the youths in making that protest a well organized one before the unfortunate Lekki Toll Gate shooting.
So, they are banning all financial institutions from facilitating bitcoin trading now to prevent youths from coming together to fund a youth oriented movement against politicians in the nearest future.
Most especially when 2023 election is around the corner.
3. Why Are They Making The Whole Ban Immediate Without Any Upfront Warning?
Remember, Former President Olusegun Obasanjo said something recently to all Nigerian youths.
He said and I quote;
“When people say when will these old hags go out of the way?
I tell them they won’t go out of the way, you have to make them go out of the way.
They won’t voluntarily go out of the way, you have to make it uncomfortable for them.”
Obasanjo actually charged the youth to make winning political elections difficult for the old people in government.
So, before Nigerian youths will wake up to the reality of this Obasanjo’s message, the APC government needed to quickly shutdown bitcoin in Nigeria to cripple any easy funding of any youth-oriented political party.
Because, the truth is, if the youths come together to form a political party and support a particular candidate, funding won’t be a problem with bitcoin or other cryptocurrency.
Sincerely speaking, there is more to this banning of crypto-currency in Nigeria than the surface reason of reducing internet fraud or ensuring financial security.
I need to know what you guys think about this
Crypto Ban In Nigeria – What Exactly Do You Think The Government Is Trying To Do Or Stop?
Drop your comments