For every tracked problem, there must be an available solution to it.*
*It is a lack of competence for one to track a problem without a solution to it.*
*Relating this to the ban of cryptocurrency, in Nigeria. Our government has created problems that it is not capable of solving.*
A clamour for the ban of cryptocurrency from the government saddens our hearts.
*If Nigeria Government persists in the ban of cryptocurrency, then I assume it has better job opportunities for its people.*
If someone has deemed it fit to tell me to quit my job, then such a person should be able to offer me a more lucrative one.
Does the government have better job opportunities to offer its people?
*Has the government made provision for a better means of survival for its people?*
I want our leaders to remember that “An idle mind is the devil’s workshop”.
However, online trading has distracted most of us from social vices to a maximal level.
*Due to this, robbery and assassination have drastically reduced to some extent in Nigeria, compared to the last 10 years.*
Nigerian government condemns cryptocurrency and online trading endeavors, yet it has no outstanding offer to divert the youth’s attention from it.
*Most of our youths involve in cyber fraudulence, out of frustration, and unemployment precisely.*
*They got support from the street due to the carelessness of various homes and the government.*
*Poverty led many of our youths to indulge in illegal means of survival.*
Take note, these flimsy excuses should not be our reason to indulge in promoting cyber fraudulence.
*THE WRONG PERCEPTION ABOUT CRYPTOCURRENCY MERCHANTS*
Some people tag cryptocurrency merchants as hoodlums. Whereas, there are a lot of intelligent and smart people among traders, who by the virtue of cryptocurrency, have been able to create more job opportunities for others.
*WHY THE BAN OF CRYPTOCURRENCY?
*Despite the refusal of the government to create more job opportunities for the masses, it left the few available ones for the elite. Now that the masses are striving to survive, the Nigerian federal government is still looking for a way to shut the opened door of opportunity.*
Does it mean that the government is the enemy of our progress?
Why should we be disengaged from trading the digital coin?
*Is the Nigeria government denying the effective contribution of cryptocurrency to its economy?*
Why on earth would the government say cryptocurrency should be banned?
*Should we die of hunger?*
*Does the government know that the future consequences of banning cryptocurrency can draw us back to the base of poverty?*
Even with the rise of cryptocurrency in our nation, Nigeria is still rated as the world capital of poverty.
*I hope our government can love youths and assist us to survive.*
*I hope our government wouldn’t want to experience an unquenchable war that will be hunger-triggered.*
*I hope our government does not want to disrupt the happiness of its citizens.*
I humbly appeal to the federal government, to kindly review their verdict on the ban of cryptocurrency in Nigeria.
*POSITIVE EFFECT OF CRYPTOCURRENCY*
Cryptocurrency has added value to the flow of the economy in Nigeria.
Cryptocurrency has made many of the youths to be globally involved in international affairs as regards business.
Cryptocurrency has eradicated poverty in our society to some extent.
Cryptocurrency has engaged many of our people in global transactions.
Digital currency exchange is in itself a self-empowerment the youths discovered in this era of financial hopelessness, to fetch food for themselves, without necessarily the involvement of the government.
The digital currency has diverted the attention of the youths from social vices like robbery, assassination, cultism etc.
*NEGATIVE EFFECTS OF CRYPTOCURRENCY ON THE ECONOMY*
Bitcoin is on the internet, it is easier to steal and much harder to return and trace.
One of its drawbacks is the lack of standardized policies for chargebacks or refunds, as all credit card companies and traditional online payment processors have.
*The rise and fall of bitcoin price, that plunges investors into debt.*
The high records of scam in the business have put so many traders in bankruptcy.
Reports of scam cases to banks during unsuccessful trade are likely to be the things that do not encourage our government to support trading.
*I will like to open our eyes to certain things which will convince us. The inability to access digital asset or the recurrence of scam cases in cryptocurrency should not be the reason why it should be banned.*
Every business has its ups and downs. Why does cryptocurrency have to be the only one banned?
Are our political leaders aware that it is not a cryptocurrency that is the only existing online business?
There are several online businesses our youths engage in that are fraud-filled, and not victimless.
*Does it mean that it might still aggravate to the stage that other online businesses would be shut down, too?*
*Our political leaders should also be aware that people fake bank alerts for payments outside cryptocurrency, and should assert the shutdown of banks?*
Even the most developed countries have legalised cryptocurrency.
As rich as the United States of America is, as rich as Japan is, they are investing in it. Does that mean Nigeria is okay with her financial state?
Does it mean Nigeria is satisfied with her economic status?
Does it mean Nigeria’s economy is better than that of the U.S’s, U.k’s, China’s, Japan’s, Spain’s, Malaysia’s, Germany’s, Thailand’s, among others?
So why should our country suddenly ban the activity that has been adding values to the economy of the country and other developed countries?
*Why should our government even think of banning the activities that have transformed the financial state of many people including the youths? The digital economy has been experiencing a steady rise in crypto technology by young Nigerians and startups, to pay for goods and services.*
This reality became more intense during the pandemic. Imagine young Nigerians speeding and advancing a global digital economy!
*Am I sure that it is not that our political leaders are trying to silence the voice of the youths?*
Moreover, by research, Nigeria happens to be the 3rd country that has the highest number of investors in cryptocurrency. So, was that only for record or it is just a rumour that cryptocurrency should be banned?
*HOW CRYPTOCURRENCY CAN BE LEGALIZED*
The government should establish policies that can regulate the operations of cryptocurrency within the locality of the state.
*The implementation of the regulatory policies that will prevent cyber fraudsters from venturing into the investment.*
The government should also authorize banks to create a system that will be monitoring the affairs of digital transactions, to make banks watchdogs against all irregularities.
God bless our leaders. God bless Nigerians at large.