Nigeria to regulate crypto, a nonsense and Bad news for Africa.

Nigeria to regulate crypto, a nonsense and Bad news for Africa.


I truly believe in a world of decentralized finances, where people should decide whenever want or not to have their assets secured in a centralised financial institution or just be own banks storing it on personal cryptographic wallets, and the hand of government isn't recommended to the sake of development specially in Africa that somehow can slow the adoption of this assets on the continent.

Recently the most active African country in crypto, Nigeria, have the government introducing a statement with intention to regulate crypto and consider all tokens securities until proved contrary!

In other hands I understand this government announce as saying to the Nigerian citizens "that all tokens on the market are illegal and aren't allowed to be traded in the country neither to be stored for anyone who have them until you regulate your situation otherwise will have to take measures to that"!

Government interference on crypto using the word " regulate" is s clear announcement that plans to tax Nigerians for holding and trade crypto, and they use also plan to make all start ups who act in the country to be legal in the country, which sometimes is good, due to many things such scammers who target people with their propelled dubious business, but summarized all I believe that blockchain firms who are betting in the Nigerian market aren't prepared to be official legalized by Nigerian SEC.

Why they aren't prepared?!

Nigeria still an emerging country on crypto and this start-ups are not prepared to officially act as legal tenders on the country and have their assets as securities, which means that all tokens represent ownership in a piece of this start ups, for every token Hodl by Nigerians will mean that are eligible to earn dividends from it and let's be frankly, the country is maximalist in Bitcoin and this "regulation" only will make this blockchain firms to give up and find more friendly nations to continue their business, with a growing and liquidity on the market.

I believe that this are just my perspective of seeing this as bad, but for a continent of more than 1.2B most of this people unbaked, and with unemployment flooding many of this countries (Nigeria also) cryptocurrency is found as alternative and "escape" to a better life without need to beg legal authorities for nothing, and this move in regulate crypto will be Bad for crypto mass adoption and will put many companies running off to places where can have market liquidity.

Africa despite all spread on the media that is a future hotspot to Crypto still need a lot in literacy on the matter, Crypto isn't Bitcoin is much more, Africans still have this problem to confound this too, and wrongly governments put their eye into it can destroy the good environment to evolute in the continent.

I am not supporter of that nonsense in regulate crypto, people need to understand that digital decentralized assets must not be controlled or else what's the point of Satoshi Nakamoto?!

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alberdioni8406
alberdioni8406

A Bitcoin & Crypto enthusiast also a crypto content independent writer!


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