Most gamblers don't like submitting KYC because of many reasons. I don't blame them because personal data shouldn't be exposed to avoid invasion of privacy and other negative activities. But I read a story in the news that portrays the importance of KYC.

A girl was kidnapped and later murdered by her friend. The murderer contacted the girl's mother and asked for ransom. He requested that the funds be paid into his online betting account to avoid a trace. The mother paid some money into the account and was hoping that her daughter would be released.

When this murderer went to withdraw the money from his betting account, the gambling firm asked for more KYC which included the National Identification Number. Out of desperation and ignorance, the criminal uploaded the information.

Adeleye’s capture came through tracing his SportyBet account, where he had uploaded his National Identification Number.

Using the document he submitted, law enforcement agents were able to track him and he was finally arrested. His arrest was made easy because of a KYC request from the gambling platform.

Source: Why I killed 18-year-old female church member – OOU student

I leave in a society where our culture and indigenous education are fading away. Parents prefer to expose their children to Western cultures and neglect indigenous cultures. No doubt Western education and culture have led to technological, social, and economic advancement in my country, but we fail to understand that traditional education shouldn't be neglected.

The news of how four Colombian  Indigenous children survived the Amazon jungle for 40 days is a clear example of the importance of indigenous education. Their plane crash into the jungle killing their mother and other adults. The eldest was thirteen and the youngest was just eleven months. According to the report, the children were able to survive because of their indigenous education. They have learned through traditional education from their community how to survive on fruits, seeds, and rainwater. The oldest was able to take care of her siblings, build shelter and protect them from wild animals using local methods.

Today most children from my tribe can't even speak the local dialect because they think that speaking fluent English is education while speaking local languages is illiteracy. I remember those days as children when we can climb trees invested with ants without suffering a single bite with local techniques. When we can find our way home without a guide paddling our local canoes or wandering jungles using local navigation patterns. I also recall those times when we set traps in bushes for animals and go home later to celebrate our catch. I now understand that those skills are vital and that acquiring them was not a waste of time.

Today I look at my children and I see a clear difference between the past and the present. Their generation has been disconnected from their root and connected to a strange culture. I am also guilty of spreading the misconception that indigenous education is not important because I have failed to expose my children to them.

The recent accusation by US Ambassador Reuben E. Brigety that South Africa sent arms to Russia is making investors sell off the South African rand and bonds. Investors are scared that the US and its allies will hit the country with severe economic sanctions. The rand has lost value since the news was published, the currency is now 19.3250 against the dollar, its weakest in three years.

If it is confirmed that South Africa sent weapons and ammunition to Russia, the country will suffer economic problems because of sanctions. It will also be a big blow to the African economy because South Africa is the economic powerhouse of Africa. Many South African countries like Zimbabwe, Botswana Mozambique, Namibia, Eswatini, etc, depend on South Africa economically. South Africa also employs a greater number of Africans because they have many striving multinational firms.

As an African, I pray this accusation is not true because a sanction on South Africa is a sanction on the entire Africa.

The recent kidnapping of four Americans exposed me to the medical tourism going on in America. I have always thought that the US was a perfect country has very functional health, economic, and political systems. I thought all Americans have access to cheap and quality medical services until I read that over one million Americans go on medical tourism in Mexico yearly.

And the reason why some of them choose Mexico was because of its quality and low cost. These medical tourists are aware that it is risky to do to some parts of Mexico, but they still go there because they want to cut costs.
Is there any other reason why Americans go to Mexico for medical?

[Homeschooling]

The past eight years in my country have been filled with several economic challenges. The government has run the economy badly which is leading to a total economic breakdown. The high rate of unemployment, double taxation, inflation, fall or currency value, etc. is now the order of the day. The government has failed to increase the minimum wage of workers to reflect the rate of inflation. Workers are still earning the same salaries. Many citizens of the country cannot provide the basic needs of life. Many parents lost their basic source of income and cannot afford school fees.
There are high costs of goods and services plus the scarcity of fuel and an increase in the price of gas.

To survive these economic obstacles these are the strategies I and my family used to cope.

Homeschooling: After a close analysis of my income and expenses, I discovered that school fees eat deep into my finance. Private schools have more standards than government schools but they are very expensive. Government schools have more qualified teachers but they are poorly funded and lack teaching facilities. Cheap private schools are poorly managed and lack basic amenities making them worst than public schools. The quality private schools available are very expensive and far over my income.

But the Covid-19 lockdown gave my wife and me the conviction that homeschooling our children is possible because we observed that their academic performance improved while we schooled at home.
To acquire the relevant skills my wife studied and passed the teacher's qualification exams and became a registered teacher. Instead of securing a teaching job, we decided she starts homeschooling my children. We bought all the facilities and textbooks and got government approval to start a home school. I also serve as a part-time teacher because I am also a qualified teacher but my full-time paid job is three times a week for classroom classes. We also engage in excursions, and sporting activities and they socialize in our religious gatherings and visit their cousins during holidays. So socially they are balanced. Although the task is very demanding with the internet and proper time management, the children are doing well.

Bulk Buying: There are so many middlemen in the agricultural sector of my country which leads to the high cost of food items like cereals and tuber crops. We learned how to locally preserve our food and we buy in bulk or from wholesalers. This helps us to avoid the profit of middlemen making the prices cheap. A basket of tomatoes of 40kg fresh tomatoes might be less than the $5 bulk price but could rise to $25 if it goes through the channels of distribution.

Seasonal Food: Most food we consume in my country is produced locally. The country lacks proper storage facilities or policies which leads to agricultural waste. Therefore, consuming food in its season is cheaper than when it is not available. An example is that now is the season of yam production and the price is cheap, but potatoes are expensive because it has not matured on the farm. Immediately the potato harvesting period sets in, yam might become scarce and expensive. So as a family, we consume alternative cheap food items in its season. This helps to cut a lot of costs.

Low-key celebration: It is normal to spend during Christmas, birthdays, Easter, and other holidays but overspending might affect us negatively. Hence, all our celebrations are low-cost. The children understand because they know that buying new clothing or organizing big parties might not be financially friendly to the family.

Growing some crops: We have little space in our compound and we have started a vegetable garden which has cut the cost we spend on vegetables. We have also started plans to develop eight plots of land Cassava farm that can provide a year-long supply of our main staple food called the "garri".

Cheap but quality products: I am not too concerned about flashy or current products. The family dresses modestly and not necessarily wearing clothes in vogue. Fairly used items a cheaper in my country. Buying new items like cars might be very expensive but going for a fairly used but durable product is cheaper and better. Toyota cars are cheaper and easy to maintain in my country. The parts are readily available and they fit the Nigerian road.

Investment: I know that the time will come when my wife and I might not continue able continue homeschooling. My first child will be moving to a conventional secondary school by September. The savings I get from cutting cost is invested in real estate and bitcoin. If I can own my home, the children will be able to attend quality schools because rent also consumes a large chunk of my income. I am not planning to buy or build a house if I can raise enough money. I also believe in bitcoin that's why I have plans to hodl for a long time.

Relocation: When we started our homeschooling it was clear we needed a bigger house at cheap rent. We had to move out of our environment because a bigger house will be more expensive. We had to move to a new bigger house in another cheaper environment that still has functionality and basic amenities.

These survival strategies might not be the best but it has helped me to live a debt-free life. Unlike most of my colleagues I have not collected any loan neither am I under any easy-buy payment obligation and my family is doing well.

While I was a student, my roommate each time he saw me smoking was always disturbing me that he wanted to smoke with me. At first, I rejected his plea but when he persisted we started smoking together. His urge for smoking within a few months grew more than mine. He began to come home with packs of cigarettes and some bottles of beer. I don't drink alcohol but I was sure that it was the introduction to smoking that also attracted him to alcohol.

Recently I met him in a motor park,  he is now a chained smoker and drunkard. He was practically wearing rags and misbehaving. I called him and we started talking, I discovered that he dropped out of school and was now unemployed. When I tried to advise him to quit this destructive character, he began to shout telling everyone that cared to hear that I was the one that introduced him to smoking. He told them that I was responsible for his problems. People on my bus began to ask me if it was true and I shamefully told them; yes!

I have quit smoking a long time ago because of its health consequences. But since I met him, I have felt guilty that I am responsible for my friend's downfall.

I have decided never to introduce anybody to any behavior that can be addictive no matter how mature the person might claim to be. Introducing people to smoking, drinking, sex, gambling or other counterproductive activities might be funny or interesting but it could be destructive. I am considering apologizing to him and taking him to a rehabilitation center if I ever set my eyes on him again.

[You would be addressed the way you are dressed]

I have always heard this saying: You would be addressed the way you are dressed . This also connotes that you should address people the way they dress or appear. In my location you must wear a suit, a shirt tucked in good pants with a tie, or a well-tailored native attire, to prove that you are ready for business or employment. Wearing a jean, T-shirt or any casual wear is indecent in business and you would be treated like an unserious individual. But over the years I have learned that appearance can be deceptive, this has made me treat people or business prospects by their behavior, ability, and productivity and not by appearance. Some reasons for my decision are:

1. Good appearance doesn't guarantee quality: A so-called not properly dressed applicant might be more qualified and knowledgeable than a well-dressed prospect. Therefore it would be proper not to judge them by their appearance.

2. Scammers and criminals hide behind attractive appearances : To deceive people, some criminals dress presentably because they want to divert the attention of their targets. In my location, most Ponzi scheme operators always dress corporately at all times, just to give the people the feeling that their funds are in the custody of responsible persons.

3. Limited time: Thinking of what to wear can be time and strength-consuming. Most people that are too busy with work or other engagements might not give adequate attention to what they wear. As long as the clothing is clean and good to wear, they are okay with them.

4. Weather condition: It is very important to wear clothing that suits the atmospheric condition at a particular time, but most people especially in Africa don't understand this fact. I have been forced to wear a three-piece suit under the hottest sun I have ever experienced because my organization wants me to look presentable and corporate. I was sweating like a Xmas goat and all my clothes got soaked. But a T-shirt. a pair of jeans and a simple shoe would have given me the smartest look at that time.

5. More attention to the inside: Some perceived poor dressers feel that the mental and emotional well-being of an individual supersedes the physical looks. They believe that virtues like creativity, interpersonal skills, selflessness, contentment, etc are far better than appearance.

6. Poverty: indeed, looking good or corporate might not be very expensive but the truth is that some persons cannot afford them. Some individuals cannot provide a meal for themselves because of poverty. It would be unfair to look down on such persons maybe during interviews or business proposal meetings because they are not well dressed. He might be the most qualified.    

It is good to look nice and attractive but looking down on people that you feel are not well dressed might not be the best option.  

[Epileptic power supply]

I did start a thread titled Some Limitations of Bitcointalk Members from Developing Countries. And some of the problems members of this great forum from developing countries face were discussed. Some contributors gave outstanding solutions to these challenges. And the solutions are summarized below.  

Epileptic power supply: Unstable power supply can be tackled by seeking other sources of power such as good power banks that have a larger capacity, solar systems, or portable cheap generators. You should also ensure you buy phones with battery capacity as a priority. One can also charge phones in commercial businesses that offer phone or device charging services but you must ensure that the phone is protected. Don’t also focus on the number of posts you make. Use the limited time you have electric power to create a few quality posts instead of focusing on quantity. Two or three meaningful and quality posts a day is far better than spamming.
  
Poor Internet Supply: Ensure you buy 4G phones and check for the internet provider that has a strong network in your area. Using the internet when few people are using it might improve the quality of supply. Maybe late at night or early hours of the morning might be better. I have personally tried this solution and it is working perfectly. It can also be possible to pull resources together to buy satellite internet. Also seeking support from influential personalities such as Elon Musk would not be a bad idea (you will never know until you try). The community can write to him asking him to donate one of his devices for satellite internet for your community. The good news is that Starlink service would soon be available to some developing nations.

High Crime Rate: Ensure you don’t use your phone in public places and always ensure that you keep it in a safe place. If possible you can get a smaller or cheaper phone that can be used to make and receive calls, while the other expensive or advanced phones that are used to access the forum can be left at home. Be cautious of your environment and if you must keep a late night, do it without your phone. It is also very important to keep a low profile and only inform trusted people about your earnings or bitcoin.

Unexposed and corrupt law enforcement agencies: Create a private space in your phones and hide your wallets and other bitcoin-related applications. Ensure you don’t dress, behave, stay or hang out with internet fraudsters. It would not be a bad idea to start a bitcoin community in your locality and if possible the community can be registered and have identity cards. Public enlightenment about bitcoin would be able to expose these law enforcement agents to the operations of the bitcoin space.

Although it might not be risky, report every attempt at blackmail and criminal acts, regardless of whether it comes from the police. Some law enforcement agents are trustworthy and not corrupt. The law court can also be impartial if a case of intimidation, exploitation, and abuse by law enforcement agencies is brought before it. Like in the case of Linus Williams Ifejika, aka Blord , that floored the Nigerian anti-corruption agency in court.  
Don’t sell your votes, only vote for the right candidate during elections.

High Rate of Unemployment: Seek other means of income. You can get a degree or a skill that can assist you in getting a job or becoming self-employed. Joining a signature campaign might be helpful financially but the forum should not be a place for making money, it should only be something that comes as an additional thing in the process of information exchange and discussion.

[Epileptic power supply:]

These few days have been quite challenging because of the various limitations I had to surmount for me to be able to learn from and also enjoy this forum. I have had comments from friends and families in developing nations concerning these challenges and their response was that most of the challenges we face in emerging nations are non-exiting there. Hence, I wish to itemize some of the challenges I have personally faced being a member of this forum because of my location. And I would gladly ask members to give suggestions on how I can limit these challenges.

-   Epileptic power supply: In my location there is electric power but its supply is unpredictable. Sometimes the power supply is rationed but there is no guarantee that you would have power even when it is your turn. The most annoying part of it is that sometimes you would be disconnected from the source because these corrupt power company officials want to exploit money from you. There are commercial phone charging businesses but charging a laptop there might be risky. Generators and fuel are expensive and very dangerous to use. The carbon monoxide emission from generators has killed many families in my location. Solar energy might be cool but are there other options?

-   Poor Internet Supply: Sometimes due to work and family responsibilities, I use to prepare a work plan for the day. But it becomes very frustrating that when it is time to login into Bitcoin talk and learn and make a few contributions, there would be no internet connections. And the telecommunication company doesn’t give a damn about their poor service because no agency would hold them responsible for their poor services. Some of us still use the 3G network which is very slow and time-consuming. It’s so discouraging when you waste so much time waiting for a very slow network to respond. Carrying out research or findings takes a whole lot of time due to the slow internet.

-   High Crime Rate: Most developing nations are ravaged by a high rate of crime and insecurity. Like in my locality there is a high rate of snatching of phones and other technological gadgets. Sometimes members in developing nations lose their phones and other gadget making them not active in the forum until they get a replacement. There are sometimes insufficient manpower and technology to fight crime in these countries.

-   Unexposed and corrupt law enforcement agencies: Most of the police officials we have in my area are not aware of the happening in the Bitcoin space. They are not well informed or aware that an individual can get a moderate income from Bitcoin. Immediately they see a crypto wallet in your phone, they would assume that you are an internet fraudster. Hence, sometimes they use it as an opportunity to intimidate and extort money from Bitcoiners.

-   High Rate of Unemployment: I have observed that the majority of members from developed nations have other sources of income apart from the forum. They can be able to afford the cost of data and other necessary gadgets that would make them very productive to the forum. But in most developing nation’s majority of the population are either unemployed or underemployed. Sometimes members of these growing economies might not have the financial backing to even subscribe to a data plan making them less productive.

What are your thoughts?
Updated

Some Solutions to these problems.


Some of the solutions are derived from the responses I got from this thread. I don't claim ownership of most of the uncommon solutions to the problem.
 

Epileptic power supply: Unstable power supply can be tackled by seeking other sources of power such as good power banks that have a larger capacity, solar systems, or portable cheap generators. You should also ensure you buy phones with battery capacity as a priority. One can also charge phones in commercial businesses that offer phone or device charging services but you must ensure that the phone is protected. Don’t also focus on the number of posts you make. Use the limited time you have electric power to create a few quality posts instead of focusing on quantity. Two or three meaningful and quality posts a day is far better than spamming.
  
Poor Internet Supply: Ensure you buy 4G phones and check for the internet provider that has a strong network in your area. Using the internet when few people are using it might improve the quality of supply. Maybe late at night or early hours of the morning might be better. I have personally tried this solution and it is working perfectly. It can also be possible to pull resources together to buy satellite internet. Also seeking support from influential personalities such as Elon Musk would not be a bad idea (you will never know until you try). The community can write to him asking him to donate one of his devices for satellite internet for your community. The good news is that Starlink service would soon be available to some developing nations.

High Crime Rate: Ensure you don’t use your phone in public places and always ensure that you keep it in a safe place. If possible you can get a smaller or cheaper phone that can be used to make and receive calls, while the other expensive or advanced phones that are used to access the forum can be left at home. Be cautious of your environment and if you must keep a late night, do it without your phone. It is also very important not to publicize your income or investment in Bitcoin. It is better to keep a low profile.

Unexposed and corrupt law enforcement agencies: Create a private space in your phones and hide your wallets and other bitcoin-related applications. Ensure you don’t dress, behave, stay or hang out with internet fraudsters. It would not be a bad idea to start a bitcoin community in your locality and if possible the community can be registered and have identity cards. Public enlightenment about bitcoin would be able to expose these law enforcement agents to the operations of the bitcoin space.

Although it might not be risky, report every attempt at blackmail and criminal acts, regardless of whether it comes from the police. Some law enforcement agents are trustworthy and not corrupt. The law court can also be impartial if a case of intimidation, exploitation, and abuse by law enforcement agencies is brought before it. Like in the case of Linus Williams Ifejika, aka Blord , that floored the Nigerian anti-corruption agency in court.  
Don’t sell your votes, only vote for the right candidate during elections.

High Rate of Unemployment: Seek other means of income. You can get a degree or a skill that can assist you in getting a job or becoming self-employed. Joining a signature campaign might be helpful financially. But it would be better to see the forum as a place of learning than a place of financial returns.

Olena Zelenska, the wife of the President of Ukraine told BBC's Laura Kuenssberg at the Presidential Palace in Kyiv on Thursday that Ukraine was not getting strong support from its allies. I began to ponder that maybe if they had gotten the right support they would have defeated Russia or forced Russia to retreat or negotiate.

Also, I am in the dark about what kind of support she expected to get from Ukraine's friends. Was she expecting the US and its allies to join the war or is the refusal to declare a no-fly-zone a sign of lack of support?

European nations are suffering today because they have sacrificed so much for Ukraine. So many European nations today are going through an economic downturn because they decided to join the sanctions against Russia. The high cost of gas is eating the income of the people and some European nations are not sure of their sources of supply if Russia finally stops the flow.  

US and EU nations have been criticized for giving Ukraine the best assistance ever and abandoning other war-torn nations. Ukrainian refugees have been accepted with open arms around Europe.

These nations have given Ukraine modern sophisticated war equipment and billions now going to trillions of dollars have been committed to this war.

Yes, as the first lady of the nation she is in pain because of the devastation of the invasion. Hence, she might make some statements out of emotional pressures and war trauma.

But, is it true that Ukraine is not getting strong support from its friends?    


https://www.bbc.com/news/uk-62766917?at_medium=RSS&at_campaign=KARANGA

[Content]

Content

1) The inspiration
2) Planning and Departure
3) The meeting
4) Practical learning on how to send and receive Bitcoin
5) Draft Proposal Committee and Departure
6) Pictures

The inspiration

When I read that Panamanian Gabriel Silva in presented a bill aimed to promote the use of cryptocurrency and other digital assets in the Congress, I was inspired to initiate a bill through my constituency’s representative in the parliament. I had to write a letter and the purpose was to persuade my representative to initiate a Bill for the review of the ban placed on banks from dealing on cryptocurrencies in my country. And I sent the letter.

The letter

Planning and Departure

After a few days, I got a call from the parliamentarian and he was eager to discuss it with me. He told me his aide would call me later and book an appointment. The next day I got a call that I would be meeting with him face-to-face in three days. Considering the cost, distance, and security, I quickly suggested that we could use zoom, Video calls, or voice calls. He insisted that I should come to the country’s capital which is a distance of about 714.8 Km from my location.

Immediately I started planning because since we were meeting face-to-face, I wanted to advertise Bitcoin. I contacted another Bitcoin believer and designed some clothing and the Nigerian national flag with Bitcoin Logo and Bitcointalk website. I also had to prepare for a bitcoin discussion and possible questions that we might be asked. Hence, before I left for Abuja, I itemized some of the reasons the Central Bank gave for the restrictions and searched different threads for possible answers.Using air transport would cost from $150 to 200 but using a bus is cheaper ($20). I and my friend got to Abuja by road a day before the meeting date. We also got good accommodation from a family friend for three night.
 

The meeting

We met with the parliamentarian the following day wearing our customized polo shirts. Immediately we started that meeting, he began to outline the all the perceived evil of Bitcoin he learnt from the Central Bank Chief. I told him that his questions would be answered but he needs to know the basics of Bitcoin. And I took him briefly through

A brief handout on introduction to bitcoin




His reservations about Bitcoin were:
1.   Bitcoin promote fraud
2.   Bitcoin promotes the loss in value of naira
3.   Bitcoin is used to fund Crime
4.   Bitcoin aids tax invasion
5.   Bitcoin transactions are anonymous
6.   Bitcoin is very volatile

I was well aware that he would raise question based on the Central Bank Chief view of Bitcoin. But I was well prepared because I am already familiar with the accusations of government against Bitcoin.  And as I expected he mentioned almost the same perceived pitfalls of Bitcoin that I had itemized and discussed. I used some vital information from these comments to answer most of his questions. Some of the question and the posts that assisted me in the discussion were:

Possible answers to his questions.
                                   

Practical learning on how to send and receive Bitcoin

After our discussion, it was very clear that most of our legislatures know nothing about Bitcoin. They just rely on the information they get mainly from the Central Bank Chiefs. He told me that he wanted to get a wallet and own some Bitcoin. I created a wallet for Honorable and he was ready to receive funds. I told him to keep his private keys very safe. I asked him if he got any cash, so we can sell to him. With few bucks from his wallet, my friend sold Bitcoin to him and he was amazed that we didn’t have to go through any middleman. He was also fascinated that Bitcoin can be gotten in bits because he was wondering how many Nigerians a buying Bitcoin at such high price. Immediately he pleaded that should download wallets for all his aides. And we downloaded Trust wallet for all the staff. I also informed them that for now they can also exchange naira for Bitcoin through Bitcoin exchange platforms since bank or investing firm cannot offer such services currently. They should only use centralized systems as a gateway to access fiat and never use them as a bank where one can keep their investment. I admonished them to keep their funds mainly in decentralized wallets.

Mass Downloading of Wallets
                               

Draft Proposal Committee and Departure

We had a good time and he promised to set up a committee to prepare the draft proposal. And he instructed his secretary that some of expenses that the committee would incurred such as wages would be paid with Bitcoin and I and my friend must be part of the committee. I sent two books on Bitcoin to him and he promised to read them.  

                         

We left Abuja the next day and arrived safely. The total cost of the journey and logistics was about $115. It might not be a very big contribution to Bitcoin but I was glad that at least I have done something.

Pictures

 

                                           


                                         

In my country most people believe that you are rich when you have money to provide your basic needs and also afford some luxuries. To be classified as rich, you must own a mansion or different houses, drive expensive cars, go on vacation abroad, afford expensive schools for your children, wear designers cloths and consume expensive dishes. If one can only afford the basic needs of food, shelter, clothing, education and moderate, such person is poor.

But for me, if you can afford your basic need, you are rich. Riches is not determine by how much you spend but how happy and fulfilled you are. The orientation that money is for luxury is the cause of the high rate of crime in my neighborhood. Most young chaps now want to ride a Mercedes, live in luxury estates or hotels and showcase his designers clothes and accessories. The virtue of contentment, moderation and patient is gradually becoming archaic and obsolete. But for me, money is for survival and if you can provide your basic needs, you are rich.   

[Bitcoin Accepted Here]

Recently I decided to take a work around my neighborhood since I am on holiday. I have just walked a few distance when I saw an inscription on a particular wine shop. It reads Bitcoin Accepted Here. It was like a dream come true because I have never seen a physical business accepting Bitcoin. I have come across some online, but never seen something like this wine shop in my whole life.



I quickly rushed into the shop and asked the cashier if what is written is true and she told me that I can buy any wine with Bitcoin. But the she has to call her boss who was not around for us to carryout the transaction since she knows nothing about Bitcoin. I was not happy because her boss have not taught her how to receive payments in Bitcoin. I had to take these memorable pictures and promised to come back later to buy maybe a bottle of wine.

 

Although some countries have Bitcoin ATMs and countless businesses that accepts Bitcoin. But in my country such businesses are rare and I have never seen or heard of any Bitcoin ATM in my country. Maybe it might be because of the restrictions placed on Bitcoin by the Central Bank, but I am glad that businesses are taking advantage of the opportunities that Bitcoin offers. Gradually my area would have more Bitcoin friendly businesses.

    

Maybe if you are visiting Nigeria, just note that you can buy wine with Bitcoin from a physical wine shop.

   

Poland’s Prime Minister Mateusz Morawiecki on Tuesday said France and Germany were running the European Union like a “de facto oligarchy where power is held by the strongest. He called the EU an “imperial power,” suggesting that France and Germany effectively monopolize the bloc’s decision-making. He criticized Germany and its partners for ignoring Poland’s warnings and opinions because they are not one of the strongest in the bloc. Morawiecki further asserted that Political practice has shown that the voice of Germany and France counts above all.

[Fraud and money laundering]

The recent report by Bloomberg that Nigerians accumulating cryptocurrencies to shield assets against a weakening naira have contributed to a slump in the fiat currency to a record low in the unauthorized market got my attention. The news reminded me of the blame game of the government of my country. My government is always quick to blame cryptocurrencies for the fall of our currency. But they fail to understand that people prefer Bitcoin because they have lost confidence in the stability of our currency. Converting our currency to Bitcoin is the effect of the fall in the value of our currency and not the cause of it. There are many factors that have led to the fall of our currency and cryptocurrency is not at the top of the list.

In February 23, 2021, my country’s Central Bank Chief appeared before the parliament to defend the bank’s directive to all commercial banks which forbids them to use, hold, trade or transact in Bitcoin and other cryptocurrencies. The apex bank claimed that these currencies are used for many illegal activities including fraud/ money laundering, ransom collection by kidnappers, terrorism financing and purchase of small arms and light weapons, and tax evasion. He also went further to state that dealings using cryptocurrencies threaten the soundness of our countries’ financial institutions which might lead to the depreciation in value of our national currency. From the above, the Central Bank Chief informed the Parliament that banning Bitcoin and other crypto currencies would lead to the decrease of
1.   Fraud and money laundering
2.   terrorism financing/ ransom collection by kidnappers
3.   tax evasion and
4.   depreciation of national currency value.
I might not be able to defend or talk much about the third point because he might be correct but the other three challenges he outlined that the restrictions of Bitcoin operations would reduce are far from the truth.

Fraud and money laundering: Immediately after the ban, it was reported that four deposit money banks in my country lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021. The bank incurred due to fraudulent activities rose by N337.5m from N174.40m recorded in 2020. And none of these fraud cases was crypto related; all of them were carried out through physical or online fiat transactions. In fact the main master-minders of fraud and money laundering in my country are government officials. Several cases of fraud or money laundering activities of government officials have been widely reported. But on Monday, May 16, 2022, the country’s anti-corruption agency arrested the serving Accountant General of the Federation (who was meant to be the main anti-fraud crusader), in connection with diversion of funds and money laundering activities to the tune of $136,752,137. The AGF had raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates. And the funds were laundered through real estate investments in different parts of the country. Yet the government would want to blame young Bitcoiners for the increase of fraud and money laundering.

Terrorism financing and ransom payments: Just recently the government of my country criminalized payment of ransom to kidnappers and bandits. Anyone that is convicted of ransom payment would be sentenced to 15years imprisonment. But the government has been accused of hypocrisy; people argue that top government officials secretly paid ransom to secure the release of their loved ones while other victims from poor families were left at the mercy of their abductors. An example is the recent kidnapping of over 61 train passengers and $170,000 was paid secretly for the CEO of the Bank of Agriculture. A report stated that based on what could be verified, between July 2021 (after the ban on Bitcoin transactions) and June 2022, no fewer than 3,420 people were abducted across my country, an increase of more than 100%. In the ensuing period, $9,806,306.31 was demanded in exchange for the release of captives while a fraction of that sum ($1,126,126.13) was paid as ransom. And most of these funds are paid in cash. An example is the testimony of one of the notorious bandits’ leaders who carried out the abduction of nearly 300 schoolgirls at the Government Girls Secondary School in Jangebe town in Zamfara State in February 2021 who revealed that the Nigerian government coughed up approximately $102,561 cash before they (the bandits) freed the girls.
The bandits’ leader in an interview with BBC Africa Eye, when asked what they did with the money, simply stated that they used the money to acquire more rifles and other deadly weapons for subsequent operations (Purchase of small arms and light weapons).

Depreciation of national currency value: One of the cardinal reasons for the current drastic depreciation of our national currency is because of the primaries of the two leading political parties, the All Progressives Congress (APC) and Peoples Democratic Party (PDP). Aspirants mopped up dollars across the country that would be used to buy votes from delegates and other critical stakeholders instead of carrying big bags. The Vanguard gathered that a number of delegates smiled home with amounts ranging from $10,000 to $40,000 each and total of 7,800 delegates will participate in the primary of the APC and 3,700 will determine the flag bearer of the PDP. Even when several professional bodies warned that this dollar mop-up would cripple the value of our currency the country’s apex bank was still making the dollars available to their “political allies. But recently the government blamed Bitcoin for the fall of our currency and never mentioned that our currency has been depreciating since April because of the huge pressure on the naira because politicians share dollars, especially to delegates. According to available records, Nigerians spend between $1.2 billion and $1.6 billion on medical and $2.9 billion annually on education, a development described by experts as a huge drain on the country’s foreign reserves. A government that cannot fixed the health and educational system so as to limit the pressure on the country's currency is always blaming Bitcoin.
 
It might be true that Bitcoin can be misused or abused by some individuals or organization which might affect the economy, but portraying Bitcoin  as one of the major cause of the country’s economic woes is untrue.
  

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Currently, many Nigerians are hedging against collapsing local currency the naira by accumulating cryptocurrencies, particular stablecoins and bitcoins. According to recent data,many Nigerians traded over $5 million worth of Bitcoin on the popular P2P trading website Paxful, and LocalBitcoins saw a 258% increase from last week’s data. Despite the fact that banks are forbidden by the central bank from aiding cryptocurrency transactions, many Nigerians nonetheless exchange the digital currency in the peer-to-peer market.

How would people keep investing in a currency that recently lost almost 70% of its value against the naira that just lost 35% of its value? Why would people choose to invest in a currency that has been banned by the powerful central banks? Why would people still have confidence in a currency that has faced countless media wars by powerful nations, corporations and individuals depicting it as a bad investment? There have been speculations and projections that Bitcoin price would keep falling until it would soon become worthless, yet people still trust it.

Bitcoin would not stop amazing me.

A recent research by the Britsh Post Office unveiled that 71% of Brits planning on going on vacation in the UK this year intends to take out cash before leaving. There have been high increase in cash deposit and withdrawals in Britain. People are going back to cash because they believe that it keeps tighter control on their spending as living costs soar.

It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.

What do you think?


https://www.bbc.com/news/business-62437819

source

On Thursday during the Conservative Political Action Conference (CPAC) in Dallas, Texas the US conservatives cheered Hungarian PM Viktor Orban. Orban is a die-hard supporter of Putin and is seen as the black sheep of NATO and the EU because he is always opposing sanctions on Russia. Generally seen as autocrat who has banned the teaching LGBTQ topics in schools and criticised creating peoples of ”mixed-race”.

But among the US conservatives he is seen as a role model and a freedom fighter, fighting for  the future of Western civilisation. Just like Donald Trump's, Orban is their hero regardless of their perceived political and social excesses.


https://www.aljazeera.com/news/2022/8/5/us-republicans-cheer-hungarian-pm-viktor-orban-at-conference

source

Due to the Russian invasion of Ukraine oil price skyrocketed triggering inflation and high cost of goods and services. But this unfortunate condition is favoring the oil and gas companies. While households are grappling with higher energy bills, companies are reaping the benefits.This quarter four of the biggest energy firms - Exxon, Chevron, Shell and TotalEnergies - earned nearly $51bn almost doubling what they earned last year.

Recently, UN Secretary General Antonio Guterres has called on nations to impose special taxes on oil and gas companies because of this excessive profits and use the funds to support the poorest and most vulnerable people  through these difficult times.

The British and Italian government have imposed these special taxes but the US and French government is rejection this move stating that it might still lead to increase in domestic energy cost and might scare investors away from the industry.


https://www.bbc.com/news/business-62415904

Recently the Russian Foreign Minister Sergey Lavrov, started a five-day four-nation expedition of Africa. He is slated to visit Egypt,  Ethiopia, Uganda and the Republic of the Congo. During a press conference in Cairo he blamed the West for the atrocities in Ukraine. He had also written an op-ed where he claimed that unlike the West Russia has “not stained itself with the bloody crimes of colonialism. He painted the Kremlin (and especially the current Putin government) as the defender of nations against Western colonial ambitions and aggression.

Yes to a large extent the West have not been a sincere and reliable ally of Africa. Africa is today ravaged by corrupt leaders but the West aided the assassination of Africa’s finest leaders. The killings of Thomas Sankara,  Murtala Mohamed and Patrice Lumumba have been linked to the West because of their anti-Western policy or stance. The exploitation and dehumanization of slave trade cannot be described. Western powers treated Africans less than animals. African culture and arts were diluted and stolen. Some artworks stolen by Europeans are been returned to Africa out of repentance and restitution.The West has always aided corrupt African politicians to siphon and bank African funds by granting them access to European banks. They support or back coup and crises because of their selfish interest.

But Africa should not be deceived because Russia is not a viable alternative to the West. We are seeing an increase of Russian interference in the internal affairs of many African countries. It is already heavily involved in domestic politics in Sudan , CAR, DRC and Mali.  Some countries are being indirectly colonized by Russia. There is evidence that suggests that Russia has colluded with Sudan's beleaguered military leadership, enabling billions of dollars in gold to bypass the Sudanese state and to deprive the poverty-stricken country of hundreds of millions in state revenue. The Wagner group is committing untold human right abuses in some conflict or war stricken African nations. The invasion of Ukraine is a clear proof that Russia can invade any country even in Africa. Russia cannot also be a trusted friend of Africa because it can use food as a weapon of war.

No doubt the West and Russia have contributed immensely to the multidimensional development of Africa. They have given Africa strategic investments, trade incentives and lucrative energy deals, but the truth is that the West and Russia cannot love Africa more than Africans. The West and Russia will never genuinely aid the development of Africa. If Africa develops who would buy their products and how would they get cheap raw material. Africa is one of Russia and the West cheapest market. Hence, only Africans can develop Africa.