Reasons why Naija Government never adopt Bitcoin as legal tender

[Fiasem20]

My country pipo I greet una.Bitcoin na decentralized digital currency wey dey face crisis ever since Satoshi Nakamoto invent am in 2009.We thank God say dis new digitalized currency when don gain popularity round the world dey decentralized if not governments for don look for all possible means to end dis digital currency called Bitcoin.Now make we discuss the main topic Bitcoin as legal tender.We dey hear words like adopting Bitcoin as legal tender,wetin dat one con mean? Adopting Bitcoin as legal tender means say the government go announce publicly to the citizens of the country say dem fit use Bitcoin make payment for any goods dem they purchase just like the way we dey use our fiat currency.E also means say Bitcoin go dey officially recognized as a means of exchange without any restrictions.

We dey hear of El Salvador.El Salvador na the first country wey adopt Bitcoin as legal tender in June 2021,de government of El Salvador con make bitcoin their national currency.Although El Salvador no get their own currency,de country dey make use of the U.S dollar.So with the adoption of Bitcoin as legal tender,de citizens of El Salvador dey use Bitcoin purchase any goods and make transactions without any form of restrictions.
And also we dey hear of Central African Republic,dis country na the second country wey adopt Bitcoin as legal tender in April 2022,and na de first African country wey adopt Bitcoin as legal tender,e dey very surprising and challenging to other governments wey dey regulate and restrict the use of Bitcoin in Africa.And Central African Republic na one of the poorest country in the world.

The use of bitcoin for Naija dey illegal because February 2021 central bank of Nigeria ban the use of Bitcoin.Despite say CBN ban bitcoin February 2021, chainalysis give report say Nigeria na one the sixth leading country in the world wey dey promote the use of bitcoin transaction.After CBN ban bitcoin government con lift the ban on Dec 2023, bitcoin enthusiast con dey jolly say the government don know the importance of Bitcoin.The Nigerian government don look for all possible means to end bitcoin transaction for Naija but e dey beyond their power, currently the Nigeria government don ban the use of one of the most popular centralized exchange (Binance) wey bitcoiners dey sell,buy and trade bitcoin and other cryptocurrency for the platform using Naira.All these ones na strategies wey de Nigerian government dey use regulate the use of Bitcoin transaction,even as that bitcoiners dey use the P2P transaction dey sell,buy and trade bitcoin regardless.
The Nigerian government no wan know and no wan explore, Bitcoin na one of the safest means of transaction and investment.The reasons why the Nigerian government neva adopt Bitcoin as legal tender;
1. From the two features wey I mention about de two countries wey don adopt bitcoin as legal tender,El Salvador no get their own national currency dem dey use the U.S dollar then Central African Republic na one of the poorest country in the world,so the Nigerian government dey feel say most countries wey don adopt Bitcoin as legal tender na country wey no get their own national currency like El Salvador and na countries wey their financial system dey unstable.
2. Government get the fear say bitcoin go replace de Nigerian national currency (Naira)
3. Government no go get access to control or manipulate bitcoin because e dey decentralized.

In addition, Satoshi Nakamoto no invent bitcoin con think say any country go adopt am as legal tender but na countries wey know de importance of Bitcoin nai adopt am as legal tender.Like I talk before say the Nigerian government no wan know and no wan explore, Satoshi Nakamoto no invent bitcoin to come replace any national currency like Naira, dollar etc,if Nigerian government adopt Bitcoin as legal tender no con mean say we go neglect our national currency,we go still dey use am for transactions.

[Charles-Tim]

El Salvador is not having her own fiat currency. The country is using United States dollar as legal tender. So that makes it easy for the country to make bitcoin a legal tender but indirectly not making it compulsory.

Nigeria is a big nation and has its own legal tender which is naira. I do not see any point to make bitcoin a legal tender in Nigeria. What we need is the country to be bitcoin friendly. Bitcoin does not need to become a legal tender before you can spend it, although there will be limit unlike if it is made a legal tender.

Worth knowing that we can easily convert bitcoin to fiat and vice versa.

[Amphenomenon]

The use of bitcoin for Naija dey illegal because February 2021 central bank of Nigeria ban the use of Bitcoin.

The ban on Cryptocurrency in 2021 wasn't a total banned of crypto activities in the country instead it was a restriction, restricting us from using banks for crypto related activities until it was removed this year [/quote]

2. Government get the fear say bitcoin go replace de Nigerian national currency (Naira)
3. Government no go get access to control or manipulate bitcoin because e dey decentralized.

This is among the main reasons government will not want to accept bitcoin as a legal tender because when they do most will opt for it instead of fiat especially since can be use as an hedge of inflation and by this government will limit their influence in controlling the currency.

In addition, Satoshi Nakamoto no invent bitcoin con think say any country go adopt am as legal tender but na countries wey know de importance of Bitcoin nai adopt am as legal tender.Like I talk before say the Nigerian government no wan know and no wan explore, Satoshi Nakamoto no invent bitcoin to come replace any national currency like Naira, dollar etc,if Nigerian government adopt Bitcoin as legal tender no con mean say we go neglect our national currency,we go still dey use am for transactions.

Actually Satoshi did not speak about this does not it won't happen because people have different view of bitcoin like as an hedge of inflation, store of value and others,while it's stated as a peer to peer electronic cash and also if fiat of other countries can be a legal tender of another country then nothing stop bitcoin from becoming a legal tender to other countries.

Government making bitcoin a legal tender in Nigeria doesn't matter much since if you and another person accept to make transaction/payment through bitcoin then nothing will stop it for being done since the government is not against. Actually Nigeria is a bitcoin friendly nation and all we need is for the government to enact proper regulations that will make exchanges or other foreign investors to come and invest in Nigeria