Cryptocurrency is quite popular in Nigeria than in any other country. And there are a few reasons behind that. Bank could ban the cryptocurrency but it couldn't prevent citizens from using decentralized cryptocurrency anyway. Many citizens earn cryptocurrency by selling their skills. Its positive support for the Nigerian financial ecosystem. I know many scammers live there, but good people shouldn't punish bad people. I think Nigeria's central Bank observing deeply and they will step in on what they should do. There are a few technical things that they need to study more.
This is the scenario with most of the countries that keep themselves high on cryptocurrency usage. I find there is imbalance in the financial level around Nigeria. There are elite people as well as below poverty people. This has to change. The low level people are slowly getting uplifted out of bitcoin and that might hurt the elite. This seems to be the major reason why the government have suddenly entered into this controversy.
This was considered in our nation. Someone in the economy ministry said that we should print fiat and buy bitcoins with it. It would devalue our fiat and would be bad, but it would allow us to actually buy bitcoin to hedge against it as well.
In 5-10-20 years that would be a move that would allow us to actually recover that loss, and become a super powerful nation (not like USA or UK or Russia, but more than right now) and that was actually only reason why I could be fine with printing money. Yes it hurts you in the short term but it would help you more than it hurts you in the distant future. I may suffer because of it, but our children will benefit from it.
Without a doubt that will be a bold move, but at the same time it shows very clearly why governments cannot be trusted with printing money, it would be the easiest thing in the world to try to reduce expenses in some areas that are not key to your country, save that money, then invest it in bitcoin and hold it for the long term, but that is not what politicians think, that is to complex for them to do when in their minds they can just print money and be done with it, providing one more example of why we desperately need bitcoin.
