Collaboration of government and cryptocurrency

[Y3shot]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.  In this hard time the government are even helpless to support the common people from inflation.  This is the time goverment needs to allow people to help themselves in one way or the other on how to do things freely. Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

The collaboration of the  government and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors to come and invest in their country which will add value to the people,  then I think we also need cryptocurrency to invest and trade it without any restrictions. Inflation in like this, cryptocurrency can be used as store of value ,  it can also serve as alternative investment when other physical investments are struggling with inflation.

[Orpichukwu]

I want to understand what you mean by crypto currency collaboration with the fiat system, is going to bring about an increase in the value of the fiat currency. How can that be done? I'd really like to know how that's possible. 
 
If the government wants to help their economy, they should start by trying to set out a working policy that will allow both small-scale and large-scale businesses to survive in the country and reduce their good-forsaken interest rate, which is not conducive for those who want to go into business and are looking at getting loans and grants from the government or financial institutions for start-ups.

[laijsica]

Inflationary pressure is constantly increasing which widens the gap between rich and poor people. There is no denying the global influence in this case, although governments can make positive decisions about their own alternative economic policies. The policy of restricting the use of cryptocurrency is not right for the government because people who use this crypto tend to an alternative currency and try to meet their daily needs which can be considered as a hedge for a country's economy. But governments should keep a range of people's use of crypto within reasonable limits, which can be positive for the overall economy. In this case, Bitcoin can be considered as a hedge for a country's economy, which can have a huge positive impact on the country's economy due to its gradual accumulation. For example, the president of El Salvador Nayib Bukele legalized Bitcoin in that country through legal tender and continues to buy 1 BTC a day.

[Dakcrypto]

Personally I don't really understand everything you said here but I will try to put it in my own words.

Are you suggesting our government should make cryptocurrency legal in the country? for it then to work side by side with the fiat because aside this there is absolutely no way the cryptocurrency can collaborate with fiat.

The only way the government can help Nigeria for me ooh, is by pulling out from this system of government or even the entire leaders step down from their position let the people choose who they want and how they want it.

[Samlucky O]

The collaboration of fiat and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors in their country that will add value to the people then I think we also need cryptocurrency to invest and trade in it without any restrictions.

I believe all this grammar is talking about how bitcoin investment is better than keeping money in fiat. How it can be used as a hedged over inflation. Though government may be hard in times of making things difficult for the masses in times of trying to make money from bitcoin enthusiasts by placing a ban on exchanges and demanding tax, but I believe whatever government does to P2P exchange does not affect anyone on investment .

Inflation like this cryptocurrency can be used as store of value ,  it can also serve as alternative investment when other physical investments are struggling with inflation.

Cryptocurrency is not inflation but people can take advantage of the dip in price of bitcoin and accumulate more. Despite bitcoin is volatile and may increase in a short period of time should not make us to forget so soon that bitcoin price may as well fall down at any moment. We shouldn't always see bitcoin as an alternative to making quick money when the physical investment is struggling with inflation. There are also time that bitcoin dip so low that some people start regretting why they didn't use the money for business. That is why it is advised that we should invest the amount we are not using so quickly. Because from you speach it looks like investing in bitcoin is for a short term profit

[CryptoHeadlineNews]

Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

From my personal observation, I noticed that what has always been the major problem with our Nigerian government and Crypto was that wanted to tax from crypto, but never knew what approached to go about it, why was the reason for the inconsistent fight against crypto by restricting banks to execute crypto transactions. But moreover, recently,  there was a post I came across few days about one of the exchange currently in partnership with Nigeria government, whereby 7.5% of every transaction fees to be paid to government.

The collaboration of the  government and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day.

Yes, though investing in Bitcoin will help an individual to avoid inflation of his funds, but general acceptance of Bitcoin by a nation can not save its primary currency from inflation if they fail to produce and export economical goods more than they import from other nations, as there are primary factors which causes or remedy inflation, and Bitcoin is not one of it, but an asset and store of value for the future.

[iBaba]

The collaboration of fiat and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors in their country that will add value to the people then I think we also need cryptocurrency to invest and trade in it without any restrictions.

I believe all this grammar is talking about how bitcoin investment is better than keeping money in fiat. How it can be used as a hedged over inflation. Though government may be hard in times of making things difficult for the masses in times of trying to make money from bitcoin enthusiasts by placing a ban on exchanges and demanding tax, but I believe whatever government does to P2P exchange does not affect anyone on investment .

While I agree that Bitcoin investments have an hedge over the fiat due to the inflation issues is right but the thing is that even bitcoin have the tendency of falling too if the market trend does not go in its favour. Mind you, one will also need to change the funds in p2p transactions using the Stablecoins which have really assisted in salvaging the uncertain variations in the market. For someone like us that are in Nigeria, it will always favour us in a way since these Stablecoins are measurable to the value of the dollar.

[Miles2006]

If you’re referring to the country and citizens well being I don’t think cryptocurrency crisis is the only problem but, I understand your point and I will try not to reply off because I know fully well not all Nigerians are into cryptocurrency investment or trade so from my view it’ll be beneficial for me and you and every other crypto enthusiast if our government should accept bitcoin and stop every stupid allegations. Well, I don’t think Nigeria government will accept this collaboration but, all what we need is a friendly environment with zero worries when it comes to crypto.

[AVE5]

As subjects to the government's, yes, there're a lot of privileges we really needed to get and yet the government is depriving us from them. But it's certain that as a government, we can't get all that we wishes for because of we must get everything we wishes for, then there'd be bridge of the laws like there is no government in the society anymore.
Maybe we the core Crypto enthusiasts is one side practically minded in the Crypto sphere excluding some negative effects which we as common bodies in the society maybe unable to figure by which it could also negatively affect our economy system such as the finance.
I agree that our government isn't acting learned towards the crypto existence in the country atleast to had got this great view of masses profiting from it in trading, investing and evening for Alternative means for payments atleast considering that they're not providing enough job vacancies, no means of earning incomes and the banks are still there relenting to upgrade from its transaction mayhems which bitcoin has literally come to fill those loopholes and lapses of their competences instead of them launching their biases unto this great crypto invents. Really awful to be precised.

[Doan9269]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.

Don't you know that this life is a race of the survival of the fittest, even the governments are taking drastic measures to avoid anything that will render their influence useless and kick against it, we are the one that should keep on going after what we want until we achieve it, do you think they will allow for a decentralized currency when they cant have control over the little peanut you have in your account compared to their own.

In this hard time the government are even helpless to support the common people from inflation.

If they cant help over the control of inflation, do you now think its bitcoin that they will consider, bitcoin is been designed to help a common man like me and you to evade most of the negative consequences of inflation and bad government policies on the financial economy markets affecting us that we cant talk, bitcoin now stand as the voice for the masses and that is why economic inflation could determines the market price for bitcoin or its performance.

[Hewlet]

There can't be a complete form of collaboration without some sort of restrictions on some of the activities of crypto firms and users. While we know that some of the policies the government is setting up are to some extent too extreme and baseless, if we look at it from a broader point of view, they are very necessary if we hope to achieve a sane environment where the right things are allowed to thrive.

Scams are on the increase and as a nation, you have to play your part in showing that you're not in support of them. We saw that even on the forum, mixer was popular and useful to so many members of the forum but when the forum's reputation was at risk due to their existence on the forum, it was a hard but necessary decision that had to be taken to take them off this space. Most of the restrictions we're seeing by our government are a mere show of frustration due to their inability to make the naira stable or at least measure up a bit with the dollar. Collaboration is obviously what's expected And the only way we're certain that there will be a high level of local adoption in our country although it won't come too soon, only requires someone who knows the advantage of adopting crypto to come into power and things will change for the better.

[Promocodeudo]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.  In this hard time the government are even helpless to support the common people from inflation.  This is the time goverment needs to allow people to help themselves in one way or the other on how to do things freely. Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

The collaboration of the  government and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors to come and invest in their country which will add value to the people,  then I think we also need cryptocurrency to invest and trade it without any restrictions. Inflation in like this, cryptocurrency can be used as store of value ,  it can also serve as alternative investment when other physical investments are struggling with inflation.

Yea, it is an exatablished fact that fiat is an inflationary currency as such the government will do everything possible to protect it, the government of the day is after cryptocurrency for a reason and reason to me is because of the value of Bitcoin itself, many people now understands what they stand to benefit once they acquire Bitcoin asset and because that most of them are not ready to dump their money in the bank doing nothing and the government already understand this, so the government is trying their possible best to discourage individuals by putting some restrictions in other to disallow them to do crypto dealings.

The inflation is too much and as a country I think we should put up all measures to tackle this problem together, for me government being against cryptocurrency does not in anyway solves nigeria s economic crisis, there is misconception in the side of the government and it better they retrace their step early, every growing economy embraces inovations amd technology to foster development digitally, the government should concentrate in findingout ways in which nigeria econmony can benefit from cryptocurrency instead of frustrating the whole settings, many nations has moved away from this and their concentration are now centered on creating avenue for taxing exchanges and mining processes.

[Spaceman1000$]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.  In this hard time the government are even helpless to support the common people from inflation.  This is the time goverment needs to allow people to help themselves in one way or the other on how to do things freely. Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

The collaboration of the  government and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors to come and invest in their country which will add value to the people,  then I think we also need cryptocurrency to invest and trade it without any restrictions. Inflation in like this, cryptocurrency can be used as store of value ,  it can also serve as alternative investment when other physical investments are struggling with inflation.

What kind of collaboration are you looking at OP, if you can be specific then it will help to explain the message you're trying to pass.
If it's about regulations on cryptocurrency activities in the country, then
 the government will continue to find issues with that, because since they are not directly in charge or in control on the market activities of cryptocurrency because of it's decentralized system then obviously they would want to frown at it.

The unholy marriage we've seen in recent times between government of Nigeria and the cryptocurrency sector is as a result of the fact that, the CBN Governor has said, the activities of the cryptocurrency market has so far enabled the proriferation of the naira against the dollar, as it is one of the major factors affecting the naira, and that was why they started going after centralised exchanges like Binace and Kucoin just to stop their activities in the Nigeria crypto space.  So when you have a government that is
ill advised about cryptocurrency and how it works, how do you help to collaborate with such kind of government.

[Fiasem20]

The government can't collab with a decentralized system that they don't have control over it, that's the first thing to note,they can only have a friendly approach towards cryptocurrency.The governments are the most corrupt bodies on earth and they can sort out the whole inflation stuff happening in the country and stopping transferring aggression on cryptocurrency.Crytocurrency enthusiasts needs a government that doesn't give strict restrictions on cryptocurrency, cryptocurrency hasn't nothing to do with the economic failure of Nigeria.

[Dzwaafu11]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.  In this hard time the government are even helpless to support the common people from inflation.  This is the time goverment needs to allow people to help themselves in one way or the other on how to do things freely. Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

It also gets me confused because I don’t know how the collaboration will take place between the fiat currency and the crypto currency because these are two different things that I don’t think will be possible, or maybe the OP thinks that with the current situation of the country, that will solve the problem, which there are not even related issues here. However, in this country, traders have been trading freely. We have many traders in the country who are well known in trading, and I believe many of them are also investors.

Or did you also mean that the government should allow them to use Bitcoin as a form of transaction in the country? If that is what you mean, I think that is also impossible. 

The collaboration of the  government and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors to come and invest in their country which will add value to the people,  then I think we also need cryptocurrency to invest and trade it without any restrictions. Inflation in like this, cryptocurrency can be used as store of value ,  it can also serve as alternative investment when other physical investments are struggling with inflation.

The problem with the government is that not all citizens can be able to use cryptocurrencies, and Cryptocurrencies will tarnish the fiat currency if the government implements them, and I believe that they won’t do that. I think the government knows many things about crypto and how useful it is, which is why they are still going against it regardless of the freedom it gives. 

[nelson4lov]

The fact that government been increase interest rates to >25% only mean say them dey try to get more people to leave crypto and invest more in government issue ventures like bonds at such a high interest rate. The high interest rates wey government set so go favor naira more because people need to lock in their naira to enjoy such rates. The average rate I don see for DeFi is between 10-15% (amidst $ going higher) so the interest rate is definitely higher. A government wey do something like that, have very little interest to legalize crypto. The fact that the control of crypto is not within their means make it unattractive for them to make legal. I wouldn't worry about it much though as long as you're doing nothing illegal with your crypto, you should be good to go as we have always been.

[Pressurizedem]

If you’re referring to the country and citizens well being I don’t think cryptocurrency crisis is the only problem but, I understand your point and I will try not to reply off because I know fully well not all Nigerians are into cryptocurrency investment or trade so from my view it’ll be beneficial for me and you and every other crypto enthusiast if our government should accept bitcoin and stop every stupid allegations. Well, I don’t think Nigeria government will accept this collaboration but, all what we need is a friendly environment with zero worries when it comes to crypto.

Nigerian goverment is going to accept a collaboration because they have stated it clearly that they don't want crypto,but what should we do when we know that,should we continue begging them to try and collaborate with crypto? Or we should just do our thing the way we are doing it.Afterall,whether they like it or not,they cannot totally removed crypto currency,the more they try,the more crypto currency becomes stronger,so if they do not want to accept it,there is nothing we can do about it,we just have to keep dealing with it the way we've been dealing with it before and move.

[Btcdeybodi]

OP you sound a little bit contradictory but I want you to understand something, cryptocurrency is decentralized such that the government cannot interfere in people's transactions as they do in normal banking system and take charges so that's the more reason why they are not fully in support of cryptocurrency and their reasons for placing ban and restrictions on crypto platforms like the exchanges is because they feel cheated that they are also supposed to have their own cut of the national cake. Let me do a practical example, some of us here have oil wells in our states or communities and when foreigners come to drill those crudes don't they settle the owners of the land (landlords)? they do, so that is the grievance of the federal government which resulted in the unfair conditions they have placed for crypto enthusiasts within the country.

There can never be any collaboration between cryptocurrency and the government because they are like enemies in the sense that cryptocurrency were not created for the government to be involved, understand that fact but the only thing government wants to do is to regulate the activities of cryptocurrency in the country which is still against privacy but since their interest is more centered at cryptocurrency exchange platforms, in my opinion what the government should have done is to charge those cryptocurrency exchange platforms for their activities in the country instead of seeking for regulation of the whole system.

[Odohu]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.  In this hard time the government are even helpless to support the common people from inflation.  This is the time goverment needs to allow people to help themselves in one way or the other on how to do things freely. Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

It seems you have not been in our country, maybe you have been abroad all these while. What is happening in our country and the policies that the government of the day have adopted shows that they really want everyone poor and dependent on the ruling class; this is what it seems even though that may not be their intention. If not this, how do we explain government removing subsidy in their inauguration without any measure in place to caution the effect thereby leading to an unprecedented inflation? In all these, government does not even care, they rather bring taxes here and there, increase electricity by 300%, raise import duty, borrow from the pension funds, float the naira and did all manner of reckless things so that the average Nigerian is poor and miserable. It is the same government you are make things easier? Do you not read somewhere how they want to start taxing Nigerian users in Kucoin when they even delisted the NGN from their exchange? The truth is that the present crop of politicians we have now believe that the poorer Nigerians are, the easier they become for them to control so don't expect them to be involved in anything that will alleviate the suffering of our people.

[EclipseXcrypto]

We are in difficult time that the economy is really affecting both the rich and the poor. I think this is not the time for government to be hard with the regulation of cryptocurrency.  In this hard time the government are even helpless to support the common people from inflation.  This is the time goverment needs to allow people to help themselves in one way or the other on how to do things freely. Cryptocurrency trader and investors should be allowed to trade and invest cryptocurrency with ease, without any form of restriction.

The collaboration of the  government and cryptocurrency will help people more in adding value to their money, than only sticking to the local currency that is depreciating every day. If every nation are looking for foreign investors to come and invest in their country which will add value to the people,  then I think we also need cryptocurrency to invest and trade it without any restrictions. Inflation in like this, cryptocurrency can be used as store of value ,  it can also serve as alternative investment when other physical investments are struggling with inflation.

A collaboration of government and cryptocurrency in Nigeria will be a welcome idea, it will be of a great relief for individual taking part in the crypto world. Especially for a country like Nigeria, which is  ranked high in the crypto space because of its citizens involvement.  This will help loose restrictions placed by governments on crypto and create friendly environment for companies operating with crypto and the government.  The opportunity cryptocurrency offers especially bitcoin are very significant in our society, a collaborative effort will give individuals to maximize this opportunity to the fullest.

Collaborating with the government, doesn't mean it no longer decentralised in nature or government gaining controll over cryptocurrency. But rather to create a conducive environment for individuals participating in cryptocurrency in Nigeria. Companies operating with cryptocurrency should align and comply with the government tax policy to operate freely for users to enjoy restrictions free and not deprive individuals the opportunity cryptocurrency like (Bitcoin) offers.