Is Bitcoin weakening the government's grip on money?

[gracreavix]

Recently, the IMF warned the Nigerian government about citizens who are adopting crypto more than its fiat currency. It warns that if this continues, the government might lose its ability to enforce monetary policies that include inflation control, currency management, and the financial system. Nigeria accounts for roughly 60% of cryptocurrency transactions in sub-Saharan Africa.

I won't really blame Nigerians. Inflation is eating deep into our pockets. And sending money through cryptocurrency is easier and way cheaper if you know what coin to buy and send.

Will the government ever find a way to make Nigerians want their currency again?

And if this continues, will it have an effect on the Nigerian government's control over monetary policy?

The main question is this: Why is the IMF so concerned about Nigeria?

Has it put its house in order that it is poking its nose into our affairs?

https://www.reuters.com/world/africa/stablecoins-gain-nigeria-cross-border-transfers-imf-says-2026-06-16/?utm_source=chatgpt.com

[Frankolala]

IMF is in charge of Fiat and whenever, they see that majority of people in a country is adopting crypto, they come out with this bullshit because they do loan money to these countries. Why haven't they say this BS to the US government that has legalized crypto and created crypto reserve which consistent of Bitcoin reserve and shitcoins reserve. IMF is one of the major problem in the increase of Bitcoin adoption. Look at what they told El Salvador government just because they wanted to give El Salvador loan. Fiat is an inflationary tools.

[Antidote47k]

Nigeria accounts for roughly 60% of cryptocurrency transactions in sub-Saharan Africa.

That is a remarkable figure and should raise an important question: why are so many people choosing these alternatives in the first place?
In my opinion, most Nigerians are not using Bitcoin or stablecoins because they want to undermine monetary policy. They are using them because they solve practical problems such as preserving value, receiving remittances, and making cross-border payments more efficiently.
This is why I see crypto adoption as more of a signal than a cause. It signals that many citizens are looking for alternatives because they are dissatisfied with certain aspects of the existing financial system.
If not for the recent increase of monthly dollar card limit, making international transactions was tedious and still is.

Will the government ever find a way to make Nigerians want their currency again?

And if this continues, will it have an effect on the Nigerian government's control over monetary policy?

Governments don’t make people want a currency through restrictions. They make people want a currency by maintaining confidence in it. If a currency reliably preserves purchasing power and supports economic activity, people will naturally prefer using it.

[Exitoral]

Recently, the IMF warned the Nigerian government about citizens who are adopting crypto more than its fiat currency. It warns that if this continues, the government might lose its ability to enforce monetary policies that include inflation control, currency management, and the financial system. Nigeria accounts for roughly 60% of cryptocurrency transactions in sub-Saharan Africa.

I won't really blame Nigerians. Inflation is eating deep into our pockets. And sending money through cryptocurrency is easier and way cheaper if you know what coin to buy and send.

Will the government ever find a way to make Nigerians want their currency again?

And if this continues, will it have an effect on the Nigerian government's control over monetary policy?

The main question is this: Why is the IMF so concerned about Nigeria?

Has it put its house in order that it is poking its nose into our affairs?

https://www.reuters.com/world/africa/stablecoins-gain-nigeria-cross-border-transfers-imf-says-2026-06-16/?utm_source=chatgpt.com

First of all, the effect of Nigerians adopting cryptocurrency is going to affect the government. At least in Nigeria, the main aim of cryptocurrency is being achieved. I won't blame Nigerians for adopting cryptocurrency over her currency. If you look back 2 years and calculate the inflation rate, your mind go first dey, den from there everywhere go blur and if you no take time, you fit blind go. That's how bad it is.

Whether this government likes it or not, that number will increase with speed. The corruption going on in the Nigerian government is so alarming and the continuous borrowing of money without seeing what it is used for. All that will create the rise in crypto adoption. As per say government no care about me. Why will I care about the currency?

As IMF just wan sidon make us vex today. The adoption of so-called cryptocurrency is as a result of the negligence of the Nigerian government towards its currency. So they should keep doing what they are doing. I just pity the market woman cause na dem go feel the inflation pass.

[TokenTikas]

Will the government ever find a way to make Nigerians want their currency again?

Personally, I think the government cannot in any way encourage interest in fiat currency. Because it has created a unique precedent not only in our country nigeria but in the whole world and the public uses fiat currency to meet their daily needs, moreover, most people are becoming more interested in alternatives to fiat currency.

[CryptoHeadlineNews]

The main question is this: Why is the IMF so concerned about Nigeria?

Has it put its house in order that it is poking its nose into our affairs?

The International Monetary Fund is so concerned about Nigeria, simply because it is an international organization that was created with the purpose to help countries of the world maintain economic stability. And of recent, the rapid increase inflation in the price of goods and services across Nigeria, ever since this present administration came into power, and the constant borrowing of our Nigerian government to sponsor irrelevant activities might have been enough data to prompt the attention of the International Monetary Fund to want to look into the affairs of the Nigeria economy. And don't forget that the International Monetary Fund has been of help to Nigeria several times when it comes to lending us loans, of which in 2020, there was a news that they gave Nigeria about $3.4 billion after the COVID-19 pandemic, to help boast our country's economy. So it is obvious, our government have not yet paid those loans, and they are just trying to help the government with policies that can help generate them much revenue. But in reality, it's just sad that it's the citizens who will suffer all these fees, as government keeps embezzling these funds.

[Fiatless]

Will the government ever find a way to make Nigerians want their currency again?

The Nigerian currency has been steady for about one year now. It has been exchanged in the range of N1,350 to N1,450 against the US Dollar for the past few months.

The main question is this: Why is the IMF so concerned about Nigeria?

A creditor will always be interested in the financial affairs of his debtors. Nigeria owes the IMF about $22.32 billion. IMF must ensure that the Nigerian economy is run in a manner that the debt can be repaid.

Has it put its house in order that it is poking its nose into our affairs?

Nigeria is part of the IMF affairs.

[Cryptoprincess101]

What's the IMF even saying, what of those countries that adopted bitcoin will their currency be weakened and inflation affect them too? I don't blame IMF because they are even part of the problem we have in this country since they keep lending money to Nigerian government. Nigerians have been performing more crypto transactions than the Nigerian Naira for some years now and i don't see it weakening the Naira, and for close to a year or more than a year the Nigerian currency has maintained a low fluctuation in the exchange rate against the US dollar so am yet to know how our involvement with cryptocurrency will become problematic to the Naira.

[Odusko]

Economic inclusion and market participation is what give a fiat or whatever currency the utility demands from the general public and that is because alot of citizens will be choosing what is less and efficient for them, in the face of inflation Economic crisis like that of Nigeria, government lack the ability to effectively manage the financial system that gives each citizens an inclusive financial right which is not so with Nigeria current financial settings.

[Ambatman]

Lol IMF are the representative of I hate Bitcoin and I think it's evil.
They attacked El Salvador about it
And are planning to push it around other countries that rely on them.
If their finance and system is so strong then why are they so scared of something as small and irrelevant as Bitcoin.


Bitcoin isn't weakening the government grip
It just gives control of users of their fund not to mention it's a way for the country to make some from tax.

[The Founding Titan]

The IMF is international so there is really no putting its own house in order first here plus it's not like anything on the report is actually wrong and there was definitely nothing there condemning the use of bitcoin or any other cryptocurrency except for saying that it might make the illicit flow of money easier which isn't exactly that wrong id you think about it.
They are trying to protect what they represent and until bitcoin is accepted as actual money then the IMF will still secondary concern to them, the fiat will still be their primary.

[Plutomanian]

IMF is in charge of Fiat and whenever, they see that majority of people in a country is adopting crypto, they come out with this bullshit because they do loan money to these countries. Why haven't they say this BS to the US government that has legalized crypto and created crypto reserve which consistent of Bitcoin reserve and shitcoins reserve. IMF is one of the major problem in the increase of Bitcoin adoption. Look at what they told El Salvador government just because they wanted to give El Salvador loan. Fiat is an inflationary tools.

The government is just scare about Bitcoin surpassing their general fiat currency. They don't want the country to move forward? Because I don't seem to understand what's going on in the market, we should be able to know what's coming for us and know exactly how we will be pushing for our very goals in this country. So far so good, there are quite some European countries that have adopted Bitcoin and they're doing everything within their reach to ensure they reap good bids from the Bitcoin investment and it already started booming.

[Franctoshi]

IMF is moron they only want policies that will enslave people and in turn benefit them in terms of control.
Our currency is fast depreciating, why wouldn't the majority of people choose to adopt cryptocurrency over inflationary fiat currency (Naira). Many Nigerians are wisening up, since the government wants to rip us off almost everything we should benefit as a Nigerian, at least let us have control over our money. They more they try to stop us, the more people will even get involved in crypto, I trust Nigerians for follow-follow stuff.

Worst-case scenario, they buy IMF advise and restrict crypto transactions once again, and we will still find our way around it.

[Churchillvv]

Guess what IMF is ready to give Nigeria a loan that will leave its people more paralyzed that we are already, so sending warning gives them more edge over the loan and yes our president is about to take another loan but not from them but china so whatever will make the country individuals kinda independent will definitely be a threat to IMF intentions for us. I have never seen them get involved in anything good.

[Mate2237]

You don't need a prophet to tell you that IMF as an international institution which is in charge of money in the world, which includes lending money to countries around the world. And which to a large extent has a major grip on the economies of many countries around the world especially countries like Nigeria which depends largely on borrowing from the IMF. That the rise of Crypto around the world is a direct threat to that power which they exercise over countries. One of the ways that government controls her citizens is through the instrument of the currency because, giver sets the parameters when it comes to the benchmark on critical issues such as inflation rate in a country, exchange rate which determines the strength of a currency in the international market.


Crypto currency is a direct threat to government still laying hold on the citizens because, government knows that the citizens has no power when it comes to the fist currency and that citizens can be manipulated via Fiat currency. Invariably speaking any rise in the rate of adoption in crypto currency will affect this because crypto currency like Bitcoin removed the Fiat currency power that it exercise over the citizens.

[Curious T]

Why haven't they say this BS to the US government that has legalized crypto and created crypto reserve which consistent of Bitcoin reserve and shitcoins reserve.

Because, as much as the US has such an adoption rate in crypto, it is not significant enough to affect the monetary system or the bank deposits. There is so much money in that economy that  $875 billion worth of crypto won't make them worry about how it would affect the dollar. I got that figure by doing 35% of the total crypto market cap since 35% of crypto is in the US.

It is also worth mentioning that the dollar is a global currency. There is a lot of demand for the dollar worldwide, unlike the naira, which nobody wants.

If the Nigerian government had sense, they will find ways to make their economy stable first and find a way to be productive then there will be demand for the naira and then there would be demand for the naira. Even if they make crypto or stable coins completely illegal, it won't stop the inflation since we import everything and export only raw material with a very unstable economy and government, with a lot of insecurity in the country.

[Mia Chloe]

~snip

Why do I see the word VOLUME in bold literally in my head as I read through. First off I don't see any major reasons why they should be too concerned about our volume when I'm pretty sure there are a couple other countries out there that generate way more volumes in sable coin transactions.

Also I don't see why the government here is just so concerned about crypto negatively. Basically the aim of the administration is to applaud more incoming volumes and try to ensure they get spent here too.

[BluebloodCXVI]

Perhaps the government should be focusing on answering the questions of why bitcoin adoption is increasing in the country and perhaps take their time to fix the bad parts instead of dickriding IMF. Until they can handle and solve those issues, bitcoin adoption will continue to flourish and grow. But hey, at the end of the day whether they address the issues or not, people who know the value that bitcoin can provide will still continue to adopt its use. So the government cannot truly control the use of bitcoin.

[Grace333]

Then this should be a wake up calm to the government to make amends in balancing the economy so inflation that eat too deep into the system.  The average response from the Nigerian government would be to restrict crypto currency, put the blame on crypto while they do nothing about the issue. This has been the normal pathway the government has adopted meanwhile they know the root cause which is a better economy.
Nigeria has the resources to build a better economy but the level of corruption is always winning against the moral thing to do as a president of governor of a state. The only shot we gat as the citizen of this country is by having a better leadership.

[Odohu]

The reason many governments have refused to allow Bitcoin to flourish is because they know that it takes away some of their power and control. Bitcoin was created for this purpose,  remove the third party from every financial transaction. Bitcoin weaken their power so much that they often express their frustrations via the numerous crackdown we have seen them go against privacy infrastructure like mixers and others.