The Central Bank of Nigeria has released a ban on BANKS engaging in the use of Cryptocurrency in Nigeria. And NOT a ban on cryptocurrency in Nigeria
This circular has created an uncertainty in the atmosphere, especially in the crypto community like ours.
The circular did not ban cryptocurrency in Nigeria, the circular only ban BANKS from engaging in crypto exchange.
If we careful read through the circular above, all the paragraphs of this letter only states that banks should not engage in crypto exchange.
None of this paragraph however state a ban on cryptocurrency in Nigeria generally.
Yes, they are charged to close any account engaging in crypto exchange but what if I don’t use banks? Nigeria banks.
We have seen several tweets and lots of people confused as to what then happens to the cryptocurrency community.
But let’s take a moment and think about this very well.
CRYPTOCURRENCY IS MEANT TO BE USE AS PEER-TO-PEER TRANSACTION IN THE FRIST PLACE, MEANING WE DON’T NECESSARILY NEED BANK EXCHANGE WITH THE WAY CRYPTO IS STRUCTURED.
The truth is, the Central of Nigeria has just given the citizens the more reason why they should fully migrate, to the use of Cryptocurrency in a peer-to-peer mechanism.
Cryptocurrency is not to be trade in the banks, because it is not created for such a de*d system as such.
Cryptocurrency is in itself money and can be used for buying and selling across board, with an amazing powerful technology hosting it.
The government therefore can not stop blockchain but they can stop THEIR BANKS from engaging in crypto. Well this certainly was expected all along.
There is absolutely no reason to panic at all, the ban is not against us, the ban is a catalyst to be used to archive our goal as a community.
It is therefore hightime we truly engaged ourselves in pure peer-to-peer transaction in the crypto space.
Please share this post to your friends and family and tell them to relax because we are in for a good time