Government Vs Crypto: What Do You Need To Overhaul The System?
Government stance or policies regarding crypto has a way of influencing its knowledge or adoption (crypto). At the moment, the current Nigerian government's stance towards crypto is strongly negative and in less than 6 months, this might change or might continue.
Now the reason why is that the current administration has banned Crypto trading through commercial banks because of the central bank's idea that Crypto is used to perpetuate crime and secondly that people prefer selling off the local currency to keep their money in crypto hence crypto is bad for the Nigerian economy.
Using The Central Bank's Figure Head
Why not?
First of all, I don't know who is selling this idea, I feel that the central bank's governor is merely a figurehead and he's the arrowhead that's used to sell the economic standpoint that crypto is bad for the country. The Nigerian president itself fields an administration of economically inept people, hence it's easier to say crypto is the problem of the Nigerian economy and who is best to sell this idea other than the governor of the central bank?
The man himself is seen as the icon of finance in Nigeria, but sometimes I wonder if they really analyzed crypto and look at its immediate effect on the lives of people rather than looking at how it affects their treasury, I'm sure they can build on the technology to change the dwindling state of the economy.
The Burden Of The Older Generation
Nevertheless, I don't think a lot of people buy this deceit, except for the older generations who are seeking safety and hardly feel we need a system other than the conventional system being controlled by the government. However, Nigerians are avid readers, or should I say a massive population of the younger generation have constantly sought solutions outside the system, and this is why crypto is most adopted in Nigeria more than any other African country.
However, we have a population of people who are still indifferent towards crypto as I mentioned and this means it'll be difficult to totally change this. The truth is, the presidential elections are coming up next year and I can't believe people are not looking at selecting a government that'll rescind the current government's stance on Crypto.
Blindly Choosing Sentiments
At the moment, we already have the old guards trying to get into power and we already know that these people are not conscious of crypto and it's surprising that a lot of young people are not having political agendas based on economic parameters. I think the people who are campaigning for the presidential position are selling the narrative of political party and tribalism.
It's crazy that so many people are not even because having crypto trading through commercial banks again will stop local law enforcement agencies from selling the agenda that crypto is illegal. I think an informed government will make better crypto policies rather than completely banning the trading through commercial banks.
Why Do Agencies Define Crypto Wrongly?
Sheer Or Unplanned ignorance
Nigeria is one of the countries where Crypto has gone mainstream and one of the unfortunate reasons why this is so is because of the economic meltdown in the country, some people would even prefer saving their money in stablecoins and dollars just to prevent inflation from eating into the initial value of their money.
In fact, I heard one of the presidential candidates saying that they don't care about anything other than having people earning the naira, I mean there's little concentration on the economy and the improvement on the lives of people and more concentration on politicking. I think people who do not have enough money to leave the country to work and live outside have no other option but to vote for an inclusive government.
Voting For A Crypto-Friendly Government
A lot of Nigerians surprisingly own a lot of crypto, but not a lot of them realize they need to vote for a government that could be pro-crypto. The current system is not making the right policies regarding money. Sometimes ago, the government established the e-naira to discourage people from owning crypto and it became an abject failure, but the right system will know that crypto isn't the problem and fiat currency can equally be used to perpetuate crime as well. However, the country isn't run by savvy people.
The system isn't seeing a future with anything other than fiat currency and this isn't being inclusive. A developing system will accommodate sophistication and even if they cannot control it, they can choose to regulate it and make it part of the economic system in the country. It seems as if fiat and crypto will be seen as water and oil for a long time and a lot of government holds the notion that the former is meant to die for the latter to thrive.
The Endless Discuss Of Impact
However, I think technology is here to stay. Some countries are strict on the regulation while a few others have gone for outrightly ban. I think that people should understand the role government plays in crypto, they're firstly the agency that can fast-track adoption or delay it. As for Nigeria, I think more people are focused on tribal bigotry and this is mostly the tool that government uses to control people from causing a massive overhaul to the inept personnel in the system.
A lot of government parastatals around the world and not just Nigeria use ignorance to keep people in the loop. Nigeria has a flexible system, but the personnel in power makes it easy to enforce something as impactful as crypto ban without any agencies or body fighting this verdict.
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I have heard that America is also passing high regulatory bills against crypto let alone the third world countries where there is already less awareness about the technology.
I think the stress will go long about how far the cypto should be adopted or regulated.
I am wondering if there is any candidate for president who is pro-crypto?
The problem is that the people here never asks any questions, they vote blindly for tribalism, party and tribe rather than grill these politicians their stance on issues as important as crypto. Most of them don't understand the impact of sophistication. Hence they'll rather ban Crypto than try to understand it. It's crazy what is happening in some third world countries.
The same is the case here. The votes are given on the basis of provincialism and languages. The lack of quality education is one of the causes, I feel. People are deprived of thinking capacities.
People are deprived of a lot and this is how they're being controlled. People think they're doing themselves a favour by choosing languages and region.
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It's tough but most of the people in power right now are older people who don't really understand the technology. Even if they did, most of them do not do enough research to fully understand it and they rely on their aides to give them information. So in a way, I think things will improve as time passes and more people learn about crypto while the old are phased out of control.
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In Africa, democracy is majorly fiction. What we do is to recycle leaders though. But the younger generation are not making attempts at breaking the system by refusing to serve under these old fashioned people for peanuts. Government needs newer generations of people in power for crypto to actually thrive in so many places.
Crypto is here to stay, Nigerians will not vote for who will support the growth of crypto or the economy but vote for a dying a man in the name of his our man. Nigeria problem is beyond all this older men we need youth to run this economy.
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Sincerely, I don't think people have ever considered that voting these old men might still have crypto banned. We actually need a system that will unban Crypto, Nigerians have a way of not prioritizing the right things.