Nigeria's Fiat Crisis Wouldn't Exist If Only The Government Legalised Crypto.
It's been about two weeks since Nigeria began facing the biggest fiat crisis in its history. I'm not sure if any other country had gone through this in recent times. For those who don't know about the crisis, here's a breakdown. The government changed the design of three of the highest denominations with the claims of trying to battle corruption, hoarding etc. Well, then they gave a short deadline for everyone to cease spending the notes with old design which was the start of the crisis. Many citizens hadn't even seen the new notes and many companies had to start rejecting the old notes due to the Central banks deadline. Then everyone realised the government had been really shitty with their plans, even those who supported them from the start.
The banks claim to not have any cash and barely give out any of the notes( old or new). Banks networks also have been shitty hence making transfer from bank to bank is a nightmare. Finally, people are beginning to turn down transfers because they claim sometimes transactions don't go through and they also need cash. And anyone who needs cash from POS vendors has to pay at least 20% of the cash they wish to wihdraw as charges. Crazy!!!
I thought to myself, would this problem exist if crypto was legal?. I mean, most Nigerians know about crypto and almost every youth below 30 has crypto or had crypto at some point so why is the government hostile towards crypto, doesn't wanna encourage it or find a way to properly handle crypto related affairs? If cryptos were legal, I'm quite sure this issue of no cash won't be a big problem. Yeah, it would definitely encourage a cashless economy but it would make transactions much faster, easier and better as opposed the bank apps that haven't been able to help much in these trying times. The low fees associated with many crypto transactions also makes crypto a better option in the fiat crisis. If cryptos were legal, people would prefer it to the cash especially if everyone knows about it and can now accept it. You can walk in anywhere and make your transactions from your phone swiftly and easily.
I'm truly hoping the next government is open minded and sees the potentials of cryptos and blockchain tech. This could change the way things have been in thr country and could ultimately make this better. As for the fiat crisis, tere has been protests on this, cries, deaths and I can only hope that somehow, this doesn't get out of hand.
It's about power and control. If cryptos can be freely used, the government loses control of the money supply.