The Central Bank of Nigeria woke up one faithful morning and released a memo to all banks and financial institutions that trading Bitcoin or any other CryptoCurrency is prohibited in Nigeria. They likened it to MMM which defrauded many Nigerians years back.
In their defense, Bitcoin trading cannot be regulated and it is prone to fraud. The major argument for the banning of CryptoCurrency is that people can easily use it to launder money. Others claim that Bitcoin does not contribute to the economy because it cannot be taxed by the Nigerian government.

Youths seem not to be buying any of these explanations. They are convinced that the ban of CryptoCurrency is another way the Government is trying to fight against them citing that government policies since the Lekki shooting night have been directed towards keeping youths in check just like policy of linking NIN with SIM cards can be seen as a way to monitor callers.
Their reasoning can be justified considering that during the End Sars protest when bank accounts were shutdown for funding the movement, Bitcoin was used to raise funds.

Did CBN trully think about the implications of banning CryptoCurrency trading in Nigeria? The likes of Patricia and Flutterwave will be affected and they would likely want to take their business out of Nigeria if they want to stay in business. This means lesser tax remission to the government and lesser job opportunities for the youths which in turn affects the economy badly.
In a time when the world is moving in the direction of CryptoCurrency, a prominent Nigerian advised Nigerian youths to invest more in cows and not in BitCoin.

What is next to be banned?

One can only pray that the securities outfits don’t start harassing youths for having blockchain or Binance wallets on their phones.
One quality Nigerian Youths are displaying is stubbornness. It seems more youths are determined to buy more Bitcoin now than ever before as its value continues to rise.


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