₦airaland Forum

RealEzee:
Guys pls wats d way forward?

The way foward?,

It still largerly depends on the govt to reconsider its decision. CBN should try to compare what Aggregate consumption would be with and without the crypto market in the Economy.

The crypto market has been a source of livelihood to many, as a matter of fact many total depends on it to pay their basic bills.

If the policy has a high negative effect on welfare, I think CBN would reconsider.

After Careful observation, I concluded that the ban on cryptocurrencies in Nigeria is more political than Economical.

On the Economic wing, I can only say that, Crypto market has a great effect on the economy of the lesser developed nation, in that it evaporates foreign reserve.

Whereas, taking a political view, we can see the level of political crises we Experienced in 2020/2021 and the role the crypto market played in it. It becomes only rational for any government to want to maintain control in its territory.

Then again, is the ban on crypto necessary? NO!
Because it would be more profitable to the government to place a huge tax rate on cryto transactions, that way they would be making money and also limiting more crypto transaction. Which might also discourage more people from entering the market, or force some out of the market too.