The recent move by the Central Bank of Nigeria targeted at cryptocurrency ban in Nigeria may have set off warning signals in the minds of tech enlightened individuals. In its circular the apex bank prohibits cryptocurrency exchanges, facilitating payments for cryptocurrency, and also issues a closure of all regulated institutions that deal with cryptocurrency.
Now while these moves by the CBN might seem to be detrimental, it is possible that tech enlightened entrepreneurs and individuals who may not be so enlightened, might come to the realization that this just might be an opportunity in disguise.
Cryptocurrency cuts out the middlemen
which in Nigeria are the banks who are losing out big time not only cash-wise. Cryptocurrency also eliminates their power especially as regulators. What they don’t know is that this move presents opportunities and avenues for Nigerians to think outside the box and come up with innovations that counter this move made by the CBN. That way power is taken from the government and given back to the people.
It creates room for Nigerian entrepreneurs to explore the digital economy and see for themselves the opportunities it presents. They include cryptocurrency as a means of payment for goods and services. However, for this to happen, everyone must be on board, with everyone embracing the digital economy. Imagine being able to pay for services like graphic designs in cryptocurrency, being able to shop for foods and other things and paying with cryptocurrency. Wouldn’t that be awesome??
The digital economy which incorporates the use of cryptocurrency eliminates the payment of taxes, which is one major reason the CBN is so against the cryptocurrency.
When you are charged or paid and taxes are applied, it is based on the amount you pay or earn. with the cryptocurrency, they cannot track your earnings and charge overwhelming taxes.
The cryptocurrency ban should challenge you to dive into the Digital economy and learn the ropes after all, knowledge is power. The world is embracing this and when the majority does, cash would go extinct. Cryptocurrency is steadily headed towards becoming mainstream and will soon no longer be the back-up option.
Learning about it and embracing it are two different things.
People need to embrace cryptocurrency, see it as a way of life and figure out a way to key into it and grow financially. For now, businesses outside Nigeria accept cryptocurrency as a means of payment. So you can buy a house, you can shop online and pay with cryptocurrency. You can also buy games and apps online and pay with cryptocurrency. It has also been touted as a way to break the “monopoly” of the banks.
According to analysts, this is the best time to buy cryptocurrency because of the percentage of panicked Nigerians who don’t see a future in it and are quickly selling it.
With the call for Nigerians to think outside the box for revenue creation, (self) employment etc., you can be one more person to accept cryptocurrency as payment, your app could be another app to start accepting cryptocurrency.
Playing devil’s advocate, just about every argument for being creative with the ban is a reason for the ban. For example, according to the CBN, the lack of regulation leaves room for funds to be used for illegal transactions hence the cryptocurrency ban. when you don’t pay taxes, should you enjoy any services/infrastructure in the country? When you’re done mopping up cryptocurrency from scared owners, or you accept it for goods and services. you discover that it is fraudulent, what then? Who do you report to?
If the stakeholders and the CBN get to the point of negotiations regarding the cryptocurrency ban, on what side would you stand?
Yes for cryptocurrency with regulations
Yes to cryptocurrency with no regulations
No to cryptocurrency
Whatever your stand, information is power.