Yes! Let's talk about the CBN Cryptocurrency wahala yesterday. There has been reports of CBN banning Cryptocurrency in Nigeria, which is very FALSE. First of all, cryptocurrency can't be banned because it doesn't belong to any centralize or regulated system.

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Like any unregulated systems, we ns always know how to abuse it. Many bitcoin apps & sites now allow transferring cash from your bank accounts straight to your bitcoin wallet which is illegal. It's illegal because bitcoin is not a legal tender & so,

not a recognized currency to buy & sell in

The CBN is only asking Banks to disable that connection of transferring money from your account to your bitcoin wallet. You can still buy & sell bitcoin, but you won't be able to just transfer straight from your bank to wallet anymore like it use to be.

Risks associated with Bitcoin use in Nigeria

=>Protests: Bitcoin was used in donating money during the #EndSARS protest when the CBN restricted the accounts of the fundraiser organization (Femnist Coalition). While many will not see the dangers in that,

the funds made from that bitcoin donations contributed to the reason money was always available & in circulation amongst the leaders of that protest at the time & thereby keeping people on the street beyond when they should.

=>Insurgency: We've had insurgency problem in this country for a very long time & until now, we are still to know the people funding these criminals. Crypto is untraceable & thereby an easy avenue to fund these criminals without any trace.

If it's easy to just transfer from your bank to your wallet, then consider someone funding Boko Haram with crypto & understand the situation the FG will be facing.

=>Corruption: I don't need to tell you that our leaders are one of the most corrupt people in the world. With the easy transfer of funds from banks to wallet, don't you think that is like giving license to a SARS officer to shoot anyone with dreadlocks? With the advent of BVN,

it has been difficult for many using bank to bank transfers to launder money because it can be easily traced. But with this bank to wallet connection, politicians can transfer millions, if not billions into their wallet & go to Dubai, buy properties without any trace.

These are just the some of the dangers i think the CBN saw that's making them take this preventive measure. We should learn to digest informations very well before criticizing every move of the Government. Sometimes, they are just helping you & I.

What do i even know sef?