Why the ban on cryptocurrency by CBN of Nigeria when there are no adequate plans of means of livelihood for the youths?
In December 2023, CBN lifted the ban. Why posting about what is already a bygone? During the ban, Nigerians were able to buy, hold and sell bitcoin and other cryptocurrencies of their choices. During the ban, local exchanges like Patricia and others were functioning. During the ban you can see many crypto advertisements everywhere online like on YouTube, by celebrities. During the ban, Nigerian comedians and singers were using bitcoin in their comedies and songs. During the ban, Patricia still advertised on the biggest Nigerian reality show, BBN. During the ban, the SEC continues with their crypto regulations about requirements for those that wants to register an exchange company in Nigeria. Which means you can register your company as an exchange company in Nigeria at the time.
I do not even see much difference between when crypto was banned in Nigeria and now apart from more people boldly talking about it. In terms of trading volume, it has been on steady rise yearly and the ban of crypto by former president Mohamadu Buhari lead government did not stop it. Even while cryptocurrency was banned in Nigeria, popular exchanges like Binance and Kucoin still had access to the BVN and NIN portal and were using them for quick KYC of their Nigerian customers. This to me shows that the ban was a mere distractions for a confused government like that of Buhari that once blamed Abokifx.com come for being responsible for high dollar rise against the Naira.
Now that the ban have been lifted, I do not even see any radical change to the status quo unless maybe in the near future, we will see more technologically driven innovations that will push Bitcoin penetration faster and more radical than it is now.