I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.
This is not something new Russian government also did the same and they not only banned p2p but they have banned the crypto overall. Just because there financial advisor or relevant person said, it is devaluing the local currency. Speaking of your country, I won't say its a bad move but if they will be banning p2p services then how people will withdraw funds and how can they use their own money? This way the demand for there money will decrease as people won't be able to withdraw funds and to get more local fiat.
According to my knowledge, the demand for local currency should be high, and if foreign current is being earned by locals and then converted into local currency then it's a good thing for the country's economic state. And when more money comes more financial transactions will be made in local communities and money will flow as work will happen on the local level as with more money consumption increases thus production will increase too. However there is a bad side to it too. As a lot of supply of the local currency can also devalue it CMIIW. As there are many of the other possibilities exist too. But who knows the actual reason? Maybe these P2P platforms are not paying taxes to the government or what?