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.
They started with Binance exchange but they're also attacking other banking systems as they have restricted fin tech banks to stop accepting registration of new users and they have also made other crypto exchanges to stop support for the Naira trading peers on their P2P exchange but they are focusing on centralized exchanges and fin tech. That is where they have the power but not on decentralized P2P services and the threat of delisting Naira on all Decentralization P2P exchange is an empty threat.
They aren't wrong with their statement of cryptocurrency affecting the volatility of our Naira since some big whales has been manipulating the price of Naira on those exchange and the citizens don't trust the economy and the local currency so they're saving in foreign currency. But the problem of the Nigeria economy and Naira stability is bigger than what is happened in crypto P2P trading.
What the government are doing isn't right but they won't stop since they keep seeing result from the bans and attacks on the fin tech and crypto exchanges. The government wants to be in control of the forex exchange markets and anybody using crypto for the exchange of dollars and Naira through usdt or other crypto is an enemy to the government so they want to take down any means of foreign exchange in the country all in the attempts to stabilized the Naira. They don't have solutions but just looking for short term fixes that won't last so let not be bothered that much.