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.
The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.
The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.
And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.
I'm not from Nigeria so I don't know exactly what the reason behind it is, but my guess is that this issue is more related to taxes. Perhaps the government feels the amount of tax collected is not commensurate with the amount of money Binance earns, and when an agreement cannot be reached between the two sides, it is understandable for them to ban Binance or other exchanges.
What's more interesting than the word I realized is that many investors have always criticized and slandered centralized exchanges but when centralized exchanges were banned in their countries, they started criticizing the government. This makes me suspicious of people who always say they only use decentralized exchanges as well as non-custodial wallets. Because if they use centralized exchanges, I don't think Binance being banned is a serious problem for them.