The last time I remembered government called bitcoin and other crypto to be used for terrorism and money laundering is the time of Emefiele when he was the CBN governor. He did not attack crypto exchanges but attacked bitcoin and other crypto directly with badmouthing at the time.
The present day government only wanted naira to be more stable and try to use crypto exchange to lie about what is causing naira not to be stable. Also if they said Binance helped in money laundering or terrorism financing, that is different from bitcoin and other crypto because Binance is an exchange while cryptocurrencies are coins. Binance was sued by the United States of allegations similar to this and the exchange was fined. CZ which was the Binance founder was also fined and went to 4 months in prison.
I'm bringing this back, only to bring awareness that neither Cryptocurreny nor bitcoin has being the major aid of fraud and terrorism in Nigeria but rather our naira and other fiat currency used by these fraudsters.
This is true as far this is about Nigeria.
WAit I really think the government's claims about Bitcoin aiding the criminal activity are often exagerEted.
Recently we had seen the
Pakisthan Talk about Legalizing the use of Crypto
My view is that while we all know the cryptocurrencies can be used for illicit purpose definately but the same can be said for fiat currencies
Why Not??
like the recent Naira and The new recent viral video of a terrorist leader that's displaying wads of new Naira notes show that traditional fiat currencies are still the primary medium for funding criminal activities in Nigeria
You know the government is definitely
attempts to regulate and control for the Bitcoin seem more about maintain the financial dominance rather than genuinely address crime one of the truth is
That cryptocurrencies offer the transperency and trackability that's our fiat currency often lacking it behind making it harder for the criminal to operate undatected in the long run.
In my opinion the government should focus with on
address the root causes of the crime & corruption Education and awareness about the benefits and risks of crypto can go a long way in fosteer responsible usage