It came as a huge shock, well maybe not to some, to the crypto community in my country when we heard the news that our government placed a ban on Binance which is the commonly most used means of exchange for P2P trading, well, it is surprising because while the whole world is moving towards adoption of cryptocurrency and all take advantage of all its benefits in this fast-evolving world, the government decides to take a back seat, banning all crypto activities and transactions in the nation, blaming it for the devaluation of the naira, according to them, they've tried different remedies to stabilize the naira, this is funny because they are the very cause of the hardship we face, they ignored decades of chronic mismanagement, corruption and poor monetary policies as the real culprits destabilizing the naira. I highlighted most of the causes in a previous post of mine.
This crypto ban, like the social media blockades before it, represents a desperate attempt by the government to retain centralized control over sectors becoming decentralized globally. However, throughout history, we've witnessed that decreasing free exchange and expression proves a futile endeavor in the long run.
Will this affect my life on the blockchain?
Never! I tell people that the hive block hain to me is more like finding the light at the end of the tunnel, no one sees the light and ho back to darkness, Hive is more than a blogging platform to me, it is now a part of my being that I don't see my self departing or reducing my activities here because of my government policy, restrictions or not, there will always be a way for us, and I still believe that a true leader will bring this country of ours out of darkness someday and make all see the light and benefits cryptocurrency has brought to the world.
The policy effect on my crypto trading
Since the ban on naira on Binance, of a truth it affected me for a bit because I have not been able to make trading on my own like I used to and now have to depend on my sister who found another trading platform for P2P trading, known as Bybits, though it doesn't have hive on listing, so we still need to use Binance to convert hive to USDT before withdrawing to BYBIT (BEP20) address also before you can trade, it requires you doing your KYC verification as expected, which I've not been chanced to, but that doesn't mean I won't be able to make trades myself in the future, I would as soon as I get my KYC verification done.
My suggestions that will lead us to the top
Instead of imposing outright bans, the government should focus on creating a clear and conducive regulatory framework for cryptocurrencies. Regulation can provide legitimacy to the industry while also protecting consumers and investors. Collaborative efforts between government agencies, industry players, and experts can help develop balanced regulations that promote innovation while addressing concerns about security, fraud, and money laundering which out government put at the forefront as their reason for the ban.