It’s no new news that the central bank of Nigeria (CBN) enacts into law the usage of naira and this has gotten me concerned after they were able to carry out redesign of naira.
However this law is basically concerned with the use of naira in public.
The central bank of Nigeria has stated it clear that the act where people are been seen spraying money on the floor and at same time stepping on it will lead to jail condition for the individuals involved.
I am much concerned in the sense that one could work and earn his or her personal money and there is a central agency guiding the use of the money you worked for? No, this doesn’t happen in a decentralized system of finance.
To me it doesn’t sounds logical on the use of naira if it does, what is the essence of working for it? It simply means what you have worked for is legally not yours. I would also like to compare this to the reason why decentralization is the future.
I am a crypto enthusiast and I support decentralization because it has the following unique features.
Owners of funds has the right to their funds at anytime
In decentralized finance system, there is no such law on how you intend to use your funds. If you choose to carryout airdrop, it’s no one’s business because it totally yours and you have the right to do whatever you wish to at any point in time.
In the process of centralized banking, there is control over the use of finance But the real point I am driving at is that here is the time when we should all see the need to welcome decentralization because it gives you access to your own finance at every point in time.
Your finance is unlimited to countless transactions
I also read from a source there is also a limit placed on daily withdrawals of naira within NGN20,000 by CBN for customers of banks.
I don’t really know if this is true because I did a NGN20,000 withdrawal today and I haven’t done any since then but I don’t think it should because in the country, the price of things are skyrocketing, A bag of rice you could get for NGN 30,000 now goes for NGN50,000. Then if there is a ban placed then people will use up to three days in order to withdraw money for their feeding with their own finance, this doesn’t happen in decentralization.
Steps to implement decentralization
Advertising crypto
Crypto currency is the future finance and hence efforts should be made in order to advertise the opportunities present in it. People are amazed when there is another form they can manage their finance and even earn from it through staking.
Crypto offers such opportunities which cannot be seen in the centralized banking system the best means of adopting decentralization is through advertising crypto. Though a lot has been done in this phase of introduction but at same time there are occurrences to watch out for which event of Sam Bankman Fried what I will call illegal scam in crypto. But if this can be addressed then there is no stop for crypto becoming the future finance.
