It is becoming a lot more obvious that cryptocurrency is the solution for the fiat monetary system that doesn't serve us fairly. Those that fail to see the use of cryptocurrency, need an urgent rethink and enlightening with self-education.
By the looks of things, the fiat system is only going to get worse as central banks push for CBDC.
I was reading this news publication by Bloomberg with absolute disgust. Below is an extract from the publication.
The Central Bank of Nigeria capped the maximum customer withdrawal at 20,000 naira ($44.97) a day, down from the previous limit of 150,000 naira, according to a circular sent to lenders on Tuesday. Weekly cash withdrawals from banks are restricted to 100,000 naira for individuals and 500,000 naira for corporations, and any amount above that limit will attract a fee of 5% and 10%, respectively, the central bank said.
Source
The reason behind this is to expand the use of digital Naira while limiting the use of cash.
I am failing to reason with this because $45 is equivalent to R775 (South African Rand), to put R775 cap on ATM withdrawals in South Africa is unthinkable, we probably would have seen the street flooded with protects which is known as toyi-toyi over here.
Back to Nigeria, this is a nation that still has a high number of citizens without access to banks, and unable to use the internet, I have some family members over in Nigeria struggling to use WhatsApp let alone digital banking. And as far as I know, nothing works in Nigeria, the country has failed over the years to keep at least its electricity on yet it now focuses on the expansion of digital banks, CBDC, or whatever name it has for the continuous devaluing Naira.
I can't wrap my head around how the country arrived at such a conclusion.
A member of the Iranian parliament has told local media the government plans to impose new punishments on women who do not wear a hijab in public, with individuals who refuse to comply after two warnings possibly having their bank accounts frozen.
Source
Over in Iran are women that stand to have their bank accounts frozen for not wearing hijab. It takes one country to do this successfully against its people for others to follow suit, though actions like this have been ongoing for years, it is now beginning to ramp up.
These are signs we are no where near a better fiat system, it is not even on the agenda of banks as they enjoy control over humans. This should be a reason for anyone educated enough to read and right to get themselves enlightened, familiarize themselves with cryptocurrency for transactions outside the control of banks.
$45 daily cap withdrawal on my funds is absurd.
