At times you wonder what it is that cryptocurrency has done to a lot to countries and they don’t like it. The more you think about it, the more it seizes to make sense. Whiles other countries are braising up to accept crypto, other countries are putting in stiffer measures to make sure their country men don’t use it.
The war against crypto seems to be a lost battle by the government of a lot of countries but they don’t seem to see it. Ever since the beginning a lot of counties have fought and fought against it. Instead of accepting it as legal tender and group with it they choose to stay away.
We have all heard about the government of Salvador accepting and allocating some of the counties funds to BTC. To him, Crypto is the future and as such they wanna get on the ride as early enough. There are other governments who has added the study of crypto and blockchain to the school curriculum. As others are resisting to adapt others countries are adapting.
For over a year or two now Pakistan have been fighting against Crypto and blockchain. They recently announced a fresh ban on crypto and blockchain. They add to the numerous countries who have tried to ban cryptocurrency rather than accepting it. There are various reasons why some countries do not like the use of cryptocurrency.
Some of the reasons are;
Some people use the crypto to solicit and help in wrong activities. A clear example is with the Russia Ukraine war. A lot of counties decided to take the side of Ukraine thus they decided to abandon Russia in their fight. They all stopped helping Russia and tried to block the routes to which they got money to help in their fight. But then Russia found a way. They use crypto to receive funds. Apart from some countries using it in times of war, other individuals use it in money laundering, drug trafficking and others so some of the counties see it as a national threat.
As we know it crypto and blockchain do threaten the centralized nature of many countries. Bitcoin preaches decentralization and banks preach centralization. As a know fact some of us hate how centralized the banks are. We hate how centralized everything in our country is and thus the government will prefer us being under this centralized control.
They wouldn’t want to take us out of this control. Other countries like China, Egypt, Iraq and many others have also banned cryptocurrency for these reasons. Rather ironically in the past china held the record for the country where BTC was mined the most.
Recently Nigeria joined the list of countries to fight against crypto. With Nigeria, I was confused as to why a country like Nigeria will ban crypto when they need it. Well, we know In Africa the corrupt nature of our leaders will always cause them to take actions that will favor them. If they accept crypto and make it illegal it’s means most Nigerians will take their money off the banks and then how will they cheat the people off their money.
In west Africa, crypto adoption was grown massively in Nigeria and even now the ban hasn’t stopped the growth. We see it as an evidence on hive too. I can boldly say Nigerians contribute to more than half of the population of Africans on the blockchain
In recent developments the minister of state for finance and revenue said the country will never legalize cryptocurrency. You will think it’s for the better but then they are taking this stance solely because they don’t want to be in the grey list of international finance. It comes as a surprise to many as the Pakistani rupee seems to be struggling a lot. It’s the same situation with Nigeria too, the naira seems to be suffering but then instead of looking at ways to stabilize it with crypto they are rather looking for ways that will help the naira to depreciate more.
It’s reported that as at April 30th, the rupee has made a fall of over 57% against the dollar. Because of this crazy depreciation a lot of Pakistanis had decided to convert their salaries into stables coins such as USDT to help them fight against how much it was depreciating against the dollar.
This was the same situation with Ghana some few months back. Around December, the Ghanaian cedi was depreciating to unbelievable price and as such people started to adopt the use of use of crypto. Before December a dollar to Cedi was somewhere around 7 to 8 but it went went as high as a dollar to 15 cedis. A lot of people predicted that the Ghanaian Cedis was loosing position and as such people who were in crypto advised people to convert their currency into crypto(USDT) as a safe heaven.
It didn’t go past the 16 cedis mark but people who converted their monies before it reached it 12 Cedis will be the ones having the last laugh. As at now a dollar is at 12 Cedis way past the 7 cedis value. In the country there is unrest but at least Ghana haven’t banned the use of crypto and blockchain yet.
In Pakistan stricter measures are being put in place and as such a user could be arrested or his bank account frozen if the bank realizes he’s using it to trade in crypto. Even though the ban is effected in Pakistan, it has been reported that the adoption of cryptocurrency in Pakistan is increasing day by day and a lot of new users will continue to use cryptocurrencies in Pakistan as there is political unrest in the country. It was reported that more than 20 million Pakistanis had opened trading accounts on crypto platforms.
They keep on fighting against crypto and yet crypto continues to grow. Crypto doesn’t seek the permission of any body to grow. It will grow as far as its use cases continue to grow. At times I wonder why every other country can’t be like Salvador and accept cryptocurrency. They might wanna try and regulate it to stop people from using it for bad, but banning it is never a good idea as people will still use it.