I just keep wondering what the word is turning to because everything since the new government took on the mantle of leadership has never been the same again, especially in the aspect of the economy. The economy has been creeping and going very sluggishly for some time now, and it has made the level of inflation rise to the point that every citizen has to complain, especially those who are not getting paid well for the work that they are doing. Most of these guys struggle to meet their daily needs, and some of them that try to get a job but are unable to get money because it has been so hard.
This new government has been strictly facing the youth of the country, especially their source of income, which they believe is not right, and what I am talking about is cryptocurrency. Cryptocurrency has been what most youths of these generations have ventured into, aside from those going into the tech space to earn a little money, which they are earning. Most of them go into cryptocurrency, which is a source of wealth for some who even have no job to boast of.
Some days ago, I heard news about the Nigerian government trying to collaborate with binance to scrap the usage of binance in Nigeria, but most guys believe it was not going to be possible because this has been done sometimes he who, and it was not a successful thing for them, so most people were relaxed that it was not going to work again, but now it seems it is working already.
Just as I came back home from class, I went straight to Twitter, which is X and I wanted to check the trending posts, and then I saw that binance, trust wallet and many others are now trending on Twitter, so I checked binance to see what was going on with it and after checking, I saw that we in Nigeria can no longer access binance again for trading and instead when you log in to it, it will remain blank, and you won't be able to use peer-to-peer at all.
Many people tried showing their hearts because it is not something that will be easy for them, especially those that keep their money in cryptocurrency and not in the bank. The question is: how will they be able to survive and convert their cryptocurrency into the money they need it for? Most of the youth now believe that cryptocurrency is the way and the safest way for them to keep money, and now that binance has scrapped the usage of peer-to-peer for those in Nigeria, how would that be good news to everyone?
To my own point of view, I don't think that cryptocurrency is in any way the cause of inflation in Nigeria, and I think there are some things that need to be tackled and have not been tackled yet, which is why there is a high rate of inflation. But since we, the youth, have no power or ability, the government—the few—can use this to rob us and go away with it. But with every roadblock, there will surely be another way out if the country insists that they do not want the youth to indulge in cryptocurrency anymore. There will surely be a way to trade without using binance, and we will be able to survive.