The boom of the Crypto market has been scarcely described as a speculative mania where a high profile tweet can change the value course of a Crypto asset or its derivatives.
The Central Bank of Nigeria in a letter dated 5th day of February, 2021, reaffirmed it’s ban on Crypto activities in Nigeria. A day after that, the founder of The Boring Company, PayPal, SpaceX and Tesla, Elon Musk announced to the public that in no distant future, one can buy Tesla cars with a bitcoin(s). Tesla then proceeded and bought $1.5 Billion worth of bitcoins, thus becoming the first major company to hold Crypto asset on their balance sheet.
The Ban by the CBN has been perceived by a large portion of the society to be a lack of understanding and inability to regulate the Cryptocurrencies. It’s been argued that the flawed fiat system across the world has been rather rigid and almost impossible to allow a fluid foreign exchange without a high cost implication.
Cryptocurrency on the other hand which is largely anchored on blockchain technology, whose sole mission is to decentralize the world’s technology, finance and corporate system thus allowing a fluid local and international transaction without the hassle of the highly regulated foreign exchange (fiat system). Read more