Recently, Nigeria's Vice President, Prof. Yemi Osinbajo, made contradictory statements regarding the country's ban on the use of cryptocurrencies imposed by the country's central bank. The vice president explained to the CBN Bankers Committee Economic Summit, that digital currencies are an inevitable part of the country's economy.
Prof. Osibanjo is an advocate of digital currencies
He calculated that, instead of completely banning cryptocurrencies, employing care and prudence could favor technological developments that are by-products of the emergence of digital currencies.
He explained that he should act without fear, but with awareness. Nigeria should be in a position to take advantage, by preventing criminal acts or negative side effects, which can result from taking or adopting any of these options.
Using Twitter to share the opening speech at the aforementioned summit, he went on to point out the upcoming innovative change the country could have as digital currencies dominate the financial market.
Prof. Osibanjo added: "In the coming years, cryptocurrencies will challenge the traditional banking system, including reserve banking, in ways that are currently still beyond the reach of our imagination, so we must prepare for this epochal change."
Nigerians respond to the "theatricality" of their government
The crypto community in Nigeria responded to the Vice President's speech sarcastically, waiting for a turnaround of events to carry out the task of clarifying their doubts. Similar theories emerged, following the ban on the use of cryptocurrency in the country, where banks were prohibited from partnering with cryptocurrency companies to process payments.
Many have suggested that the government's decision to ban cryptocurrencies arose out of fear of the decentralized nature of digital currencies, which were effective for the "EndSars" protesters who could thus bypass banking restrictions and continue their march against the police brutality.
Nigerians cling to P2p trading to combat government policies
It remains to be seen what the future holds for the country, whose young citizens have helped promote and profit from the booming industry of cryptocurrency investing and trading, among other cryptocurrency-related businesses.
Meanwhile, for cryptocurrency trading platforms like Buycoins, the show must go on. Users of the platform have since returned to their roots as the platform uses a third party app to facilitate peer-to-peer trading.
While this could potentially affect how quickly the transaction is processed, Nigerians reiterated that sticking to the available option is even less risky than keeping your money in a traditional bank.
In addition, they can still use automated trading programs to trade in a traditional way, such as Bitcoin Pro, which allows them to make substantial gains. In fact, Nigerian banks are hardly known for their high rates of return. According to the Nigerians, it is worth the risk to obtain gains that Nigerian banks would never allow them to obtain.