Business Cryptocurrencies

Why CBN Banned Cryptocurrencies?

Bitcoin just clocked $51,000 and market capitalization sitting at 1.5 trillion dollars, the first time since cryptocurrency went mainstream. New valuable coins and tokens are minted every second, fintech companies germinated like fresh flowers in the raining season.

This is a new evolution just like the internet. The first countries to accept and establish this technology will lead the future of banking, economy and technology. Blockchain and smart contracts are becoming norms, responsible and futuristic countries are advancing, sponsoring and empowering their citizens to dominate this technology.

Nigeria has never pioneered anything since the creation of this dying nation. It’s a pity that we are a consumptive society. We consume literally everything and with the kind of political leaders we have, and the kind of countries they emulate, we will never be a pioneer or a producer.

I wasn’t surprised that the CBN banned cryptocurrencies and ordered banks to close all the accounts of companies and individuals trading it after all “progress dey purge them“. What do you expect from a backward and predictable country like ours?

Rather than encouraging fintech companies, the federal government is busy lobbying for cow ranching. A country with 33,652,424 active youths in this 21st century, believes that the cow business is far greater than technology. It’s shameful and disgraceful that our political leaders from the presidency, to senators, Reps, governors etc have no clue on what they are doing…

In this modern-day, we are been governed by illiterates who merely studied with typewriters. Why would Nigerians, in diaspora think of coming back or investing in Nigeria when our selfish leaders prefer darkness to light? With this kind of leaders, we will never smell development not to mention sustainable development.

About the author

John Uzuegbu

Creative writing is not just my hobby but part of my existence. I am a born writer and when I drop a stroke, it causes an earthquake.

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