Hello Hive.

Crypto has become an integral part of our financial institution and just like this has shown in from different parts of the world that crypto cannot be stopped.
For some gibberish reasons the government of Nigeria has banned crypto operations for about two years now believing that Crypto trading activities have contributed to the devaluation of the naira since moneys earned in Crypto are traded and withdrawn into the local currency. The major reasons published by the central bank of the country was a concern over Money laundering, terrorism financing, cyber crime among others.

Recalling vividly the events of the time prior to the ban the youths in the country has financed protest against the government using funds generated from crypto. Issued ensued when the government restricted the youths and Top Important persons accounts with their respective financial institution in a bid to disrupt the protest hence donations and contributions were made and accepted in cryptocurrencies.
Following this events government placed a ban and restrictions on crypto activities and direct withdrawal of funds using its financial institution. While the accounts of top crypto traders and institutions have been placed on ban ever since.

This ban provided a room for an increase in P2p trading activities since direct withdrawal could not be made through the banks.
I can remember learning how to use P2p and the numerous scams that ensued in between trading the Naira then.
Binance Nigeria did put up alot of guide and tutorial on how to make a successful trade. Their app was readjusted in several ways to curb but p2p related scams.

In the same year of the crypto ban of 2021 July the country introduced its own digital currency quite different from Bitcoin and the others. Citizens where skeptical about buying these currencies and hence we have not recollected a thing about the fate of the currency till date.
Does Nigeria have the capability to run a digital currency?
And will that have had a positive impact on the already devalued naira to improve on its worth?.

Moving on the country signed a bill in earlier this year to accept a 10% tax on crypto activities joining several other countries who are accepting this huge percentage tax on crypto activities.

After series of investigations on frozen accounts of trader the government has reviewed their activities and released in a stated on 25th of this month, the move for the removal of restriction.

Conclusion

Blockchain and crypto activities is evolving to be a powerful tool that cannot be stopped, it profound far more benefits to both individuals and countries that have adopted crypto activities and other willing to take this up as a part of their legal tender.
Hopefully the lifting of ban on crypto activities will add additional benefits to the citizens of the country following the numerous use and benefits of cryptocurrencies.