When it comes to crypto, the government in my country are still confused on their stance.
Crypto is one of the biggest technological advancement in the world today. Firstly the reason for the creation of cryptocurrency was to be free from government centralization and control. The aim was just to be free from government telling you what to do with your money and how to spend it without restrictions.
Most government in different countries are still yet to accept crypto as a legal operation. A technology created to free the government controlling your money, you don't expect to find easy because they are the top leaders of the country.
Even though some of the reasons the government are fighting crypto is because it encourages fraudulent activities, promotes terrorism and other illegal activities, I still feel that they don't want to let go of the control of citizens funds.
The government current stance on crypto in my country.
Like I said earlier, the government of my country are still yet to make decisions of adopting and accepting crypto as a legal tender.
When crypto was making it's wave back then in 2020, it changed the lives of so many people. Crypto made lots of people rich back then, both legal and illegally, especially the youths. I think it was during the Corona virus that cryptocurrency gained massive adoption.
The government of my country shocked us when they decided to ban crypto in the year 2021. One of their reason is because the youths were using it to carry out illegal and fraudulent activities. Although, the youths felt that the government use the ban to punish us
Was because of the movement made to protest against police harrasment and bad governance.
How the government policies affected my life on the blockchain
I started my crypto journey on 2020, I had a quite good start, because I made a decent amount of money from my investment. But when the government ban on crypto came, it really affected me because I was not able to make smooth transactions, Banks in the country were not allowing users to make any crypto transactions with our bank accounts and that became major concern for me.
I trust the youth of my country, we were able to find a way through. Peer to Peer transactions were introduced, that was how we were able to still carryout with our transactions. P2P method was good, but it was not still secured, even though the platforms offering this method of transactions were trying their best to ensure everything is smooth, people were still getting scammed.
I would say the government decision on crypto never made life easy for me on the blockchain.
How have this policies affected the crypto market and my trading
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Recently, the government had issues with Binance, they were restricted from carrying any form trading involving our local currency (NGN). The reason for the restrictions is because the government has blamed Binance for the devaluation and manipulation of the Naira, which price was really falling against the dollar. Although, I find it hard take on the government side of this matter, but I believe they know the best.
Trading was not going smoothly because I did most of my P2P transaction on Binance, the restriction form the government affected me also. The government decision had a slight impact on the Naira, the price appreciated a little, but I doubt if this restriction will resurrect the currencies value back again.
My suggestions on the government decision.
The government lifted their ban on crypto this year, before they had issues with Binance for currency manipulations. This shows that the government are in support of cryptocurrency bit are not ready to give us free access to it, they still want to control and regulate it.
Crypto is here to stay. There is no man that would be given freedom and still want to go back to bondage. Crypto has a lot of people freedom to use their money without any government intervention. Even though most people are now using these freedom to cause more harm than good, the government fight against crypto would not be an easy one, because it had come to stay.
The government still have control over what is happening in crypto, but we are not giving it to them completely like the way they operate with banks.
Closing remark
The government policies might affect and limit some crypto operations in different countries, but one thing we must know that is crypto is here to stay.
Thanks for stopping by.
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Edited with Inshot.
