It has been more than a week since the Nigerian government restricted banks and crypto trading platforms from engaging in crypto-activities. Now, in tandem with widespread public speculation, the country’s youth are beginning to strategize again, with an answer that is bold and defiant. Timi Ajiboye, CEO of Buycoins, one of the leading crypto trading platforms in the country, followed the news with a message to users of the platform via email. The part that reads;
“I want to reiterate once again that we remain tireless in building the best possible experience for you to connect with the crypto world. It is our responsibility and commitment to you. We will remain very transparent and honest with you regarding this situation. ”
Although naira withdrawals are stopped, users will be notified in batches when the withdrawal feature is enabled, which is within the next 48 hours, according to a pop-up notification from the app.
Nigerians choose bitcoin instead of banks
The Nigerian government has been hostile to cryptocurrencies in recent years, but residents of the country, especially young people who have either witnessed or participated in EndSars protests (a permanent movement launched by Nigerian youth to combat police brutality in the country) claimed the protest was intensified hostility by the government, after its plans to dismantle the protest by shutting down traditional bank accounts became futile after Bitcoin was used as an alternative currency for transfers.
Contrary to the Nigerian government’s hint that Bitcoin is responsible for the increased cybercrime rate in Nigeria, new research has shown that “In Nigeria alone, more money is laundered annually than the total crypto used globally for bad things.”
The CEO of Buycoins responded to the above tweet saying “The government thief with Nair brings everything that suits us along with the crypto,” which translated from Nigerian pidgin means that the Nigerian government uses Naira to launder money more than young people use cryptocurrencies for illegal activities in the country.
Many Nigerian youth remain wary of the country’s traditional banks, especially after user accounts have been shut down indefinitely, with no possibility of withdrawing funds. Many young people in the country took to Twitter to reiterate that they would continue to choose Bitcoin as a means of storage against existing banks, which have also been accused of charging users excessive fees.
Nigerians are looking for P2P exchanges
In the near future, equitable trading may be the only useful means of trading cryptocurrencies. Users may need to use in-app communication about the amount of Bitcoin they want to sell and make fiat transfers to the recipient.
Although this process is more tedious, for now it may be the only option, it is until the promising young people of Nigeria come up with a better solution.