Governments all around the world are facing a daunting task managing the surging appeal for cryptocurrencies on the African continent.
From Nigeria to Kenya and down the South Africa, there us a surge in trading activities involving cryptocurrencies.
This has necessitated many Central Banks on the continent directing commercial banks to avoid processing transactions that involving crypto.
That decision hit many hard in Nigeria.
For young Nigerians who had taken to trading in crypto, it felt like a death sentence as many had taken solace in crypto trading due to the high unemployment rate.
Ken is a producer in one of the broadcast stations in Lagos. He also trades in cryptocurrencies.
“As a young Nigerian who somewhat pays attention to the rapid drop in the value of the Naira, the cryptocurrency trading ban by the Central Bank of Nigeria felt like crossing the Lagos Lagoon without the popular Third Mainland Bridge,” Ken tells us.
“Do I still cross the lagoon of crypto trading? Yes!
“But by relying on the Peer-to-Peer model which requires me to trust someone online that I do not know to facilitate a crypto transaction, it puts me in a risky position daily of getting scammed,” he adds.
But the founder of one of the major crypto coins in the market today believes governments have no business regulating the industry in the first place.
Brian Summer is the founder of a crypto coin – Galaxy Heroes Coin. He says he doesn’t “think any government…