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August 13, 2022
Business Entrepreneurship

Africa’s Young Entrepreneurs Director, Joy Michael condemns ban of Crypto in Nigeria

The Nigerian government currently placed a ban on Cryptocurrency in Nigeria. The Executive Director of Africa’s Young Entrepreneurs (A.Y.E) Joy Michael has reacted to this. Read her statement below:

I strongly condemn the actions of the Federal Government to ban the use of cryptocurrency in Nigeria without putting into consideration alternative options.

A lot of budding Nigerian entrepreneurs have turned to this innovation to fuel their entrepreneurial adventures by creating viable opportunities in form of trade, bi-lateral transactions, international/borderless transactions, crowd funding etc. The action of the government has not only affected the livelihood of these entrepreneurs but has also jeopardized the future of many.

We must understand that despite the fact that innovations such as cryptocurrency have their many disadvantages such as prevalence of market abuse and financial crime in the secondary market, it is obvious that the advantages of the cryptocurrency are more. The government could have regulated the industry better instead of out-rightly placing a ban that is likely to lead to a by-pass of the system which in this case, the Nigerian banks will miss out of the transactions. Lest we forget that there are virtual cards online that can be used for crypto transactions; regulations and monitoring would have been a more tactical approach by the government.

Our government should have taken cues from countries such as Canada who allows the use of Cryptocurrency to pay for goods and services online and in store under the “rule of barter” which ensures that such transactions are recorded, reported and taxed. In India, a regulation was put in place to monitor Crypto trading to eliminate illegalities and notably money laundering. We are aware that most governments are wary of the Crypto because it takes away a portion of their sovereignty however, such innovations should be embraced for collaboration. It is important for the government to act fast because the blockchain technology can not remain outside of the regulations neither can it be banned completely from being used as a digital currency.

The current infrastructural decay in the Country have set back a lot of start ups and budding entrepreneurs. These entrepreneurs are discouraged from their entrepreneurial pursuit especially those in manufacturing, production, processing, delivery/ logistics etc. The recent increase in the killing by herdsmen have not only destroyed farmlands but has grossly discouraged people from venturing into the Agricultural sector.

Looking at all this, we can only say discouraging entrepreneurs at this very crucial time in the economy will be very insensitive of the Government. We hope that those who are greatly affected by this policy don’t give up rather they channel their energy towards identifying/ harnessing new opportunities and breaking new terrains.

For: Africa’s Young Entrepreneurs

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