The Central Bank of Nigeria does not like the fact that Nigerians are using Bitcoin. As you can see from the letter above, the centralized institution tasked with micromanaging the naira sent a letter out to Nigerian banks and other financial institutions telling them that it is illegal for them to allow their customers to interact with Bitcoin exchanges. Yet another authoritarian move from the powers that be in Nigeria.
If you freaks don't recall, the Nigerian government moved to shut off banking services for Nigerian citizens who were a part of the EndSARS movement last year in an attempt to prevent protestors from organizing. Those efforts were made in vain as protestors quickly turned to the Bitcoin network and BTCPay Server to route around the financial censorship from the central government. It seems as if the powers that be in Nigeria didn't learn their lesson the first time around and are dead set on making themselves look even more incompetent with this attempt to stop individuals from acquiring bitcoin within Nigeria.
This move will do nothing but hurt the exchanges that offer Nigerian citizens the ability to buy and sell bitcoin with ease and potentially slow down the acquisition of bitcoin for some citizens. If the Central Bank of Nigeria actually did their homework they would realize that most of their citizens are getting bitcoin via Paxful, a P2P exchange.
Many traders will meet on Paxful and then begin doing trades directly via messaging apps like Signal, Telegram or WhatsApp. Completely cutting out any exchanges that may fall prey to these onerous banking regulations and rendering this particular ban ineffective.
This is exactly why we Bitcoin, freaks. To provide another avenue through which individuals the world over can skirt around attempts to control their money. Bitcoin is freedom money and there is little despots like those in charge of the Central Bank of Nigeria can do to stop it. The best they can do is slow things down a bit and make themselves look incompetent and ignorant in the process.
To drive this point home, I recommend you freaks peep this video from our good friend Alex Gladstein that highlights how and why Bitcoin is freedom money.
Thank God we have Bitcoin. Because of it, the incompetent, ignorant kleptocrats all over the world are unable to stomp on our financial freedom in the Digital Age. Bullish on ridding ourselves of these evil types.
To any Nigerian freaks who may read this rag; stay strong, use your freedom money, and educate your fellow citizens how to do so. We are winning.
The baby has skipped his second nap two days in a row. This is a trend I do not like.
Enjoy your weekend, freaks.