Government Ban & Crypto

Put on your TV and see ho the government openly allowed the advertisement of gambling platforms. We all know what gambling is, it’s using your money to play a 50/50 chance game that lets you win or lose your money. More people lose money gambling than they win, as a matter of fact, you become a threat to gambling companies if you are always winning. But you become an asset to a gambling company if you keep losing, because the more you lose, the more the gambling company makes more money. The government tax gambling companies, so technically they have a cut on your losses, making gambling a good business for the government.

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On the other hand we have crypto, crypto is very decentralised, the government can’t tax it, except you want to use a centralised means to withdraw where you get taxed, but generally, with the centralised nature of crypto, the government can’t tax you. This has made the government angry, because the government wants part of your money and crypto seems to be against that. This is where banning crypto transactions seem like the next move the government have to make to punish people for using crypto. Fortunately, humans have evolved to always create a solution when there is a problem and capitalise on that, this is where P2P(Peer 2 Peer) came to play a big role.

Few years ago, the Nigerian government banned crypto transactions in the country, in a nutshell, it banned financial institutions from allowing crypto transactions. This increased the way Nigerian citizens used P2P, to the extent we didn’t care about the government ban any more. Well, the government has lifted the ban, sadly Nigerians feel safe transacting P2P because its faster and you dot have to pay 2% tax when using the P2P.

Posted Using InLeo Alpha