P.S: I’m a Nigerian living in Nigeria
Isn’t it yet another official channel that lacks the same international trade connections just like regular bank accounts?
Because of how reckless they’ve managed our economy, banks are finding it difficult to access foreign exchange. One consequence is that I can no longer spend the equivalent of more than $20 per month from my local debit card on payments, so I have to resort to using cryptocurrency to pay for my websites and domain names…this is a horrible law set by a clueless government that just wants more control over citizens but won’t fix simple things like electricity and roads.
How do people typically convert from local currency to cryptocurrency? Is Bitcoin the most popular cryptocurrency? Are there not relatively high fees for conversion from cash to crypto, or to use crypto as payments for smaller transactions?
Not a great situation, but seemingly improving at a steady clip, so maybe it isn't as bad as the bare number would imply. To steel-man the government's motives, I might hazard a guess they are hoping that a digital currency will attract more investment in technology. It's very much a "rising tide lifts all boats" plan that historically ends up with a lot of inequalities, but given their economic reliance on oil production, diversifying makes sense.
Or, it's just another corrupt scheme that is lining a few pockets.