Word on the street is that China is taking yet another hardline stance on crypto. This time, the witch hunt has gone on to the point that the few surviving crypto companies in the country are packing their bags and moving away.
In an ironic situation, Nigeria, a country that also seemingly took a from anti-crypto decision has been rather timid about the enforcement of the law. In fact, in one of the most popular TB shows called Big brother Nigeria, a crypto company regularly advertises on live television.
Why so different?
Yes, both countries banned crypto and unsurprisingly, both countries have citizens that need crypto. However, the difference between both situations lies in the way the countries are run.
Despite being home to nearly 2 billion people, china places a premium on surveillance. Nigeria, on the other hand, is only 10% of China's population and the government couldn't give a rats ass.
This difference in surveillance kind of lets you know how both countries are run differently. China looks after its citizens(and controls them) but Nigeria does not.
Interestingly though, china is already in the advanced stages of its colonialism of Nigeria. It's already been widely reported that Chinese banks are opening in Nigeria, so it's only a matter of time.
These developments sort of make me wonder if in the long run, our relations with China will have an adverse effect on our relations with crypto.
The people need crypto
Despite the crypto regulations in both countries, evidence shows that the people in both countries have something in common and it's our love/need for crypto.
Statistics have consistently shown that the trading volume and crypto activities in either country are the highest in their region. On top of that, both countries are also among the top ten crypto volume transactions in the world, eclipsing the crypto friendlier locations.
Ironically, the countries in the top ten that include Nigeria, Turkey, India, and China amongst others, are the parts of the world with anti-crypto regulations.
In a publication in June by Yahoo finance, it was documented that in terms of percentage of the population, Nigeria stands atop the list with up to 32% of the country being somewhat involved in crypto activities.
China banning crypto will be a yearly event that will trigger massive sell-offs. The bears will continue using the media-induced FUD to manipulate the market in their favor.
In reality, though, things are very different because, within China, I'm sure people still love crypto.
The government is comprised of people that will push for their own interest but put it under the guise of "the common good".
In the past, I use to hope for a change of heart and more acceptance but I don't think that'll even happen. With that said, I don't think it's a bad thing because the entire point of crypto is to create an economy DESPITE the government.
If the government decides to come on board, that's fine, there's room for everyone. However, if they continue fighting crypto, that's also fine because there's room for everyone.
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