With the emerging trends in the global scene on how the world is shaping in terms of currencies, most countries are gradually embracing the digital currency and slowly seeing what the future holds in this regard. While in some parts of the world, we've seen how some countries such as China have expressed aversion for this new technology, other Countries such as El Salvador, have made the Digital Currency as Legal Tender. It is interesting to note that countries like China have prohibited their Citizens from transacting in (i.e. buying and selling) cryptocurrency or even storing same for investment or future use . Now the question is: why are some of these countries blacklisting the digital coin?

Well, part of the concern with digital currency, has to do with its very nature; that is, the fact that it is digital, means that the technology can be used to finance illegal activities such as terrorism e.t.c. As far back as 2009 when the first digital currency (bitcoin) was created, the idea was to allow people store their money in digital form, by using cryptography to control its creation and management. In additon, nodes are generated to allow users interact with each other on the Network using an electronic transaction method.

Now the common reason why some countries have restricted it citizens from trading this digital currency is due to the fact that they cannot control the market, and Government cannot set rules or regulation; while some do not fully understand the intricacies of how the technology works.

In Nigeria for instance, the apex regulatory body for Bank’s, the Central Bank of Nigeria (CBN), had in mid February 2021 banned Nigerian residents from transacting in the digital currency and even went as far as stating that anyone found transacting with the digital coin would be prosecuted. The CBN also when further to block accounts of citizens who were alleged to be engaging in digital currency transactions.

After some couple of months however, the CBN informed the public that Nigeria would be launching its very own digital currency called the “E-Naira”. This obviously led to some confusion and misconceptions amongst citizens, as they questioned why the CBN initially banned people from trading digital coin in the first place. It is important to quickly chip in that when the directive was initially given to ban the trade in crypto currency, some fintech companies came up with a solution, which allowed users to transact using a method called P2P. This way users could transact with each other safely and securely.

Now with the new E- Naira introduced by the CBN the main objective is for citizens to store money in digital form in the same way as other crypto currencies such as Bitcoin and Ethereum. For more information on the E-Naira please visit (nairametrics.com/2021/09/27/e-naira-how-saf..)

On the question of why the CBN initially banned the Crypto currency in the first place, I will leave this for readers to answer. However, one thing i do know is the fact that any Government would be concerned about its citizens having access to a technology, which the Government or its regulatory agencies are unable to control. This concern came to the fore, with the Endsars protests of 2020, where it was discovered that the Crypto coin (bitcoin) was the most used transaction mode to support the protests financially .

##Consideration about the E-Naira

is the e-naira a stable coin? A stable coin is a Cryptocurrency backed by reservers.

How safe is the e-naira?

Is e-naira worth investing?

Will e-naira replaced the naira note?

###How to benefit from the Crypto World/Market

First and foremost, the technology was created to produce an more financially efficient environment for everyone. Clearly though, some would exploit the system for the wrong purpose; however, the Developers who created this technology wanted the technology to ease the way the financial transactions are executed worldwide. 😊 There are tons of ways you can benefit from this technology: From being a miner, investor, merchant, blockchain Developer e.t.c I will do well to explain some of these:

Miners are those folks who process your transaction on the Blockchain network making your transaction push through without being snuffled Investors on the other hand are just there to invest in the market.

Merchants are the people who buy and sell crypto coin; they also store Crypto currency. You can find them on various fintech platforms. I am not going to list any names here cause they didn't pay me to do so.

$$PLEASE NOTE that there are rules you need to follow when transacting in this ecosystem, i call it the KWTB & KWTS rule.

I do hope you enjoy this article and find it informative.