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REGULATING BITCOIN AND CRYPTO IN NIGERIA: CROSSROADS BETWEEN CAPITAL CONTROL AND FINANCIAL FREEDOM

Author: Content Editor
The article discusses the regulatory landscape for Bitcoin and digital assets in Nigeria and across Africa. It highlights the conflict between governments seeking to control decentralized technologies and individuals pursuing financial freedom. The Central Bank of Nigeria (CBN) has taken both hardline and cautious approaches, banning Bitcoin transactions but approving a Naira-backed stablecoin. The article emphasizes that these regulations often undermine the rights of citizens to participate in the Bitcoin revolution and highlights a recent court case seeking to establish the right to trade and own Bitcoin. It also discusses the regulatory approaches in other African countries, such as Ghana, Kenya, and South Africa. The article calls for regulators to recognize the unique nature of Bitcoin and develop policies that protect citizens while encouraging innovation. It argues that a failure to distinguish Bitcoin from other digital assets and impose unnecessarily restrictive regulations would stifle innovation and financial inclusion. The article concludes that Nigeria should craft balanced policies that position it as a leader in the global financial revolution.

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