Nigerian Police Arrests Crypto Traders, Calling Them Fraudsters ( Video proofs below)
It has been brought to every youths notice that the streets of Nigeria are no longer safe, isolation will likely see its greatest push as life's become threatened by the sudden armed forces activities. I've been one of those bloggers getting the words out there on the government's dying trails to stop crypto from booming in the country. Their first attempt was prohibiting commercial banks from offering cryptocurrency services, further imposing that they freeze any account found interacting with cryptocurrency exchanges. This news was first published as a crypto ban in the country and not just commercial banks prohibition. However, it was further noted by CBN that the ban wasn't on cryptocurrency, but on banks, it was stressed that it wasn't a restriction placed on the citizens but the centralized banks operating in the country.
It was an ease to know about this. In the government's point of view, creating a restriction on banks processing transactions with cryptocurrency exchange would bring its adoption to a halt. Well, that didn't work as planned. It was noticed by the government that whilst the country suffered economic crisis, the growing youths turned to crypto trading for financial support. Crypto has been a hedge for a large number of youths in the country. There are barely enough opportunities to meet the growing population, so unemployment has been growing rapidly in the nation. Trading Crypto became the most lucrative online hustle that got the youths engaged.
The numbers on crypto adoption kept going up, the government kept seeing the push and it's definitely been a worry on the financial power they were losing. Two things became the norm in the country, that is frauding and crypto trading. This two are quite separate sectors, the numbers of fraudsters in the country saw a huge spike last year, this in turn caused inflation in the country, because these criminally established guys were always with the expensive taste, their standard of living were perceived by business sectors and as a result, goods and services have been seeing costs increases. These all showed great impact on low living Nigerians. However, this fraudulent activity has rather been subdued, as a result of cryptocurrencies. The growing population chose to build their finances in a non-criminal way which is trading digital assets. 3 out of every 5 persons were invested in crypto, frauding was no more a strong force, the country saw more money flowing into the crypto industry by retail traders, P2P trading earned traction in the nation and almost every citizen was ready to turn their savings into cryptocurrency for possible yields.
But then, the Nigerian government has deemed crypto traders equal to fraudsters. I've mentioned before how armed forces now stop youths on the streets and invade their phones, scanning through every shit in it. The news on the air has been that every phone found with anything related to cryptocurrency will have its owner arrested. This is the sick shit now happening in the country. Innocent hustling youths are termed fraudsters, arrested and robbed huge amounts of money. The worst case scenario is if you're a wealthy crypto investor, you'd literally get drained out on every penny. The videos below were recorded yesterday as they invaded a rental apartment and arrested so many youths. Armed forces now become like thieves, climbing down fences and carrying out illegal arrests. The Nation is no longer safe, and if this continues, the country will see a huge number of migration, which however, I know they'd try to restrict.
videos were privately uploaded on YouTube by me
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