The Nigerian central banks' move to bar its citizens from undertaking any crypto currency transaction is going to backfire spectacularly. Firstly, how are they going to enforce this regulatory action? Last time I checked, there were thousands of different cryptocurrencies.
How are they going to determine who owns a specific crypto. If countries with better technical knowhow struggle to track crypto transactions, how is the Nigerian govt going to do it? Secondly, companies that handle crypto transactions fall under different regulatory frameworks,
goodluck trying to access information from companies domiciled in countries such as Japan and Germany
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