Nigeria’s crypto industry is faced with a big challenge post the country’s Twitter ban that went into effect on June 5. With the Nigerian crypto community no longer getting access to market insights and crypto firms failing to reach potential customers, the government may have unintendedly thrown a wrench into the country’s burgeoning digital movement. However, that seems to work well for the Nigerian government, which has embraced anti-tech policies time and again. It remains to be seen whether the country’s nascent crypto industry can withstand these growing pains to emerge as a reliable financial system that empowers citizens in the future. Twitter Ban a Continuation of Anti-Tech Policies in Nigeria Twitter CEO Jack Dorsey’s stance on technology and citizen rights has always been criticized by Nigeria’s authorities. In October 2020, Dorsey tweeted his support to the EndSars protests and requested his followers to contribute to the cause through Bitcoin after bank accounts associated with protest organizers were frozen. Additionally, the tech entrepreneur promoted articles that demanded the Nigerian government to consider adopting a “Bitcoin standard.” The Nigerian government was already taking note of Dorsey’s actions, but when Twitter deleted a tweet from President Muhammadu Buhari, it proved to be the final provocation. Authorities in the country sprung into action after the tweet’s removal and banned the website indefinitely while threatening citizens with arrest for attempting to defy the order. The Twitter ban was widely criticized in the country and many saw the order as an extension of Nigeria’s anti-tech stance that was first noted when the country tightened restrictions on the crypto industry. Earlier in February, the Central Bank of Nigeria (CBN) issued a directive that prohibited financial institutions from offering services to firms and individuals dealing with cryptocurrencies. Nigerian Crypto Community Looks for New Avenues for Promotion and Information In the wake of the Twitter ban, the Nigerian crypto industry is left scrambling for online spaces that help spread information and outreach campaigns to traders. According to one media outlet, Twitter has served as “the voice of the crypto world and has been recognized as the de facto home of the crypto community.” With the platform outlawed, the country’s crypto advocates and investors are finding it difficult to obtain “insights and perspectives” from prominent voices in the industry. This sentiment is echoed by Adebayo Adebajo, the managing director of Jerulida Africa DLT. While highlighting the difficulties emerging from the ban, Adebajo said, “The Twitter ban has for example affected all businesses including blockchain and crypto-related enterprises who carry out their outreach and marketing using Twitter.” The CBN directive pushed crypto traders and businesses to P2P platforms, which recorded a significant surge in their volumes following the development. Meanwhile, some Nigerian Twitter users have decided to bypass restrictions by installing a virtual private network(VPN) on their devices. Crypto Traders are Divided on the Impact of Twitter Ban Many crypto supporters in Nigeria are undeterred by the Twitter ban. They’ve resorted to VPNs and are conducting daily exchanges with their followers like before. Aniekan Fyneface, a blockchain advocate and content developer points out that many Nigerians are still active on Twitter, despite the government’s order. He also thinks that the Twitter ban is unlikely to have a major effect on the crypto industry as investors will always come up with alternative ways to acquire information and buy digital assets. But Adebajo insists that VPNs will not help mitigate the damage caused due to the ban. He asserts that many citizens of the country do not have the luxury, time, or tech knowledge to make use of the digital tool. He also adds, “The Twitter ban is a huge blow in the heart of all businesses and crypto. Tweets are not getting as much engagement as before while many people are in the dark on the trends.”
The post Twitter Ban in Nigeria Leaves Crypto Industry in a Lurch appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
