The Central Bank of Nigeria's 2021 directive banning banks from facilitating Bitcoin transactions reflects a struggle to regulate a technology that's designed to evade control.
A recent court case highlights the issue of human rights being infringed upon by government regulations intended to control citizens' use of Bitcoin.
The conflicting approaches between Nigeria's central bank and its SEC depict a broader struggle between fostering innovation and maintaining regulatory oversight in digital finance.
The Nigerian government's oscillation between bans and acceptance of digital currencies underscores the necessity of recognizing citizens' rights to participate in the financial revolution of cryptocurrencies.
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