how does crypto affect your country currency?

[Wisdom01]

The demand of crypto currency is improving on a daily and many government are more concerned about their flat currency been faced with so much depreciation ,Since there are more demands of crypto currency compared to a country normal flat currency ,many blames were put on the existence of pandemic but its still very hard to know the real threat and others ,since the development of crypto currency in where crypto currency country exist experienced both devaluation and others ,while some countries like my own country had a depreciation in its value of its own local currency when they ever thought more of banning crypto currency it devalued so well that most times the country government ever thought of looking toward ways of banning the existence of crypto currency i think ,so how does crypto affect your country currency

 

[Chibson]

About some months ago the government of my country banned the transaction of cryptocurrency to my local currency. This is because they said that it has a very negative effect on the economy and also makes the value of our currency to depreciate. This made a lot of people to be angry with the government and I think the government should enact policies that make our country to benefit from crypto transactions.

 

[Richee84]

The demand of cryptocurrency in my country was at an increasing rate as many people are beginning to get the awareness before the government decide to ban it for reasons best know to them. The ban has really affect the transaction of cryptocurrency in my country.

 

[sincerem]

Nigeria doesn't have reasons enough that is accountability to their Naira devaluation. The devaluation isn't all about crypto, even if crypto contributed cos CBN was using naira constantly to trade for crypto. I expected them to deal with money laundering issues first before banning the Fiat currency to crypto.

 

[Sotherefore]

The Nigerian government bann cryptocurrency deposit to cryptocurrency exchanges because they are afraid that the value of naira will deteriorate but the utterly failed to do the needful,they are now thinking that cryptocurrency traders and investors are the one that are affecting the economy, cryptocurrency does not affects the currency of my country.

 

[Mertayasa]

In my country cryptocurrency is quite well known , there are so many investors that mining or staking crypto especially bitcoin. The flow of the cryptocurrency even if increase or decrease really effect my country. I still remember when bitcoin at the first hit $50,000. This situation make viral in my country, many investor change their target to bitcoin.