Nigeria Central Bank Orders Cryptocurrency Accounts to Close

bloomberg.com

5 pointsundefined12 comments

I've always argued that while Bitcoin itself cannot be regulated or modified by any government, governments have free reign to regulate citizens' use of it. We've been seeing a lot of pushback on crypto in other countries but I wonder if it's only a matter of time before oppressive crypto regulations come to the US.

Something in the region of 13% of the U.K. population already own crypto. I expect it’s similar in many other countries.

What happens if the government forbids owning crypto in that situation?

My best guess would be capital flight. Anyone with any money, in crypto or not, would immediately start to look at options to get money out of the country.

Many governments just haven’t realised this and will learn the hard way.

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