BREAKDOWN: How Nigeria and India Are Dealing With Crypto Bans
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 February 2021
⏱️ 20 minutes
🧾️ Download transcript
Summary
Two of the world’s ten most populous countries have or are considering crypto bans: Here’s what it means.
This episode is sponsored by Nexo.io.
On today’s episode, NLW examines two governments' attempts to restrict how their citizens interact with crypto. He breaks down:
- India’s history with crypto bans
- India’s history with demonetization and financial control
- What we know about a new bill that would ban crypto and provide a framework for an Indian government digital currency
- Recent action by the Central Bank of Nigeria to block banks from interacting with crypto
- Why the CBN action might be related to the politics of the #EndSars movement
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Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more. Get started at nexo.io.
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Transcript
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| 0:00.0 | We've been talking a lot about Tesla in the context of inspiring Bitcoin treasury buys, |
| 0:05.1 | but I wonder if one other impact is to reinforce the space between these two extremes |
| 0:10.6 | of the game theoretical proposition. |
| 0:12.9 | In other words, a company like Tesla, a huge globally influential company, buying Bitcoin |
| 0:19.0 | adds quite a bit of heft to the idea that these bands are |
| 0:23.4 | completely regressive. Welcome back to The Breakdown with me, NLW. It's a daily podcast on |
| 0:32.4 | macro, Bitcoin, and the Big Picture Power Sh shifts remaking our world. |
| 0:42.6 | The breakdown is sponsored by nexo.io and produced and distributed by CoinDesk. |
| 0:50.8 | What's going on, guys? It is Wednesday, February 10th, and today we are talking about nation-level crypto bans, specifically bans in Nigeria and an impending ban in India, and asking |
| 0:57.5 | how those communities are dealing with it. I had originally intended to do a brief like normal |
| 1:03.9 | on this one, but I think it got long enough that it makes sense to just dive right into this |
| 1:08.5 | main topic. Let's start with a concept I've discussed a few |
| 1:12.8 | times on this show, which is the idea of a wall of worry. A wall of worry is some reason that |
| 1:19.2 | people have to not participate in the early stages of a new bull market in some sector or another. |
| 1:26.4 | In effect, walls of worries are the biggest or best |
| 1:29.2 | reason that people have to be skeptical that the bull market is real. There have been a number of |
| 1:35.0 | different fuds competing to be the wall of worry for this particular Bitcoin and crypto cycle, |
| 1:41.2 | but I think the one that stands out as most dominant to me is that around government |
| 1:46.5 | shutdowns. Now, of course, this is a type of fud that's been around for a long time. However, |
| 1:51.9 | there's definitely a new flavor and a new urgency to it. The specific nature of this fud, which has |
| 1:57.5 | been discussed by people like Mike Green, who Travis and I talked extensively |
| 2:02.0 | about the other day, to Ray Dalio, even in his most recent transitional note about Bitcoin, |
... |
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