Twitter’s lockdown in Nigeria is having an unintended impact on the country’s crypto community – Tech Bitcoin News

On the surface, it looks like Nigeria’s suspension of Twitter operations on June 4 was triggered by the microblogging company’s decision to remove a controversial tweet – by President Mohammed Buhari. However, some observers noted that the removal of the Nigerian government’s tweet may have provided the perfect excuse for targeting Twitter CEO Jack Dorsey.

Nigeria’s anti-tech policy

As widely reported, social media mogul Dorsey tweeted his support and approval of the EndSars protests back in October 2020. In a tweet that enraged Nigerian officials, Dorsey urged followers to donate bitcoin to protest organizers after the movement’s bank accounts were frozen. In addition to supporting the protests, the CEO recently tweeted and shared articles urging Nigerian authorities to follow what he called the “Bitcoin Standard”.

When Twitter deleted the president’s tweet after alleging violating his guidelines, it turned out to be the last drop. The Nigerian government responded to the removal of the tweet by suspending the company’s operations and threatening to arrest Twitter users who resisted an order to stop using the platform. Although this decision was condemned by many, including the US government, President Buhari’s administration remains unfazed.

Still, others see Twitter’s suspension as a continuation of Nigeria’s anti-tech policies that seem to have started with targeting the crypto industry. As of February 6, 2021, Nigerian financial institutions will adhere to a policy of the Central Bank of Nigeria (CBN) requiring them to stop expanding their services to companies or individuals trading in cryptocurrencies.

De facto home of the crypto community

As a result of this policy, players in the Nigerian crypto industry have had to resort to platforms that cannot be censored by the government. Unlike the CBN directive, however, the suspension of Twitter in Nigeria appears to have indirectly created an even greater challenge for the country’s crypto industry. As a Nigerian media company stated, Twitter acted as “the voice of the crypto world and was de facto recognized as the home of the crypto community”. The outlet warns that with Twitter now blocked, Nigerian crypto enthusiasts will no longer be able to get insights and perspectives from some of the biggest minds in the crypto space.

This view is shared by Adedayo Adebajo, Managing Director of Jerulida Africa DLT. In response to a query from Bitcoin.com News, Adebajo said:

Most of the crypto influencers and news are received and distributed on Twitter. The social media platform is the best source to get real-time updates on market trends. For example, the Twitter ban affects all companies, including blockchain and crypto-related companies, that conduct their contact and marketing via Twitter.

When the CBN ordered financial institutions to stop offering their services to crypto companies earlier this year, crypto exchanges and traders responded by shifting their business to P2P platforms. As previously confirmed in a report by Bitcoin.com News, Nigeria’s P2P Bitcoin volumes have increased after the introduction of the CBN policy. Similarly, some Nigerian-based Twitter users responded to the Twitter ban by installing Virtual Private Network (VPN) applications on their mobile devices.

Use and Impact of VPNs

This increasing use of VPNs by Twitter users in Nigeria has been vindicated by Nigeria-based crypto enthusiasts such as Aniekan Fyneface, a Nigerian blockchain enthusiast and content developer. In response to a request from Bitcoin.com News, Fyneface notes that many Nigerians are still active on Twitter despite the ban. However, according to Adebajo, this use of VPNs has not produced the desired results. He explained:

Yes, VPN still allows people to use Twitter, but a large percentage of the population either doesn’t have the luxury of money, time, or technical know-how to do so, so they simply stepped back. The Twitter ban is a heavy blow to the heart of all companies and cryptocurrencies. Tweets no longer get as much engagement as they did before, while many people are in the dark about the trends.

Meanwhile, Fynface tells Bitcoin.com News that the Twitter ban is unlikely to have much of an impact on the industry. He insists that even after the CBN policy is passed, Nigerian crypto users will still find alternative ways to access information, just as they found using their bank accounts to purchase cryptocurrencies.

Do you think the Nigerian authorities’ lockdown on Twitter is hindering the growth of the country’s crypto space? Let us know what you think in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons, TY Lim

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