Trading in Cryptocurrencies in Nigeria isn’t illegal. However, Nigeria’s financial regulator, the Central Bank of Nigeria, has prohibited banks and other financial institutions from dealing in it.
In this interview with Brian Sumner, founder of Galaxy Heroes Coin explains
What made you venture into Cryptocurrency?
I first started getting into cryptocurrency in 2017 when I heard about coinbase. Since credit cards are a digital transaction, I knew there would be a better option.
Ever since, I’ve seen so many changes to the crypto space and it’s just the beginning. I truly believe crypto will be the future of currency.
Some persons consider Cryptocurrency a form of ponzi scheme. How do you explain in simple terms what Cryptocurrency is?
If you’re worried that crypto is a Ponzi scheme, you need to take a look around you. All investments can be considered that. Even precious metals, for insistence, the value goes up with supply and demand.
When you invest, you’re looking for profit at the end. The only way for that to happen is someone else buying after you and so on. That is the definition of Ponzi scheme.
As one of the founders of Galaxy Heros Coin, tell us a bit about this coin and what it seeks to solve in the digital space.
Our vision is to bring an exciting way to the crypto space. We are a superhero themed crypto platform with use cases like coinpayment, NFTs, gamefi and Metaverse. We are bringing many utilities to our investors like passive income.
Tells us about the tokenomics of Galaxy Heros Coin.
Our tokenomics has a unique setup. We tax a total of 9% which allows us to use 4% for marketing, 2% further development and 3% to our liquidity. This formula had been a proven success which has allowed us to continually funnel in money to further our project
With the recent restrictions of Cryptocurrency in Nigeria, do you think it stands a chance in becoming mainstream in Africa and why?
Anyone country that is banning crypto is scared to lose control. When someone is able to make purchases outside of the “system”, they’re in fear of losing ultimate control.
The government wants their taxes, they need their portion of the pie. They will tell you it’s bad because people are using it for payment for weapons, drugs, and human trafficking. However, this has been done long before crypto. It’s just an excuse to steer you away.
Do you think Cryptocurrencies should have some form of government regulation and why?
I don’t think any government should control cryptocurrency. The only reason why they see its relevance now is because it’s being mass adapted and they’re worried they won’t be able to tax it. They could care less if you lose your money investing, however they care about your profits and won’t hesitate to collect their tax.