A growing number of Kaduna State employees, including those in various state ministries, have reportedly taken up cryptocurrency trading to boost their income due to the state’s delay in implementing the N70,000 minimum wage.
According to a report by Daily Trust, many residents of Kaduna, particularly those with access to smartphones, have turned to online crypto trading as an alternative means of supporting their families amid worsening economic conditions.
Employees from ministries such as education, works, and the judiciary have revealed that they have ventured into crypto trading and mining to supplement their regular salaries.
The report also highlighted recounts of a judiciary staff member, who wished to remain anonymous, who shared his experience: “I’ve been involved in crypto trading for several months to increase my income, especially since the state government has yet to implement the minimum wage. I was fortunate to earn N100,000 from crypto just this past Sunday,” he said.
Similarly, a worker from the State Traffic Law Enforcement Agency (KASTLEA) who earned around N80,000 from cryptocurrency trading last Sunday, echoed this sentiment. “I’m using crypto to supplement my modest monthly salary from the state. It’s a flexible option that doesn’t interfere with my job,” he explained.
Mr Haruna, an employee at a private health insurance company, also reported earning over N200,000 from recent cryptocurrency transactions.
The trend highlights a growing reliance on digital currencies among state employees and other residents of Kaduna as they seek alternative sources of income in the face of delayed salary adjustments and economic challenges.
This month, the Securities and Exchange Commission (SEC) made the strategic decision to license providers of virtual assets services, including cryptocurrency exchanges, in an attempt to control the turmoil and profit from the nation’s rapidly growing cryptocurrency sector.
The Nigerian government is now working to regulate cryptocurrencies after previously trying to outlaw them.
This follows harsh actions like the Central Bank of Nigeria’s (CBN) prohibition on banks handling cryptocurrency.
The federal government had also planned to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers.
Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), declared that new tax legislation, including rules pertaining to the cryptocurrency sector, will be introduced by the federal government by September.
