Topic: Federal Government Plans to Delist Naira p2p on Crypto Exchange. (Read 213 times)

Truly every opportunity is an advantage to do exploits. I agree with your point here. Decentralised exchange definitely would be readily alert waiting for the next line of action to take because nobody wants to lose Nigeria market. As it stands now what the federal government is doing is just  a case of administering medicine after death. The naira already is weak at free fall and  the reasons being that the economy is already paralyzed and epileptic beyond control.

I would not be surprised to hear some decentralised exchange p2p coming up in the nearest or shortest time. Believe me you, this time it would be very difficult for the government to track them down because they can not be able to trace the ownership of the DEX Exchange when it unfolds.

No body will take anything locally created seriously. There are decentralized exchanges already that will do anything to have the Nigeria trading volume on their platforms. The only problem why many might not use it is because of the security deposit and for the fact that decentralized exchanges are expensive to use.

You have just said what I discussed with my friends some days ago that Nigerian will launched decentralized exchanges which Nigerian government e no go fit control and e go happen. And as you tok am finally na social media platforms we go dey use. Though as foe me I dey like am when dollar go go down because food prices go go down too and e go help di poor people in di society. But the way dem dey do e no dey right. I don tok say let them use policy and not gra gra. And di matter dem do p2p eno go die and e don come stay.

Before Binance and other big crypto came into play, Nigerians were trading p2p, did my first P2p in 2015 thus we're basically going to go back to the social media p2p marketplace again. The government is making a huge error by sending Nigerians back to unregulated social media p2p, where any vendor can control the price he wants to sell for.

Some decentralized exchanges may wish to take advantage of this to develop a platform for Nigerians as well, so whatever happens, p2p will always exist.

Apart from Binance and OKX, they were other exchanges that have removed their p2p trading link from their app or website. And the government k ow what they are doing and from the comment I made just know, it shows that the government know everything about cryptocurrency and they want to regulate the cryptocurrency market in the cryptocurrency but it is difficult foe them because the companies that trading cryptocurrency in the country are not from Nigeria.

And one thing I believe that even if they stop all the exchanges to delist p2p we will still have another means to trade our coins.

I agree with you, anybody that did not fear the government, I believe they don't know what they are doing. However, our governments are always against cryptocurrency, I'm wondering whether they don't have any other options to make the country look better till they ban cryptocurrency. I believe our government is wasting their time and stressing themselves out since all this is not going to change anything. If Binance and OKX shut down the p2p system on their exchanges, the other exchanges will not do the same. Some of our government officials used to trade because they realized how important it is. However, some of them are always against anything that benefits the youths because they do not want them to make money in other currencies, and there's no good job in the country.

The attacks they really work for them and I think say them dey really do this things for their own selfish interest. They fail to tackle the economy but only concentrate on stabilisation of the naira when the market and the economy of the nation is not stable itself.

Nigeria is not a producing nation but rather a consuming nation with no reserve backup. We virtually import every thing we consume to the list toothpick. When trading with a nation, it is expected that you use the local currency of that nation or they opt for dollar which would definitely result to the devaluation of the buying nation currency that's how it works and this is one of the major reasons amongst others why our currency is on a free fall state.

The clamp down on crypto currency I think would not yield any result till the economy is fixed. Only then would our national currency be stable and appreciate in value. The high and mighty are the real cause of the currency devaluation because they fail to abide by the rules they make. When  you hear  that a government official imported an official car worth hundreds of millions of naira into the country what do you expect the others to do, they follow suit too ignoring the fact that we have our own car manufacturing or assembling plants here in Nigeria for them to patronise so that the money would get back into the system for more production.

I have came to realise something, I do not know if this act is intentional from the government or so but I just have the believe that this clamp down on Crypto in Nigeria might be intentional from the government. If you can recall, the last general elections there was no much turn up from the youths and it does not bother the youth anymore as they are now engaged with activities such as Crypto trading and lots more digital activities which keeps them focused on their works and possibly the government must have realised this and is looking for ways to tackle the youths as they no longer give or sing their praises as they used to do before and wanting to drag them back but they really do not have clues the repercussion of what they are doing otherwise they would desist from all these and find a way to make more opportunities for the youths to engage themselves.

It is funny sometimes to see how the federal government of Nigeria issue statements. For someone like me, I wonder if those people handling those ministry and agencies are competent enough or not. Because, you can not make statements about things that are barely impossible to deceive people. Unfortunately, Nigeria is a country where a reasonable number of the population are semiliterates and are most of the time underinformed about the true picture of the programmes and policies of the government, hence making it easy for the government to control their emotions by releasing such kinds of statements.

How do you intend to take away P2P trading in Naira from Nigeria when all you can only do is to restrict users of online crypto exchanges from using the available exchange companies but can never have control beyond that?

We're in a finishes country that what only the government cares about is for their own well-being and selfish interests. I'm really bother about the Nigeria government, what's the essence or their main aim in these unwise operation they've successful triggered? The government planning in delisting the e-naira which happen to be a digital currency, we just have to be like other developed countries but our government are more biased and very adamant to stunt growth. They're always against the improvement and better running of the system.

The question wey you go ask na say their policy dey work abi e no dey work, since dey start this attack it has been favouring dem so dem no go stop but to dey continues the things wey dem dey do so. The problem be say e go backfire on the economy in the future as they're only tackling the Naira stabilization problem short time but in the wrong manners. The governments can ban all centralized exchanges wey dey offer P2P to delist Naira for their exchange so make we no dey think say dem no fit do am. There aren't many decentralized exchange wey dey offer P2P with Naira trading pairs so make we no dey think say the government no fit do am but they're making the wrong decision although if e continue to dey work for dem, I no see dem stopping this attack anytime soon.


Truth dey inside wetin the government dey talk say this micro finances banks dey help make trading of Naira through crypto P2P exchange dey easy but attacking the fin tech dem no be the way to go because dem dey spoil development for the country as this banks also helps other businesses wey no dey crypto related but the government no care as all dey see is attacks on ways to trade crypto easily but dem no dey reason if they're damaging the economy from this policies.

This are all excuses of incompetence to me...
Although this  Crypto might have contributed minimal amount to the devalue of naira but do you even know that some of this traders are not investors but they prefer to store their fiat currency as a stable Cryptocurrency  token .... Why?? the country's failed to do the needful to strengthen it and Naira kept falling (simple) .
They need to answer the question  on how Naira to dollar  went up front 200  to 700 in the first place (was it because of crypto too ).

Like I've always said and I will continue to stay it that majority have no Voice in thise government only the Minority make decisions,rules,regulations and forcefully impose it on the Majority .
So they expect the Majority to just seat and wait for their wrong decisions all the time  clowns;D so far they don't do the needful Naira will never appreciate even with manipulations... and the people will always find alternatives no matter what

Please, edit your post and make your qoute properly. You make your own post as qoute too. The issue now is not about finding alternative but we have to look at the situation and consider our safety too. Nigerians I know are very talented in both positive and negative ways, I know we'll definitely have alternative even if government sanctioned all the exchanges and force them to remove naira from their various platforms but this alternative we are going to seek for will have some challenges at first. Take for example, the comparison that Charles Tim just did between Bybit and MA on telegram and see the variation of price. Another challenge is the case of scammers who will be eager to take advantage of this situation to rip off people of their funds. If what FG is planning eventually takes effect, people will be desperate looking for ways to exchange their coins and this guys will be ready with series of strategies that will look real even to people who are far in this crypto space.

Op, the headline of the paper you used for reference is just misleading actually. It's not government plan yet but just a suggestion from that individual speaker. Although, to some extent they might be right since he's like a representative of government and holds a crucial position. Probably, there's plan for that already and he said it out unofficial because that's how things are done sometimes in this country but let just assume it is his own opinion and not from the government.

I agree with this. But about Telegram third party apps, I think the government can be wise not to tackle Telegram but tell the social media platform (Telegram) to delist MA for Nigerians. They will want to comply to this. Unlike decentralized exchanges that can be accessed with Tor and be used for P2P exchange. Although, many exchanges are not completely decentralized, and that could be an advantage for the government. But no mater what happens, that is where Cryptoprincess101 is right, that people will always find their way and not follow government decision but continue their P2P transactions.

I use to tell people that Nigerians have grown pass where the decision of the government will affect everybody because a lot of people know alternative to maneuver dey do things without the government knowing or even if they know they can't do anything so if they like let them shutdown all the whole crypto exchange platforms there will always be a way out.

Possibly, the government is ready to do anything to stop p2p trading. If fighting all the exchange to delist naira p2p, I believe any other platform that continues would definitely feel the heat of the government against their naira p2p trading. 

I know the government always have agencies every where to find out  and do there biding. What I would just say is that where ever you find yourself trading you just ought to be careful and vigilant so that you don't fall a victim or get caught up while doing your business as it is that the clamp down is no longer on exchange but also traders who are also involved in the naira p2p trading.

obviously if they continue in this pace, it wouldn't take long before the identify alternative trading platforms that's outside of the popular once we've been used to. Remember it all started with binance and most persons thought it's just a playful move and ran to using other exchange and now that all the exchange have received this kind of threat, it's now clear that we might have a possible dark days ahead. But the reality is that they can't possibly delist Nigeria from all the exchange. It's just that they will face the major once while we will have to rely on sources that aren't all that trust worthy like the telegram or even rely on certain agents who have a fixed rate to doing our transaction with.

This all calls for vigilance and massive safety precautions most expecially if you have a good amount of holding in your portfolio cause scammers are everywhere looking for ways to offer things that will look like solution but that would just centre at stealing from you.

Address poisoning has recently hit the news again with a victim loosing almost $70m in a recent news and scammers are going to device so many means to exploit people during this time, it's just best to reduce our rate of trading at the moment so things can die down a bit so we don't end up becoming the victims iether from the FG point of view or end up trading with a scam Marchant.

Somehow I am also having this feeling that when they succeeded shutting down most of the p2p platform from exchange, any other place they noticed is doing p2p could be there next target because nothing is hidden if you don't know.
Like if I will say they also have agencies that trade and source out places that allows p2p trading and if they found out TG offers such services they don't mind banning Nigerians from using telegram. Fear we Government because dem no want better for we Young youth.

There are scammers on all social media so if you come to a social media to become dump someone will scam you, you're only saying this now cause you have alternatives were you're currently trading your p2p but when the FG succeeded in their evil plans and delist Naira from all Exchanges, you will be running to the same telegram p2p or WhatsApp to do your trade. Getting scammed on p2p marketplace is extremely very hard except you don't stick to the escrow rules.


Yes those are early traders trying to take advantage of those without p2p knowledge who just want to trade their coins to Naira but with time the real p2p traders will flood the whole place with good rates. They're not longer in the Beta version so I want to believe that the system is in perfect condition now. I read the Telegram Terms and Conditions on MIA apps and didn't see where they talked about local laws. Does this means the FG can not interfere in their services?

The wallet is not directly a Telegram wallet, it is called a Mini Apps (MA), it is a third party and you can access it through Telegram. You are also right about it, more people will use it. But as of now, the rate in the Mini Apps on Telegram is not also favorable. I compared it with Bybit, see what I got with USDT:

      

Bybit on the left. MA (on Telegram) on the right.

I do not see the rate that different from the decentralized exchanges than it provides USDT and Ton while most decentralized exchanges offer bitcoin and monero.

I believe the trading volume will increase also. But the trading volume on decentralized exchanges will also increase. I hope if federal government ban centralized P2P, the rate on this exchanges might be better.

Let us hope the federal government will not directly go after the MA on Telegram. The trading volume on MA on Telegram is also low. I mean only just few ads are available.

Worth knowing that MA on Telegram is centralized.

This P2P type is a read flag already as the platform which is telegram is a den of scammers already. For your question about Nigeria government been able to bring telegram down I will say yes they can actually clamp down the availability of it but it will be a useless. Remember news about twitter then which was clamped down by government was easy to access by just changing location or using VPN. The only thing Is the exchange it self brings the P2P down.

The telegram integrated wallets has p2p marketplace I don't know if it's open source or closed but I have a strong believe that's it's going to be the next big thing, the trading volume it's quite low but if the FG succeeded in delisting NGN from crypto exchanges the volume would start increasing...

If wallet starts integrating p2p marketplace on their app will the Nigeria Government able to penetrate?

Actually they are only deceiving those having little knowledge about crypto space and those who knows nothing about crypto space or who may still consider this fraud

This is the truth outside P2P in DEX our local exchanges can not be shut down, people will continue no matter what since this has been the source of living for many

Just like they did earlier this year and I guess our GDP  will still drop more before the year ends and also the naira to dollar may get to possibly 1800naira this year again, all for their favour.

Nigeria has the official rate and parallel market rate. The crypto exchange traders deal with the parallel market rate. But CBN increased the official rate to $1600 few weeks ago. Is it crypto P2P that caused it? They should continue to deceive us.

P2P trading will not stop in Nigeria. Let them continue to deceive themselves. They want Nigerians to remain holding naira which they can control and devalue.

They want people to use the rate that will not favour but which will indirectly be extortion.

It is no longer a new thing now that the fight against Crypto as the reasons for naira devaluation have taken another dimension. It all started with a serious clamp down on binance which forced binance to remove naira p2p from their platform. Binance officials were arrested, detained and charged to court. OKX followed suit by delisting naira p2p from their platform for the fear of the unknown and to avoid their organisation being dragged by the federal government.

Here again yet another one and this is the last straw that broke the camel's back. News has it that the federal government plans on delisting naira p2p trades from all Crypto exchange platforms citing the fact that it is the sole reasons behind the naira devaluation. They claimed that the naira value is being manipulated through Crypto market by unknown forces against the economy of the nation and this makes me wonder how does Crypto currency market affects the Nigeria economy.

This has been the war against Crypto enthusiasts in the country. I was wondering the calibres of persons we call our leaders leading the affairs of our national agencies. I was shocked when a ban was placed on micro finance banks from accepting new registration and they were labelled to be facilitating Crypto transactions which is totally not correct. This kept me pondering if really our beloved nation is moving forward or in a reverse gear.

How did we get ourselves here. Did the federal government just declared war on Crypto by this singular act?


Source