Topic: Another attempt to discourage cryptocurrency adoption. (Read 321 times)

is it right that we have to always look for alternatives to survive out of the  government reach? It's sad that the government can't boast of any meaningful jobs they've been able to create for youth and the little one they are just using to survive the government want to still take it out of their hands? Isn't this wickedness?

Fine, there will be alternative and that's for sure but what's the whole fight for? Sometimes if you sick back to look at the fact that all the government have been doing for the past years till present is to frustrate the efforts of youths who have created a means of survival. You can't just drive fancy cars without being bullied and yet they have hundreds of convoys that's on patrol when they have to make the slightest movement in town, you can't use dollar now but they have it all stocked in thier homes probably keeping it till election period when it would be used to rig election. And you think we're out of a possible breakdown of laws and order in this country? Let's assume that by virtue of their plans, the crypto systems stops functional and they succeed in bringing the naira to a dollar equalling #100 to 1$ and then all yahoo boys decides to go off street and decides to look for job within Nigeria, do they know the implication that it will have on us?

They should know that it's not always about discouraging crypto in Nigeria, if they don't want to make plans regarding  what will  happen if thier plan eventually works out, then they should be ready for arm rubbery, kidnapping, pipe line vandalism of the highest order and cultism going back to it peak.

I got it. Solution is don't use remark or any crypto related words. This has been going on for years na

I also received this notification in my Opay towards this evening and I just felt so bad that this people really mean business of chasing crypto enthusiasts all corners like this o and it is no longer making sense at all, they just want to bring people that are into cryptocurrencies down because they know that the youths are now surviving in crypto investments shame on our government as they have failed.

Have you ever remembered that the more the government trying to be hard on her citizens the more they get more waves on how to tackle government without their incessant policies, don't be surprised that tech guys in crypto would develop a app within the next 14 days to be use to cashout money from crypto exchange apart from their restrictions from removing lots of p2p trade on them. This is where the problems lays we must look for alternate than watch those old people to shut us down.

Nothing is impossible in this action movie of a country we are from.

I suspect that most commercial banks then only complied on paper, but in reality, they never really reported any of their customers to CBN.

we can also defend the source of our bitcoins, which is not from an illegal means.

I dun try to find the punishment wey government set for any body wey dem go catch asides to block the person account, i never see any. Anybody dun see anything like jail time?

I am not comparing commercial banks and fintech. Let me make it clearer for you. Do transaction on P2P with commercial bank, how will the commercisl banks know that it is crypto P2P transaction if they can not know while using the fintech, as the transactions are not labeled as crypto related.

The commercial bank that I am using is very fast in notifying me. The reason I do not like the bank is because their apps is out of standard and I do not like going through the web all the time to confirm ith the email and text messages notifications I get from them because I do not trust only notifications, I will have to check my balance.

Another reason I do not like the bank is if you check your transaction history, you will see how they are deducting money all the time and some which they will not even notify you of the deduction.

That was before centralized exchanges P2P transactions began. If you can remember that time, those P2P ads will even mentioned it in the chat that you should not include bitcoin, crypto or anything related to crypto in the naira transaction that you are sending. The pressure has increased again and that has started again.

I can send money to anyone and how will they trace it to crypto even to commercial bank. I use commercial banks but not as often as before. I am waiting for them to freeze my account 

They are only saying rubbish. Crypto transactions continues in Nigeria.

The only problem is if Binanace or other exchanges release the name of their Nigerian users and not this their stupid threat.

It will be difficult this time. When they freezed some accounts that Igebotz posted about, we were many that was using commercial banks on this forum that time, but non of us reported that we were affected. Not to talk of when people do not label the transactions as crypto or crypto related which can cause the problem. It was through payment gateways like MasterCard or what can easily reveal it to government that time, but now it is P2P. Just let us hope the exchanges will not release any names to the government. Also not that we are transferring huge amount that can make our transaction suspicious.

The way I'm  seeing this is from a different  angle
I think they want us to play into their hands so they could easily hold Crypto traders funds.

Fintechs are some how rigid in securing privacy  than this commercial
banks and I  think they are not getting  the information  they want from them , i they are trying to flush out Crypto investors and traders most especially, I don't know if anyone is having  same thought  .

In commercial banks Government and the CBN  has more power in tracing transaction and influencing how things should be done ...

Commercial banks are trash if compared to fintech banks, and most of Marchants on the P2p marketplace do not transact with commercial banks; instead, they prefer fintech banks. If you use commercial banks for trading, there is a risk that they may hold your money without crediting you, therefore using commercial banks for quick transactions is not advisable.

I can't even remember the last time I use commercial banks for my transaction.


At least more than 1000 bank accounts were frozen under the past CBN Government. Not everyone knows how to trade the way we do, and no matter how perfect the system is there would always be a victim regardless.

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All I see here is commercial banks using the CBN to fight Fintech banks- nothing else to see..

You did not understand me. Go for a P2P transaction now and use commerical bank. Let us see how the commerical banks are different from the above mentioned ones like Opay.

No they did not. How will they know P2P transactions? Like I said, I use commerical bank also because I know they are not different from Opay, Moniepoint...regarding this.

This is not about the ones that are more convenient and faster to use. Commerical banks are not different from those fintech in relation to bitcoin and other cryptocurrencies.

Nobody goes to commercial banks anymore because of how poor their services are, and with Nigeria's current poor network, no one wants to wait all day to be credited when they can simply use these fin tech banks to make quick transactions.

This message was issued to commercial banks years ago, and they have consistently opposed cryptocurrency transactions. Now that practically everyone uses fintech banks for cryptocurrency transactions, I understand why they're only getting a message with a punishment ( no new customers)

Wetin we no go see,as e stance so ehn all the cyptro traders gat get tough skin because na who shake dem go reveal.Like I tok b4 for my previous trend say de government dey look for all possible means to reveal crypto traders nai make de government lift the ban dat one sef na one of their strategy to fight and reveal cyptro users. If Fintech banks refuse to register new customers all because say dem dey into cyptro trading shey na customers dem go loss, because 90% of Nigerians dem into crypto trading.

Well said, I have sat down and thought about it, whats really the benefit of this fight against cryptocurrency by the governmwnt to the citizens of Nigeria, if really they want to tax exechange companies am never against it despite that the tax will not be accounted for at the end of the day, it would have been better for the government of Nigeria to face Nigeria problems tactically instead of making nigeria look like a laughing stock to the global community, has cryptocurrency any effect to the current upsurge of dollar against the naira, I think it is high time nigeria government tells us what the want the youths to do in other to survive.

I think this is now a direct fight against Nigeria crypto enthusiast and tech lovers, many countries have moved beyond this stage of taxing crypto related companies, countries are now taking advantage of mining itself by improving electricity allowing mining processes and generating revenue from mining itself, I know that the government doesn't have the citizens in their mind but it shouldn't be done openly like this, they world is looking at Nigeria as country that doesn't have the potentials of embracing technology development, even they US government can not do this unless they notice any foul play from any centralized exchange, they should tax the companies and allow them to do their business without intruding but monitor them to avoid any form of scam.

I believe so much on your technical knowledges but right right I'm totally lost and concerned for a clarity.
What else would it be if a related crypto transactions shouldn't be a term of the Crypto Sir? Does it mean there are individuals manipulating some sorts of transactions that's not associated with crytop for crypto to bear the transaction consequences hopeful when they are hold responsible by law?
I'm totally confused with your logic.




Actually the level by which our governments takes actions are really no good to write about because at the end of it they won't still bring positive changes and even if they do, it's only limited and not stabled.
Our Nigerian governments acts like those construction organizations with the sign posts of "MEN AT WORK" to create conciousness awareness to the public for safety purposes.

It's being shameful remarks to these so governments that they're doing no work but just noise making of threatening the masses, being biased and unholy on justificational decisions.
Obviously there is no different between those Microfinance banks and the commercial that accepts Crypto transactions.
If they could banned them from accepting new customers to sign in at their banking networks as as case study to stop those jeopardizing the naira value, so what's the tendencies that those already registered wouldn't engage on the act and why are the commercial banks exemptional from the punishment?
It's likely assumed that they're on a structuring in working underground to finally get the names of those crypto dealers who using the centralized p2p exchange networks as they initially demanded.
I'm not so sure but just my little knowledge of thought.

are they even considering the implication of all these actions on Thier youths? Or they don't know that the primary reason why we've seen reduction in arm rubbery and theft is because most youth have shifted into the crypto world and tech in general? Sometimes if you want to take this things the federal government is doing seriously you can't help bug become too angry at them. They've successfully made binance to deactivate naira from thier platform and then they want to face micro finance banks just so they can fully handicap all those involved in crypto? Is crypto the problem of this country?

This is typically being penny wise but pounds, foolish. you've got real problem at hand you needed to solve and all you are doing is to use our foreign reserve to stabilize the naira and now that you've exhausted your effort from that angle you want to shift into attacking the only hope of the common man in doing seamless transaction even when you know that commercial banks are performing bellow what's expected of them? It's like the only thing our leaders are after is just to ensure that nothing is working in this country at all.

https://techpoint.africa/2024/05/02/moniepoint-paga-to-block-accounts-crypto-trading/

This one na di link to read about di new development by fintech companies. Shey na di same government wey mapped out frameworks on how dem want begin to tax crypto for di country some months ago? Very confused pipo.

I've never added crypto or anything related to my transaction and I think we need to enlighten people more about this so that they won't fall victims.

I think we should be already getting used to this I don't think is something new any longer even in commercial banks they do say anyone that involves themselves with crypto related words during their transactions are subjected to ban, I believe same thing is happening on fintech banks and I believe since the announcement of central banks I can't bearly remember whether nigerians forget trader do use cryptocurrency narratives during money transfer.

Some evil people will very much implicate you by intentionally add a crypto note along with the transaction just to get your account banned. Imo, it's only by the grace of God that we survived it last time. Recently, there have been malicious merchants that would make NGN payment then after you release the cryoto, they go back and report the transaction either as a fraudulent one or as a crypto transaction.

My advice is to only do p2p transaction once in a while and only when you need to.

They are not blind and I will tell you this they know better than you that the people are benefiting from this but as usual they don’t want it or better still they wanted to see if they could control it. The thing is the government actually looking to control everything around cryptocurrency and hopefully tax it. But when they targeted binance and saw that people weren’t touched or affected they are taking different routes since then. This doesn’t translate to cryptocurrency only even the fintechs are been stretched into compliance’s

Na true talk you talk so, government dey always fear anything wey concern crypto, best reasons know to them, me self no won know, and as they no dey in control of the crypto na e make them just dey do everything possible to discourage people from using crypto because they know the benefits wey crypto dey give people and they no want am because they no like am to dey see people dey , dey happy, dey just want mk them dey see people dey suffer, na e make if they, dey in control of this crypto, e for don scatter since, na e make say crypto na decentralized because nobody fit control am and nobody fit use am do anyhow self and I also like am as people dey get the idea of crypto small small.

We should surf out means to ensure we're taking good decisions to make profits for ourselves. Cryptocurrency have become one of the solid source to generate good amount of money for ourselves, we should always remember to become consistent, disciplined because it's very important. The government are here to impose laws on citizens and this laws might either be profitable or not for the citizens. The government doesn't care about the laws exerted, as long it doesn't have effect their ends, they're very much okay.