Topic: Banning of p2p on crypto apps in Nigeria (Read 349 times)

they are just looking for reasons to ban crypto, because they think that crypto is the best place for money laundering. even though we all already know how money laundering is best done using fiat currency and banking assistance. what they are doing is quite stupid, because if they are smart then what they should be doing is not banning crypto, but taking care of their currency which is currently falling and their economy is getting worse.

Do you really think banning of p2p can ever be possible especially in a country like Nigeria with low technological advancement? Nigeria is blessed with people with high talented IQs . These people can go to any length to escape any measure taken by the government to ban p2p.
They know that cryptocurrency transaction is not the real problem of Nigeria let me say they are just looking for excuses which are not really excuses i just see it as a form of hypocrisy and wickedness. The government don't even care about the wellbeing of their citizens. They know what they did to the dollar and naira but they are trying to deceive themselves.

The Nigerian government is too afraid of technological developments and this is the attack they are trying to carry out on cryptocurrencies and bitcoin.
The reasons they use make absolutely no sense because there are many countries out there that see this problem as another form that does not affect money laundering or their currency. If the banking sector can be blamed what about the crypto industry and I think your country has absolutely no intention of reaching this stage of technological progress.

If the state restricted this industry for reasons of money laundering, this would have happened long before using the same method using official currency. That is just the behavior of a few people and cannot be lumped together as your government understands.

I don't think the government does not see in what ways or how bitcoin can improve their economic status. Most likely they are just assessing whether the beneficial impacts can outweigh other 'negative' things they think are associated with bitcoin.
There really is no problem so they shouldn't put in anyrestrictions or regulations to try and fix it. You know what they say... Don't fix what is not broken.

The quest and inability to haunt bitcoin is what's revealing and leading to this new improvement.The money laundering allegations are not caused by bitcoin or cryptocurrency.They just find it very difficult for bitcoin to operate freely and get accessible to all users.
Crypto has the opportunity to improve and increase the economical standards but in as much as the governments doesn't see it,there has to be another way out.
Bitcoin is not the problem where facing in the financial field,neither will this continous restrictions proffer any solutions as well.

In additive to this they should try to make most payment in naira. I don't see what stop our airport from collecting our naira as their payment method. If we can still to local products and make almost all transactions withon the country in naira, I believe this will reduce the demand for dollar within the nation and will help naira to appreciate.

These sorts of laws are a signal of a very weak and controlling government, which often indicates that the politicians themselves are screwing over their citizens at every opportunity with complete hypocrisy. Overseas banks don't like to hand over information to the Nigerian government necessarily, because it can be so petty and this is a prime example. Crypto has the opportunity to draw more money into the local economy, if it was just left alone, but instead the banking and currency exchange vultures throw their scraps to the politicians who in turn ban the competition against them. I imagine that lots of extra cash would flow in and be beneficial to the wider economy if this law was scrapped.

To me, banning of p2p can never be possible especially in a country like Nigeria with low technological advancement. Nigeria is blessed with people with high talented intelligence quotient . These people can go to any length to escape any measure taken by the government to ban p2p.
They know that cryptocurrency transaction is not the real problem of Nigeria let me say they are just looking for excuses.

Of course, investors will not accept their fate and will find ways to trade if the government and Binance cannot reach any agreement. But I think the Nigerian government's crackdown on Binance or other exchanges has another purpose, in addition to wanting to collect higher taxes from exchanges, I think they also want to send a warning to investors in their country. I wouldn't be surprised that many bitcoin investors are using bitcoin to avoid taxes because this is also happening in my country. Most people do not want to pay taxes to the government and the government does not like this.

This is not exactly the situation in Nigeria, the government are not delisting Naira on global exchanges so that the local ones can flourish, they basically do not want Nigerians to be trading virtual currencies, even though they have not explicitly banned it.

What our government sets out to achieve is somewhat vague, earlier this year they lifted the ban on banks processing cryptocurrency transactions, and only a few months later they are requesting the same banks to block accounts that receive money from a crypto transaction, it's fast becoming a farce.

Nigerian government have banned cryptocurrency so many times still people in Nigeria is still using a cryptocurrency mostly Bitcoin so it is not a something of new any longer even though this current government restrict all the crypto people to exchange their cryptocurrency through binance exchange and other exchanges Nigerians will still have another alternative to trade their Bitcoin so it is not a new something that government of Nigeria continue to restrict citizens of not participating in cryptocurrency mostly Bitcoin

Possible about the taxes and these platforms aren't registered in Nigeria and that's why they're taking them down and starting to ban most of them.

There can be some negotiations and then compliance with requirements to make them legally operate in their country.

But even so, if the government has already discouraged its citizens from using these platforms. I guess that there will still a lot of citizens gonna find a way for them to trade whether with p2p or exchanges.

Exactly the point, all Government care about is themselves and are not bothered about what the citizens think or want they just want to have total control over everything and are bringing up excuses of money laundering just so they can have a reasonable excuse to shut down p2p and Crypto trading in the country. They also went as far as instructing banks to block every account that carryout any form of crypto transaction this just proves how negatively they think of cryptocurrency and are doing everything possible just to shut it down totally but i don’t think they will succeed, all they can do is try to suppress it but they can’t stop crypto transactions totally and i feel all this is just for thee time being. What is happening to the country is far more beyond cryptocurrency being the cause of the currency being unstable but the government is not ready to tackle more serious problems.

The information you saw are true, p2p have been banned and few exchanges as you mentioned Binance and OKX have stopped Naira trading on p2p and according to news the government will attempt to stop Naira trading on every centralized exchanges gradually so for now there are still some exchanges that allows p2p trading of Naira.

The reasons government is giving are all excuses because despite Binance and OKX delisting Naira from their p2p trading platform the Naira/Dollar rate doesn’t seem to be dropping instead it’s still rising. This shows p2p trades is not the reason behind the drop of value of Naira.

I'm not from Nigeria so I don't know exactly what the reason behind it is, but my guess is that this issue is more related to taxes. Perhaps the government feels the amount of tax collected is not commensurate with the amount of money Binance earns, and when an agreement cannot be reached between the two sides, it is understandable for them to ban Binance or other exchanges.

What's more interesting than the word I realized is that many investors have always criticized and slandered centralized exchanges but when centralized exchanges were banned in their countries, they started criticizing the government. This makes me suspicious of people who always say they only use decentralized exchanges as well as non-custodial wallets. Because if they use centralized exchanges, I don't think Binance being banned is a serious problem for them.

This is also what happening in our country, SEC is trying to fully banned Binance so the local exchanges can benefit from this.

Well, the government will always be corrupt if they only want things in favor to them and will not let their people to control their own money, it looks like they are being manipulated by the banks as well.

We can't do anything about this but to hope that these government will later on favor crypto and make a regulations that will help everyone and not just for their own interest.

The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.

The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.

And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.

Well, it's outside their control. Outside equals bad in their dictionary, so they're trying to do something about it but I don't think there's anything solid they can even do about it. Geoblocking can only do so much and they can't exactly force a service online to go down since they only control the rules in their country, not outside of it. Centralized they can control a bit more about it, but p2p, again, limited.

Now If I were to put what they're doing between right and wrong, if it was indeed for money laundering then yea, I mean they need to do it anyway, part of their job in protecting stuff. But most of the time it's not really limited to that, they just choose to use that as their frontal image so that they have a valid excuse.

The Nigerian government have not officially banned Nigerians from trading in Naira on cryptocurrency exchanges, but they are systematically targeting the exchanges and "forcing" them to delist Naira from their platforms, they have also warned banks in Nigeria to block accounts that receive funds from a crypto transactions. Thus i think the ban is inevitable or maybe this might just be a temporary attack.

That being said, the government are not leaning towards curbing money laundering, but rather they say they want to cushion the volatility of the Naira, and they claim that Naira speculators on these exchanges are guilty of price manipulations that is affecting the Naira. This is not entirely true per se, as the Naira and the Nigerian economy suffers due to far more serious problems caused by the government itself, but it is what it is, and as long as you live in a particular country, you must abide by its laws.

They started with Binance exchange but they're also attacking other banking systems as they have restricted fin tech banks to stop accepting registration of new users and they have also made other crypto exchanges to stop support for the Naira trading peers on their P2P exchange but they are focusing on centralized exchanges and fin tech. That is where they have the power but not on decentralized P2P services and the threat of delisting Naira on all Decentralization P2P exchange is an empty threat.

They aren't wrong with their statement of cryptocurrency affecting the volatility of our Naira since some big whales has been manipulating the price of Naira on those exchange and the citizens don't trust the economy and the local currency so they're saving in foreign currency. But the problem of the Nigeria economy and Naira stability is bigger than what is happened in crypto P2P trading.

What the government are doing isn't right but they won't stop since they keep seeing result from the bans and attacks on the fin tech and crypto exchanges. The government wants to be in control of the forex exchange markets and anybody using crypto for the exchange of dollars and Naira through usdt or other crypto is an enemy to the government so they want to take down any means of foreign exchange in the country all in the attempts to stabilized the Naira. They don't have solutions but just looking for short term fixes that won't last so let not be bothered that much.

Yes what they are just doing now could be initial gragra, tell me how possible they can control the system, even if the ban P2P some investors can still hold their BTC or any other crypto till when their is a way out it's effects only will be the slowing down on investor, I believe before the P2P was introduced people where even not too comfortable at the first restrictions they placed on crypto and that is the origin of P2P today it's the best way to transact other way will come out, is not to make law or policy but enforcing the policy to work. When you look at some problem facing our nation crypto is not meant to be in the list we always pursue shadow in place of the real facts.