Topic: Banning of p2p on crypto apps in Nigeria - page 2. (Read 356 times)

When I first see this on Nairametrics, I wasn't move a bit because p2p didn't start today and wouldn't end tomorrow. We were doing p2p transactions right before the exchanges implementated it, even in this forum there were escrow here acting as the middle person to settle trade but centralized exchanges saw this opportunity as marketing strategies to draw customers by not charging any fees and it became so big as a multi billion dollars investment.

If the government decides to ban this, I think this will bring a rise in decentralized p2p where the government doesn't have anything to do with them, even this one they are threatening it's left for the centralized exchanges to agree with them or not but as long as the exchanges doesn't charge anything for those p2p transactions, the government has nothing on the them and beside, dollar to naira is now an open market which depend on the forces of demand and supply, I don't understand why the government is chasing shadows.

They clearly abandon the well being of thier citizens.These decisions that they have taken can cause significant damages to individuals,businesses and the financial sectors to a very large extent.
Extremely,governments manipulative actions towards the citizens increasingly contributes to financial breakdown and decline in the overall economic activities.
There are several other suspicious means whereby people can illegally participate in financial crimes,but they choose to regard bitcoin as a means which people carry out there illegal activities.People see,understand,respond,and retaliate to things differently,and that's a truth sincerely..

The issue is grey; they're saying P2P is the reason why the naira is failing against the dollar, but they haven't fixed the core issue. They're just clueless, in my opinion; crypto can't be stopped, and I think they're fighting a battle that can't be won, haha. Most of my friends have migrated to Bitget P2P already, citing their rates as one major reason.

I'm not sure if you're Nigerian, but the same topic has been created on our local board. But let me respond to your question. In Nigeria, our government has no other good reasons for trying to delist our local currency from P2P trading. I wonder how p2p causes naira manipulation. Based on your question, our government is not doing the right thing because they've been trying to ban cryptocurrency in Nigeria for many years, and is impossible. This year seems to be different from previous years when our government banned Twitter in Nigeria, but it was later unbanned.

Our government refuses to see the challenges that we are going through in the country, they are unable to fight for our right to a better living, all the strength they have is to fight against Cryptocurrency, they want to ban anything associated with it. Even our local banks have informed us, that any account associated with cryptocurrency trading would be closed. They believe that's the best way for Nigeria to improve.

All this is Because the government doesn’t know what is the problem of the country and let me say it’s also a greedy government, if you take a look at this you will know that this thing they are doing doesn’t have meaning, they are just doing it because they should steal what the youth of Nigeria have work for because they know that many Nigeria youths now are having money in crypto ways, the country did not provide work for the youths, there are many graduates on the street running about and complaining of being unemployed, and now that some of the youths have become successful in crypto ways the leaders are trying to stop them, to be honest, Nigeria government are not good leaders because if they are they will surely in support of crypto not in other ways of stopping the youths that did not have work to get a way to survive.

Stopping P2P can not bring back Nigeria, what is happening to Nigeria is not a dollar problem, the problem is from the business people and the rich people in the country, the last time they were complaining about the dollar that it was dollar that made things price increase and when the dollar price come down the price of things remains the same, and now that things price are still getting High every day they are now blaming the crypto, I’m not saying this just to feel like disrespecting the leaders but presently the Nigeria government and the leaders don’t know what the exact problem of the country.

I don't know to what extent those allegations are right but I don't think that banning p2p exchanges could ever be a good step taken by a government. The Nigerian government is making it much harder for crypto users to be part of the crypto market because most crypto users buy Bitcoin and other crypto currencies from p2p exchanges and if those aren't allowed then it gets tough for them to invest in Bitcoin or other crypto currencies. I know the ones with good technical skills can come up with alternative solutions but most citizens won't be able to purchase anything.

Even if they want to control people, this is crypto market, so they can't control all the crypto activities of people. They will always find a way how to transact in this market. They can only regulate the use of it but total control? They are just fooling themselves if they think they can totally contain all the crypto transactions within their jurisdiction.
So I have the feeling, sooner or later, they will change their stance on this matter. If they will see neighbouring countries to be very open on this type of crypto business, they will alter their decision on this matter. I guess, it is only a matter of time to change such outlook on this market.

they were doing this by banning p2p on exchanges that were not within their jurisdiction afaik. i guess this is like controlling what they can only grasp and whats outside their reach is something to be banned. very reasonable i think, the ones that were banned were binance and OKX so far.

i'm just not sure if the information i saw was true because their government still allows p2p from Bitget and some other local crypto exchanges.

The government in Nigeria is probably trying to fix up it dilapidating economy but using a wrong approach on that, maybe they should device on other means to use for such, if they are to continue in this regards, then they should be getting ready to ban as many as possible crypto trading platforms and exchanges and with that, they should still expect the economy to keep getting worse than before because that is not the effective approach to dealing with economy challenges.

This is not something new Russian government also did the same and they not only banned p2p but they have banned the crypto overall. Just because there financial advisor or relevant person said, it is devaluing the local currency. Speaking of your country, I won't say its a bad move but if they will be banning p2p services then how people will withdraw funds and how can they use their own money? This way the demand for there money will decrease as people won't be able to withdraw funds and to get more local fiat.

According to my knowledge, the demand for local currency should be high, and if foreign current is being earned by locals and then converted into local currency then it's a good thing for the country's economic state. And when more money comes more financial transactions will be made in local communities and money will flow as work will happen on the local level as with more money consumption increases thus production will increase too. However there is a bad side to it too. As a lot of supply of the local currency can also devalue it CMIIW. As there are many of the other possibilities exist too. But who knows the actual reason? Maybe these P2P platforms are not paying taxes to the government or what?

Governments don't care about what citizens think about their decisions, they don't care whether it's the right thing to do or not, they make decisions that will benefit them or won't affect them having more power and control over their citizens, and to be precise, this is mostly happening in third-world or developing countries where governments aren't able to accept cryptocurrencies and they are always looking for excuses to keep them away from their countries.

This money laundering and criminal activities and stuff are nothing more than excuses they make to make people think that they are protecting them but the reality is different and those who are involved in cryptocurrencies and use them understand that they are trying to suppress them doing this.

When you say "some crypto apps", does that mean some crypto apps are also running and continue facilitating P2P transactions? If yes, then it's probably a cleanup operation that the government has undertaken. If not, it's surely a blow on the crypto community.

May I ask, if these apps are all Nigeria based? Are international P2P crypto exchanges working in your country? Any government can choose to ban crypto exchanges but as logn as it is not a blanket ban, things should work!

But it won't stop the money laundering syndicate from doing this though, they will all end up just finding more craftier ways to circumvent the existing restriction and at the end of the day, the people that they're going to mess up good will be the ones that don't have anything to do with money laundering. So in short, the attempt to prevent money launderers from committing their crimes, they end up making them much more sneakier, they could've just kept P2P and those money launderers wouldn't be straying to new ways and their work would be much more easier.

All these are lame excuses as government just wants to control everything and they are so corrupt and sadistic that they don't want anyone to prosper on life hence they are banning it though money laundering has been happening since ages and it irritates me to the core when they try acting like they really wanna fight illegal activities when they are the most corrupt establishment on earth. Same applies for Indian government.

Haven’t you seen that this is just a misplacement of priority by the government. They neglect the basic solution and go after the secondary solution that won’t help solve the problem they’re facing forever. They banned Binance initially and if the result they get after banning Binance is not positive, why will they go after other exchanges? What can’t kill a man can’t kill it no matter how you try. Naira is falling and the main causes of it are known but due to government corrupt mindset and take away the eyes of the public on their corrupt practices, they’ve now blamed everything on cryptocurrency so that it can be viewed as a bad investment idea or initiative to ride on. Let them ban all p2p on exchanges, it can’t stop crypto and bitcoin from wide adoption and use, it can’t be stopped at this point again.

Of course what the Nigerian government doing is not right. On the issue of money laundering, people also launder money through naira, so why only looking at crypto? Cryptocurrency can be traced and that's why we've the blockchain analytic companies like Chainalysis, Elliptic, Ciphertrace etc. Also, currency speculators are not responsible for the fall of naira, the government is, with their half baked policies and they're actually looking for who to blame by going after BDE operators and crypto traders. Even if they succeed in delisting naira on all exchanges, it won't revive the naira and they'll miss out on an opportunity to tax users and crypto operators.

There is an existing similar thread like this which I made couple of days now at the other board but was redirected meant to be in the local board which I did and fortunately we came from the same country Nigeria.
The fear of our Nigerian Fed. Govt. over Crytop transactions.

I will only say that the federal government is a confused one and the current government in power have been incompetent to carryout their civil and economical duties professionally.
They are failure to the masses because there had been no good record to be recommended ever since the present government assumed office. So literally they are cramping on what they give unnecessary excuse account of their inability to satisfied the nation with their necessary needs but meanwhile.... They(government) are the ones backwarding the growth of the economy and depriving their citizens from engaging on productive opportunities.

How can a country be in such odd financial regulatory staggers in facilitating transactions and undergoing unemployment challenges and its citizens were able to discover how helpful the Bitcoin and the Crypto industry as a whole could be profitable to fill those lapses of the federal government being unable to create job opportunities for their citizens which attracted them (citizens) to had adopted the digital and financial technology to venture in to earn income and also to facilitate on their financial transactions with the use of the crypto P2P with the fact that the centralized banks is not offering flexible services but yet the government is fighting against the treasury opportunity?

Currently as it is, the government has to an extend trying to disassociate the fiat naira (#) from every P2P platforms while majority has already been delisted living the citizens with their crypto holdings frustrated from trading their assets from the exchange platforms.

It's very sad and pathetic  by the Nigerian government thinking that banning p2p transaction will strengthen the naira, because they have fail to understand that as it stands now, the country is doing more importation than exportation, even the least tooth pick is being imported, tell me why the naira wouldn't lose value?

Since they decided to be fighting cryptocurrency and the forex trading, what have they achieved? Has the naira gained value? No, they are doing the wrong thing over and over again thinking and be expecting a different result, am just curious to know how they want to go about it, because in Nigeria that am from, I know for a fact that we are crazy technologically, their is always a way to beat sanctions, let's just watch and see where this line of actions leads them too.

That’s the way the government painted it, but the main reason why they are trying hard to bring every P2P platform down is because they see it as a place where manipulation of naira/usdt take place and to them it’s the main reason why the Naira currency is depreciating against the dollar. You ask me if they are right, my answer will be Same way other countries governments think bitcoin is the one aiding money laundering and neglecting other actual things leading to it is the same way Nigeria government are focused on the P2P.

Yes i wouldn’t say the P2P has a very large/rapid adoption rate because it is the easiest way that the citizens get hodl of the foreign currency but it definitely isn’t the manipulator here or result of money laundering. The government just wants to get hold of a thing to accuse and cryptocurrency came right into the equation for them

Different governments of different nations have different opinions and views on cryptocurrency. You should post this in your local board so you can talk about your government more intricately because a lot of us here do not have context regarding the Nigerian government. Our only reference would be our country thus we can not answer whether your government is doing the thing or not.