Banning of p2p on crypto apps in Nigeria - page 3.

Fortify

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Quote from: Vickky Rae on May 06, 2024, 09:55:40 AM

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

It's a very fine balancing act for these countries between getting everyone to pay their share of taxes, which keeps the country going and overstepping their boundaries to shake down people for additional funds. Whoever controls the money flow controls the people within that country, so the politicians at the top will be able to coerce and pressure anyone who doesn't agree with what they say. It's a very fine line between oppressive corruption and trying to monitor that everyone is contributing correctly. However this sort of action is just likely to push p2p further underground and the government will have no visibility of it whatsoever, because overseas companies are going to cooperate with them much less than local companies might.

Zlantann

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Quote from: Vickky Rae on May 06, 2024, 09:55:40 AM

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The government claims that the speculation of the Naira in these exchanges is the cause of the drop in the value of the currency. The litmus test for this claim is to check if the value of Naira will rise if Naira P2P is delisted from exchanges. Nigerian currency has kept losing value even before the popularity of cryptocurrencies in Nigeria, therefore I suspect that the sector is not the main problem of the Nigerian currency.
Regarding money laundering, fiat is the major means of carrying out criminal transactions in Nigeria. There have been situations where the Central Bank transfers funds to fraudulent accounts of government officials. One of the witnesses in the judicial trial of the former CBN governor testified of how physical fiat currency where moved from the bank to individuals. So the test for the claim is whether this move will reduce money laundering in Nigeria.

Spaceman1000$

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Quote from: Vickky Rae on May 06, 2024, 09:55:40 AM

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The Nigerian government always comes up with a lot of excuses just to undo the crypto community. Is Nigeria the only country in sub-saharan Africa to use P2P, why are other African countries not have the same issue. My own question is, how is P2P affecting the countries currency, does the value of the countries currency depend on P2p?, They should explain to us. How does P2P aid money laundering and why is the laundering happening only in Nigeria?

NotATether

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Quote from: Vickky Rae on May 06, 2024, 09:55:40 AM

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

I imagine P2P naira transactions also aid money laundering as well. (I am not Nigerian.)

Davidvictorson

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This is an attack on Bitcoin and other cryptocurrencies. This is their Anti- Bitcoin campaign. They keep blaming crypto exchanges for facilitating money laundering and manipulating the foreign exchange yet according to the report from their anti-graft agency 58 ex-governors had looted N2.187trn, did they do it via Bitcoin or through an exchange? No. Currently the Nigerian customs services charges clearance for goods at the port in US dollars. Is this supposed to be? Why did they abandon the nation's currency to use dollar. As you can see, they have no tangible reason. It's is their Anti- Bitcoin campaign and their next target is you, me, and the rest of Nigerians that have Bitcoin and cryptocurrency.

*Topic suited more for local board

Ever-young

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Are you a Nigerian? If yes, your question will get a wider response from Nigerian citizens. We have a local board; you can just check the bottom level of this thread and move it over there in the board section to search for Nigeria (Naija).

The reason they are fighting P2P is simple: they believe and assume P2P traders are the ones manipulating the naira to dollar exchange rate, which is far from the truth. As they are trying to manipulate the market, forex and crypto traders are conducting their normal trade based on market demand, and I don't see any big effect on how such can contribute to the naira depreciation.

They should focus more on tackling things that can boost the economy of the country, encourage high usage of locally made products, and reduce too much dependence on imported goods.

Vickky Rae

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I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Topic: Banning of p2p on crypto apps in Nigeria - page 3. (Read 349 times)