Topic: Can Government ban Bitcoin in Nigeria? (Read 189 times)

It will not be possible because despite the temporary ban place by the central bank, the adoption is still continuously growing. And has never reduce its aduption.

I don't think the ban/restriction was basically for unemployed youths but for every participants. And the reason behind it was due to its decentralized nature, which can not be controlled by any entity except through centralized system CEX.

Bitcoin will not be ban. rather a temporary ban was place on it by CBN to stop participants from transacting directly with there bank account or ATM card.

Why most investors are afraid of investing on crypto currency in Nigeria, is because they think it's not safe because of it decentralized nature. And also the temporary ban placed on it. They are also thinking like CBN. And also being afraid because they have no braches where complain can be laid when problem arises.

They have the power to ban centralized exchange CEX but can't ban DEX. Because people will seak for alternative of P2P.

Government can't ban Bitcoin in Nigeria again because they have tried before and they failed and since they could not do anything again now they looking for a way to regulate it in the country. Yes government can ban or stop the operations of the Centralized Exchanges in the country but what about the peer to peer transaction can they stopped that one too? And that is where the difficulty comes in.

Cryptocurrency (Bitcoin) has come to be in Nigeria and no government go fit beat am and instead they will join the industry to develop their economy.

I think you are getting it wrong mate. Of a truth the government has the autonomous power to ban Crypto currency in the country but that is not the case here as you have said. It is pertinent to note that crypto currency is not banned in Nigeria and as a matter of fact, the federal government is looking for a way to formulate a policy for it but for the mean time, CBN instructed or prohibited Nigerian banks to stop transacting with Crypto which the standing order still remains and still in existence till this very moment until further notice.

There have not been any law passed to get crypto ban in Nigeria. If that is to take place it must scale through readings in the national assembly and the lawmakers of our nation must delebrate on it before passing it into law.

Banning the use of bitcoin in Nigeria is not something that is imaginable. Many indications and signs have shown that bitcoin has remained the only cryptocurrency that cannot be controlled by the government but can only be regulated. The regulations can only make it uncomfortable for the use of the currency in the country which can take away the interest of many people who would have shown interest in the cryptocurrency. For us that are bitcoin enthusiasts, we can only manage and continue the use of it without allowing the restrictions to be a stand block for us not to utilize it again.

I think so many people actually misunderstood the essence or should I say limitation of the supposed ban of Bitcoin in Nigeria. Well I will start off by supporting your statement which is the impossibility or slim chance of the government actually controlling people from using Bitcoin, just take china for example, I mean the country was actually among the first to show it's hatred towards Bitcoin and placing a ban on Bitcoin but that's doesn't mean Bitcoin isn't flourishing there in fact china seems to be among the major consumer of Bitcoin and imagine if this ban was actually strictly possible, it would have had a major impact on the adoption and transaction because china is the most populated and in terms of technological wise they are rated among the top elite.

Well  for the case of Nigeria, Bitcoin was actually just restricted in local transaction with the local fiat banks and this ban was actually stipulated by the CBN of Nigeria maybe due to the fact they can't task transaction of Bitcoin. I know this because my local zenith bank account was actually closed by the CBN because of the transaction that supposedly occur on my bank relating to Bitcoin but since then the p2p option was the only way to trade Bitcoin and boy has it gain massive adoption.

to say that the government of a country can't decide to ban bitcoin and any other cryptocurrency isn't totally true. Th fact that after a restriction has been placed on a articular thing, people still do it doesn't mean it can't be banned. It's true that bitcoin is decentralized and doesn't literally work based on government regulations and interventions but what to should understand is that the government has the power to decide what goes on in her  country and can issue a statement that any one found mining, trading or investing in bitcoin or any other cryptocurrency be arrested. What would you do about that?

The thing I have come t know about the ban on cryptocurrency by the FGN is that they've only disallowed banks from accepting it and demands that crypto funds in their custody be seized, I doubt that any bank will want to go against that directive but since I haven't found a law prohibiting citizens from holding bitcoin or engaging in the trading of bitcoin and any other cryptocurrency, it becomes now reasonable time to still invest and get involved in it without any form of fear.

Although Nigeria act as a confused country there is nothing they can’t try or do like fuel being 680 naira who ever thought of such. The truth is that The government cannot ban Bitcoin that is just the answer As Bitcoin is decentralised, the network as such cannot be shut down by one government. However, governments have attempted to ban cryptocurrencies before, or at least to restrict their use in their respective jurisdiction. Governments could still try to jointly ban Bitcoin.

Don’t be deceived my friend, government, not just for Nigeria but for any country of the world fit ban just about anything within its jurisdiction including Bitcoin.  Them no even need your permission to do am, make them just decide say, na watin them want and them go do am.
Where e be matter be say, them no got stop you from using it. You go just understand say, you dey go against the law when you dey use am and ready for anything way go follow if them find you one day.

One thing way them fit easily do na to make the use dey difficult and that them fit archive by attacking the various exchanges, vendors and organizations way they utilize the system within we Naija. These are centralized systems and na one way to affect the innovation but, them no fit totally stop people from using Bitcoin.

Government as an entity that is only not authorized to have regulatory capacities over Bitcoin in any form of its regulations but yes, the government have all the governing capacities to decide if Bitcoin as a crypto currency would be banned, restricted or suspended in its nation. Thus Nigerian government do have those capacities which that is why they succeeded in banning Bitcoin and Crypto currencies at February 2021 nation wide and was later lifted that private and individual sectors are permitted to deal on but was and still prohibited at the government sectors.
The decentralization of Bitcoin is not limited that the government can not impose it legal tendered or illegal tenders within its local countries but limited at the regulatory system such as the value exchange, the volatility nature and so also the security aspects (Blockchain) of it.
Hence the government can further decide to restrict everyone from the Bitcoins affair by sanctioning (warning) with any form of penalty placed at any violated citizens of masses in the nation.
This can successfully be achieved by the central bank of Nigeria (CBN) deactivating from the Bitcoin digital currency exchange to the local currency (naira #).
Also as discouraging its citizens with false biasing potentials of the Bitcoin currency, so basically people would begin to adapt to being doubt about the Bitcoin since the news came from the national financial authorities.
If we here think we have escaped it, that is false because the internet protocols could be termed a restriction from giving permission to related cases about Bitcoin possibly through the virtual private network (VPN).
Let us recall that it happened in about last year or so when Nigeria government got cut off (banned) from the Twitter (X network) but some individuals were only able to use the site through a VPN swap to other country.

Yes. I can't go much in details but remembered about a Bitcoin investors who came from a Bitcoin banned country but yet, he keeps going to hasn't been easy for him whereas, he has to do with a third party in order to make an exchange of his Bitcoin in his wallet and her has been operating on that anonymously at the form of illegally indulgences.
So, the government definitely have the capacities of inconveniencing everyone about Bitcoin and AltCoins as long crypto is concerned

That is my best knowledge pertaining this thread even though I am a late follow-up in the Bitcoin industry, I keep to some certain updates.

One of the things that Nigeria government will never make the mistakes of banning bitcoin because the youth will come after them. Nigeria government are really scared of the youth because they have done anything that is beneficial to the government,  so the government wouldn't want to do anything that the youth will come after them. They know Bitcoin is beneficial to the youth in making money from it, so they would want the youth to continue with bitcoin without any interruption.

Actually is very possible for the federal government to banned crypto because so long as they are in power they have every right to make any decision they want, so perhaps just like how others has mention on there post above, there was a time the CBN banned the use of crypto but however the only challenges they had was that crypto was beyond there reach to monitor and however people continues to do there crypto business, so there is no way the government can be able to know if someone is into crypto or not.

Although I believe that one of the reasons why government behave that way towards crypto was that they were not able to monitor or regulate it and secondly crypto has affected most bank because people no longer like to save there money in the bank but instead they invest it on crypto, so there is no way government can prevent us from using crypto.

Theirs something wey our people suppose know that bitcoin is a general currency and is not centralized, its only when is centralized when government can exercise their executive power to ban it totally, because when they ban bitcoin for Africa continent they can equally ban bitcoin in Asia continent, but now bitcoin is a decentralized currency it will be hard for government to gather and ban bitcoin because is not in control of government its out of their control,  in nigeria, they have banned bitcoin before in nigeria which government made a public announcement of bitcoin instructing all the bankers in nigeria including central Bank of nigeria not to transact with anything that have to be affiliated to crypto and mostly bitcoin, but today bitcoin is existing in nigeria, so government can only restrict bitcoin but they cannot ban bitcoin

Op you are asking a rhetorical question because you are aware that Federal Government ordered Central Bank of Nigeria to ban cryptocurrencies in the country and no bank in the is making any transaction of cryptocurrency in the country yet you are asking if " Federal Government can ban Bitcoin in Nigeria?" There are sometimes when I see threads like I am having the believe that you guys are deliberately creating them. As it is I don't know what to answer and make any contribution. Well Brother Charles-Tim has answered it for you so take that part and relax.

Government of a particular Nation can ban the use and trading of Bitcoin within the country. They can declear it illegal and make strick legislation about it. Nigerian government didn't ban Bitcoin, it was the CBN that said that commercial banks should not facilitate the transaction of Bitcoin. What it means it that you can't buy Bitcoin directly from exchanges with your bank cards and others. That's why Nigerians opted for the p2p.

You can see that CBN banned bitcoin and other cryptocurrencies, but the adoption continue to increase in Nigeria. If Nigeria executive and legislative ban bitcoin, the adoption of cryptocurrencies in Nigeria would have reduced. People will have no option than to use decentralized exchanges with Tor and direct P2P.

I will not discuss further about this because there is no sign that cryptocurrencies will be banned in Nigeria.

Truly government will not ban bitcoin only restrictions can be made if bitcoin and its adoption starts to affect people using our local currency. With time bitcoin may seem like a preferred choice of money and the government will not be happy about it. Which may lead to lots of restriction of bitcoin in our country.

Government banning Bitcoin in Nigeria totally i think it will not be possible because i found out that Bitcoin is a digital currency in which you can not control but can restrict the usage through a particular country central bank, so i think it will be very difficult for Nigeria government to restrict the youths especially unemployed youths of not participating in anything cryptocurrencies. Even though Bitcoin will be ban in Nigeria i think it will not stop the existence of P2P exchange transactions, so i dont know why most at times many crypto investors get afraid of government banning Bitcoin in particular. i was told that in the two years Nigeria government ban Bitcoin but till date people are still transacting with Bitcoin, it can only be possible for a government if Bitcoin is a centralized currency but since its a decentralized currency and i think that government can only carry out a speculation and fake information about Bitcoin. So in summary government of a particular country dont have the power to ban existence of Bitcoin.