Topic: CBN lifts ban on cryptocurrency transactions (Read 303 times)

Some things happened out of ignorance, envy, pride and hatred, later after the deed had been done, you discover that everything wad just a waste of time and effort and shouldn't have been done, I Know that there's that particular thing that makes them reverse their statement on ban, yet the ban is not completely lifted because the people now have right and the freedom to trade and use bitcoin but the banks were restricted from it, but with this, it's a clear indication that we should still expect for more updates coming ahead to suite bitcoin adoption the more.

Na very goodnews be this one. Right from time, Nigeria no dey use iron hand for cryptocurrency matter for the country. The ban wey we been witness na because Nigeria never figure out how to contend with the cryptocurrency wahalas like scam and the rest because the industry just dey grow. Now wey Nigeria don decide to lift the ban, e be like dem don sabi how to handle the crypto matter.

For taxing, this new government and even the government wey pass don dey find wey to tax cryptocurrency but dem no see the opportunity because dem don first ban the transaction. Even when dem announce tax, people criticise dem wela for announcing tax for something wey dem ban. Now, wey dem don lift the ban, taxation is eminent.

This is good news. Banning it previously was a dumb move in my opinion and I'm sure it was done as a political response to the EndSARS saga back in 2020 by the Buhari administration. However, despite the ban on crypto in Nigeria, many Nigerians were still actively into it including myself. Unfortunately, the police have capitalized on the ban to rob and extort any one found with any crypto apps on their phones. I just hope they inform these officers to stop arresting people for having crypto apps since the ban on crypto has finally been lifted. That said, every one should still be careful out there.

You hit the nail for the head, as you talk am na so me I reason am, our government know say di cryptocurrency transactions wey de happen for di county de on di high side, and as CBN ban banks to de facilitate transactions, na im be say dem give chance for huge financial transactions to de happen without collecting dem own share.  Now wey CBN don lift di ban, na regulation go follow, dem go come introduce taxation for crypto matters now. So di ban wey dem lift na for dem own  benefits, because na now dem open eyes see say Bitcoin, na real source of income generation for dem purse.

Na very good news be dis because e go change di perceptions of many Nigerians wey think say Bitcoin de illegal for di country, and e go reduce or hopefully stop di harassment of law enforcement personals wey de harrass young guys wey say dem de trade Bitcoin. People go come understand say Bitcoin business no be scam, na genuine business e be.

It is extremely exhilarating to see all these great news happening at almost a time people thought it can not happen. But one thing we are optimistic about and it is that there's a new government in place that we can leverage. I can also boldly and confidently say that we are a part of this great struggle and the successes shall be well celebrated by us.

I remember when I approached the state government of Niger State about the adoption of Bitcoin as a trade subject, I did that with two intentions. Intention 1, was to present the idea of the government to take a look at the Bitcoin technology as another innovative idea to benefit from in terms of knowledge and learning of new world technological advancements that can easily put our younger generation in pace with the global technological development.
See the response we got from the state government here.

Intention 2, was to reinvent the idea of the bitcoin technology amongst other cryptocurrencies as an area of attention for the government to concentrate and tap into the opportunities in the cryptocurrencies. Tapping into the digital currency community can help the government to invest profits, revenues of the state in the bitcoin so as to use it for the developmental projects the administration is about to execute. All the state needs to do in this regards is to liaise with the key industry actors and the digital financial analysts to make the right investments at the right time.

Congratulations to the crypto community in Nigeria. I know some are not seeing this as a good news yet, let's take a step at a time to achieve our goals which is propagating the adoption of the bitcoin technology by the world.

This is great news for crypto enthusiast but the taxation may turn out the only issues most virtual asset holders have especially those who deal on Bitcoin, the fees on transactions recently is really high and having to pay tax on dem again will really be much on most user, regulations will rather be okay and easier for others who want to try out virtual asset to giving it a try.

Tasking and having to pay for transaction fees will really not tell any well on those who are trying out virtual asset.

This na the trending news for Naija cryptocurrency enthusiasts right now, i no go lie for una oh, the ban been no affect me, so i been no mind because Naija people come dey learn how to run their trade via peer to peer. But for the people wey like to buy using their bank card/details, then e make sense for them. The thing be say, e get wetin go soon follow this thing wey our government do so, and me i dey predict say na better regulatory framework and also taxation, our government don see say crypto market choke for Naija, so why should dey ban it when they can make money when their citizens use it.

I know it will take some times before banks and other financial institution will listen to the lift of the CBN governor on BTC and crypto in the country because, they will pretend as if they are not aware about the lift of BTC and crypto banned CBN governor pronounced few days ago because they were very happy when formal CBN governor banned BTC and crypto in the land.

We know that regulation and taxation will surely come because, the government is looking for way to pay the debt they own other countries and  the current administration is trying to ensure they solve those things so that there will be positive changes in the government. Well, the taxations and the regulations is not the problem, if the banks and other financial institution will not make it difficult for cryptocurrency users in the country because they are against  cryptocurrency in the country and they will never encourage people to invest in cryptocurrency.

This is not good news because we can not still buy and sell Bitcoin directly with our accounts. The government will never want you to do without their policies so they will not want to give you the opportunity that will give you an option not to do without their policies. The ban was only lifted for people to freely use Bitcoin not for them to transact Bitcoin with their accounts. They just want to fish out accounts that are converting Bitcoin to fiat with the help of P2P trading, remember they didn't direct commercial banks to reopen the accounts they closed that were transacting with Bitcoin. I will advise everyone to continue using P2P trading so we will not fall for this trap.

This is a good news and we should be happy concerning the news, I think what CNB did is just too good to be true and a call of growth in Nigeria, why will they want to track citizens who are involve in this act, I know Nigerians and they can't do such, they are also humans and they have seen the benefit of crypto even with the ban crypto adoption keep increasing in Nigeria so what's the point of deceiving citizens but am not sure people will get involve cause they can't even trust the system for example if everyone keep having same mindset like you how will is function.
We have been praying for this moment make we no use our hand spoil am and gradually the adoption go dey increase.

This is not a goodnews yet to me since the banks were not allowed to engage in anything you that has to do with cryptocurrency, but we can day that the ban lift is just a partial one that only permit the people which are the interested citizens to freely engage in the use of bitcoin before they can know their own stand and wether to allow the banks or not, so i will adopt this as a way of warming us up for the future expectations, sometimes decision are not made at once, it's follows a gradual process before the full implementation comed in place.

Although, I also heard of some banks account of people that were frozen, but no one on this forum among us complained that his or her bank account was frezon because of CBN ban on cryptocurrencies, neither do I know anyone that his or her bank account was frozen. There were certain people that were targeted at the time I guess, and also fintechs. Some fintechs won in court and their account was unfrozen.

Example is this: https://www.google.com/amp/s/nairametrics.com/2021/10/25/court-orders-banks-to-unfreeze-risevests-account-blocked-by-cbn/%3famp=1

If there are still organizations that their bank accounts were frozen because of the ban, it will be unfrozen definitely. But I do not know if there are still people and organizations that their accounts were still frozen up till now.

Is a welcoming idea and we are waiting for the government framework on it's regulations.

I understand that the uplifting of the ban is a good thing and so many people are thrilled that Bitcoin involvement wouldn't be looked at with a bad sense anymore in Nigeria but everyone knows how this country operates , I think even with this ban being uplifted it will still take some time before everything gets normalize.

Although am curious to know now  what will happen to all the banned account that was seized due to the ban on crypto because I can recall that so many commercial bank accounts were frozen and close down, I mean account that were fully involved in crypto transaction and I know of a friend who haven't yet gone to the bank since that time to even complain about the funds he had on his account due to fear during that period of the ban and everyone know how the police were operating if they actually know that you are somehow connected with Bitcoin transaction even if it's through a legit process.

Already despite the ban on cryptocurrency in the country, the government is still aware that their are individuals that are still involved in crypto related transactions so I just feel that this ban they've lifted is just so that they can also have their own share from the dividends that crypto enthusiasts within the country gets from crypto projects and other crypto engagements so inasmuch as it is a good news that the ban has been officially lifted I also see it as an avenue for the government to officially intrude into the system so "nothing goes for nothing".

This our government can never be trusted, this government doesn't mean well for the masses. My advice is that everyone should continue using crypto currency the way we have been interacting with it after the ban was placed. The ban didn't really stop the use of crypto currency in the country. The question is what if this is a trap set by the government to fish out accounts that are associated with crypto currency trading? You know this government can also come up with another policy in the next one year or two years from now that will start witch-hunting accounts that has been associated with crypto currency trading. Yes you can pay any business that accept Bitcoin or any other alt coins directly from your wallet, but don't use the banks to buy crypto. Keep using the p2p platform it's more safer that way. We have to show our government that we are more smarter and wiser than they thought.

Honestly I believe that government doesn't put their hands where they will not benefit anything so for them to finally lift the ban placed on cryptocurrency means that they are really up to something as regulations and taxations will follow thus but regardless it is a good news to hear that the ban has been lifted. Cryptocurrency to the world

the first time I bought cryptocurrency was through bank transfer but now we have become accustomed to p2p but I think others will have to move to this again especially those who will be adopting bitcoin and crypto currency after this news since this is offer more surety that they won't be a victim of scam.

I don't really think this is true because if they really want to get it from binance, they will follow some legal standards to get users information just how we recently saw here were individuals wallet address was red flag after being linked to sinbad mixer through binance. I think this is genuine and some proof is from the fact that they have added tax to it and so everyone is earning.

I solidly support you sir, this leaders are more political than real, this might be bullet targeted at a see of people to victimize them at the long run. For me, I'm Not engaging my bank in any crypto transactions anytime soon,  I'll maintain privacy and anonymity for the main time. This is a good development, but person suppose no lose guard ooo because the matter fit cast anytime and lots of people will be victimized. This ban lifting to me is like ponzi scheme  launched by the federal government themselves to catch enough people this time around, as the earlier tao failed to catch so many people. I join your voice to advise people tho play very safe, maintain privacy at all costs and avoid any scheme to transact crypto locally which might come up any moment from now.

Am yet to get the full gist of this news because if there's one thing I know, it is that they would definitely find a way to tax and regulate crypto currency transaction in and from the country.
I like the development though because it was a part of BAT agenda made promises to the youths and I was expecting it in two years time, but with talks of the adoption of the YEN, am seeing a change happening in the Nigerian financial and economic sector.