Topic: Central Bank of Nigeria Cutting Ties with Crypto instead of Regulating (Read 278 times)

 Yunno, just as @cryptoprenuerbrainboss tok, we naija leaders wan copy the oyinbo pipo sotey them no fit use their initiative for some things. See the case of Bitcoin and other crypto currencies, due to ignorance on how e fit help the economy, them rush go ban any activities on am since 2021 and for their left mind, as them no fit help the naira, them say nah to create the E-naira nai go save the economy. Wetin I know nah say, if say them bin use open hand accept am the time e gain prominence for naija, e for help for not just the adoption process but also help the naira too but wetin them Sabi?
 Although for news wey I read here https://www.reuters.com/world/africa/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23/, e show say CBN don lift the ban and them wan begin regulations. Them dey late to the party or wetin? Sha make we see.

You see these two factors you've just mentioned is the major reason why Bitcoin adoption may take time in Nigeria because how can you possibly buy Bitcoin when nothing is generating income for you and even those that have a means of income but the prices of goods and commodity have skyrocket to a very high level such that ones earnings isn't really enough to meet up daily obligations and again with the current price of Bitcoin now it is really difficult to buy Bitcoin because how much Bitcoin will you buy that will be enough and even if you apply DCA for those on salaries, what if the salary doesn't come regularly because that's exactly what happens when you're working for the government or someone, it might reach the end of the month and you begin to hear different stories so it will really affect your DCA if the salary doesn't come oftenly and you might decide to tamper with your holdings.

The corrections are made therefore you can visit the op to review it again. thank for pointing out those areas for me. Really is better the government to carve out an agency which can work without bias to regulate bitcoin then the transaction fee if not the ordinals that came into the system, the fee was minimal. And there is news these days that the creators of bitcoin want to remove the ordinals from di bitcoin network and that means, the fee go come back to normalcy. Tanks

You quit make some points to an extent, but there are few that I think you are not correct. the part you said unemployment and inflation is the reason being decrease in adoption of bitcoin or Crypto. I don't think so because despite the unployment rate in the country I think Nigeria is one of top 10 country to adopt the use of Crypto currency in the world.
Inflation is even the reason why dey need to invest in bitcoin, because since fiat is decreasing due to inflation, the essay way to eliminate it reduce inflation is by investing on bitcoin. Because when it's converted to fiat it will increase the amount in return. Lets take for example you baughtBTC with fiat @800 per usdt, when the usdt was #800 now that usdt is #1160 you would probably make a %100 profit there by reducing inflation.

Bitcoin is not anonymous. You can only take about bitcoin another anonymity when it's transacted using mixer or tumbler. But however as the transaction ID is obtain from transaction I think there is no anonymity. Except anonymity you mean is by no name like local bank which will pop up the name of the recipient. But any way bitcoin or block chain technology is another means of transaction and we wouldn't want all transaction strategy to be thesame. That is why it is a decentralized system transaction.

Our government no only wan regulate Bitcoin, dem an control am so dat dem sef go fit dey use am do some of dia tinz wey no pure na why when dem try e work dem com cut ties with am so make pipo sef no dey use am, u know say most of our oga dem like to dey control and put eye for everything and any one wey dem no fit control na so dem go fight am .

Nigeria sabi follow oyinbo dem.even when dey no understand wetin dem dey do, me I think na because of follow follow make our governments go cut ties with Bitcoin and the banks when dem no supposed to do like dat but just to gain acceptance from the oyinbo dem wey been dey cut ties with Bitcoin na wetin make our government do that one. Bitcoin was actually doing more good than harm to the people of Nigeria so the whole cutting of ties no make sense. Regulations for make more sense as e for benefit the citizens and also the government.

Crypto companies for dun dey based in Nigeria and that one go give employment to the people and also give government revenue through taxation. When the companies wan based in Nigeria dem go need license and they pay the government tax steadily and that one for they give the country better revenue. But over sabi too dey worry us, we go cut ties when the market no do us anything and now other countries dun dey benefit wetin we support benefit.

Some mistakes dey your write up but it's an effort worth encouraging, take the corrections and better yourself but the Koko be say the government made a mistake banning banks from interacting with Bitcoin/exchange in the country. In fact the whole anti Bitcoin tactics wey the government dey play  no make sense and e no go take us go anywhere. The government need to do you turn and be more supportive of Bitcoin. Bitcoin no be their enemies and even though Bitcoin is seen as an enemies to the government, isn't it better to keep your enemies closer so you fit put eye on them?

I don't agree with you that unemployment and inflation is decreasing the adoption of Bitcoin in Nigeria. Bitcoin can be used for payment between p2p and b2b and settlement of international transactions. All Nigerians either employed  or unemployed, always buy something on daily, weekly or monthly basis. You can adopt Bitcoin and use it for transaction purposes only and not long term hodl. You must not be a holder of Bitcoin before you are known as a Bitcoin adopter.  Let's assume I don't have money to buy Bitcoin for investment purposes, but I appreciate the Bitcoin technology, I can be an adopter of the technology buy using the other features in it. by using it to make payments when I buy something from vendors who accepts Bitcoin both locally and internationally. If I do this  I am already an adopter of the technology. Because even in my unemployment status am still using the Bitcoin.

We all pray for that day to come to pass very quickly. Statistics has it shown that we are the African nation in the world that has more bitcoin users and adoption rate in Africa. This is a good one for us and could be a pathway for a newer technology to be embraced by fellow African countries. Nigerians might have cut ties with them from beginning, with time they will realizes the benefits and importance of keeping and embracing that ties. For Nigerians, it won’t be too late for them to accept it even at that time due to the level of adoption and awareness created by now already. We all wish for that time were d country will embrace this new technology.

Nigeria is not the only government that has been hard on bitcoin and cryptocurrency adoption, the worst they can do now is to avoid the banks from making any related payment associated to crypto but they can't stop the bitcoin network or it's continued adoption globally, why this is so is because bitcoin has a particular target it's providing a solution to and the people have realized that they needed such impact and influence from bitcoin, with time, Nigerian government together with other countries will soon have nothing than to embrace bitcoin adoption when the time comes.

Well the one thing is certainly clair in everything that should have been possible in the Central Bank taking the opposite action to the actual one that they took, which is the banning of all bank to actually transact with crypto currency in Nigeria. Nigeria is like a treasure house in the business world and this is due to the fact it has a massive population and a very inquisitive and curious one at that , the central bank would have gained and also the citizens and the whole crypto community would have gained a lot if the step were actually retraced 2-3years back as I believe even the recent awareness and adoption power would have been tripled if the outcome was a positive one for the nation and cryptocurrency users.

Before I elaborate, I will like us to define what is inflation? Inflation is simply an increase in the price of goods or services, or inflation can also be referred as the decrease in the purchasing power of a currency
So just as "Charles Tim" earlier said that you made a mistake in the context of this thread, I will also like to say that you did mixed up your point about "inflation" been a factor decreasing the adoption of Bitcoin in Nigeria, which is not true, as inflation (i.e fall in the value of our Naira currency) is indeed the reason for an increase in the adoption of Bitcoin, since it stands as the only best alternative for people avoid losing the value of their funds.
 
So thou unemployment is a reason why many have not invested in Bitcoin, but inflation is a major reason why 90% investors have their funds in Bitcoin.

One thing I like crypto currency, Bitcoin as a whole, nah because say you fit dey your dey send money go anywhere around the whole world with the assurance say the person go recive em coin or money without any problems.
But when it comes to bank, Wahala, the matter just tire me because say them too dey frustrate their costumers, nah only pipo way get big names nai the bank dey first dey attend to, but Bitcoin no dey like that as long as say you know about Bitcoin and other secured crypto currency then you go fit carry out transactions without the help of any body not even the so called government in power.
Yes, nah true say unemployment follow for watin dey make some pipo never still invest for Bitcoin and the real matter be say if the government go fit just try give Bitcoin a chance for this our good country, things go just change all of a sudden.
Just imagine those days when cash no dey flow for the country, shebi pipo dey do transfer and still the adoption of Bitcoin for this our country con increase massively, so if work self dey, more Bitcoin lovers way no get the money to invest for this country go invest for Bitcoin.

Op, you know since Satoshi Nakamoto developed Bitcoin, we can control our money and make payments without any third party deciding how the transaction will happen, and you can hold big money for Bitcoin nobody go knows because the government cannot control Bitcoin. Our government knows too well that Bitcoin is not a bad thing but they feel if they allowed us to freely interact with Bitcoin they would have a problem frustrating us with money just as what President Buhari and Godwin Emefiele (CBN governor) did to us during the election period. And Bitcoin even came through for us because some businesses started to accept Bitcoin as payment. Our government just dey do all these things make we still dey with their reach and control.
Op, I no go fully agree with you on this thing wey you talk here, because e get some of our sisters/brothers who started their Bitcoin or crypto journey with $10 but now, they are millions in Naira. Some people take risks to invest in Bitcoin when they no even get too much money, and they are okay now. Make we stop spending money on beer, buy food from Chicken Republic, and other things way no matter now, and use that money dey accumulate Bitcoin small small and 2025 fit be your turn to dey okay if start to accumulate Bitcoin now.

Op wattin you talk na true oo, assuming say our CBN no place that restriction for crypto, by now our country for don better pass like this, when it comes to inflation. And mind you no be because of inflation naim make people never still invest for bitcoin, if you talk say na because of unemployment I go say na true but, inflation can never be the cause why people never invest for Bitcoin, beside Bitcoin investment no necessary mean say na full Bitcoin you go buy once, if you do DCA take dey buy small small, you go arrive for any goal wey you set. And the sweetest part of bitcoin adoption and acceptance na be say, e go even help you reduce inflation for country wey accept am, because e go boost your economy somehow, and still attract other external investors.

I would have given 1 merit to this post but you made some mistake. No mistake in the part that I did not quote. It is true that unemployment can reduce adoption as some people will want to buy bitcoin but not able to. Also some people may not be able to buy enough.  It is also true that it would have been better if Nigeria government do not allow CBN to ban bitcoin and other crypto transaction.

You can not create blockchain to regulate the use of cryptocurrencies. No blockchain needed to regulate cryptocurrencies.

Bitcoin is not anonymous, it is semi anonymous, or pseudonymous. You can trace bitcoin transaction on blockchain, but you may not be able to link the transaction to person that make the it. As people are using their IP address and SPV wallet, this makes linking transactions to the person that make the transaction to be more possible. That is why it is good to use Tor to connect to your SPV wallet for anonymity, or just go for the best way to privacy by running your own node with Tor and not depend on central servers.

You may not be financially independent because of bitcoin. Those early adopters were the ones that are lucky.

We should not mention transaction fee this time because bitcoin transaction fee is huge recently as mempool is congested.

Edit your post and make corrections.

I came across this discussion online and I decided to bring it here, in the discussion Adedeji Owonbi a crypto masterclass, Adedeji was making a speech and he said central bank of Nigeria should have created a friendly relationship and regulation strategy of blockchain in 2021 instead of cutting ties between cryptocurrency exchange firms and local bank.
In the discussion he also stated that Nigeria is considered to be 90% with crypto awareness in the world, Nigeria would have gone beyound the 90% from my observation most Nigerians would have loved to own bitcoin and other crypto cause it's a modern technology and a decentralize currency.

Unemployment and inflation: I will consider inflation and unemployment as one of the factor decreasing the adoption of bitcoin in Nigeria, anyone who's not working cannot just own a bitcoin, what am trying to say is most people in Nigeria have heard about bitcoin and would love to invest but due to the inflation in Nigeria can stop their interest to hold bitcoin.

The fact that creating an ANGENCY in Nigeria to regulate the use of crypto and protect investors remains valid.
In my opinion acceptance of decentralize currency can help the growth of financial market in Nigeria. We live in a digital era and technology is taking over the world and financial aspect.
With the amazing features of decentralize currency it can promote financial market in Nigeria

• secured and safe transactions
• with the decentralized nature of bitcoin, it allows individuals to control their funds
• financial independence
• transaction fee is minimal in both international and national if the ordinals are removed.