Topic: Crypto-Currency not Legal Tender in Nigeria - CBN (Read 551 times)

The announcement of Digital currency, not legal tender in Nigeria by CBN was made around January 2017. Ever since then have the CBN notify her citizens again about the legal tender of cryptocurrency? Cos this is my first time of hearing such news.
Although the majority of Nigerians don't have the vast awareness of how crypto works anyway.

Some fake exchanges spoiling the name of cryptocurrency all the time.The same had happened in Nigeria too.Instead of banning the cryptocurrency,Nigeria government can legalized the cryptocurrency and monitor the exchanges .They can help the people for the investment and welfare of the people.And private key is important one in trading of crypto currency.

A close friend of mine did the same mistake, by storing his private keys in his phone. He nearly got mad when he lost his phone cos he got much altcoin in his wallet.
You guys learnt your lesson about crypto in a terrible way. Anyway welcome to cryptosphere where everything is meant to be safe, confidential and private

Legal or not, Nigeria is slowly becoming a hub for crypto scammers, Nigerian SEC warns about iBSmartify investment. So we really need to be careful specially those programs like those, who are promising huge returns. Those warnings from Nigerian SEC should be enough for our fellow Nigerian crypto enthusiast to used their "logical thinking" as not to fall for this trick.

Not only Nigeria There Are Still Many Other Countries That Do Not Allow Digital Currencies Including In My Own Country Indonesia There Has Not Been Legalized Yet although there are now many users of digital currency or bitcoin as investments

So you think your Gov is protecting you and crypto is killing you?

why you are blaming blockchain? It's your mistake that you have misplaced your Steller wallet key with potential token.

When did Nigeria government start to care about the welfare of her citizens. The unnecessary deduction from banks have the CBN put a stop to it? Crypto shouldn't be their major concern now cos it's only few thousand of her citizens that knows about crypto. The awareness of crypto haven't circulate that much in Nigeria

Such a stand is general and normal for other countries who have not adopted bitcoin usage or crypto into their system. Obviously, the government would always be making such statement and clarifying their position on it, at least; we know of China.

For losing your stellar pass code, well sorry about that. Crypto is business for a very careful mind. And this is why every address to a coin is usually specified for the user to verify before transacting. Anyway, I don't wish to experience that.

What people don't understand simply is that what the CBN has just done is to absolve itself from any responsibility that might arise as a result of losses for someone who might invest or want to invest in crypto currency. The reason being that, when the cast is fully blown or someone makes some mistakes thereby losing investment values we are quick to look for someone to blame and in this case, the accusing finger is pointed to the regulatory authority in financial matters and if not managed properly might lead to Senate inquiry which would embarrass everybody, so the release is getting ahead of such situations and put it to rest. Its as simple as that.

I think this is only just their way of washing their hands after Satowallet pulled off an exit scam on their citizens. It's like their way of saying that they aren't interested in chasing the criminals who have victimized their citizens yet they don't declare the state of cryptocurrencies in their country as illegal. I wouldn't say that this is a good thing but they were lucky enough that they banned crypto right away just so these kinds of crime won't happen again. What would be better though if they just improved the regulations they have and have some kind of enforcement in the industry rather than declaring cryptocurrency as not a legal tender because it sends a different message to the majority of their citizens.

Not legal tender =/= illegal. Important distinction.

Gold is not legal tender. Shares in equity is not legal tender. Nor is wheat, corn, derivatives, etc. But they are all financial instruments or commodities nonetheless and absolutely no one says that they are illegal. Legal tender simply means that you can't be legally held liable if you settle a debt, public or private, with this piece of currency.

Don't get misled by headings or sensationalist reporting.

It's nothing like a death warrant. It's just that you are own savior because governments generally don't bother to take you out of the mess which you yourself dived into despite of that I have seen a few countries taking certain actions even in case of cryptocurrencies but yes no one can obviously retrieve it. Moreover even if you find the culprit you will have to beat the shit out of him to get his private key which itself would be a cumbersome task. Unlike simple bank frauds in which accounts are sealed and governments seize the assets.

This is a wise reminder to all of when dealing with banks and not just in Nigeria because even here in my country where Bitcoin and cryptocurrency is allowed and has not been declared as illegal there are still many big banks who, acting on their own and actually without any legal basis, prohibit their bank users to get involved with Bitcoin to the point that they really ask anybody found to be connected to cryptocurrency to close their account in the bank. The solution is don't ask don't tell they are not gonna be following you anyway.



Anybody here in cryptocurrency should learn one of the biggest lessons: Never ever lose your private keys otherwise you also lose the very assets you are protecting and nobody can do something about it. We don't have to become the victim of the best security feature of cryptocurrency. Of course, this can be just common sense but we people can sometimes be "stupid" and by 'we" that includes me.


Stock exchanges started like this and it was private and then they had government regulations and there is still time for them to regulate the crypto exchanges.
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I think that this is inevitable especially when the industry has already got so big, government will be starting to intervene and impose regulations for different reasons. At least this can be a good compromise, they can regulate crypto exchanges while allowing digital assets to flourish in the market and intervening only when really needed like cases of scams or frauds.

In any market there are risks involved and i do not understand what these protections are when you are trading in other markets . Will they hold the market when there is a correction, the idea of protection by some heavily source is just a farce .


Stock exchanges started like this and it was private and then they had government regulations and there is still time for them to regulate the crypto exchanges.

It is sad to know that another nation refused to adapt Crypto currency  but we can't blame them if the mind set of their government officials are all against the opportunities that Crypto can give. Hopefully that someday they will see the beauty of Bitcoin concepts as there is regulation that can be rely on for any doubts.

Lesor can I have a link to this post or I see it as mere article? The Central Bank Governor of Nigeria "Godwin Emefiele" is a confused banker, he secretly employs the elite into CBN, and has no good clear plan for MSMEs in Nigeria. Commercial banks in Nigeria has one of the highest interest lending rate in the world and businesses are suffering due to non viable environment. He lacks the locus Sandi to criticize crypocurrency.

A country classifying cryptocurrencies as not a legal tender doesn't make illegal right away, some countries even classify it as legal tender so that they can limit what they can do with it like ban bank transactions related to it. Countries not classifying it as a legal tender would most likely classify it as a commodity like what the U.S. did so that they are also subject to other taxes. So even if the Nigerian government didn't recognize it as a legal tender it simply doesn't make it illegal to be used in that country, and basing from the news I have read there are no updates regarding a ban taking place. I know that Nigeria got struck by a big scam exit recently so this might be part of the decision why they don't recognize it as a legal tender, the citizens are even fortunate enough to have that decision rather than the ban I was expecting to happen.

Blockchain has no capital many countries believe it would disappear from the face of the earth..  I really thought India are into crypto

There's a whole load of difference between 'blockchain' and a proper cryptocurrency. Everyone will go through the same stage of attempting to squeeze 'blockchain' to fit their own ends and existing set ups. All the while real cryptocurrencies will sail past them.

Some will wise up and find a way to make real crypto work for them and with them. Others will carry on down a dead end path.  

You can consider yourself lucky already that your statesmen are open to cryptocurrencies. That's not the case in some countries like India.