Crypto market too big to ignore, says Nigeria SEC - page 2.

Bitstar_coin

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Quote from: BrewMaster on February 22, 2021, 08:59:43 AM

that's the problem with governments that do weird things about bitcoin that is against what the rest of the world is doing and against what people like. it forces people to go off the market and do more P2P trades that the government can not ever have any control over and worst of all is that they can never take back that control they lost in first place.
P2P trading is not as popular as going to a centralized exchange in countries that have accepted bitcoin and their government has more control over the market and what people do!

Yeah as a result of this immature behaviour of the Nigerian government they have open a more profitable market for p2p platforms, I believe those who are involved in crypto in Nigeria will result to using p2p and ignore any further action from the government, they have lost control and a big chance to generate revenue for the government purse, sad they could not see the bigger picture.

cytpoway121

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At this rate i feel like the Nigeria SEC is trying to do the right thing after messing up; but i feel it is a lost battle already; because with established peer 2 peer options on Okex, Binance, Roqqu etal. Do you see binance allowing direct deposits and withdrawals once again ?

I feel like government decided to retrace their steps after noticing drop in taxes due to the ban on banks from facilitating crypto currency transactions; so my question is would the government maintain their stance to allow crypto transactions even if binance refusing to use a Nigerian bank account like before ?

avikz

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Oh Wait! Crypto is soon to be regulated in Nigeria? Huh

?

As far as I know, cryptocurrency is already banned in Nigeria since beginning of February 2021 as per the circular issued by NCB on 7 February 2021. Correct me if I am wrong here! So it's really surprising that Nigerian SEC has issued such statement which is somewhat contradicting with the viewpoint of NCB. Not sure if SEC is planning to overrule the ban of NCB and want to suggest regulation instead.

Because a ban will always be bypassed with p2p trading. It will be similar to finding a needle in a haystack and government will keep on loosing its potential tax revenue!

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Earlier today, I read that Nigeria currently had a Premium on bitcoin of over 51% according to http://www.bitcoinpricemap.com/. Not sure exactly how they derive that information, nor if the information is accurate (theoretically derived from local exchanges) or subject to an idiosyncrasy which is unparalleled in other countries, but for whatever reason, bitcoin seems to be trading there at 83K$ right now, which is ballistic.

In light of the above, are those numbers seemingly accurate? And if so, do people try to circumvent local exchanges, and try to use other international platforms for purchase?

See also: https://ambcrypto.com/bitcoin-sells-for-85k-in-nigeria-as-premium-shoots-up/

suzanne5223

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I totally love the Nigerian SEC stance towards cryptocurrency and I like the statement of "the world cannot be moving forward and we will be static" since the whole is changing to crypto for Nigeria to be among the most country with good crypto traffic the CBN previous ban will affect a lot of crypto user in Nigeria.
But I don't understand is their plan to regulate crypto which is not possible and they can only regulate exchange activities and the last I check 97% of all centralized crypto to fiat exchange offer KYC.

Fundamentals Of

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I was a little confused with Nigeria. Was it that the country banned crypto because it was getting too big to ignore? If I can remember it right, crypto trades surpass that of stock trades in the country. The leaders must have somehow realized they need to somehow put a halt on its legalization, temporarily at least, pending a new set of regulations to properly confront its rise.

BrewMaster

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that's the problem with governments that do weird things about bitcoin that is against what the rest of the world is doing and against what people like. it forces people to go off the market and do more P2P trades that the government can not ever have any control over and worst of all is that they can never take back that control they lost in first place.
P2P trading is not as popular as going to a centralized exchange in countries that have accepted bitcoin and their government has more control over the market and what people do!

Charles-Tim

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I believe crypto will only very soon be regulated in Nigeria as SEC are in full support while CBN is accepting it to be regulated in the country.

Quote from: https://cointelegraph.com/news/crypto-market-too-big-to-ignore-says-nigeria-sec

According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria. Speaking at a virtual conference organized by the Association of Capital Market Academics of Nigeria in the capital, Abuja on Sunday, Agama remarked:

“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets. For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.”

However, most crypto transactions are pseudonymous at best. Blockchain intelligence firms like CipherTrace and Chainalysis have created tools that allow for robust cryptocurrency forensic investigation.

Also, crypto exchanges in Nigeria were adhering to Know Your Customer best practices which included the bank verification number, or BVN, authentication. As part of the address during the ACMAN lecture, Amugo revealed that the CBN and SEC were working with other Federal agencies to develop a national regulatory approach to cryptos in Nigeria. During the event, several stakeholders called on regulators to pursue more nuanced laws rather than outright bans.

Although, Nigerians has gone p2p as the perfect alternative which is even better.

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