Topic: Economic benefits of lifting the ban placed on cryptocurrency (Read 221 times)

Going through the links you made reference to I understand that you are just hasty to make corrections without carefully understanding the concept of your correction and just so you know this act of yours may be considered spamming, so Incase of next time be careful enough to go through your links and point, verify and be very sure you aren't making unnecessary corrections or one which isn't needed at a particular time. I didn't make a post to break the news just like the other threads on your link did but I brought a different facet to the news and made open for discussion.

Understand the difference between just breaking the news and discussing the impact and possibly opportunities that and been created from the news they are different concepts, these are things you consider before mentioning how necessary or not a trend is.

Na true oo, make we no rush do something wey we go later regret because everything for this life na planning, I just dey imagine all the nonsense wey people go don first do as dem hear say CBN don finally remove this ban on transaction with Bitcoin. With the way things the country dey now plenty people sef fit fall victim of many stupid thing due to these recent update. The way the fee sef dey now na another discouragement for any person wey go feel to come patronize your service or products wey you dey offer for Bitcoin.

For government approvement of di cryptocurrency and specifically Bitcoin na better news be dat. Yessoo Open Bitcoin shop go make Sense, but one thing be shey make still calm down first because dis law enforcement agencies e no dey listen news, and dey go tell you say Dem never see am and never hear dat kind thing. Dem dey misbehave like behavioral objectives. Then another one be shey if you open cryptocurrency business with dis High Transaction Fee, how you want take do di transaction? Assuming a customer said make you send Bitcoin, now who go pay di fee, na you or di customer?

Na good plan or idea but we have to do di planning well before executing the idea if not nobody go come and if someone come and hear di fee him go decline.

You do not need to fear before because Nigeria government did not ban bitcoin and other crypto, but just that CBN banned it and we moved to only P2P trading. Recently I can see crypto exchanges accepting other payments like credit cards again after the ban has been lifted.

During the ban, we were still able to buy or hold and sell cryptocurrencies using centralized and decentralized exchanges and also through direct P2P.

After the ban has been lifted, likely government will begin their 10% capital gain tax and also tax crypto businesses. The government will benefit more.

Let us expect more crypto businesses, and that means more employment and adoption.

Most people has faced this kind of harassments over time because of SARS and other military personnel oppressing people with crypto app in their phones and other gadgets that is why this lifting is like a thing of joy, in fact people wey been dey fear to carry their phones now fit dey use am as like because of say those time if dem wan use their phone e go be like say dem dey fear those people to dey move around with am.
I know say things go really pure now and people wey been dey limited for kinds of thing now go get good access to dey run their package without even dey look anybody.

Wetting you talk na true but the problem wey go dey there now na transaction fee wey high like mad. Because wetting you wan buy $3 you gk spend $4 for the transaction fee so how e go come be. You go don spend like $7 for $3 dollar something.

Wetting me I see say e fit help us do be say, we no go dey search for trusted person or who get %100 trust or 1000 activities or transaction for binace, before we initiate any transaction or even checking for who get  the amount ranges wey you need. Just like if you wan sell $4 or $5 dollar for binace, you go tire to check offer wey dey that range na from $10 up you go dey see. But with the ban wey dem lift, you ft send as low as $2 to your bank card and withdraw without the stress of p2p merging. Naim be the side I see say e dey important to me.

This is really a very good news for all crypto lovers in the country. Now, I fit come out announce say I dey run crypto, no one fit come hold me for illegal operations.


OP, this depend on the crypto you decide to put your money. Puting money in altcoin is save and your money fit fall till you won't have anything again. It's only on Bitcoin that I could assure you is secured.

The only good thing this development will come with is people that see crypto as a fraud to start having interest but to existing crypto enthusiast this news means nothing to them, since the ban of crypto transaction has people doing crypto business eve complain, the answer is no, because so many exchange has made it possible for crypto transaction to take through p2p, in the aspect of youth going into blockchain technolog to get the skills, I agree that such is possible, the thing is that this news has made some people to even believe crypto more because of government decision, I must say that tinubus government has done well in this aspect and they deserve to be praised for this single act.

This will lead to massive adoption of bitcoin as people go like to enter the crypto  space with happiness and no police or any security agency go fit use you make money again if them see binance app for your phone. At least many people now go get alternative payment method. Like schools go fit accept payment of crypto, and other businesses.

More youths go fit get mind enter the blockchain technology to learn and get the skill, so that them go fit depend on themselves without the government. This na one of the best news wey I Don hear since this new administration take over. This is a way forward for the youths in Nigeria as they will use this opportunity to venture into crypto related business.

Your correction is highly uncalled for, and next time before you correct someone, you might first correct yourself, and perhaps ask yourself a question if what you are correcting is right. I went through those links you posted, they are nothing like that of the OP, unless the OP changed the title and the question asked after your post. If not, then your point is invalid. You might want to know that breaking the news and talking about the subject of what the news states are different from talking about the pros and cons of the ban lifting, which might consist of many discussions like the effects (positive & negative), opportunities around it and all of that. Now, for the news to have broken and the earlier people shared the news with us, did they talk about the economic part, how it helps the government and the masses, and the business opportunities around it? From my point of view, the OP is even more economical to think towards that angle, and if this subject is well discussed since there are many sensible people here that might share opinions and also tap into some business ideas that might even be earning for us. That is what I call a benefit. But the way others constructed theirs is void of that.

That aside. This is a very welcome development and no more hiding our N.89 anymore and enriching the counterparty dealers in P2P. Every Kobo must now count, after all, it is our money, but we were hiding it so that the CBN and banks would not know that it was a crypto transaction. Also, I urge the Nigerian government to be up and doing now, they can enrich themselves with crypto taxes if they know how to go about it. They should embrace all the businesses around cryptocurrency, including exchanges, so that they will somewhat know the Nigerian inflow and outflow through them, unlike now that they know nothing which is partly affecting the economy badly. It could be huge money for the government if experts are bought in and find the best way to approach the situation to maximize the potential. With this development, over time, I know that people will freely be collecting crypto in their shops and other establishments, and it would even be fine if they are wise enough to charge a fairly higher amount compared to fiats for those who would pay in crypto. This is a fair bargain as far as I am concerned. Lastly, this will help further increase people's trust in cryptocurrency, you know people, they are so naive. Many thought it was evil when the CBN government banned it, but now that they have unbanned it, it is likely going to increase its adoption in the country and this will in turn encourage more crypto investments and earnings amongst our people.

I think the halving of Bitcoin ratio in the market is not coming any moment yet, so I think any sector or individual who are not willing to run a long term investment goal could invest in a short-term goal specifically to take advantageous part in the bullish runs while prior aiming to boom profitably on the awaiting ETF approval.
I believe the lift of ban would also encourage many more of persons in the nation to accept Bitcoin on the note that the federal government has acknowledged it legal tendered because most persons believes the governments knows better than the
Individuals which they are likely to take steps after the legal measures of the government.
So as much there is much of joblessness in the towns, the opportunity to invest in the he Bitcoin serves a privilege to be encounter and conquers the ugly jobless situation with a prior to make Money.

i. This ban lifting will make all crypto traders move freely without hiding their exchange apps and wallet apps in their phones because of harassment from the police, Sars and others.

ii. People can now openly hold seminar in open place about crypto currencies without fear of being monitored by CBN officials and law enforcement agencies.

iii. There will be no more fear about someone adding the word crypto in the description when trading in the p2p on exchanges.

iv. The money in those accounts that were freezed will now come back into circulation and be used for economic purposes that will be beneficial to the country economy.

V. It will remove the stigma that Bitcoin is only used by scammers that's why the government banned it.

Vii. It will reduce the pressure on banks on forex and the demand for fiat dollars. People can settle for usdt and make their payments online both home and abroad for organizations that accept usdt.

The economic benefits wey we dy expect much, but one thing I observe way don dy happen already na the naira appreciation against dollar, before this event, 1 dollar was1220 naira but now na 1165 naira, I know say in due time, our naira go still get more value small due to this new development.

I love this, if na so we dey drop news for the board we for dey get important things to discuss when it comes to news. It's not just about bringing a news for this board but add your own thing so we fit get conversation. The news sweet me as I see am and I go take time drops some kind benefits wey I see this news bringing to the country. Me been know say  it's just a matter of time before then go lift the ban and I always knew Jagaba government go do am because of how the guy dey in support of Blockchain technology and indirectly benefits the cryptocurrency industry. The ban been really they hold us back, no be say dem ban Bitcoin or other cryptocurrency for the country but people been dey fear.

The lifting of the ban go;

• Attract crypto start up to come the country, nothing worse pass you no fit do business with the banking sectors in a county because na dem go give you loans to run your business and provide other assistance wey go fit benefits both of una so as the government dun lift the bans e go well.
• Increase adoption in the country: people plenty wey been dey avoid accepting cryptocurrency or joining the industry because of the ban from the governments even though no be people but company been they commot body make dem no get problem with the government but as dem dun unban, now the country go dey work towards trying to regulate the market so companies go fit dey take part without fear now.
• Job creation and increase awareness:  if starts up plenty enter the country and are allowed to operate, na job dem dey create so and na so the job creation go extend to other sectors wey go need introduced crypto specialist into their business like law firms, the banking sectors and other businesses wey go need crypto specialist dem
• Economical growth: Make we no underrate the power of cryptocurrency, see the volumes this exchange dey trade daily, imagine we get one like that wey be say e go dey handle the Nigeria & Africa markets and then dey pay taxes to the governments, na money dem dey push into the economy be dat provided the governments can use the revenue wisely

Things plenty wey this unban go do but most importantly e go bring in the sense of relief and acceptance into the country, people no go dey judge you when you say you dey into cryptocurrency business and you start your own business openly, without the fear of law enforcement officers harassing you. E no go dey in full effect now but with time we go enjoy the freedom like other recognised businesses in the country.

Some members don start similar topics but this one de slightly different, OP de talk about di benefits of lifting di ban, so similarities de but dem de different.

One big benefit wey I see for di ban lifted na say e go help remove di stigma and all di negative perceptions wey Nigerians get about Bitcoin, plenty people think say na scam, dat na why government ban am. Hopefully di adoption of Bitcoin go increase as dis ban don comot, and we no go see any harassments again from government officials.

https://bitcointalksearch.org/topic/m.63375281

https://bitcointalksearch.org/topic/m.63371244

OP, seems like you have not seen that this topic has been created and addressed even in Bitcoin Discussion it has also been discussed.
I understand our excitement towards the ban being lifted, everyone is happy and celebrating together. Next time you can do well to check if your topic to be discussed has already been addressed here.

My country pipo I use better greetings take salute every one of una wey dey here, I sure say as Bitcoin enthusiast wey most of una be, una go don hear about d news say government don remove the ban ontop cryptocurrency which includes Bitcoin so now we fit transact Bitcoin freely without fear say anybody go hold you say you dey run street or illegal. Now my own be say make we discuss how dis new development go take benefit all of us, me I see am say one of the way e go benefit us na to create a safe space for us to save our money make d value for no too come down because we know how our naira dey behave now but if ur moni dey crypto e no go too fall.

Some persons now fit openly come out come run dia crypto business, dat wan now go create employment and even government organization and other big organization now fit put head for the crypto mata so the future of crypto for we coutry now go get head and investors go enter our economy well well... Wetin you think ?? How we fit take utilize dis opportunity for our own good??.