There is nothing new about this news, the government and there stands on cryptocurrency. At the time, crypto is seen by the government as anti to fiat which is there product through which theh generate funds in taxation and use to gain some level of control over the economy in the nation. The government is never going to abandon its product for some fiat, it would always value fiat more and orchestrate tratte gies to discourage its citizens from transacting with cryptos.
It is fundamental at the time in the regions of no acceptance, individuals be mindful of the nevers they do not to draw attention and the comments they leave on exchanges after transacting. These are means that leads to these traces.
Topic: Federal government and banks are threats... - page 2. (Read 343 times)
All governments and banks are threatened by BTC also. Nigeria is where the CBDC has also experimented and they want all people to use it. If people are not using it, the government is alarmed. In order for you to try the CBDC, they will definitely coerce the use of CBDC by banning and seizing crypto assets from Nigerians.
Quite totalitarian but they will do what's good for them and you as a person who wants freedom also do what you need to do.
Quite totalitarian but they will do what's good for them and you as a person who wants freedom also do what you need to do.
If the government persists in clashing with Bitcoin and blocking accounts associated with Bitcoin transactions, it is likely that individuals will turn to the black market to use Bitcoin. This decision is baseless and merely a pretext for seizing accounts with funds. I despise such futile efforts. Additionally, both banks and centralized governments consider Bitcoin to be a threat to their interests. They do not appreciate our financial independence. Eventually, they will realize that Bitcoin is unmanageable and impossible to disregard.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Not only in Nigeria but all around the world most of the country government has same mind-set about cryptocurrency rather than el-salvador, because it's a big treat for banking system. Government of any country got a handsome of money from banking system in shape of taxes, but at the same time on the other hand cryptocurrency is totally opposite, there is no profit for government and by adopting cryptocurrency citizens got financial freedom from government while government is not in Thier favor.. 
But i real deals here is the government are afraid of citizens having independent living source.
It's not about source of living but rather they afraid that people will not need anymore fiat to purchase since thy have fully control on it while Bitcoin is completely decentralized which people cannhold without paying any taxes if they will.
Government will always be like this even with different administration because they want a full authority on something to manipulate the finances of the citizen and imply the rot fiat system that prone on inflation.
But i real deals here is the government are afraid of citizens having independent living source.
It is not about government not wanting citizens having independent source of living but they want a means that they can monitor all financial services in the country. Apart from the allegation of money laundry from the onset of bitcoin creation, the government tries hard to limit the use of bitcoin but this is not all countries. Understanding your post, it looks like what happened in Nigeria. For example in Nigeria, the government had to block access to some account linked to the bank because they were means that the youth were funded to hold government to her knees during the #Endsars protest. After that protest the government came up with that ban which has really been criticized but the government has been adamant on that, refusing to allow citizen freely trade on bitcoin.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Not only in Nigeria, the government does things like that to its citizens, things like this are not strange anymore, including in my country. The government seems unwilling to see its citizens have progress (especially in the financial sector), perhaps because there are no benefits that go to them. Even though bitcoin/crypto investors have never had any detrimental elements for the government, even from the experience I experienced and I saw from people around who invested in bitcoin/crypto, many people were helped financially.Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
So where exactly is the fault of bitcoin/crypto investors? they are just trying to make a living for themselves and for their families. And they also never ask for capital from the government. The government should be proud of its citizens, because its citizens can make money independently, without having to trouble the government. And in essence, if there is no income that goes to the government, in my country it also seems that the use of bitcoin/crypto will most likely be banned, but fortunately the government is quite tolerant in responding to this bitcoin/crypto problem.
I would put it a little differently, the OP belongs to the Nigerian local section. In addition to the fact that many have confirmed that this is an old topic, besides, why not discuss this topic directly in your section, where people directly understand the tragedy of the situation?
The title of the topic looks very general, but you need to understand that the situation with banking systems in different countries is different and who, if not a person directly belonging to the country in question, will be able to answer correctly.
You are very right, and I hope the OP or someone will report this topic moving to the local Nigeria board or locking it down and continuing it in the local board. Some Nigerian users may need to know this especially if the topic specifically relates to Nigeria, its government etc.The title of the topic looks very general, but you need to understand that the situation with banking systems in different countries is different and who, if not a person directly belonging to the country in question, will be able to answer correctly.
Bitcoin no doubt gives you privacy but people are caught while converting bitcoin to fiat or vice versa. Its fine as long as you remain in Bitcoin. There is very rear chance the government agencies can caught you while your bitcoins are in your decentralized wallets. We need to keep this in mind that government will crack down hard on bitcoin with every passing day, as its market capitalization and popularity keep increasing exponentially. There are problems for people living in countries which are not bitcoin friendly.
As I said in my previous post, You have to be careful with your privacy. It's important. The Banks and the Government always want to take control of your money. If you use Bitcoin, They will lose control over your money. They are doing business with you using your money. You know the reason why they want to seize Bitcoin funds. Stay anonymous on the internet if Bitcoin is banned in your country. You shouldn't tell anyone that you own Bitcoin. Not even your friends and family members.
I won't suggest anyone to centralized exchange. But, Sometimes, we have to use it because of our needs if you use centralized exchanges to convert your Bitcoin for fiat. Do it part by part. Don't go all in. Use a payment method which has a low chance of tracing you. A few simple, easy things can save you from getting caught.
That's not new anymore as we know that Banks and Government are working together to make our lives harder rather than comfortable just like what they used to advertise it. The arrival of bitcoin has been a big help to us because aside from it gave us hope and choices how to protect ourselves from the inflation, it also gave us knowledge that governments are not that friendly as they are just taking advantage of the power they have for their own selfish gains. Well, at least from my perspective because I don't know about these things until I meet bitcoin.
This is old news from 2021, Nigeria has since taken a new stance on cryptocurrency, the incoming administration as part of its campaign promised to be bitcoin-friendly.
There weren’t reports from users because both accounts (sender & recipient)were blocked. It was rumored that there were accounts controlled by law enforcement on p2p exchanges to fish out crypto traders.
Some exchanges have the option where you can use your debit cards to buy bitcoin directly, and also exchange your bitcoins to fiat directly to your account. These are easy ways for banks to know you’re involved in cryptocurrency even if they do not act immediately, just know you have already been compromised.
Peer to Peer trading is good and bank transfers for payment between two trade partners does not have information related to Bitcoin or cryptocurrency trading.
Problems only rise if you are trading with a scammer and when you win and exit that scam, the scammer can submit a report to banks as his personal attack against you. I don't know how banks in Nigeria can get information about bank transfers related to Bitcoin and cryptocurrency. I really think that they have to depend on reports from users together with other authorities.
How will Nigerian banks handle those reports from their users?
Screenshot from a trade means nothing as it can be faked easily.
It wasn’t a complex process and was easy to bypass. At the time, accounts involved in crypto transactions were identified using the narration note of the wire transfer or e-transfer, if the transaction note had key words like bitcoin, Binance, coin, e.t.c basically anything cryptocurrency related would cause them to flag the account. Problems only rise if you are trading with a scammer and when you win and exit that scam, the scammer can submit a report to banks as his personal attack against you. I don't know how banks in Nigeria can get information about bank transfers related to Bitcoin and cryptocurrency. I really think that they have to depend on reports from users together with other authorities.
How will Nigerian banks handle those reports from their users?
Screenshot from a trade means nothing as it can be faked easily.
There weren’t reports from users because both accounts (sender & recipient)were blocked. It was rumored that there were accounts controlled by law enforcement on p2p exchanges to fish out crypto traders.
Some exchanges have the option where you can use your debit cards to buy bitcoin directly, and also exchange your bitcoins to fiat directly to your account. These are easy ways for banks to know you’re involved in cryptocurrency even if they do not act immediately, just know you have already been compromised.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
I think almost all of the developing nations are doing this these days. I have heard such instances in India, Bangladesh and in Nigeria also. First of all the central banks of these countries are afraid the if some capital will come from such sources which aren't under their control chances are they will impact their development policies. In my country no matter which government comes i am sure that there still will be such a behaviour from central bank for Cryptos. Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
The mindset of the leaders are always corrupt, they have not thought good for the citizens but only hardship. Bitcoin is not a threat to the government or the authority. But they don't understand bitcoin that is why they are having issue with the users of bitcoin. The government is ignorant of the system and the ICT team in government is not given the government good information instead feeding the government with fake information with data which misleading the government to take obnoxious laws and policies. I blame the ICT unit in government because they know the truth but they are not telling the truth. Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Dear OP, pease whenever you make this kind of post always try to back it up with source(s), it makes other readers to confirm the authenticity of your information and appreciate your post. You can also share your thoughts or opinion on the particular issue. We know the position of the central bank of Nigeria and the Nigerian government on cryptocurrency but making this kind of post in a forum with community members from all around the globe with little or no information is not encouraging.
Bitcoin no doubt gives you privacy but people are caught while converting bitcoin to fiat or vice versa. Its fine as long as you remain in Bitcoin. There is very rear chance the government agencies can caught you while your bitcoins are in your decentralized wallets. We need to keep this in mind that government will crack down hard on bitcoin with every passing day, as its market capitalization and popularity keep increasing exponentially. There are problems for people living in countries which are not bitcoin friendly.
As I said in my previous post, You have to be careful with your privacy. It's important. The Banks and the Government always want to take control of your money. If you use Bitcoin, They will lose control over your money. They are doing business with you using your money. You know the reason why they want to seize Bitcoin funds. Stay anonymous on the internet if Bitcoin is banned in your country. You shouldn't tell anyone that you own Bitcoin. Not even your friends and family members.
I won't suggest anyone to centralized exchange. But, Sometimes, we have to use it because of our needs if you use centralized exchanges to convert your Bitcoin for fiat. Do it part by part. Don't go all in. Use a payment method which has a low chance of tracing you. A few simple, easy things can save you from getting caught.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
In some cases, the government is not really afraid of it's citizen being financially okay, but concerned about the freedom it will give them from the banks . The banks are an extension of the government and by virtue of their position they're bound to obey whatever the government tells them because they are not independent from the government. Worldwide there always exist the possibility that the government could suddenly just decide to begin to track down, trace and seize cryptocurrency belonging to its citizens and arrest people associated. For this purpose were mixers created to add extra anonymity and security when you move your bitcoins in the Blockchain. Financial freedom comes along with people's freedom to speak and criticize the government and eventually revolt against the government. It's not just about banks. But the government losing its grip on the people will eventually topple the government leader.
If it's happening in Nigeria, it's also possible to happen to just any country today where people have been enjoying the freedom to hold BTC to which they could support or fund an independent leader opposing the president.
Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.
In some cases, the government is not really afraid of it's citizen being financially okay, but concerned about the freedom it will give them from the banks . The banks are an extension of the government and by virtue of their position they're bound to obey whatever the government tells them because they are not independent from the government. Worldwide there always exist the possibility that the government could suddenly just decide to begin to track down, trace and seize cryptocurrency belonging to its citizens and arrest people associated. For this purpose were mixers created to add extra anonymity and security when you move your bitcoins in the Blockchain. Government loves to impoverished its citizens, a young Nigerian's account was seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.
Are you serious? I searched on Google and found that this amount is approximately 5475.119 US Dollar. Is 5,000 dollars a "considerable" amount in Nigeria, or is the government so strict, or is what happened a "coincidence"?How much is 2500000 Nigerian Naira in US Dollar?
2500000 Nigerian Naira is 5475.119 US Dollar.
According to what I have read, Bitcoin is not banned in Nigeria, so the forfeiture order means that person has been accused of money laundering, not because of Bitcoin.2500000 Nigerian Naira is 5475.119 US Dollar.
Governments fight anything that reduces the control of the central bank, although the continent of Africa is difficult to control money compared to countries such as the United States and Britain.
Bitcoin is a treat to banks and governments,because it give them no clue of transactions made on the blockchain,and they don't also have control over those citizens financial life. A lot of people are dumping the banks for bitcoin,and this makes the government see that their fiat currency is been threaten by a currency that its theirs.
Nigeria youths have gone far in bitcoin adoption as long as I know,since the government don't care about the youths anymore. This make them to embrace bitcoin adoption as a means to earn a living for themselves through trading and as an asset. If you use an exchange to sell your bitcoin and get your money in your local fiat currency, I don't think that there is any possibility of the government to trace or track you down,if not so many Nigerians by now would have gotten their account freezed, including myself.
It's wild to ponder the extent of Bitcoin's menace to conventional financial institutions. They've gotta be quaking in their loafers! But honestly, is it that shocking? In an era where tech's ever-evolving, it was bound to happen—a superior financial management system. And let's not kid ourselves—governments aren't always our BFFs.Nigeria youths have gone far in bitcoin adoption as long as I know,since the government don't care about the youths anymore. This make them to embrace bitcoin adoption as a means to earn a living for themselves through trading and as an asset. If you use an exchange to sell your bitcoin and get your money in your local fiat currency, I don't think that there is any possibility of the government to trace or track you down,if not so many Nigerians by now would have gotten their account freezed, including myself.
No shocker that many Nigerians are embracing Bitcoin for financial freedom. Who needs banks or governments, right? With Bitcoin, you're your own monetary genius! The cherry on top? Untraceable transactions, so your finances stay private and safe.
So here's to Bitcoin and Nigerian trailblazers! Time to seize control of our dough and bid adieu to old-school finance. Armed with humor and heaps of Bitcoin, we'll forge a brighter financial destiny!
You may want to read Bitcoin - a bloodless revolution by GazetaBitcoin. This is nothing new. Banks and governments are afraid of Bitcoin. They don't know how to defend Bitcoin. People don't understand why Government and bank officials spread FUDs. They have a fear of losing control over your money. Bitcoin Protects your money, and it's your own bank. Since they don't know how to defend Bitcoin, they will attempt to seize Bitcoin funds.
Suppose you are in a country where Bitcoin Transaction is not allowed. Never deposits your money in a bank. Do small transactions with them for daily needs. There is no way they can detect you are a Bitcoin holder until you publicize this and submit KYC on centralized exchanges. You have to be careful with your privacy.
Suppose you are in a country where Bitcoin Transaction is not allowed. Never deposits your money in a bank. Do small transactions with them for daily needs. There is no way they can detect you are a Bitcoin holder until you publicize this and submit KYC on centralized exchanges. You have to be careful with your privacy.
Bitcoin no doubt gives you privacy but people are caught while converting bitcoin to fiat or vice versa. Its fine as long as you remain in Bitcoin. There is very rear chance the government agencies can caught you while your bitcoins are in your decentralized wallets. We need to keep this in mind that government will crack down hard on bitcoin with every passing day, as its market capitalization and popularity keep increasing exponentially. There are problems for people living in countries which are not bitcoin friendly.
Bitcoin is a treat to banks and governments,because it give them no clue of transactions made on the blockchain,and they don't also have control over those citizens financial life. A lot of people are dumping the banks for bitcoin,and this makes the government see that their fiat currency is been threaten by a currency that its theirs.
Nigeria youths have gone far in bitcoin adoption as long as I know,since the government don't care about the youths anymore. This make them to embrace bitcoin adoption as a means to earn a living for themselves through trading and as an asset. If you use an exchange to sell your bitcoin and get your money in your local fiat currency, I don't think that there is any possibility of the government to trace or track you down,if not so many Nigerians by now would have gotten their account freezed, including myself.
Nigeria youths have gone far in bitcoin adoption as long as I know,since the government don't care about the youths anymore. This make them to embrace bitcoin adoption as a means to earn a living for themselves through trading and as an asset. If you use an exchange to sell your bitcoin and get your money in your local fiat currency, I don't think that there is any possibility of the government to trace or track you down,if not so many Nigerians by now would have gotten their account freezed, including myself.
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