Over time, i thought of this on how a country could live and stay without a sound good support of the FG to assist the Youth. looking toowell out of about 100% Graduate today 97.8% Are Unemployed while so many living under flyovers name it all, Youth searches online and get Educated by Cryptocurrency utilizations and the so called Government came to place a ban and restricted individuals who is surviving from cryptocurrency. Sincerely speaking it was a big threat to me and my fellow Youth because we have no job the only thing we do is to partake in cryptocurrency and have some good earnings even more to what the so called Government offers the youths.
It was a big struggle and so harden for we to stand; This news has really brought a great Joy to Nigerians after several post on twitter other media channels.
Again we live as ONE Nigeria!!!
Topic: Good news for Nigerian crypto enthusiast (Read 430 times)
I stumbled on this just today, am still yet to get further sources, but will be following the news round the clock, to see about the current unfolding of the news.
Source: https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp
On the image above it has it that CBN the central bank of Nigeria, the Paramount government organization in-charge of banking, and finances, has permitted Nigerians to go on with cryptocurrency with out the restrictions the placed some weeks back, this is still uncertainty, but there has been meeting with the Nigerian Senate, and heads of CBN concerning the issue of Ban, also top public figures even the very elderly has supported Bitcoin in Nigeria, this makes me proud as to see how far Nigerians has come in cryptocurrency, Nigeria is a country with
+ Poor banking system
+ Poor payment system
+ Low alternative means for unemployed youths
+ The educational system is still poor.
But cryptocurrency as many Nigerians has realized helps less this problems of the nation and more, I would be even happier to see this news is fully true, and Nigeria has gotten love/encouragement from other cryptocurrency nation at a dark time for cryptocurrency in the country.
If true, this is going to be big news for Nigerian crypto community. Source: https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp
On the image above it has it that CBN the central bank of Nigeria, the Paramount government organization in-charge of banking, and finances, has permitted Nigerians to go on with cryptocurrency with out the restrictions the placed some weeks back, this is still uncertainty, but there has been meeting with the Nigerian Senate, and heads of CBN concerning the issue of Ban, also top public figures even the very elderly has supported Bitcoin in Nigeria, this makes me proud as to see how far Nigerians has come in cryptocurrency, Nigeria is a country with
+ Poor banking system
+ Poor payment system
+ Low alternative means for unemployed youths
+ The educational system is still poor.
But cryptocurrency as many Nigerians has realized helps less this problems of the nation and more, I would be even happier to see this news is fully true, and Nigeria has gotten love/encouragement from other cryptocurrency nation at a dark time for cryptocurrency in the country.
But their is one con also, if failed states like Nigeria adopt btc, it will give wrong message to people in developed nations.
It will be considered associated with failed nations just like it was previously assumed criminals money.
If this is true, Nigerians will be much happy about the development.
When the news of placing a ban on bitcoin, restricting individuals from trading cryptocurrency with their bank account happened, it was a shock globally that it happened without even notifying her citizens. The action the CBN took then wasn't good for her citizens.
Thank God that they have come back to their senses that cryptocurrency is the future.
When the news of placing a ban on bitcoin, restricting individuals from trading cryptocurrency with their bank account happened, it was a shock globally that it happened without even notifying her citizens. The action the CBN took then wasn't good for her citizens.
Thank God that they have come back to their senses that cryptocurrency is the future.
I'm very much excited about this news even though its far from being a legitimate or confirmed news just yet bit then, its very encouraging, not because the news is about the legalisation of crypto but then, the fact that, the leaders can actually be able to discover a fault in their policy and take steps to correct it starting from accepting the fact that they made an error in the first place is a commendable one. I'm impressed at this attitude. No one wants to be wrong, especially in matters of public affairs and that which could ridicule them but then, ensuring that the right thing is done is a commendable act and as such, I encourage them to keep it up and not just formulate policies but create room for a possible reversal should it be that the policy isn't one that helps. Good 9ne by the Nigerian government.
The fact is no country can ban the use of cryptocurrency as it is a borderless currency, so long as internet is still use the citizens of that country will one way or the other fine a way of carrying out they crypto transactions. Even if the government ban crypto it can only stop it full skald adoption or it transactions passing through it central financial system but not a total ban.
They might not be able to ban bitcoin but they can do a crackdown on people that are using bitcoin in their country if they were to do so, Internet censorship and surveillance can be a useful tool for an oppressive government to use against their people. Good thing that this problem with the CBN is going to be resolved at the least from what I can understand from that Tweet, I hope nothing like this can happen to Nigeria again or to any other countries. 
This was pretty much expected to happen.Countries,that are trying to oppress cryptocurrencies are going to face great difficulties,with controlling all the "illegal" crypto transactions.Making crypto payments and trading legal is the only way to go.The problem is that countries like Nigeria aren't very persistent with their policies.
Today there might be a crypto legalization,but after a few months,the central bank or the government might try to impose a new cryptocurrency ban again.
By the way,what is this logo?It looks pretty strange.Is this the Nigerian central bank logo?
Today there might be a crypto legalization,but after a few months,the central bank or the government might try to impose a new cryptocurrency ban again.
By the way,what is this logo?It looks pretty strange.Is this the Nigerian central bank logo?
The fact is no country can ban the use of cryptocurrency as it is a borderless currency, so long as internet is still use the citizens of that country will one way or the other fine a way of carrying out they crypto transactions. Even if the government ban crypto it can only stop it full skald adoption or it transactions passing through it central financial system but not a total ban.
Since the initial announcement by the CBN banning cryptocurrencies related activities, the order didn't have any significant impact because of various alternative means of transacting cryptocurrencies anonymously which Nigerian crypto enthusiasts adapted to with the aid of Internet I believed CBN later realised that the ban wouldn't stand test the time of time prompted the reversal of the ban, the CBN should look into various ways at which the government can earn income from taxes from crypto related activities. 
Finally, Nigerian crypto enthusiasts can get what they want, because the Central Bank of Nigeria realized they couldn't stop the crypto transactions
from happening, But as with India there are frequent changes in rules in Nigeria, I don't know how long CBN will let this happen. Because they
might change their minds at any time, so make good use of the current time for Nigerian crypto enthusiasts. But even though CBN is going to
implement another ban, I believe it will not have too big an effect, because there will be a way for Nigerian crypto enthusiasts to continue making
crypto transactions.
from happening, But as with India there are frequent changes in rules in Nigeria, I don't know how long CBN will let this happen. Because they
might change their minds at any time, so make good use of the current time for Nigerian crypto enthusiasts. But even though CBN is going to
implement another ban, I believe it will not have too big an effect, because there will be a way for Nigerian crypto enthusiasts to continue making
crypto transactions.
Nice one, but no developed country that will bad cryptocurrency because is best for international trade and is a future currency.
Infact, it is welcome development for Nigerian cryptocurrency family. It is just matter of time, may nations that are against cryptocurrency will soon embrace it. Cryptocurrency (Blockchain technology) is great technology that aim to bring freedom to the people.
Congrats to the Nigerian cryptocurrency lovers!
Congrats to the Nigerian cryptocurrency lovers!
This is great for Nigerian people, they'll have the freedom to use bitcoin and their independent is already unleashed. However, the news has been taken from us and this now begun to start positively for Bitcoin to soar higher from now on. Good news will continue to inspire every people, because every now and then adoption of cryptocurrency kepts rising.
The government of Nigeria must have realised that many Nigerians were indifferent about the ban placed formerly, they acted with prior and proper information on the subject of crypto currency. With it being obvious to the many that the ban was against the interest of the low class earners in the country, many who have been touched by the miracle of crypto refused to just call it quit and obey the government, they just had to go back on their decision or face mass disobedience.
Well, I ain't going to scream Uhuru for such expected and long overdue news. The February 5th decision by the Godwin Emefiele's led Central Bank of Nigeria (CBN) banning Bitcoin was already dead on arrival. I knew it and it never panicked me for once. Whatever prompted that senseless decision has now made it receive sense. It's a policy somersault if you asked me. I believe the CBN and the commercial banks have realized how much in revenue they've lost with that action. I urge all Nigerian crypto dealers and traders to continue with the P2P and not rush to the banks to continue their businesses. If the banks caused them untold hardship by closing their accounts in an impromptu manner, what would make them trust that the banks won't do it again?
I'm really nonchalant about the revoked ban, as a Nigerian. We move!
I'm really nonchalant about the revoked ban, as a Nigerian. We move!
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The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.
It seems, now they realized very well that they have done the wrong thing by banning cryptocurrency. they said that they didn't restrict people from using cryptocurrency or trading Bitcoin.
But if CBN stops people from receiving payment to the user's bank account from crypto-related website then how CBN said that they didn't restrict people from trading cryptocurrency!
Are they encouraging people to trade counterfeit? I think it is nothing but counterfeit if people trade without a bank.
To contradict the article, people are FREE to use bitcoin whatever your country and wherever you from, especially whatever your government told you, it's people's choice to use it or not.
Thanks for the heads up @BIT-BENDER. I saw the news yesterday but didn't get to read it. Anyway, I just did. What CBN did was to make some clarifications. According to the article:
I'm not sure I understand their point. They came under fire after that ban so they're just trying to clarify things and it's still not clear. It looks like they're saying that Nigerians are free to participate in the crypto space but aren't allowed to make crypto transactions or interact with their bank accounts using crypto.
Quote
What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.
I'm not sure I understand their point. They came under fire after that ban so they're just trying to clarify things and it's still not clear. It looks like they're saying that Nigerians are free to participate in the crypto space but aren't allowed to make crypto transactions or interact with their bank accounts using crypto.
This is a very great news not only for the Nigerian crypto community but for the whole crypto community. It is great that the Central Bank of Nigeria have finally see the light and the numerous benefits of bitcoin and how it has help reduce unemployment among the youths of the nation.
I'm sure one major influencer of this good decision must have been the vice president of the country who said some weeks ago that the ban isn't meant to be so as not to kill the goose that lays the golden egg. He advocated that bitcoin be regulated and not banned
I'm sure one major influencer of this good decision must have been the vice president of the country who said some weeks ago that the ban isn't meant to be so as not to kill the goose that lays the golden egg. He advocated that bitcoin be regulated and not banned
This is good news but the fact is the Central Bank of Nigeria couldn't really stop the transaction of bitcoin or any other cryptocurrencies in its County, what there did was restricting crypto users from making crypto transactions with their bank account but unfortunately for CBN crypto users was still making transactions through P2P which eventually means their ban really had no effect because it didn't changed anything. Well it's a good news at least Nigerian citizens can now make transactions with their bank account and even purchase crypto with their debit cards it's a good news for Nigerian citizens.
Clearly, it's not that the ban was lifted, but that its meaning was clarified. I suspected that the Central Bank of Nigeria simply didn't have enough authority to introduce a ban of cryptocurrencies altogether. So now they're clarifying that the ban is only related to the banking sector (which also needs additional guidelines because it's not obvious what exactly is meant by 'the banking sector). They're standing by their previous statement, so I'm not sure if it's great news for Nigeria. I remember there was an interview with the Minister of Finance, and she said that they're planning to impose nuanced regulations on the industry, so we have to wait and see what they come up with if we are to properly assess the status of cryptos in Nigeria.
I stumbled on this just today, am still yet to get further sources, but will be following the news round the clock, to see about the current unfolding of the news.
I stopped searching for these news as you always see conflicting news about the plans by the government, the situation in Nigeria and India has more topic here i believe as we hear conflicting news about a blanket ban one day and about regulating the other day and these news are published in the pretext that the source close to the government has released these plans 
.If you stop looking for these anonymous sources then we will be fine, if a government comes up with a drastic step i am sure we can overcome them.
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