Good news for Nigerian crypto enthusiast - page 2.

masterrex

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Quote from: BIT-BENDER on March 20, 2021, 02:27:28 PM

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.

Thats good news another considerable victory for the crypto Industry and the Nigerian crypto users, I hope more countries will consider its decision and not banning bitcoin in their respective jurisdiction just like Nigerian government is doing so that many people can still access and use cryptocurrency freely.

BIT-BENDER

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Quote from: Gozie51 on March 21, 2021, 07:44:06 AM

By interpretation from there earlier statement, I know it was banking activities with cryptocurrency that was restricted but Nigerians generalized it to be a ban affecting all class of crypto dealings but enthusiasts have since being successfully dealing in P2P.

You are correct many enthusiast like me has always preferred peer to peer, I have tried exchange, but I don't trust the abilities of my local bank to cope with crypto-currency, I had always foreseen this action from the Nigerian government but never knew they would be as petty as they were, I was also caught in the web of the restrictions, it affected me financially too, so that why If this news is true it means freedom at last.

Gozie51

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By interpretation from there earlier statement, I know it was banking activities with cryptocurrency that was restricted but Nigerians generalized it to be a ban affecting all class of crypto dealings but enthusiasts have since being successfully dealing in P2P.

Central bank itself can't ban cryptocurrency in Nigeria but it has to go through legislation to outlaw it through presenting it as a bill to be deliberated. Well , is a good thing that they (the central bank) has cleared the dust now. I know that further positive clarification will be made on this.

Nigeria is a big bitcoin and crypto place and a major reason for this growth is unemployment. Where there is high unemployment and poverty, the people strive to survive and the government is coming to reality with the poverty rate, they can only open up the economy through digital trading that allows everybody to be a part of for surviving on their own decision.

BIT-BENDER

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Quote from: aoluain on March 20, 2021, 05:44:13 PM

This is good news for the people of Nigeria but I'm confused

So does the central bank permit Nigerians to use crypto and that individual banks acted
outside the central banks decision?

or does it sound like, you can own and trade it but cannot use your bank account to do so?

Something like that, as far as I knew, the ban was on withdrawing bitcoin to our local Fiat which is Naira and every account that had bitcoin transaction was rumoured to have been freezed, even now I don't trust Nigerian government, I posted the news yesterday and it was a happy development that am following and would give update on this thread, but till then am optimistic about bitcoin and crypto-currency in Nigeria.

Innerpumper

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This is good news for all. I hope in Nigeria many companies are adopting bitcoin as the main means in terms of economy and business. It's not just for Nigeria's economic growth. However, to gain bitcoin trust in the eyes of the public.

aysg76

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It's really a good news for Nigerians as well as crypto enthusiast all around the world due to increasing acceptable of Bitcoin and other cryptocurrencies.The Nigerian government has taken very impressive decision which will eventually boost their economy as Nigeria is one of the top countries in terms of crypto traders and users.

hapiness smileys

With this decision the local exchanges can resume their work and people can trade and make transaction in Bitcoin once again.The government are not fool to ban such currencies because they can't control them so why not get benefits with them.But still best wishes to all Nigerians once again.

bittick

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Good then. to use cryptocurrency is the right of people and to give harsh punishment just because people gonna use their money to do whatever they want doesn't sound really good not to mention bitcoin and cryptos in general could also help the lives of many people due to its ability for borderless transfer.

Shasha80

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Even though I am not a Nigerian citizen, I am also happy to know that CBN has not prohibited Nigerians from using Bitcoin. Because it is proven
that Bitcoin helps the economy of Nigerians, it would be a good thing if Nigerians are free to use Bitcoin. In fact, I'm sure some countries that
ban Bitcoin will start allowing their citizens to use Bitcoin again. Because it is proven that the development of Bitcoin cannot be stopped and it has
made several countries that were banned change their minds. Hopefully what happened in Nigeria will also happen in several other countries such
as India and Bangladesh which are still banned on Bitcoin.

slaman29

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Quote from: GeorgeJohn on March 21, 2021, 04:56:33 AM

Nigeria is a country that dislikes development that will enhance the benefit of another individuals or person, so right from time I know vividly that restrictions announcement of Bitcoin in Nigeria through central bank of Nigeria (CBN) is order through a higher politician, the previous new before this announcement of current cryptocurrency is that, the vice president order the governor of CBN to regulate the use of Bitcoin in Nigeria, knowing that Bitcoin is another means of an undeveloped country to develop with fully adoption of it, Nigerian's can be happy now because with action and altitude of central bank of Nigeria initially and the reversed of what has been announced shows that the CBN governor was forced to make such announcement, now Bitcoin is some how legalized in Nigeria, never jubilate yet because no one knows their objectives.

Really? I didn't know Nigerian government was so touchy, I always thought Nigerians were really proud to help each other be better, and were quite patriotic, at least that's the impression I have been getting all these years from meeting them in person.

Politics is something else, people in power just fear things that challenges their status. That's what Bitcoin is a threat!

so98nn

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It seems that they are finally going on the back foot. Already knew this will happen when the news started flying around the world that Nigerian central bank is banning the crypto currency.

The whole forum was flooded with threads from Nigerian guys on how to work with p2p transactions to overcome this restrictions. Now here we are, the central bank itself agrees that crypto currency needs to be their agenda.

Not just this, even in India same thing happening. From banning the bitcoin now the bill is pending for its legal status and regulating it. :-)

Time heals everything.

GeorgeJohn

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Nigeria is a country that dislikes development that will enhance the benefit of another individuals or person, so right from time I know vividly that restrictions announcement of Bitcoin in Nigeria through central bank of Nigeria (CBN) is order through a higher politician, the previous new before this announcement of current cryptocurrency is that, the vice president order the governor of CBN to regulate the use of Bitcoin in Nigeria, knowing that Bitcoin is another means of an undeveloped country to develop with fully adoption of it, Nigerian's can be happy now because with action and altitude of central bank of Nigeria initially and the reversed of what has been announced shows that the CBN governor was forced to make such announcement, now Bitcoin is some how legalized in Nigeria, never jubilate yet because no one knows their objectives.

Kong Hey Pakboy

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Quote from: ?? on ??

I am happy for the people of this country to see the news, arguing from the outset that there will be governments of some countries that have laws to limit the use of cryptocurrencies, but that that's not possible. When it is too small, they cannot control it, until it has developed and is considered as a profitable investment channel, there is no reason to stop it.

Yeah, it is a good thing that they are finally clearing the confusion with their ban, I think they still have the ban in place but they are stating that people are free to deal with cryptocurrency but not within the banks, I might be wrong which is a good thing because that means that the Central Bank of Nigeria gives up their position that opposes cryptocurrency.

Alucard1

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I am so happy for the people in Nigeria for this news, I am hoping that this would be the reason for the Nigerian to grow up and to rise from the scarcity. We are now seeing a little movement for mass adoption for bitcoin and hoping that this would continue for some other countries. Nigerian has a poor banking system and poor payment system so bitcoin would be the best solution for it. Hoping that this would result positively.

Trinx01

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This is really good news for the Nigerian, for sure they are really waiting for this time to happen and now this would be the best time for them, I just wanna welcome them there with the community. This is just a good move for the world of crypto as some other countries start accepting bitcoin and let their citizen explore the community.

I just wonder because last time I read on a certain article that the government of Nigerian is banning the bitcoin but now it is a different story, I think they have realized how good cryptocurrency could be.

FinneysTrueVision

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I hope this has a favorable resolution for the people of Nigeria. Their government knows that they can't really ban bitcoin and if they did people would just choose another currency as a store of value, such as the US dollar.

If they create their own government backed crypto then it would have the same problems as the current fiat currency, so bitcoin offers the best option for the people of Nigeria.

meanwords

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Quote from: BIT-BENDER on March 20, 2021, 02:27:28 PM

-snip

At least we got a good conclusion to this drama and the best part is it didn't last long. I've only been seeing this Nigerian crypto issue since last month so I guess the government listen to the people and saw that Nigerians are willing to adopt cryptocurrency.

rosenbauer02

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Nigerian people and their government are optimist with bitcoin. They are seeing bitcoin every opportunity has to offer which is exactly they are right. Even the tesla owner see the benefit of having bitcoin and are still eyeing to get more BTC in his holdings. Bitcoin adaptation now slowly being realized and that we should give more emphasize to people that are exercising the use of bitcoin to encourage others too to believe in it.

There is nothing to worry with bitcoin as a decentralized currency for no one has controlled over it instead the system has been run by the users itself with transaparency with the use of blockchain technology. The blockchain technology has played a great role in the bitcoin system and that I think was the highlight of it.

Some government now are eyeing to copy the cryptocurrency system creating their own coin. But we know that there is only one coin which is better of the these government currency created which is clearly the bitcoin. The demand for bitcoin is just an indicator that sooner or later bitcoin adaptation will going to happen. It will be because of its users that are persistent to make use and enjoys the benefit that bitcoin has brought.

hulla

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Quote from: blackened515 on March 20, 2021, 05:57:59 PM

Quote from: JeromeTash on March 20, 2021, 04:53:06 PM

Of course, they can't completely ban Nigerians from using or trading cryptocurrencies as long as crypto exchanges don't ban Nigerian traders but the link between crypto and Nigerian fiat through banks will still remain blocked and i think this was the main issue even when the ban was announced some weeks back.

I completely felt for Nigerians as the ban is still not opted out on them, simply highlighting the quote you showed, that their government stopped the interrelationship between crypto and bank Fiat, the reason for this is clear, the value of Nigeria currency is getting devalued, governmental estimate on fiat charges is decreasing maybe when traced the causes and found out it's because citizens choosing to store money in crypto more than fiat bank now.

I don't know about the devalued of their national currency but their CBN haven't lift the banks and payment service provider dealing with crypto currency. I check every reputable exchange that offer service for crypto to NGN and none of them say anything about the news posted by the OP and I check the CBN site every it still the same.
Edit : the ban stance was only explained, i guess alot of people don't know that they didn't ban crypto currency totally.

blackened515

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Quote from: JeromeTash on March 20, 2021, 04:53:06 PM

Of course, they can't completely ban Nigerians from using or trading cryptocurrencies as long as crypto exchanges don't ban Nigerian traders but the link between crypto and Nigerian fiat through banks will still remain blocked and i think this was the main issue even when the ban was announced some weeks back.

I completely felt for Nigerians as the ban is still not opted out on them, simply highlighting the quote you showed, that their government stopped the interrelationship between crypto and bank Fiat, the reason for this is clear, the value of Nigeria currency is getting devalued, governmental estimate on fiat charges is decreasing maybe when traced the causes and found out it's because citizens choosing to store money in crypto more than fiat bank now.

aoluain

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This is good news for the people of Nigeria but I'm confused

So does the central bank permit Nigerians to use crypto and that individual banks acted
outside the central banks decision?

or does it sound like, you can own and trade it but cannot use your bank account to do so?

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