Good news for Nigerian crypto enthusiast - page 3.

JeromeTash

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From the article;

Quote

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.

From what I can understand. The ban is still on.

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 don't know much about Nigeria, but I think the main way of moving cash to and from crypto exchanges has probably been through Bank transfer.

ReiMomo

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I guess that was last month I heard the news about banning cryptocurrencies in Nigeria but now their government realizes that it's better to accept cryptocurrency than to ban it. Despite banning the crypto exchange sector their people can still use cryptocurrency by using a P2P exchange.

It's good news for them, how many countries did not yet realize a situation like this, I hope those countries that prohibited their people to use will open their gates and accept the great opportunity that crypto has.

Charles-Tim

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Central Bank of Nigeria can not ban cryptocurrencies use generally, only the aspect linked to banking sector can be banned by them, this will happen in a way no exchanges or crypto service providers will be able to make use of bank for crypto transactions, but p2p can be used. Nigeria SEC has shown the nation how they support cryptocurrencies, but CBN are making different moves. All I know is that CBN can not ban cryptocurrencies generally, while it is not even possible for cryptocurrencies use to be stopped. Although, good that CBN make such speech but not allowing banks to process crypto transactions make their statement useless has Nigerians have gone p2p already even without them making the statement.

passwordnow

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If this news is already official or there will be some valid sources that can come out soon to verify this, I'm happy to see that there will be no more restrictions for our crypto folks there.

Quote from: masterzino on March 20, 2021, 03:25:21 PM

It would be even better if the Indian Government realizes that those bans are not leading to anything good and abandon the Indian crypto ban project!

Yeah, they will realize that soon when they see that many countries are accepting and adopting it instead of making it difficult for their citizens to go along in the crypto market and its uses.

masterzino

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Good news for all Nigerian friends around!

It would be even better if the Indian Government realizes that those bans are not leading to anything good and abandon the Indian crypto ban project!

romero121

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Nigeria is one of the country that stands high in the list of corrupt nation. Through the banking system the entire economy of the country is being crashed. Nigeria is one of the country that has got good natural wealth. If the country's financial infrastructure is drafted good, now Nigeria could've been on the growing countries list.

Now the decision on bitcoin from the Central Bank of Nigeria seems to make a big change, and people are already used to it. Maybe this legalized support from the banking sector of the country will boost the market for cryptocurrency on the African continent.

Bitstar_coin

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I think with this news binance Nigeria will be willing to reopen the withdrawal and deposit to local bank account directly from the exchange, Good news to the Nigerian citizens who where very sad with the recent ban on crypto from their government,
This shows that the power of crypto is growing stronger and adoption is definitely achievable.

cheezcarls

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This is definitely great news for Nigerians. They are one of the top countries with the most number of Bitcoin and cryptocurrency users around the world. After that controversial decision of their central bank banning the banks from transacting with cryptocurrency exchanges, Nigerians cannot be stopped with P2P transactions. Congratulations to the entire Nigerian cryptocurrency community for never giving up fighting to make cryptocurrency legal and be used without much restrictions whatsoever. Cheers!

bassbity

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hooray I really hear it. extraordinary, with that we welcome our brothers and sisters in Nigeria with great joy. let's walk together and hold tight to expand the adoption of bitcoin. not only that, Binance Nigeria will be a favorite exchange there. I will hear the good news when Nigerians have the freedom to make transactions. But don't forget, when all trust has been completely dropped, take care not to get interfered with by the issue that has been an obstacle, namely accusations of transactions funding terrorists.

BIT-BENDER

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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.

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