Topic: Hope for cryptocurrency in Nigeria. - page 2. (Read 724 times)

The main reason why Nigeria is banning crypto is because it wants to protect her already dwindling economy, thier politicians loot public funds tends to stash those money in a safe place and that's the crypto space and thirdly the fact that it's unregulated is a major problem remember, Twitter was banned in Nigeria and after having an agreement on some percentage the ban was lifted ....
I actually believe in the future there would be some sort of regulations in the crypto space...

You've said something that applies to every country's economy. Not everyone wants to live in peace and will seek chaos and destruction in order to further their selfish interests. If the government wants to legalize and regulate it, that's fine; however, they should be mindful of its use and not place undue burdens on the users who use it. Even if it is regulated one day because we lack power over the government, I will always prefer a decentralized means of money system, but that is the reality we must live with for the time being.

Nigeria's trading volume is second only to the United States, and it has a huge "bitcoin fan system".

Nigeria to ban cryptocurrency activities in February 2021.

Nigeria in September 2022 entered into early-stage discussions with cryptocurrency exchange Binance to develop a crypto-friendly economic zone aimed at supporting cryptocurrency and blockchain-related businesses in the region.

"The government only cares about interests."

I do not know why this is repeated again and again, it is no more new that Nigerian government do not ban bitcoin and other cryptocurrencies, they were mute about it until the lawmaker, Ibrahim Babaginda proposed a bill so that cryptocurrencies can be legalized in Nigeria. The Central Bank of Nigeria (CBN) are the one that banned crypto transactions, but Nigeria dealing with it through p2p are not illegally, still massively still making crypto transactions because the government did not ban cryptocurrencies.

Surprisingly, Nigerians are not that using CBDC, eNaira. I prefer the bank naira that I can just send electronically. Nigeria eNaira is just nothing more than the old bank naira that we can send electronically, no difference in convenience and function. I even prefer naira to eNaira.

For me, I would rather accept crypto regulation than get banned outright, which is also seen as a success for investors in Nigeria. Honestly, we shouldn't demand too much from the government, we can't just want things our way. In the position of the government, they cannot allow the free use of an unregulated currency, as it would destroy the economy faster. If people are not regulated and become too free, they will become more selfish and society will become more chaotic than peaceful as we think. Not everyone has the sense and desire for peace, and that's why society needs control.

I see authorities are in doubt about what to do. There is a lot of pressure from both sides, the one who wants to ban crypto and the other who wants to legalize crypto. The scenario in Nigeria from the law point of view is pretty unclear yet, but there is still hope, without any doubts. Furthermore, cryptocurrency is already part of the daily life of many nigerians. It's not something you can revert anymore. With or without a legal frame people there will continue using cryptocurrencies and will continue bringing more and more adepts to the digital and decentralized world of finances.

Some sectors of the government are simply trying to fight a lost war against crypto enthusiasts. That is waste of time and energy which could be being used to implement solutions for their people who are despaired for a better life quality.

I think it is important to note that the chairperson of the legislative body mentioned that the ban on cryptocurrency will be legalized. This implies that the government of Nigeria wants some sort of regulation and control over something that cannot be entirely controlled. While this may sound as a disadvantage, this will be better long-term as the government recognized its effects on the economy.

There will always be hope for the cryptocurrency situation in Nigeria given that the HR would pass a bill. This bill will definitely have amendments before it becomes a law and let us all hope that the amendments would not totally destroy crypto regulation.

They ban crypto at the first time just to protect the citizen while they are learning this new thing, making rules .. and making way like what happened thesedays in nigeria to lift up the ban and get ready to welcoming a lot of crypto business on the floor, they are aware about how crypto bring a fresh air into their economic growth.

They are ready to have crypto friendly law and one by one the other nations will follows.

But knowing the government is sometimes bias when it comes to cryptocurrency matters, so all they do is  to banned it so that people will stop using it. However, based from OP’s post, I just hope that the Nigerian government will have a balance fair of system when it comes to crypto and CBDC. Now that the ban is now lifted, I hope that the citizens can freely utilize and choose with currency will suit for him and makes him more convenient to use.

Unlike you people, I don't think the Nigerian government is going to even think about banning cryptocurrencies and bitcoin in their country, I mean they won't do this if they are wise enough to think about earning benefits from it. Because by accepting or legalizing bitcoin and cryptocurrencies they can even have some income from the tax they get from the bitcoin investors while banning and suspension of bitcoin and cryptocurrencies will make many people unhappy there because as far as I know there are many people into cryptocurrencies in Nigeria

You can just perform p2p transaction and CBN will not do anything, there are many crypto to fiat and fiat to crypto transactions daily in Nigeria, as long as you do not go beyond that p2p, you have no problem.

We do not have to depend on a single person for bitcoin and other crypto adoption in Nigeria, it is true that Atiku is in support of cryptocurrencies, I prefer how the legislative arm is proposing crypto regulation which is better. It is a kind of bill that the executive (the president) will not hesitate to sign into law, I think.

Politicians have been using naira to embezzle many years ago. Fiat is still used more for corruption purpose. If fiat can be used for criminal activities, then why the issue with cryptocurrencies.

Crypto will be more legalised in Nigeria if Atiku Abubakar is the active president, this is the first politician that talked about crypto adoption years ago and he lost to the present active president, I am not taking a side here as Abubakar may win the election and forget about everything.

We really don't know who is saying the truth in the country anymore, a friend even said that any politician that supports crypto fully are doing so to start using the tech for money embezzlement, my friend could be right but who knows?

It's better if people embrace crypto adoption than waiting for the government to turn on the green light, crypto is for the people anyway.

This is purely a good move by the Nigerian government. Toward the end of the present government, there have been positive changes and good news happening in the country just to revive its economy. 

I don't know how long it will take for them to lift the crypto ban cos as it is now if the CBN finds out that your bank account is connected to crypto, it will be blocked automatically.

its really good to see one legislature care about cryptocurrencies and to see that the Central Bank is being too arbitrary in banning crypto in Nigeria .. by lifting the ban on cryptocurrencies it will definitely make the crypto ecosystem more developed in Nigeria and of course this will have an economic effect on the Nigerian economy .. and maybe this will be new income for the government and citizens of Nigeria, because the government can collect taxes from crypto trading and citizens can benefit from crypto adoption

The ban was on February 5th, 2021.

They are waking up to see that there is a lot of potential in bitcoin and other crypto and looking for ways to tax people, but this will favour crypto businesses in Nigeria.

Nigerians prefer to hold dollar, until I got to this forum to know that people from US prefer to hold gold and other valuable assets, that they do not value what we value here like the way we do. Naira is highly depreciating and an alternative is the way. Bitcoin and other cryptocurrencies are the alternatives.

Because Nigeria prefer to hold US dollars, likely they prefer to hold coins that are backed by US dollar like USDT and others as well along with bitcoin and some other cryptocurrencies.

To regulate bitcoin and other cryptocurrencies is a way to a better economy, instead of killing what could add to GDP as there will be more and better well regulated crypto businesses.

Actually you can also find the answer to your question for now. Because logically every country sees new things like cryptocurrency and tries to legalize it in state regulations or state laws that have been implemented for years, it always takes time to be discussed with fellow state officials or important staff within the country the.

Because it will not be enough if it is only approved by one party or someone. So don't blame the state (in this case Nigeria) for initially banning cryptocurrencies. Maybe they still need more time to study cryptocurrencies which will ultimately lead to better decisions for the country and its citizens.


Yes, that's so true. As I explained above, the government really needs to do research before deciding on something new to be included in the state system. Moreover, this is related to cryptocurrency which basically is not known by everyone in Nigeria. So this clearly requires research on the part of the government.

And in the past week I also had the chance to read a news item stating that the proposed bill would lay out the crypto oversight powers of the Central Bank of Nigeria and the country's securities regulator, an official said. Which in essence Nigeria Recognizes Crypto as Investment Capital and you can read about it at - https://www.coindesk.com/policy/2022/12/19/nigeria-to-recognize-crypto-as-investment-capital-report/

I don't really believe in all this so called 'Nigeria politicians'. They mostly make decisions that will favour them but not for the country as whole but this one will definitely favour us as a crypto investors.

Compared to other experiences in countries with the same economic situation as Niger (political and economic instability, currency without value, social crises...) such as El Salvador and Central Africa, the experience shows that adopting crypto may not be the best option for these countries. In addition to the unwillingness of the people in the majority to use advanced technology, these countries lack the necessary technical infrastructure to establish an advanced technological system.
Even from a legislative point of view, the full adoption of crypto requires a set of laws and regulations that must be compatible with the financial and psychological situation of the population as well.
Currently, Brazil has succeeded in issuing a law recognizing digital assets, and I think it is a good example that the governments of poor countries should follow.

I think they saw the potential that bitcoin and crypto could offer in this dire time of need hence they are second-guessing the ban they have imposed prior. This is good as they could set sn example to less receptive countries especially if this does get actualized and a recovery of Nigerian Economy happens. Til then we can only hope and wait the legislators do the right thing, and most of all support our Nigerian vrothers and sisters as they weather a huge crisis in their land.

Exactly, if this came true it will be good and it can set as an example to other nations in the continent. There will be a huge benefit of crypto in each country, I just hope that government will not take crypto in a bad way, I just hope that more and more countries such as Nigeria will adopt crypto just like any e currencies available in the market.