How government and us fit tel benefits for bitcoin

royalfestus

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Quote from: Coyster on July 26, 2023, 02:27:09 AM

Quote from: royalfestus on July 25, 2023, 04:24:06 PM

I earnestly desire that the government refrains from imposing regulations or interfering with cryptocurrencies.

E no dey possible say the Nigerian government no go interfere for crypto matter, and no be only the Nigerian government wey dey do am, crypto dey regulated for many countries, the government talk say the risk involved dey too much, thus regulation go help to protect those wey dey involved, clear regulation go also help the government to make money from the industry through tax.

Wetin me i wan see na the regulatory framework wey Naija government go carry come, if e no go dey too strict, then e go make sense, wetin dey vex me be say our government wan dey collect tax when CBN ban crypto and when dem never begin regulate am.

My perspektif ontop country regulations dey influenced by my lack of complete understandin' of the many element wey dey involved, including how experienced traders fit hide their identities from government eye. E come still get di plenty peer-to-peer tradin' wey dey happen for different platforms, e dey play one big role too.
As e dey so, any attempt wey dem wan use target Bitcoin or cryptocurrency, e be like say e dey motivated by revenge sake of the 2020 mass shooting and the people wey dem dey sponsor wey dey criticize the government.

Coyster

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Quote from: CryptoHeadlineNews on July 26, 2023, 09:20:29 AM

However, it seems the harassments by our Nigerian police on young boys found to have a crypto wallet on there phone (i.e Trust wallet & Binance) been tagged as Yahoo boys don reduce small now abi? Because eh don tah I here news about such.

Police harassment never stop oh! The only thing be say people don tire to dey talk their stories because e no dey change anything. If you be youth for Naija wey get doings with crypto, you gats dey careful because police go fit accuse you wrongly at anytime, no dey carrry the device wey dey hold your main portfolio dey comot, so if police check your phone unlawfully as dem dey usually do, dem no go see anything.

Quote from: Zanab247 on July 26, 2023, 10:18:55 AM

If our government can make BTC legal tender like d way El Salvador government made BTC legal tender to their citizens and it has increased their economy, which many countries is looking towards their steps to do d same thing. There are many BTC users in d Nigeria who are billionaires, and dey are looking for were to use d money so that there will be development in our country.

I no understand wetin you mean, Naija government no go make Bitcoin legal tender and dem no even gats do am, make dem just lift that yeye CBN ban on crypto, come try regulate the industry, na that one dey feasible. As Naija dey so, no be Bitcoin go fit make Naija develop, so make the government just make things easy for individuals like us wey dey deal on Bitcoin, and also for Bitcoin businesses to prosper for the country.

Gozie51

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I been think say Nigeria go get am right on top digital economy during Buhari time when Isa Ali Pantami be the minister for Communications and Digital Economy because the young man been try make things begin happen then but to no avail. Emefiele na one man wey no really get direction for the digital economy, him carry CBDC come to frustrate the process wey go bring good prospects for bitcoin. Well for now, I never see the present government looking at all those. Them want seat and balance first if tribunal no kick them out.

Amphenomenon

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I don observe whona reply I go say na the taxing system go dey better pass for the economy. Through this many businesses go support bitcoin more and we go dey earn and government go still dey see their own inside

Quote from: Charles-Tim on July 26, 2023, 01:38:58 AM

Another thing to consider is if the payment gateway will use I&E window or the parallel market price. Even after the naira unification, people will still likely gain better if they use parallel market. Recently, dollar increased to $870 in the parallel market, it was around $777 in I&E window at the time. But if Nigeria government legalize cryptocurrencies, I do not know how the exchange rate would be. Or likely some traders may see arbitraging opportunities.

I prefer the I&E system than the other with the parallel market government nor really get control over the exchange rate na just people from blackmarket dey control the price and we fit see many through this your reply

Nwada001

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Quote from: Amphenomenon on July 25, 2023, 10:48:56 AM

My people, I know say bitcoin nor dey banned but only say cbn government put restriction and we dey see say all their plan to control/restrict growth of Bitcoin for Nigeria nor dey work even the eNaira nor even do anything. I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

Make the country government just allow us use the currency peaceful, carry there task law face those platforms way they operate for the countri make dem no chop alone, those exchanges them they make better money from us way be Nigerian but the government just they over look dem. Make dem pass bills way dem fit use tax any firm way be crypto related way wan do business for our land. Make dem register b4 dem operate, make dem do the needful even if nah monthly or annual something make dem they remit something put 4 federal account to renew their license.

Mate2237

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Quote from: Amphenomenon on July 25, 2023, 10:48:56 AM

My people, I know say bitcoin nor dey banned but only say cbn government put restriction and we dey see say all their plan to control/restrict growth of Bitcoin for Nigeria nor dey work even the eNaira nor even do anything. I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

Op if I understand you correctly, you want to know which kind of law the govt go put for we country to be better for the bitcoin enthusiast. There is no big deal on that, it is the duty of the government to do convince environment for the smooth running of business,so di government know what to do good Economy to come but dem no do am because of self-centered government.

Wiwo

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Quote from: Amphenomenon on July 25, 2023, 10:48:56 AM

My people, I know say bitcoin nor dey banned but only say cbn government put restriction and we dey see say all their plan to control/restrict growth of Bitcoin for Nigeria nor dey work even the eNaira nor even do anything. I go like know which laws about bitcoin whole reason say government fit put for Nigeria way go favor the economy?

Baba truth be told, this thread lack direction because from the topic one will think is about individual vs government benefits from Bitcoin, and how Bitcoin has better both government and individual at all level within the Nigeria space.

Secondly, in the first paragraph, you dived into the action of the central bank of Nig against Bitcoin, and how they made an attempt to either create something that could compete with Bitcoin or become a Bitcoin replacement in Nigeria in the form of the e-naira, but then you have to note one thing that e-naira doesn't have the features of a cryptocurrency and can not be used as an alternative to Bitcoin.

The only way I think the fovernmen6can benefit from Bitcoin that will impact directly on the economy is in the area of cryptocurrencies income tax and in doing so, Nigeria has to first of all draft out crypto regulations and policy framework that can help the government generate income for the Bitcoin/crypto volume generated in Nigeria.

Zanab247

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Quote from: Amphenomenon

I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

If our government can make BTC legal tender like d way El Salvador government made BTC legal tender to their citizens and it has increased their economy, which many countries is looking towards their steps to do d same thing. There are many BTC users in d Nigeria who are billionaires, and dey are looking for were to use d money so that there will be development in our country.

CryptoHeadlineNews

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Quote from: Coyster on July 26, 2023, 02:27:09 AM

Wetin me i wan see na the regulatory framework wey Naija government go carry come, if e no go dey too strict, then e go make sense, wetin dey vex me be say our government wan dey collect tax when CBN ban crypto and when dem never begin regulate am.

Omo.. Na the country we find ourselves be that oh my brother, but shah, we go always survive despite whatever plans this government holds for us crypto lovers, because moreover with the high rate of our Nigerian youths getting involved into crypto-related stuff this days, I dey sure say this thing called regulations go soon become a thing of the past when we have the right people in governance who are tech & crypto inclined.

However, it seems the harassments by our Nigerian police on young boys found to have a crypto wallet on there phone (i.e Trust wallet & Binance) been tagged as Yahoo boys don reduce small now abi? Because eh don tah I here news about such.

Sim_card

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Quote from: Coyster on July 26, 2023, 02:27:09 AM

wetin dey vex me be say our government wan dey collect tax when CBN ban crypto and when dem never begin regulate am.

Imagine their mentality and urge to collect people money. OK you know say you won collect tax but them no tell Emiefele to uplift the ban. All these things na e dey make me wonder if FG even understand crypto at all. Wetin Emiefele tell them na e them believe but them forget say Emiefele understand the potential of bitcoin and he know say he fit make so many investors wealth dey coded without CBN knowledge na him make he put the ban. I guess say Nigeria Government get shallow brain on crypto and them no know how them go do about am. E for make sense make them make the use of crypto normal so that them go fit regulate and collect tax from exchanges operating in Nigeria.

Adams0001

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Quote from: CryptoHeadlineNews on July 25, 2023, 04:07:03 PM

For me, the only thing wey I for like make Federal government do to encourage Bitcoin na to create a conducive atmosphere to enable people trade and transact their coin in peace, because nothing sweet pass say when you want buy Bitcoin, you fit just use either your MasterCard or Visa carry run transactions without limits placed by CBN at ease, without needing to create several online dollar wallets, of which government dey still miss a lot too, because imagine if they fit regulate Bitcoin con dey collect charges per each transaction, na really big money be that oh, wey for in one way or the other help the economy grow.

Na true you talk, if Federal government agree make we trade Bitcoin for our Naija no be small money go come our country if dey put even na small charges, if person start dey use him master card make payment you know go get issue with transaction delay or scammers again, I don't know waiting our leaders dey see for Bitcoin were dey no want make we use am trade for Naija, i think dey don't know the benefits where dey Bitcoin that is why dey stop am. one dey our Naija go better and we go use Bitcoin do transaction for our country. This new activate governor of CBN Folashodun Shonubi make him help us approved Bitcoin for the country, make our Naija progress with other country that allows cryptocurrency.

Kelward

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First na for our government to regulate crypto matter and make e de favourable to us wey de into am, so we go get a clear vision of crypto relationship with our government. E go be win win for us wey de into bitcoin and our government, because we go de sure of enabling environment to trade and invest in bitcoin and government go de happily cash in for di tax wey dem go de collect from us.

Coyster

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Quote from: royalfestus on July 25, 2023, 04:24:06 PM

I earnestly desire that the government refrains from imposing regulations or interfering with cryptocurrencies.

E no dey possible say the Nigerian government no go interfere for crypto matter, and no be only the Nigerian government wey dey do am, crypto dey regulated for many countries, the government talk say the risk involved dey too much, thus regulation go help to protect those wey dey involved, clear regulation go also help the government to make money from the industry through tax.

Wetin me i wan see na the regulatory framework wey Naija government go carry come, if e no go dey too strict, then e go make sense, wetin dey vex me be say our government wan dey collect tax when CBN ban crypto and when dem never begin regulate am.

Charles-Tim

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Quote from: Amphenomenon on July 25, 2023, 10:48:56 AM

I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

There is nothing better than the government to legalize bitcoin and other cryptocurrencies. All those exchanges that Nigerians are using should be taxed. Also Nigerians should pay their 10% capital gain tax.

Quote from: CryptoHeadlineNews on July 25, 2023, 04:07:03 PM

For me, the only thing wey I for like make Federal government do to encourage Bitcoin na to create a conducive atmosphere to enable people trade and transact their coin in peace, because nothing sweet pass say when you want buy Bitcoin, you fit just use either your MasterCard or Visa carry run transactions without limits placed by CBN at ease

Nigerians have the conducive environment within themselves as they do not depend on CBN and the banks before they can trade between and within themselves.

I will prefer the way we trade now than the profit to be centralized on payment gateway like Mastercard. But using such cards might make the transaction faster. Trading within ourselves too is not that slow, it depends on the buyer or seller. I have done many of such transactiona that are very fast.

Another thing to consider is if the payment gateway will use I&E window or the parallel market price. Even after the naira unification, people will still likely gain better if they use parallel market. Recently, dollar increased to $870 in the parallel market, it was around $777 in I&E window at the time. But if Nigeria government legalize cryptocurrencies, I do not know how the exchange rate would be. Or likely some traders may see arbitraging opportunities.

royalfestus

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I earnestly desire that the government refrains from imposing regulations or interfering with cryptocurrencies. It would be best if they let this innovative space thrive without unnecessary intervention. My sole aspiration is for them to permit the seamless exchange and deposit of fiat currency, such as dollars or pounds, into our domiciliary accounts

CryptoHeadlineNews

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Quote from: Amphenomenon on July 25, 2023, 10:48:56 AM

My people, I know say bitcoin nor dey banned but only say cbn government put restriction and we dey see say all their plan to control/restrict growth of Bitcoin for Nigeria nor dey work even the eNaira nor even do anything. I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

For me, the only thing wey I for like make Federal government do to encourage Bitcoin na to create a conducive atmosphere to enable people trade and transact their coin in peace, because nothing sweet pass say when you want buy Bitcoin, you fit just use either your MasterCard or Visa carry run transactions without limits placed by CBN at ease, without needing to create several online dollar wallets, of which government dey still miss a lot too, because imagine if they fit regulate Bitcoin con dey collect charges per each transaction, na really big money be that oh, wey for in one way or the other help the economy grow.

DaNNy001

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Quote from: Amphenomenon on July 25, 2023, 10:48:56 AM

My people, I know say bitcoin nor dey banned but only say cbn government put restriction and we dey see say all their plan to control/restrict growth of Bitcoin for Nigeria nor dey work even the eNaira nor even do anything. I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

This our country na so so short sighted politicians nai full and na all of them just dey after their interest especially that fool emefiele wey put this law on crypto ban with banks but still on still btc and crypto still dey thrive well even with their ban on so for me I feel they should just lift that ban restricting banks from transacting but I no naija e day hard for them to go back on their word.

Amphenomenon

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My people, I know say bitcoin nor dey banned but only say cbn government put restriction and we dey see say all their plan to control/restrict growth of Bitcoin for Nigeria nor dey work even the eNaira nor even do anything. I go like know which laws about bitcoin whona reason say government fit put for Nigeria way go favour the economy?

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