Topic: If the S.4912 - BITCOIN Act of 2024 is implemented, will Nigeria follow suit.... (Read 158 times)

This is a good step at the right direction, this show how futurist the US government and its legislators are towards the country economy.  They always think ahead of others then when they succeed in it others will follow.  I think this bill will scale through because Trump will actually assent to it when his been sworn in as president come January 2025. His campaign was based on Bitcoin investment if you remember  that that's why we have high interest in bitcoin recently with alalso reflect on the hight rate of bitcoin.  And if this bill pass through expect more increment in bitcoin price.

In Nigeria the government and legislators only think of today, what they will steal and have no plans for the future.  The US government is a responsible government while Nigeria government is dooming one. But if they think wise and propose the bill I think the public will support it. Since bitcoin is the future of every responsible government that want to have a stronger economy.  Omo bitcoin will be so hight if the bill pass through, this is an opportunity for us to invest in it and hodl for long time.

I don't see any difference you are talking about here when it comes to Bitcoin. It's a personal decision to make in as much as the number one man in the United States has chosen to invest in Bitcoin - of which we are not certain he bought any Bitcoin. In Nigeria, we don't need the President to invest in Bitcoin. All we need is for the Act to be allowed for the country's benefit. Whether he chooses to invest in Bitcoin or not, what should come first is how to improve the country's economy. If Bitcoin tends to be the boost the country needs, then fuck his feeling towards Bitcoin.

As I said earlier, we are not certain Trump invested in Bitcoin. But he is playing this political game to make the United States better and stronger. Nigeria too can do the same in Africa. Before other African countries will follow suit, we will already be ahead of them. Although I have removed my mind from it completely. Knowing full well that our leaders don't care about the future of the country. They are more concerned about what they profit from now. As a leader, the decisions we are to make should always be for the future not about now. This is what i expect from our leader, but the opposite is what we get.

I doubt if our government would ever dare to follow suit in such implementation. You forget the categories of leaders we have in this country? They would never waste their time in anything they know would not benefit them in their act. Bitcoin is very transparent that every transaction would be monitored so doing such would knock every available means of them stealing from the treasury and that means nothing for them which they would never allow to happen. Besides, Nigeria is still a developing nation and her citizens are not as informed as the western nation adopting it so fast.

Ordinarily, Nigeria could decide to do a deal for resource and bitcoin swap in the sense that any of our resources bought could be paid in bitcoin if we want to do so but the fear of they being caught and the powers that be would never allow such to happen because it is a big threat to their dirty deeds and would not want anything to be traced to them.

So therefore, the idea of incorporating the bitcoin act into our system would be very difficult as the crop of leaders would oppose it and would tell you clear that the western system and our system are not the same so they will not follow suit so as not to blow their own cover.

there's a difference between Nigeria and the United state most expecially as it relates to thier stand in Bitcoin and cryptocurrency. The number one person in the United state is currently bullish on Bitcoin and that's going to play a pivotal role in terms of how easy it will be for such a proposed act to be implemented, for ours, we don't even know if our president knows how Bitcoin works. Another thing is that the United state is more viable economically to have a  four circle plan of accumilating Bitcoin while her economy still runs unlike the Nigeria economy that's literally borrowing money for most of her needs.

There are persons at the corridor of power in Nigeria that are knowledgeable enough to  push for such bill to stand but we know how that till now, our country is still scheptical about the feasibility of crypto and still sees it as being associated to an hidden way of embezzling money.

We can't borrow money to invest in Bitcoin or else, we are going to be left with no option other than selling halfway when we've attained the slightest profit. Even though the implementation of this act will make it bullish for anyone that's holding Bitcoin be it from an individual angle or an institution angle, it's not the best of idea that we should be making a futuristic plan when we have short term needs that demand urgent intervention.

Exactly buddy, I concur to this, Nigeria need more than Bitcoin to elevate our economy, though am not against Nigeria having Bitcoin as a reserve, if so after having it as a reserve what next, I think we have a problem in this country which I have always emphasis on, the problem of Nigeria as stand is the deficit in production capacity, though to have such reserve is good but next, our debt keep going higher everyday, they prefer borrowing than putting heads together in seeking a lasting solution to our major problems, mate you have said it all, though I won't dispute the fact that op tried in bringing up this kind of question but the fact remain that they may not see it as a good idea to them if it won't benefit them in the Senate and the executive, have we forgotten that we have selfish leaders that always think about themselves not Nigerians in general.

If I may ask, what move has Nigeria made concerning recognizing Bitcoin as a legal tender in the country, I think the answer is self explanatory, so how would we consider this kind of thing to scale through here, the people in the helm of affairs are threatened with anything called technology because they lack transparency, so how would we expect them to allow something like Bitcoin to be allowed freely in the public dormain, when we know that if digital economy is been embraced fully then blockchain has to come in, which they won't like because of lack of transparency in our political settings, mate your conclusions are correct and i totally agree with you on it all.

You are asking who will send the proposal to the senate for discussion. We have elites in crypto in this country, and they can map out such proposals and send them. We also have a body called SIBAN (stakeholders in blockchain association of Nigeria).

But guess what? Just a few days ago, the above-mentioned body moved a motion for such a bitcoin policy appeal. I don't know if the appeal has already been sent; if it's in the pipeline, these people in that association have some voice, and I believe they can push it forward, but approval is something I'm not sure about. Read more about it here:
¹ Nigeria's SiBAN wants govt to craft national Bitcoin policy
² Blockchain association pushes for national Bitcoin strategy ⁣

It's funny how many countries, even a developed country like the US is thinking of using the Bitcoin as and aid to their fiat currency to avoid future inflation but Nigeria that claims to be the giant of Africa is still taking loans from the world bank instead of thinking of the way forward like others, if the Nigerian government would just sacrifice only 2 billion from our 2025 budget into Bitcoin for a full circle or two circles, I believe the profit they'll generate would be enough to help tackle the economic crisis we're facing and even help pay off the debts we're owing the world bank. Anyways, in a country where there's no working government but people who's motivate is to step into different government position and loot the treasury it would be difficult for them to think about solutions but add more problems, if only about 70 percent of Crypto enthusiast in different arms of government who have good knowledge and understands Cryptocurrency especially Bitcoin better, it would been possible for a bill be passed concerning that but then most of our leaders and even their so called advisers are nothing to write home about.

It is not about copying the US governments, aside for the fact that we have corrupt politicians on power, we have enough resources to reserve any amount of Bitcoin without having the economy fall further, our called democracy practiced was being matched from the US and knowing how beneficial it would be if we adopt it. If any act would help contribute to the growing economy then it is a good deed to take on such process, whether it has first been implemented by others or not as long it would aid the country.

Neither does the US government credit that their well being will lie on Bitcoin profits to be made, it is just an open sources that could help out the country, we already have our resources and adding extra (Bitcoin) may not be compulsory but it is highly beneficial to our system.

In a country where the government only think about their stomach and not how they will feed the mass or boost the economy.. even if such initiative were to be possible, do you think that the money or profit returns will circulate back to the economy? It won't, it will only circulate round the account of these politicians who are greedy.. then you would hear lies like the Bitcoin wallet which it was stored was hacked and some amount of coins were stolen and no trace till now... if our government gets their hand on such technology, then we are doomed for good. No development any more as they will create yearly budget just to buy Bitcoin and even divert some to their pockets... Such ideas would only benefits countries where things are a bit transparent not one like Nigeria..

I don’t know why you guys are thinking so much about the country because the congress men we have in the country are not interested in whatever they wouldn’t be having any direct benefits from and since bitcoin is a very transparent asset that can be track and monitored by everyone and anyone at any time, that will also be a major factor for the current political leaders not to even support such a motion.

If there is ever going to be thoughts in that in the country, then I must admit that, that will be one of the saving grace of the country from the country mess it’s in now and there’s hope of a thought on this because, our country is one of the major forelight of the African countries and as such, wouldn’t have much choice than to buy the idea.

Yes, I think it is very possible considering the fact that they have the money, but it can't be done because it won't yield any result. Oh fine, the united state are planning on doing that, but you and I know very well that their system is more transparent than ours, so the Bitcoin that they plan on buying won't get stolen or missing in the future.

Just as you've stated "one of the richest African country", which I believe is in both oil and minerals, but unfortunately, there is no evidence to show that we have such resources, so I don't think having a Bitcoin reserve will make any difference.

The only thing we just ask for is for the government to become more flexible with whatever laws they've put in place on Crypto (which we don't even know about). Maybe try as much to also encourage it's usage among citizens.

You have just given the most precise response to OP. Nigeria is still developing so we can't really copy everything the United States are doing. Perhaps, even if Bitcoin becomes a reserve currency in Nigeria, it's benefits will still return to the so called corrupt leaders and not improve the economy of the country in any way. Sharing same understanding with you, i agree that what will boost our economy is Nigeria is beyond bitcoin adoption, so it is. A lot of things need to be set in place before the country can experience massive growth in our economy. True that bitcoin adoption will help the country a lot but it's not a prerequisite that our redemption will come from bitcoin.

You and i know that we cant push this appeal to the government. Since we have this idea who will push it to the senates. Sometime i just wonder what are the objectives that are been discussed whenever there is a senate meeting in Nigeria. I don't see any strategic development plans to boos the countries economy. All i see are bills passed with the typical ways of embezzling money from the countries treasury. Even if this idea is to be brought to the Senate they wont take it serious. Well i cannot conclude i just want to see the government deliberate on this because this will be a way out of this economy hardship for the next 20 years.

Your right! this strategy will be more beneficial to Nigeria than to U.S.

Getting that proposal approved is going to make the country get enough profit from bitcoin before the end of that proposed year, but bitcoin doesn't contribute to the country's currency value increase; it can only make them richer. One of the major factors that countries use to value currency is demand, which Bitcoin won't do to the US dollar.
 
Nigeria has not accepted crypto fully, so it's hard for such proposals to even be submitted, and it will be hard for it to pass ruling, and even if Bitcoin is being adopted by the Nigerian government using it as part of their reserve, they won't be the first African country to own Bitcoin; the Central African Republic already approved Bitcoin as a legal tender since 
 
Nigeria needs more than Bitcoin adoption to boost our economy and our country's currency; the government should start by tackling the loopholes that contribute greatly to our currency devaluation. Too much depending on importation and the excessive need and use of foreign currency are also part of the reason for our currency devaluations.

I spoke about this before and many spoke as if it was infeasible How feasible will it be for our government to invest in bitcoin?
I think this will even be more beneficial to Nigeria rather than the US which has already developed and has many source for revenue couple with the fact that their economy is still in a wonderful state in comparison to ours.

If our Governments took this step last year, we might be in a better state than this in terms of our economical standing, I also think it will bring a sense of transparency on how funds are being spent by them, since we can all see how funds are being moved in the blockchain whereas in the case of money laundering we don't even see anything or who are actually among all of these. Even if there may be no justice at least we know who are the culprits and maybe get justice by ourself someday.

I know many of us might have heard about the Bitcoin act of 2024 introduced to the US senate.

The bill is to have a Bitcoin reserve for the US government which they are buy one million Bitcoin in the next five years. And all the Bitcoin accumulated in the five year period will be a held for 4 cycles (20 years).

If this bill is implement it will be a big shot of the US economy. In 4 cycle its possible they will have huge profit that will increase the value of the US Dollars and make the country rich.

My concern is that, is it possible for the Nigerian government to introduced such a bill to the senate to buy at least a qualitative amount of Bitcoin for reserve by 2025. This approach will help our country as one of the richest African country and the first to have a Bitcoin reserve in Africa.

This will give a huge boost to our Naira depreciation. Lets think about it.