Topic: Is cryptocurrency legal or illegal in Nigeria. (Read 225 times)

No be lie say Cryptocurrency get all these qualities o, say person fit Dey find something from somewhere and nobody go know say, na this baba Dey support this people even in plain sight.
The truth be say, these things don Dey in okay since and nobody Dey talk about am. Then Dey only mention am on the surface and no Dey go in depth to pursue the matter and bring those involved to justice. Na why Change just hard for the nation, them don see how to bend the law to their favor.

Only if them fit try to Dey look on the bright side of this our cryptocurrency thing, them go see am say, in this time way things hard for we country, this na means to survive. People way Dey carry this thing see front plenty o. Make them rest with this there legal and illegal cryptocurrency trading matter.

To be frank, crypto is a currency just like our Fiat of which is the Naira.
The Naira is considered a legal currency because it is the known legal tender for trades, transactions and payments
even on the international market and that joins as what counts to make this country a sovereign state.

It is until a certain crypto which is a currency that is known and could either be Bitcoin, Etherum, Solana, Doge, or some kind of token that could be converted to any of these crypto currency or to our local Fiat is acknowledged on paper and granted the right to be used for international trades, transactions and payments, and most of all, is regulated and taxed just like Fiat by the government, it can't be considered a legal tender by any means even if it isn't really an illegal currency in the first place.

We can't all say that the U.S dollar or the British pounds is a legal tender in this country even though we know that it is not an illegal currency, but it is not and can't be considered a legal currency for trades, transactions and payments within this country's border.

Wetin you talk na in be the matter, Dem no even fit tag cryptocurrency illegal for the country sef the only thing wey Dem fit do now na still to ban am again and even if Dem ban am people go still dey into crypto because no body go fit dey happy say Dem close where him dey take dey chop but anyhow make every body just dey vigilant and no dey talk anything concerning cryptocurrency anyhow because you no no who be who for the country again just like people been discover two CBN official wey disguise as online merchants dey do p2p transactions for exchanges so make we just dey do crypto activities on a low.

Cryptocurrency de legal for Nigeria, and as far as I de concerned, dem never talk for anywhere say e de banned, but how di matter say our government no ban cryptocurrency take help us wey de for inside. Na everytime our government de take crypto matter de front for them ineffective leadership, crypto don become scapegoat, wey dem de take front, like say Nigerian problems base on cryptocurrency.

First na say make Banks no facilitate crypto transactions, we overcome dat one, dem come talk say make Banks de facilitate am, how di facilitation help us, zero. Now na to come after naira p2p for reputable exchanges, how young Nigerians, wey de survive for crypto business wan survive. After dem go say our youths lazy and dem be scammers. Na only God, go always de make a way for us wey de into crypto things.

Correct, Nigerian government didn't ban crypto currency but they are doing all this things because they feel like doing them, Nigeria government are also a beneficiary of crypto currency but they keep it secret. One reason why I am thinking that Nigerian government will not ban crypto is because they just want all this exchange to be settling them. That's the main reason why they are manipulating those exchange. From the story of Binance and Nigerian government we can fully testify their reasons for manipulating exchange. But truth be told that crypto currency is not banned in Nigeria.

Just know that when e be say your family nor dey known, make you dey careful with Nigerian laws. If dem wan really put inside prison for crypto matter, dem sabi the law pass you and go fit show you side for inside wey you never see before, or quote the law in another manner wey go shock you. The poor man is powerless against the law.

The actions of our government na indirect attack to cryptocurrency, they may not have openly declared cryptocurrency to be illegal, but their actions is clearly to frustrate people from it.

Nigerians the cause of their own problems? The Nigeria government is a mess and they only hoped to spoil things for the youths that are engaged in crypto especially the P2P sector. The government have turn the hand of the clock and have started fighting against these crypto top exchanges, first it was Binance and now is OKX. I really can't place my hands on the current problem of the Nigeria government, leaving the main issues on ground and pinning down for some random unconcerned matters is really out of line for me.

The truth of the matter be say, FG is looking for ways to cover their inability to stabilize the Naira as the Naira value keep dropping always; them they use CBN and other bodies to give innocent individuals pressure saying that cryptocurrency is the cause of their currency devaluation, meanwhile them too they involve in this cryptocurrency and them no go fit deny am that’s why every action they are taking is always not transparent because the bankers they will use are also not clean.

The legalization is not official and calling it illegal is not also right because the FG never talk say them ban crypto, them they only warn people wey they do am because of its volatility.
CBN no fit trace all the bitcoin and crypto transactions in my opinion because na person wey use the caption Crypto put himself for wahala and them go get evidence against the person, if not I no believe say most of them too no de do crypto because that’s the place they easily embezzle money and hide them there.

It must be extremely difficult for them to turn the situation around right now because things are already out of control; if it was a working system, the CBN Governor should be jobless by now given what the government has invested in his fight against crypto to sterilize the Naira, but the process has yielded nothing positive as the Naira continues to depreciate. The FG foolishly continued to subsidize the naira with our foreign reserves until it was liquidated.

I recall Binance providing the FG with a price cap, moderating the Naira p2p so that Naira manipulation would never occur on their platforms, and sellers were prohibited from going above current market rate, but the government was still dissatisfied. I thought Tinubu was smarter than Buhari in terms of understanding how cryptocurrency works, but he's an old-fashioned man who knows nothing about blockchain.

Me I know say government don dey run up and down to see how dem go take ban cryptocurrency or at least limit its popularity to certain level. As they have succeeded in taking out the Naira P2P from exchanges, their eyes still dey ground dey find how dem go carry do am but unfortunately, they can't succeed in that because some of them get coins with good value. I no dey surprise when dem talk say people dey use am for money laundry. My question be say na who and who dey launder money for this country? Na still dem dey do those kinds of illegal deal and them want to rub am off the masses wey dey hussle their own.

The thing is most of this pressure na politics and interest base. If dem see say one colleague wey dem dey after get certain kind of business wey dem no understand or dem think say na cryptocurrency dey give the person money, then dem go begin look for how to bring the person down by outlawing that aspect of the person business. It is just that kind of thing wey dey happen for the country and it affects mass of the people.

Nigeria government have not made cryptocurrency illegal but one thing that I see is that they have seen how people are trading with p2p and they want to control the p2p exchange rate to their own favor.

Me and you know say Nigeria government na witch and bad Belle, anywhere we dem see say we dey benefit as long as no be their doings, them go won fuck that chopping up, and finally dey in charge of that chopping so that them to fit do their own mago mago and wuru wuru. CBan dey after p2p because them won manipulate the price of dollar to Naira. Imagine the cheap price rate we @Charles-Tim ppost for that picture.

Many people don enter cell for something wey government no write for law book, especially some things dat concern decentralized currency because dey no say people dey make money from crypto investment and dey are ready to pay any amount of money for dem not to enter cell.

There is one of my friend police find wallets in his phone some months ago, Wetin my friend talk say nor b anything, police turn d matter to a strong case dat made him to spend #200k before dey free dis my guy not to enter cell.

Even though, dey never write an for law book, let us avoid anything dat will make dem to collect Wetin we suffer to get from crypto investment because e no easy to earn money from dis industry.

CBN are not working or making their policies on their own, they were instead operating under the instructions given by the government for them to engage their operational conducts on, bitcoin in not illegal in Nigeria, but the government warned that banks should not be involved in anything that has to do with cryptocurrencies, as well as any individual found doing such were at their own risk, all because they believe that is the major reason that is causing economic activities depreciation in the country and the loos of naira value against dollar because of the online traders, which is not the actual situation on the causes of low economic performance in the country.

if you're looking at it from that angle then you're missing a whole lot of thing here and it means you're not tailoring it down to the peculiarity of the Nigerian system of following up with her laws.

For this country, no one really follows what the laws says to the latter. They already know how to frustrate you to the point were you have to confess to what you've not done even before you're taken to the court. That's the reason why they can comfortably frustrate all crypto users to the best of their ability even though they've not outrightly made a statement that suggest that crypto has been officially banned in Nigeria. Let's assume that police starts checking your phone on the road to see if you have binance app on your phone or that you're getting involved in any form of crypto transactions so they attribute you to being an enemy of the country, will you tell them that it's not stated anywhere that crypto is banned in Nigeria and because of that you should be released? We all know that laws and order don't work that well in this country and the truth is that they don't need to make a clear statement saying that crypto is banned in Nigeria before frustrating all crypto users.

In an ideal situation, all this sanction of Fin tech, attack on binance and these short termed measures the FG is putting up with iw not necessarily considering the fact that they've only stopped people from doing crypto transactions with banks and haven't made any other statement as regards exchange prio to now but now that it's very glairing that the attack is touching aon almost all the sectors of the cryptocurrency ecosystem, then it's not out of place to assume that crypto is technically banned in Nigeria.

I follow agree with your yarn. I just wan see how long the govt fit carry on with this their sorry excuse at rebuilding the naira by attacking crypto currencies because if you check most of their pattern, them go rush put dirty law, once them see how e no dey get head or them don collect small money from am, them go later lessen the rules.
I no believe too say this government and their laws get mind to ban crypto currencies but them just want a situation where them go look like them get control.

The government and the CBN are acting too unprofessional and frustrating over this long run about this crypto sphere and its processions of exchange transactions.
So of all being crawling around the country in both economy, education and security aspects, cryptocurrencies has now become the centralism taking responses to all that being mattered about the countries setbacks ? So ridiculous to see how supposed to be individuals as leaders that're meant to be diplomatic and focus on how to drag developments into the country and engaging on facilities that'd fertilize the economy are now the once deliberately causing chaos to the national growths.

Let's just live my faith because if the government wants to place cryptocurrencies an illegal, they can actually do it because they got ball up to the courts.
While the government are frustrating its citizens from the crypto, I feel to express that those actions taken are just strategies to pressures traders and investors who're involving into cryptocurrencies to lias on paying taxes. We should've to understand the trickish institutions we've as governments who're always extorting from the citizens for no just course.

Thank God na something stupid you call am, because just as you said, with the fight wey our government dey fight these major crypto exchanges, including our local Fintech companies, it's obvious for people to think say eh dey don ban crypto for we country, because true true no be today this fight begin, because right from last administration of Buhari wey CBN ban banks from executing Bitcoin transaction and the current one of Naija government arresting Binance executives for Naira to Dollar manipulation, are clear signs say those in government have never been happy with the liberation Bitcoin and p2p brought to the youth.

E no get any law wey ban cryptocurrencies for Nigeria, but with the way our government dey attack the industry, person fit think say dem don ban crypto in Nigeria, meanwhile it is legal. The Nigerian government isn't going to ban crypto in Nigeria, because dey know within themselves that P2P trading in Naira in crypto exchanges is not what is affecting the value of the Naira against the dollar, but they have to do something stupid to act like they are working, and that is why crypto turned out to be their scapegoat.

Nigerian police don't even want to know if cryptocurrency is confirmed to be illegal as long CBN said it is bad to interact with them. They interpret CBN memos to imply that indulging with crypto is bad and anybody interacting with cryptocurrencies is a criminal. Coming from the same government that proposed and created their own CBDC  (eNaira) which is inherently, a cryptocurrency yet are going after everything related to crypto feels like a joke to me.

All these hunts for p2p exchanges is bs at best. My bias remain the same: With only 1 year in office, the government has failed and the easiest way out for them is to pin the blame on crypto. Period.

CBN is not after cryptocurrencies ban, they are after P2P ban. But the exchange rates of non P2P transactions are not favouring at all. This is an example that my brother sent me me few days ago:



There are ways I can fund dollar accounts through wire transfer but in such a way that the rate will not also favour me after the transaction fee is huge. Just like double losses.

There are no better rates than P2P. Yet many Nigerians that have P2P ads are using it to make money. The CBN does not know what he is doing after not providing good jobs for youths. People are making money from P2P.

Well, e no get where dem write am for law talk say Cryptocurrency don dey illegal or even legal for we country as na our government just dey use mouth take dey disturb we investors. But dat one no mean say if Dem catch person as e dey now, Dem no go put am behind bars o. Everybody just need to dey careful. No be crime no mean say Dem allow am. Make we hid our head for now.

What I believe that can never ever happen is that the senate or house of rep will propose a bill to ban cryptocurrencies in Nigeria.

I do not know how CBN can be able to make Nigerians not to trade cryptocurrencies. You can see on P2P ads as many people are stating in their messages already that crypto should not be included as the purpose/label of the fiat transaction. CBN is only deceiving themselves.

Why are Boko Haram asking for naira notes? Why are bandits demanding for naira notes instead? While are kidnappers also only demanding for naira? All of these that I have read on news all demanded for naira in cash for ransom.

Instead of looking for ways to fight crimes related to fiat (naira), they continued to lie and deceive people about what cryptocurrencies are.

CBN don sit down con talk say cryptocurrency no good again say people they use am for terrorism financing and money laundering so them done tell  banks and other financial institutions make them stop any transaction in cryptocurrencies.

CBN fit no support cryptocurrencies to use am as legal tender or to use am as exchange for we country, nevertheless, e no they illegal because no law or legislation contain provisions way criminalize to use am. This mean say trading in cryptocurrencies fit they prohibited by the CBN but e no they illegal going on the provisions of Section 36(12) of the 1999 Constitution of the Federal Republic of Nigeria which states that:

"Subject as otherwise provided by this Constitution a person shall not be convicted of a criminal offence unless that offence is defined and the penalty, therefore, is prescribed by a written law; and in this subsection, a written law refers to an Act of the National Assembly or a Law of a State, and subsidiary legislation or instrument under the provisions of the law."

This statement mean say anything way them no write as law or as offence for the Nigeria law book no be crime and because then never write this cryptocurrency own for the law book e mean say e no be criminal offence for we ninja.