Is the Nigeria Central bank confusing its citizens?

ABCbits

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Quote from: Om.monata on March 29, 2021, 03:12:11 AM

Quote from: ?? on ??

I think they basically say, "Trading cryptocurrency isn't illegal, but violate our terms and conditions". Trader will be forced to learn P2P trading, switch to another bank (which allow cryptocurrency activity) or stop invest on cryptocurrency.

that's what is happening in my country, the government in my country does not legalize crypto trading. neither do they prohibit. it's just that everyone has to comply with the rules. So I think this is a step that the country is taking, and Nigeria seems to have taken a wise step towards it

I think you missed my point. My point is NCB action could significantly reduce cryptocurrency usage because most people rely on Bank to buy cryptocurrency for first time.

bosede1

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Quote from: vintages on March 23, 2021, 03:07:48 AM

Earlier last month, there has been an uproar from many about Nigeria's Central bank on its decision on cryptocurrency among Nigerian citizens. This led to panic among cryptocurrency investors in Nigeria, as the CBN directed that trader's accounts in Nigerian banks should be closed.

In a recent report released on March 22nd, the CBN says they are not discouraging citizens from trading or making use of Bitcoin. But it only told the banks to close accounts that had traded cryptocurrency

https://www.coindesk.com/nigeria-central-bank-bitcoin

If the citizens are free to trade cryptocurrencies, how will it be possible without making a transaction to or with their local banks? Of course, it might be possible with the P2p transaction. But what is the need of encouraging them, when you will still close their accounts?

Now my question is, why all this confusion? Isn’t the CBN confusing Nigerian crypto traders?
I feel they didn’t think this through before releasing their ban statement in February with their wild claims.

You can only get confused if you are confused already I don't think any of the steps taken by the government moved me a bit when I got the news, some friends were asking this and thatat but I wasn't moved because I know there are many platforms for me to trade without the central bank interference and all but its only the novice or starters that won't get this

intelligentdude

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There are speculations that the reason is that CBN is trying to protect the value of Naira, hence the funny policy from them.

Most youths are now involved in crypto-related activities and blockchain technology cannot be stopped since it centers on the principle of decentralization.

However, crypto traders have been able to overcome this setback by falling back to the old way of buying and selling digital assets popularly known as Peer to Peer method.

A good number of exchanges have integrated the P2P platform and with this in place, traders can fund their crypto wallets and also withdraw from their crypto-wallets.

One of the things to consider when using this approach is safety. Scammers will want to take advantage of this opportunity and milk innocent crypto enthusiasts hence the need for newbies also known as noobs to transact using an exchange.

Personally, I prefer Quidax.com in funding and withdrawing my crypto assets. Quidax has an easy-to-navigate interface with a reliable customer support team.

For details on how to use the Quidax P2P platform, kindly visit this link: https://blog.quidax.com/make-way-p2p-is-live-on-quidax/

Om.monata

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Quote from: ?? on ??

I think they basically say, "Trading cryptocurrency isn't illegal, but violate our terms and conditions". Trader will be forced to learn P2P trading, switch to another bank (which allow cryptocurrency activity) or stop invest on cryptocurrency.

that's what is happening in my country, the government in my country does not legalize crypto trading. neither do they prohibit. it's just that everyone has to comply with the rules. So I think this is a step that the country is taking, and Nigeria seems to have taken a wise step towards it

Pokapoka124

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Quote from: davis196 on March 29, 2021, 12:42:50 AM

The Nigerian central bank has a bad PR department,I guess.
Why can't they just share publicly their views on cryptocurrencies and their legal status in Nigeria,instead of sending a bunch of confusing messages to the public?
Was its so hard to say "It's OK to trade cryptocurrencies,but do not use your local bank account for buying cryptocurrencies or receiving fiat money for crypto coins that you have sold".
There's a reason platforms like Paxful are full with people from Nigeria.

Yeah you're right. The government find it difficult to communicate with the citizens. This is not the first this has happened. It is a chain reaction really. The FG comes up with such tactics every now and then to derail the people from asking questions.

Its not just Paxful there are Nigerian exchanges like roqqu and Patrica that are being used by a lot of people. The ban was an effort to frustrate the citizens

davis196

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The Nigerian central bank has a bad PR department,I guess.
Why can't they just share publicly their views on cryptocurrencies and their legal status in Nigeria,instead of sending a bunch of confusing messages to the public?
Was its so hard to say "It's OK to trade cryptocurrencies,but do not use your local bank account for buying cryptocurrencies or receiving fiat money for crypto coins that you have sold".
There's a reason platforms like Paxful are full with people from Nigeria.

Pokapoka124

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I believe the Nigerian government is just confused and short of ideas. The best they could come up with as a solution to fall in naira was to ban crypto as they claimed it was responsible for the decrease in the value of naira. The question now is Why the sudden change of heart? Was there a new research or findings that made them change their decision or is the government just playing games as usual. The current administration quite popular for its incapability and inefficiency. All they can do is come up with things to distract the public from the real damage they are doing to the country( embezzlement of funds, extra judicial killings, e.tc.). I won't be surprised if they place a ban on crypto again.

Innerpumper

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well, I think it really affects nigerian citizens. Some decisions can be just fake news made in order to get the price of bitcoin below. After panicking Nigerian investors they started making the real news of bitcoin's return and prices started to rise. That often happens in cryptocurrencies.

rosebrand

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It's obvious the CBN doesn't even have a solid reason for restricting Nigerian citizens from making transactions with thier bank accounts, it's clearly seen that CBN must have noticed that alot of crypto traders are really making it big in crypto therefore making them not being broke and can compete with those on power, like my friend said Nigerian government like being in control so maybe that's why there ban crypto to be able to be in full control monetary but there can't deny the fact that crypto is really helpful to their country.

HanaTenun

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They take decisions too fast before they get more information about cryptocurrencies, and when they update about the ban they reasoned that they only prohibit crypto currency from operating in the banking sector, they are afraid that when the public finds out about crypto that has the potential to threaten its power in the financial sector , and they make up about news that is still not clear that might be aimed at seeing the reaction of the public about it. this is just my assumption for a while.

kryptqnick

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I think that the bank doesn't want people to use cryptos, and that's natural. After all, cryptos show how people can make financial transactions without a bank, and how they can be fully in control of their money. However, I still don't think that the Central Bank is authorized to introduce a legally binding ban of cryptocurrencies. What they can do is make statements and close bank accounts, but it has to be either the government (and the Minister of Finance seems to be on it already) or the Parliament to introduce the legislation which would actually regulate cryptocurrencies. So now the bank is backing from the initial statement because it cannot enforce a ban, and also because it wouldn't want to fall out of favor of the Minister of Finance who said they'd be looking for a way to regulate cryptos rather than ban them.

Lmaooo

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Well, the Nigerian central bank ordered the banks to close bank accounts belonging to local cryptocurrency exchanges, not individual traders. Many people failed to understand this yet they are spreading FAKE NEWS. The bank accounts that were closed are corporate accounts belonging to cryptocurrency exchanges that accept Nigeria's local currency called "Naira".

MCobian

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I am sure the crypto community in Nigeria is quite upset with the Nigerian Central Bank's decision, indeed on the one hand it does not prohibit
crypto trading. But Nigerians cannot use local Banks for crypto transactions, this is indeed confusing crypto users in Nigeria. Indeed, the crypto
community in Nigeria should have started using P2P platforms for solutions that are happening in Nigeria. Maybe the Nigerian government wants
to make it more difficult for crypto users in Nigeria, so that Nigerian citizens prefer to use fiat. Whatever the reasons for the Nigerian government
for doing this, it is indeed a confusing decision.

CryptocurencyKing

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Quote from: iv4n on March 27, 2021, 03:03:56 AM

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I almost fill pity fir humanity after reading your comment. I wonder where we are heading with all this world politics and how it would help the world. Using fellow men, country men as test lab rats or Guinea pig. Creating chaos and then try to solve the problem! While the country is just trying to recover from the injustice that was done to its youths in the recent end sars and police brutality for which, the government has denied the truth behind its revelations and the injustice done to the country of killing its youths in course of the protest. I become really emotional when I see these things happen, how another being fails to see his fellow human as another human being.

Its a good point you raised there, they have there military and police to protect them and keep us at bay but most persons won't realise that. Its an institution used to hold us like shackles. They might help a little but really, they work for the government against the citizens.

Kittygalore

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Quote from: worle1bm on March 27, 2021, 02:10:07 AM

Actually the case with most of the governments around the world is that they have no clarity about crypto regulations as they fear its usage being decentralised currencies unlike fiat but on the contrary basis they also don't want to loose revenue from the tax proceeds of crypto users.Nigeria being the country with most crypto traders and users obviously don't want to decrease their revenue sources and promote its usage with economy boost.

They actually have a grasp of it and they know the potential, what they don't want is for the people to fully understand because it threatens the power of their authority especially in the banking services. I think that any government will do anything to keep their subjects docile and if confusing them is the key to it then they will do it.

iv4n

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Quote from: CryptocurencyKing on March 27, 2021, 02:46:44 AM

Quote from: vintages on March 23, 2021, 03:07:48 AM

In a recent report released on March 22nd, the CBN says they are not discouraging citizens from trading or making use of Bitcoin. But it only told the banks to close accounts that had traded cryptocurrency

Then I wonder what does this singular act of closing accounts does to the crypto community in Nigeria and around the world! What rubbish!! These politicians just go about viewing their subjects or the public not to be of reason at all. Its so unfair. They think as though, they have come to Lord over the flys 'Lord of flys'.
They see when a thing is working so good and they throw in an element of confusion and believe just a statement is all it takes to back there dirty acts up.

This calls for a more unified crypto community in Nigeria and the world and that, the crypto citizens of the world must stay strong in what we believe in and keep pushing till its accepted.

I think this is a good example of how governments test public opinion! They just throw a duck with some viral news and they look for comments and reactions, after that they will make a final decision on what to do... basically, it's how parties are staying in charge! It's easier to rule over confused masses!
For fighting against confusing government rules the entire nation should rise, all communities, not just a unified crypto community! I guess one community can start the process of changes, but for realization, a lot more people are needed! Just remember, those governments have their military and police protection!

CryptocurencyKing

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Quote from: vintages on March 23, 2021, 03:07:48 AM

In a recent report released on March 22nd, the CBN says they are not discouraging citizens from trading or making use of Bitcoin. But it only told the banks to close accounts that had traded cryptocurrency

Then I wonder what does this singular act of closing accounts does to the crypto community in Nigeria and around the world! What rubbish!! These politicians just go about viewing their subjects or the public not to be of reason at all. Its so unfair. They think as though, they have come to Lord over the flys 'Lord of flys'.
They see when a thing is working so good and they throw in an element of confusion and believe just a statement is all it takes to back there dirty acts up.

This calls for a more unified crypto community in Nigeria and the world and that, the crypto citizens of the world must stay strong in what we believe in and keep pushing till its accepted.

adzino

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Quote from: vintages on March 23, 2021, 03:07:48 AM

Earlier last month, there has been an uproar from many about Nigeria's Central bank on its decision on cryptocurrency among Nigerian citizens. This led to panic among cryptocurrency investors in Nigeria, as the CBN directed that trader's accounts in Nigerian banks should be closed.

In a recent report released on March 22nd, the CBN says they are not discouraging citizens from trading or making use of Bitcoin. But it only told the banks to close accounts that had traded cryptocurrency

https://www.coindesk.com/nigeria-central-bank-bitcoin

If the citizens are free to trade cryptocurrencies, how will it be possible without making a transaction to or with their local banks? Of course, it might be possible with the P2p transaction. But what is the need of encouraging them, when you will still close their accounts?

Now my question is, why all this confusion? Isn’t the CBN confusing Nigerian crypto traders?
I feel they didn’t think this through before releasing their ban statement in February with their wild claims.

Didn't they already ban all sort of crypto currencies in your country? I remember reading some threads few weeks ago where all bank accounts that were involved in crypto trading were closed without any warning. And that the central bank of your country issued a notice that trading and transacting with crypto currencies is illegal. So I don't think they are confused or anything. They did actually put a complete ban to it. Sucks you guys never got any warning or anything.
Since they said any transaction involving crypto is illegal, wouldn't that mean p2p transactions are also illegal?

verita1

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I have also been confused with this clarification of the CBN. Which makes me suspect that they will not be able to contain the desire of Nigerians to fully adopt bitcoin and cryptocurrencies in their lives.
The adoption has begun every day we gain more spaces. How can they refuse? They cannot, it is like a great wave of innovation and they remain as spectators.

Quote

Tesla is using only internal & open source software & operates Bitcoin nodes directly.

Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

https://twitter.com/elonmusk/status/1374619379929772034?s=19

worle1bm

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Actually the case with most of the governments around the world is that they have no clarity about crypto regulations as they fear its usage being decentralised currencies unlike fiat but on the contrary basis they also don't want to loose revenue from the tax proceeds of crypto users.Nigeria being the country with most crypto traders and users obviously don't want to decrease their revenue sources and promote its usage with economy boost.So they are floating in two boats and just finalizing their decision which is why different statements are coming.But CBN has issued notice which states crypto P2P trade exchange can resume their work which is good news for all Nigerians and other.Most probably its their fianl decision as they have recognised its importance and main aim is to earn profits from business.

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