Banks are quite oppressive to cryptos anyway. On one hand, if I think about it, allowing BTC usage only off-banks sounds good, lol. The less we use banks, the better.
It does probably sound confusing to the avg person indeed. If banks are bound to close all accounts trading crypto, it means most txs will go offline. I'm quite sure a government would rather have txs they can control (banks are perfect for that) than barter and offline p2p ones. I guess they're going to come out at one point and clarify their statements, because this sounds quite weird coming from a gov..
Topic: Is the Nigeria Central bank confusing its citizens? - page 3. (Read 373 times)
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?
Accounts involved in cryptocurrency trades through peer to peer platforms cannot be restricted neither can they be closed by the central Banks as their source is unknown.When deposits or withdrawals are made through regulated exchanges it is reflected in the banks to be affiliated with cryptocurrency, but in peer to peer transactions it is simply reflected as an exchange between two individuals, which could be from any means and hence Banks can't interfere.
I think it wasn't really their intention but considering that the days in between the on and off relationship of CBN towards cryptocurrency is short, this might have caused some accidental confusion towards the cryptocurrency users in the country but I might be wrong and that there was a conspiracy that they really did plan to confuse the people in the first place to make them not get into crypto because there is an uncertainty.
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.
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.
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