Topic: Nigeria continuous banning of crypto (Read 1771 times)

It's probably a power play or something about controlling bitcoin, we all know that government bureaucracy is so fucked up that miscommunication and mishaps are bound to happen. Maybe what the government's doing won't be big enough to hinder the growth in bitcoin usage in Nigeria, I mean in countries that have some form of animosity against bitcoin, bitcoin still thrives.

Nigerian government is much keen in banning the usage of bitcoin and other cryptocurrencies. The initial steps were on developing their own CBDC e-naira and government wasn't successful. However it is possible to see good support from the people of Nigeria. As a result it is possible to see good number of individuals of Nigeria stepping into cryptocurrency acceptance on their personal business and other services. This is evident through different users of our forum from Nigeria posting their own experiences.

It is common to see governments trying to have things under control. Same time government should also act in the right way considering the need of the people. Nigeria government have failed in it through its corruption. This too a reason for the Nigerian people to look for something alternate and take a chance to lead better life.

I am unable to understand why such initiatives are particularly aimed at the Nigerian government's P2P trading ban. A member in this thread said that they should write a reprimand to Binance that bans the transactions of illegal activity performers. There was a similar situation in my country a year ago when the government did not think about such measures; instead, the people faced difficulties and illegal activity providers transacted for illegal activities. A good approach has been taken by my country, and I say that the Nigerian government should also consider it. That act was that the intelligence agency tracked the performers of illegal activity through p2p trading, which means that when money was sent or received to the account in p2p trading, a text would be received on his phone number, which he had added from the bank account, etc. So, with this, the intelligence agency would have tracked this person. In the same way, by this process, the transactions of illegal abortion performers could be easily tracked, and they would have banned the entire p2p trading.

So, in my opinion, the Nigerian government should not ban the entire P2P trade by taking similar measures but should catch those who are illegal activity performers. Otherwise, instead of giving support to the people of the country, they are pushing towards poverty with the help of banning cryptocurrency. Already, the poverty ratio is high in Nigeria. This will deprive more people of a rare commodity like a cryptocurrency.

Since the central bank of Nigeria gave orders to all commercial banks in Nigeria to ban accounts connected to crypto transactions, most stores and business owners that accepted bitcoin before are being forced to stop because everyone is scared of doing what's going to affect their business. The central bank is not really talking about the ban any longer, but you are still going to find it difficult to see a store where bitcoin is being accepted. The number of people investing and trading bitcoin is increasing in my country, but it is not used for making transactions because everyone is just scared.

Up till now, bitcoin transactions is still very high in Nigeria, and it's still increasing rapidly. The only problem is that people are just scared to make it public that their businesses are accepting bitcoin because of the ban imposed by the central bank of Nigeria. They are scared that the government might come for them, so they rather make use of it hiddenly. Lots of people are into trading, and some are also investing in bitcoin. I can say that bitcoin adoption is really increasing in Nigeria.

Their Government is suppose to help the citizens by legalizing Bitcoin in order to salvage the youth a,nd the entire nation from the economic crisis not banding Bitcoin, because Bitcoin will expose them to the crypto world involving themselves with investments, campaigns,jobs e.t.c. which will bring them out of poverty and other financial problems

I'll just have to say this as much it hurts me to say what i know, adding crypto keywords and alerting the banks to block accounts is just a dementing behaviour and it is as a result of the kind of people the Nigerian government has on seats

 There is nothing in the nigerian government that interests me anymore, their constant interest in depreciating the systems that run the country and run in the country is very much disheartening.

People keep asking when will the country change and grow from all these and i will beat my hand on my chest while placing the other on my head in awe that change will come but in a longtime, what will they gain from banning and blocking accounts really? Smh

Which they will inarguably do. They are probably drafting such letter already as we speak to formally request Binance to cooperate with them, and binance will not be able to do anything but comply cause they aren't a governing body capable of carrying out feuds with other countries.

Just picture the fact that in a battle of attrition, crypto will lose. Countries could pretty much ban and disallow people from using bitcoin and crypto through any means, crypto will not be able to do anything but comply and accept the decision and hope that another country would accept them and not be so harsh against their vocation. We're not in the position to be exceptionally 'demanding' so to speak.

i don't understand why they do such kind of action. if they want to ban the p2p trading like for example in binance, then, they need to send an official letter to binance that they are banning such kind of transaction.
instead of countering this activity, their government should help their people to attain more financial freedom. no wonder, a lot are still living below the poverty line because the officials have such backward thinking.

they'll never allow using cryptos in Africa

Cause they want these people poor and sick to depopulate them

not to enrich them

Nigeria's growing interest in cryptocurrencies was noticeable but jumped to the forefront during the crypto market crash, however, the bank knows that cryptocurrencies have the potential to improve financial transparency in the country in the foreseeable future. Never the less crypto is not illegal in Nigeria, however, there are no crypto laws in Nigeria and no legislation, legal act or provision criminalizing the use of cryptocurrencies.

Wow, and just yesterday I was replying to a post regarding a hotel in Nigeria that's accepting bitcoin for payments. And the fact that they have agents planted to take down the P2P crypto trading in the country is such a crazy situation which is scary for a lot of people even those outside the country because one look of their own government on what Nigeria is doing and the possibility of crypto crackdown in their own country goes through the roof.

are there any places you can buy crypto in cash though ? any on the ground information would be helpful

It's not just Nigeria but all over the world, many countries are beginning to turned to CBDCs, maybe Nigeria wanted to be the very first in Africa to implement it but it was poorly done. There is nothing hidden about CBDCs, its use and purpose has always been crystal clear. It is centralized and will always be used as a tool by the government to control the masses.

For now, no one is banning cryptocurrency. The restrictions placed by CBN on some of the affected accounts have been lifted off. From the look of things, Nigerian government wants to explore the opportunities in digital currencies, they have introduced new financial act that made provisions for digital assets, they govt want a 10% tax on capital gains.

I trust the government that is already corrupt, they will try to make money out of anything, is it not Nigeria you talking about? They just don't know how, probably lack of knowledge wouldn't let them, I remember there was a ban on crypto but people are still buying and selling crypto with fiat, they don't even know that peer-to-peer transaction is possible.

Many people in the country are making money from crypto investment and trading, some turned into millionaires and the government agencies mistook them as fraudsters, until they challenged them and ask how they get their money and it's revealed to them that they make money from trading and investment, they are now getting to know that it's possible to make life changing money from crypto but they still haven't find a way to rob or steal from traders and investors yet.

It's better to keep doing your things silently, The more people from the country embrace Bitcoin, the more people will have hope, and maybe escape from their once destitution life, the government won't do shit to help.

That's a bad Government Nigeria citizens is facing today, and things in the country is not working as supposed to be, which Nigeria is really facing economy challenge's, no much Job or work for a fresh graduate in Nigeria youths citizens and level of poverty in the country is increasing everyday by day. Which Bitcoin is created to reduced level of poverty in the world, which government agency are not aware, because of lack of knowledge. As long the internet exist crypto we continue to explore.

It is likely that eNaira is still very raw and its main functions of use have not been disclosed.
Still, I think that their influence is a little more than you think. Of course I may be wrong. In short, I see 3 ways of development:

1. Apart from the words of the Central Bank of Nigeria, there will be nothing about eNaira. It may take years, but in the end nothing will happen and it will be forgotten. During this time, the cryptocurrency will continue its smooth development among the population.
This is the most likely scenario in my opinion.

2. They will try to ban the cryptocurrency completely and severe penalties will be applied for its use. From eNaira they will make a digital currency for full control over the operations of the population.
This is a very unlikely scenario for Nigeria.

3. I'm wrong and there is no influence between them:
- eNaira will get the features and start using it, and the cryptocurrency will also be used by people.
- eNaira and cryptocurrencies will not receive any distribution.

Well you are not from Nigeria so you won't understand the reason for the restriction on crypto transactions  with banks but one clear fact that I will like to present is that BTC and everyother crypto are not completely illegal in the nation, it's just restricted to transact with your fiat banks. There are so many businesses in Nigeria that actually accept crypto as means of payment and also there are a couple BATM aslo where someone can transact BTC.

The eNaira has little or no effect on the acceptance of cryptocurrency in the country. Taking myself as an example, I only do hear about the eNaira on the media and I have not interacted or used it in anyway. The Nigerian government issued CBDC has failed woefully, though I heard they are trying very hard to revive it back to life.

What brought about the ban was when the citizens rose against a now disbanded branch of the police force called SARS (Special Anti Robbery Squad) that was continuously harassing and killing young Nigerians. Nigerians staged a nation wide protest called ENDSARS that brought the country to it knees, and many lives and properties worth billions of naira were lost as a result. The protest was supported by Nigerians both home and abroad through donations in the form of cash and cryptocurrency. After the protest the government decided to go after the ENDSARS sponsors by freezing bank accounts associated with crypto-related activities.

Exactly that one will be better if they add tax on it, so that he can benefit them in their country, it is not required to restrict Bitcoin or other cryptocurrency in a country, but I believe some countries that banned crypto don't understand the benefits of it. One, if Nigerian politicians understand what cryptocurrency is, they will make it legal in the country; several countries have allowed Bitcoin to operate successfully. Anyone can invest and trade without difficulty, and some businesses accept Bitcoin as payment. I am confident that Bitcoin will soon be permitted in every country.

Beside banned Bitcoin or cryptocurrency as payment currencies why not with Nigeria government looking for tax from Bitcoin transaction in their country? almost one years, Indonesian have adopted BITCOIN tax payment each time transaction with local exchange market, I think government of Nigeria can adopt it without have to banned Bitcoin in their country although with small tax under 0,1% based in my country rule right now. Due Nigeria have been popular with Bitcoin and there are many new comer actually in this forum come from Nigerian, several years later Nigerian government will get beneficial by allowing Bitcoin as payment currency or adopt only as investment assets.

Warning for Nigerian, you should give option for your government about Bitcoin beneficial effect trough tax each transaction kinds based on in my country have to pay taxes every buy and sell coins in local currency exchange.