Topic: Nigeria continuous banning of crypto - page 2. (Read 1761 times)

Probably one of the biggest reasons for fighting cryptocurrencies in Nigeria is that the Central Bank has a digital currency named "eNaira".

The official Twitter of the Central Bank of Nigeria (1.5 million followers) yesterday created a thread in which they wrote that they would change the digital currency model to stimulate its use. eNaira looks useless. But if the Central Bank finds the right measures to use it, then cryptocurrency payments will significantly decrease among the population. I doubt this will happen in near future.

Binance is still in Nigeria crypto space. The government only disabled some accounts and nothing more to that except politics. So at the moment binance is still doing business in Nigeria. Moreover, talking about how to access bitcoin in Nigeria, apart from binance there are other exchanges that are doing business in Nigeria, Nigeria has a very large crypto community and so exchanges have more market to cover in Nigeria.

So how are these Nigerians accessing bitcoin ? Through what means are they purchasing this since there capital controls on usd and the roll-out of the cashless cbdc hasn't been optimal.

you are wrong, the level of population density greatly affects the available jobs especially if the country has citizens who are the majority of productive age ^{(currently Nigeria has a population of more than 200 million people)} but there are quite a lot of good things about population density that occur such as competition is getting tougher and business ideas are popping up, government intervention is actually very much needed to eradicate the lack of jobs and on this side, i am quite surprised by the government's rejection of cryptocurrency instead of using it to help citizens and reduce unemployment rates.

based on a survey that i read, currently 99% of citizens are horrified to know cryptocurrency, that is truly an extraordinary result and it is not impossible that in the future Nigeria will become a country on the African continent that has the largest crypto investors ^{(however the rules set by the government are never absolute)}

The government of Nigeria should think about how to become a leader in the crypto industry with a very small tax (1%, for example, or absence for several years) for companies, and not for people, in order to open the way for investment in the country. This would raise the economy and GDP of the country. The standard of living would rise. If Negeria doesn't do it, other countries will. And those countries that do it before the rest will win. There are already real examples of such countries, but so far there are not as many of them as we would like.

Words across the streets lays emphasis on the current administration being supportive of the crypto technology innovation and moves are underway to formulate policies that can provide for friendly environment for crypto market in the current while the government gain through taxation  and if this is true as they say then economically the country would be one of the leading hub for crypto enthusiasts in Africa cause with the current ban Nigerians still fine-tune means of escape to use bitcoin then imagine when it would be given a legal backing.

The reason why people are diving into the online world in search of opportunities to earn money is the lack of job opportunities within the country, the population might have some minor effects on the unemployment rate but that isn't the main reason for it, if the government tries harder to generate more jobs and get more people employed, they wouldn't face many issues, but instead of doing that, they are doing everything they can to close down the ways people use to earn money.

The government of Nigeria should have supported this because this could solve the problem of unemployment and possibly reduce poverty within the country but they have been against the movement and the most obvious reason for that is that they don't want people to become independent.

The population of Nigeria is probably interested in various earnings in cryptocurrency due to the low standard of living and the depreciation of the local currency. But I think that they are not interested in trading that much. They want to earn income from various bounties, retrodrops or sector Play to earn.

Remember how in 2021 the game Axie Infinity was so popular in the Philippines. Ordinary players from poor areas earned SLP tokens, which were then converted into real money. I still don't understand why it didn't spread to Nigeria as well. After all, everything was necessary for this.

The Nigeria population is really large and the quest to be rich and wealthy had made many of the citizens to dive into searching for opportunities online that will better there life. People will keep looking for a secure ways to make money online and we should not be surprised about the high rate if Nigerian looking for there daily bread online to escape the imminent inflation of the country.

 Even though the government have the plan to put an end to cryptocurrency in the region, it will be very hard because they do not have the right tools and equipments to make this decisions because people can easily make use of VPN to trade on exchanges and more ever many of those exchanges have Nigerians to be one of there biggest custoemrs by region.

Expect that since not everyone in that country appreciate the existence bitcoin since some of them maybe see bitcoin as illegal material used by scammers since they see that from multiple activities they see. And some other dislike it because they have know its potential and their earnings might get stop if government continue to restrict it to their country. Hopefully they get the positive side and see the negative one as common incident which easily to be corrected.

If you look at Google Trends in the world, Nigeria has the highest search level for the word bitcoin.



With such a huge population and lack of tight controls like China, the Nigerian government will probably be unable to do anything and cryptocurrencies will be widely distributed among the population.
The reasons may be different, but I think that the 2 main reasons are inflation, extremely low per capita income. Therefore, the spread will take place among young people, who make up a large percentage of the population. And wants to make life a little better.

The Nigerian government's stance on cryptocurrency has been met with mixed reactions. Because some see it as a necessary measure to protect them from potential financial risks and fraudulent activity. The growing digital currency has boosted initiative among the Nigerian community. The crypto industry has demonstrated significant potential for financial inclusion, remittances and job creation. This has turned out to be a promising avenue for Nigeria's growing technology sector. As the global crypto market continues to develop, Nigeria may reconsider its ban.

The reason why the Nigeria government ban cryptocurrency is best known to them but the citizens are still trading cryptocurrency without any restrictions. I will be good for us to have some good information about this so that we are not going to be arguing about this in a blind way. In as much as the citizens are still trading Bitcoin and other cryptocurrency without any restrictions from the government, that means that is little or no restriction in cryptocurrency which would have warrant a big penalty on anyone that is caught trading Bitcoin.

Just for some clarification, contrary to your assumption Nigeria is definitely a big economic country, it's the biggest on the Africa continent (do some google search and you'll find out). Yes the country is populated and we're fighting corruption which is our biggest challenge still the country hasn't banned Bitcoin. This is a misinformation that has been spreading around. The Central Bank of Nigeria (CBN) governor (former governors as he has been suspended) only banned banks from trading or participating in the cryptocurency market. Bitcoin and cryptocurency aren't legal in the country but it isn't illegal as well although ot hasn't been accepted as a legal tender which means you  can't use it to pay for goods and services but that doesn't mean they aren't been used.

Recently the government passed a bill for taxation of Bitcoin and it could cover other cryptocurrency as well. The government aren't fully antibitcoin but they aren't showing any green light towards Bitcoin as well like it would be legalized in the country anytime soon. There's a large audience of Bitcoin and cryrpo users in the country and this is mostly the youth since the youths are looking for alternative means to generate incomes as the government has failed in that aspect. The overpopulation is too overwhelming to the government as they barely know what they're doing and aren't doing anything to solved the problem.

Nigeria is not big economic country. They are still fetching huge problem. And they are very populated country. So they are banning continuously banning crypto currency. But i think they will not be albe to creat any effect on crypto currency market. Why Nigeria government did it i am not understanding. If they give legality then Nigeria will be more benefited. They will receive huge fee from it. And now a days most of country are accepting bitcoin and others cryptocurrency, so i think Nigeria also should unbanned crypto.

well, honestly, I also don't quite understand why the Nigerian government is doing that. But probably in the end they will take back what they are doing just like what Russia did before they also did something different with Bitcoin but over time they also took back what they did.
That's why today, Russia is one of the prominent countries that fully recognizes bitcoin and other cryptocurrencies as having great market potential.

Cashless policy when they haven't made the necessary provisions for the people? That's a waste of time and wouldn't hold. Did they ever think that it was going to be possible? If there is anywhere around the world that the cashless policy would hold, Nigeria is the least for now. Their government still have a long way to go with it, and making attempts to ban crypto at first wasn't even a good move.

If you read through some text recently you would have come across my post where I mentioned the new financial act by the Nigerian government. The recently signed act makes provision for crypto, so cryptocurrency is no longer banned in the country because they government now wants to tax its citizens for using cryptocurrency.

What you saw on the internet was the reaction to the unavailabity of new naira notes and the poorly implemented cashless policy that brought about a lot of suffering. We're over that now. Concerning the government new position on cryptocurrency in the country, since the ban was not effective as many persons were still using P2P services, maybe it's beginning to dawn on them of the benefits they stand to get if the accept cryptocurrency.

It takes a long time to understand such a sudden decision in Nigeria. I don't see enough reason why the Nigerian government is banning cryptocurrency in their country. I don't see enough reason why they are deciding to ban crypto currency in their country again when Nigeria is already a very financially damaged country. Maybe the Nigerian government doesn't want their citizens to invest in Bitcoin anymore. But it is possible to financially empower a country by allowing cryptocurrencies in its own country if the government of that country can plan differently and act accordingly. Many people in Nigeria are involved with crypto currency. If the crypto currency is banned in their country, it could have a bad effect on the families of Nigerians.

A few weeks or is it months back during elections, we we reading and seeing all sorts of video clips of unrest because Nigerians were unable to withdraw money from their banks as the banking system was crippled,  but now that the have an alternative I really don't understand why they would still chose to suppress a solution that has come right on their door step...

What are they afraid of?? Loss of revenue of through taxes   well this is a possibility lol, loss of control...

Maybe we are jumping the gun, and this might  have changed for the better??