Topic: Nigeria continuous banning of crypto - page 3. (Read 1761 times)

A high percentage don't even have banks.

You all got it wrong Nigerian government did not banned cryptocurrency, it was the central bank of nigerian that placed a ban on cryptocurrency or should I say asked the commercial banks to flag accounts associated with crypto activities. That being said, this is now old news as there's a new development. Nigeria now has a new financial act that makes provision for cryptocurrency, so cryptocurrency is no longer banned or restricted in Nigeria. The new act attracts a 10% crypto tax on capital gains. The act is just 1 or 2 months old and we are waiting to get more information on how it will be implemented.

https://cointelegraph.com/news/nigeria-to-tax-crypto-digital-assets-10-on-capital-gains-experts-react/amp

I was thinking this topic should be in the local board (NAIJA) , well with that been said, what we pass through here is our leaders, it is very obvious that the citizen of NIGERIA who understood the future of crypto are not given the opportunity to adopt, recently BINANCE was tag to be NOT LEGAL but the question here i have, is it now they did know binance was registered and so on, hwat about those times binance has been sponsoring some events in Nigeria and so many other activities they have engaged with. The leadership system in Nigeria is dam... screwed.

Even Binance too? That doesn't seem good actually! I wonder why they're banning Bitcoin, considering that Nigeria isn't financially strong and Bitcoin could certainly help many Nigerians make money and strengthen the economy over time. To be honest, It doesn't make any sense. I hope this issue gets resolved soon, and they implement regulations that make Bitcoin and crypto legal in Nigeria again as I'm pretty sure it would help the country alot in the future.

Every day. it is a new update on crypto ban in Nigeria. i woke up to this current one but i think it will not hold.
https://gazettengr.com/just-in-sec-bans-binance-operation-in-nigeria-declares-it-illegal-entity/
i think the hunt is getting serious. trying to stop Nigerians from utilizing the current decentralized systems to improve their business.

Since Nigeria is a financially weak country, they should accept the challenge of adopting Bitcoin to alleviate their financial woes. Perhaps the adoption of Bitcoin in their country will improve their country's financial situation. I don't understand why their country's government is deciding against Bitcoin every time. Nigeria many citizens are involved in Bitcoin I think they should accept Bitcoin even if they think about business. 

Nigeria can follow El Salvador if it wants to because this Central American country is already getting positive results by adopting Bitcoin and they are currently implementing various measures in their country through Bitcoin. If El Salvador can improve its financial status by accepting Bitcoin why can't Nigeria.

In the country, if we take a quick look, the country is lagging behind economically and so on, that's what happened robbery and other crimes and why ban crypto because nigerian government wants to improveFinancial security prevents excessive digital transactions because it impacts the stability of the country

We hope it happens so that Nigeria becomes one of the countries that accept bitcoin as a commodity asset that can be traded legally, many countries are implementing this system and one of them is the country where I live, where bitcoin is illegal to use as a legal means of transaction but legal as a commodity asset, so the growth of crypto in general is attracting a lot of young people and some older people especially in my country. To me accepting bitcoin as a commodity asset is far more than enough, even though they manage a centralized exchange with regulated operational licenses.

I am a little optimistic that for the foreseeable future Nigeria will treat crypto and bitcoin as commodity assets. Moreover, if they are able to conceptualize it correctly, the exchange can take part of the profits by applying taxes, so that indirectly the state's income will also increase slowly according to the education given to the people there. I see this great potential and our government is also implementing it, so that the presence of crypto and bitcoin is not a threat to fiat currency as many people accuse.

The eNaira that the government launched wasn't their idea, it was that of the CBN government and it was a targeted strategy to win the just concluded election. They won't tell Nigerians this but immediately the election ended, things about the new currency and eNaira immediately started dieing off the media. The government are thinking of removing the just launched new note. Their plans for the election wasn't successful so they saw no use of it since the incoming government mightn't support their ideas. The problem of Nigeria not accepting Bitcoin was mainly because we had a clueless president (government) and they'll be leaving office this month.

The newly elected president is pro blockchain as he has made statement supporting blockchain throughout his campaign and also during his acceptance speech so the ban would be lifted soon I believe. He isn't Nigerians prefer candidate but winning elections without corruption is something that has become part of our election process and it'll take a very long time to educate the citizens to removed themselves from such mindset if accepting bribe to vote. By the end of next year I believe the ban would ha even lifted as there wasn't no need for it in the first place, it didn't stop anything they thought the ban would stop instead it increase the awareness of the citizens towards the cryptocurrency industry.

This need not be a good indication of the Nigerian government's intentions to go more smoothly with cryptocurrencies, at least not to let the digital naira project fail. All African countries are not expected to take any significant step towards adoption, unless this is prompted by allied economies at the same time that citizens do not value them in the first place.
Binance launches training courses and conferences in many countries, even those that do not officially adopt cryptocurrencies, as they did recently in Egypt and before that in Morocco, which are countries that are very strict in their legislation against the uses of crypto. Most estimates indicate that Binance wants to qualify people to work for it or is looking for potential employees, since this sector is going through a severe crisis in the lack of developers in the field of blockchain and dealing with Web3 applications.

It's not about being develop or underdevelop as a country or people, it's about the kind of leaders a country have as leaders in government. In the case of Nigeria I perceive a system of deliberate negligence on the people by the government, a situation where the government through the use of legitimate force barring all form of technological source of empowerment such like the cryptocurrency innovation to the timid youths. This act is meant to keep the youths broke, hunger for the scrumps that may fall off from their tables, thereby continuously acting as stooges and rubber stamp tools for their political ambitions.

Hence, should the timid youths have a much means if generating incomes with the free use of cryptocurrency it then pose as a threat to their stronghold on them. This among others are the underlying local factors and sentiment the engulf the whole situation.

I don't really understand why an underdeveloped country would impose a ban on an innovation that can literally help their economy grow better and help the country and their people to have better lives and more income opportunities. I believe developing or underdeveloped countries should be the ones who should be more welcoming to a technology like blockchain and cryptocurrencies in general.

What do they really want to achieve by creating all these complications or by banning cryptocurrencies within the country? The government should let the people have their freedom with it and if they want, they should try to regulate it if they can.

Is Nigeria the first country to create its CBDC? I think the countries where the usage of cryptocurrencies is at a high rate are mostly trying to regulate the cryptocurrencies and any platforms that are directly or indirectly dealing with cryptocurrencies, and Nigeria is obviously one of them since there are a lot of users of cryptocurrencies.

Their efforts to crack down on every platform and to possibly regulate and if not possible, ban cryptocurrencies for the users so that the users turn to the CBDCs that they've created in order for them to keep an eye on everyone's finances.

Nigeria has had a complicated relationship with cryptocurrencies. In February 2021, the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from servicing cryptocurrency exchanges, effectively banning crypto trading in the country. The CBN cited concerns around the use of cryptocurrencies for money laundering and terrorist financing.

This move was met with criticism from the crypto community in Nigeria, as well as from some government officials and lawmakers who saw the ban as a barrier to innovation and economic growth.

However, the ban was recently lifted in October 2021, allowing Nigerians to once again participate in the crypto market. Despite this, the crypto market has continued to experience volatility, influenced by various global and local factors such as regulatory actions, market sentiments, and economic conditions

Despite efforts by the Nigerian government to outlaw the use of cryptocurrencies, we continue to rank among the countries that utilize them the most for a variety of trades and activities. The e-naira is insufficient to meet the expanding needs of online users because it only allows for the exchange of the currency that is currently in use in digital form. Other governments might be amenable to the cryptocurrency trend and adopt it lawfully, but they also make an effort to ensure that online police organizations assist in preventing a very nasty use of the cryptocurrency for other illegal or money-laundering operations.

Sad to know that nigeria banned crypto currency. As you said before, that nigerian start to use digital currencies after there was the failed gaps on their fiat, then nigerian have flocking to adopt crypto currency such as bitcoin and etc. Based on the 2021 Global Crypto Adoption Index, nigeria at sixth rank refers to the country that adopt crypto massively, although the nigeria's central bank said that using crypto currency is "a direct contravention of existing law". ¹

Nigeria's government not only judge that crypto currency will cause money laundry, investment loss, terrorism financing but also they committed to ban commercial banks from dealing in crypto currency. they take a serious action to deny crypto currency in their country. Hope future will be better than this.

Reference ¹ =
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781#:~:text=This%20is%20despite%20the%20country's,laundering%20and%20and%20terrorism%20financing.

Maybe better for Nigerian people to lobby the senate or opposition party on the council and tell if Bitcoin is doesn't risk and loses money, or money laundry terrorism. I agree with what you said, this is also considered to convince the council to build crypto legislation in Nigeria. Indonesia was also like that, before there was a law like today, Enthusiasm People for crypto try to lobby the council to make governing rules so that people make crypto is not abused for criminal purpose.

Is this the same situation going  on in Nigeria as at now?

During the just ended elections we were reading all sorts of news such as shortage of hard cash which made trade difficult for goods and services, and people  resorted to using digital currencies such as Bitcoin..After bitcoin feeling the gaps where fiat failed does the Nigerian government still see bitcoin as the bad asset?? By now they should be working on the regulatory side of  cryprocurrencies and not trying to sweep it under the carpet, the dirt will accumulat and we all shall it sooner or later.

The Nigerian government is not solely guilty for this alone. There are other countries whose government fear that Bitcoin cannot be controlled and taxed and as such, limits to the barest minimum its use.
What the Nigerian government doesn't want is having another currency that cannot be taxed under use, having a currency that cannot be easily tracked, and also having persons become reliant on these decentralized currency for survival. No matter how you see it, the Naira would be of less value if the citizens turn to other means for exchange of goods and services. Hence, why the Naira is being troubled right now to keep its relevance intact.

I can't find any reason behind the Nigerian government being so strict with Bitcoin. Their complete thinking about Bitcoin is negative. But Bitcoin can make a big contribution to their country's revenue growth. 
However, even if the Nigerian government wanted to, they cannot completely ban Bitcoin and other digital currencies in their country. Because there are many countries that don't directly accept bitcoins but they are promoting bitcoin transactions in all those countries. But the Nigerian government needs to think positively about Bitcoin. This will be good for their country.