Nigeria to launch its crypto currency after crypto ban

Novita

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Quote from: Anguwa on August 23, 2021, 06:09:20 AM

This is a very great development for Nigeria, because the way cryptocurrency go viral in the entire world, countries that are under develop or develop countries. Cryptocurrency help in the development of country because cryptocurrency is an advance technology so countries willing to develop or advance need digital currency for trading and exchange of good and services. So for Nigeria as a country to launch cryptocurrency is a good development for the country.

The country is one step ahead at this time, they are able to see the times with the discovery of new ways to maintain the viability of fiat currency, countries like this are usually in good condition, so it is necessary to create digital currencies to keep the country's economy more stable, Cryptocurrencies can also applied in general practice in a country, if the existing resources can be used properly, this will have a big impact if the country makes binding rules.

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Quote from: AwoCorporation on August 23, 2021, 02:37:11 AM

No, countries that make their own digital money only accept transactions using that money, they don't necessarily accept transactions with other digital currencies, the prohibition of crypto transactions other than the currency they created is also a strategy for crypto users to switch to using it.

What you say is true, but transactions can be regulated by government regulations in carrying out their functions and mechanisms, which essentially makes the country profitable.

This is what is called mutual benefit to each other, so that fiat currencies can coexist as well as balance digital currencies, this opportunity has not been seen in a broad sense for every country, so digital currencies are considered as enemies or opponents of fiat.

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Yeah, fiat is more than just money but a way for the state to maintain control and sovereignty. The world is getting more and more global, and some countries already practically have no use for local currency, using other foreign currencies in reality. But to get rid of it entirely is a blow to identity. "Crypto" is just the next version of that fiat.

If a country can see this in a broad sense, crypto is definitely not the enemy of fiat currencies, this is evidenced by some countries instead adopting a dollar financial system, which basically has its own currency.

The government should open up space for crypto to develop, but have good control over its journey and start thinking or creating its own digital currency, so that fiat currency can be juxtaposed with digital currencies, both of which can grow and develop well from each country. .

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No, countries that make their own digital money only accept transactions using that money, they don't necessarily accept transactions with other digital currencies, the prohibition of crypto transactions other than the currency they created is also a strategy for crypto users to switch to using it.

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Quote from: MusaMohamed on August 30, 2021, 08:30:08 AM

Quote from: Fortify on August 21, 2021, 05:33:38 AM

It seems like the greedy politicians want to do a fund raising which can line their own pockets - the best way to do that is ban any competition and then launch your own product. If they really had faith in their own cryptocurrency then it should be able to compete without any artificial censorship. I doubt many people in Nigeria will really be that into it considering that most of them will already distrust the government.Those sort of tactics tend to be taken by unstable and irrational officials who might just as easily back track if the project is a failure, causing any early investors to potentially lose a lot of money. I doubt it will be backed by much in the way of physical assets.

They plan to launch it through five stages. E-Naira wallet can make noise in Nigerian communities and bring more Nigerian people to crypto market.

Nigerian Central Bank Reveals CBDC Guidelines, Announces Plan to Launch E-Naira Wallet

It will increase crypto adoption in Nigeria but it won't be too good if Nigerians will be forced to use E-Naira wallet. Do they have choice to use Peer to peer marketplace, and ignore E-Naira wallet?

As long as as the Nigerian digital currency is centralized, even with the so-called E-naira as long as it is not anonymous every cryptocurrencies users will keep off and distance themselves from it, before the introduction of the digital currency by the CBN, there is an already increasing and growing numbers of cryptocurrencies users in Nigeria, statically the volume of Bitcoin traded monthly is huge infact Nigerian is ranked second by paxful in the number of P2P trades and almost $1.5 billion volume of trades was made in the first quarter of this year,

MusaMohamed

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Quote from: Fortify on August 21, 2021, 05:33:38 AM

It seems like the greedy politicians want to do a fund raising which can line their own pockets - the best way to do that is ban any competition and then launch your own product. If they really had faith in their own cryptocurrency then it should be able to compete without any artificial censorship. I doubt many people in Nigeria will really be that into it considering that most of them will already distrust the government.Those sort of tactics tend to be taken by unstable and irrational officials who might just as easily back track if the project is a failure, causing any early investors to potentially lose a lot of money. I doubt it will be backed by much in the way of physical assets.

They plan to launch it through five stages. E-Naira wallet can make noise in Nigerian communities and bring more Nigerian people to crypto market.

Nigerian Central Bank Reveals CBDC Guidelines, Announces Plan to Launch E-Naira Wallet

It will increase crypto adoption in Nigeria but it won't be too good if Nigerians will be forced to use E-Naira wallet. Do they have choice to use Peer to peer marketplace, and ignore E-Naira wallet?

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Nigeria is not a China and it will not make such influence on market. I haven't even noticed that Nigeria banned crypto TBH.

Ever-young

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Quote from: Jolankaa on August 26, 2021, 04:45:14 AM

I recently read an article about bans in China, Nigeria and Turkey. It's all being solved quickly, these countries are already figuring out how to get around this ban. https://blockster.com/blockdesk/1385_3-countries-where-crypto-is-banned-and-why

Get around the ban you said! The only perfect way most of this countries have been using to get pass this ban is by making use of the p2p system, which in Nigeria if you make a mistake by adding any currency language on your transfer statement, you get you account blocked.
As big as Nigeria is and the growing mass adoption of crypto in the county to the extend they are on top 1 list of countries using crypto. I think the Government has no other choice that to accept it in times coming and makes it a global payment, publicly accepted.

Jolankaa

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I recently read an article about bans in China, Nigeria and Turkey. It's all being solved quickly, these countries are already figuring out how to get around this ban. https://blockster.com/blockdesk/1385_3-countries-where-crypto-is-banned-and-why

StanleyBoyle

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I really want to ask a question, is there any difference between the state's issuance of encrypted currency or the aforementioned China's issuance of digital renminbi and the state's issuance of currency? Can the digital renminbi issued by the state be issued more? Is it also controlled by the state? It is also centralized. Is it different from using banknotes now?

If there is no difference, then why should the country issue digital renminbi? The biggest feature of Bitcoin is that it is open and transparent, non-tamperable, and fixed in quantity. If it does not have these features, why should we accept cryptocurrencies issued by the country?

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Quote from: Novita on August 25, 2021, 02:49:06 AM

Quote from: Anguwa on August 23, 2021, 06:09:20 AM

This is a very great development for Nigeria, because the way cryptocurrency go viral in the entire world, countries that are under develop or develop countries. Cryptocurrency help in the development of country because cryptocurrency is an advance technology so countries willing to develop or advance need digital currency for trading and exchange of good and services. So for Nigeria as a country to launch cryptocurrency is a good development for the country.

The country is one step ahead at this time, they are able to see the times with the discovery of new ways to maintain the viability of fiat currency, countries like this are usually in good condition, so it is necessary to create digital currencies to keep the country's economy more stable, Cryptocurrencies can also applied in general practice in a country, if the existing resources can be used properly, this will have a big impact if the country makes binding rules.

But I don't think they will be accepting cryptocurrency, it is more of developing their own digital currency so they still have full control about its circulation. But if nothing else, once they launched this digital currency, their citizens will be oriented on how digital currency works and so it may pave the way on learning how to use crypto. Maybe this is why they ban crypto because they have plans of creating their own digital currency.

Anguwa

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This is a very great development for Nigeria, because the way cryptocurrency go viral in the entire world, countries that are under develop or develop countries. Cryptocurrency help in the development of country because cryptocurrency is an advance technology so countries willing to develop or advance need digital currency for trading and exchange of good and services. So for Nigeria as a country to launch cryptocurrency is a good development for the country.

batang_bitcoin

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Quote from: Ever-young on August 22, 2021, 01:30:59 PM

Nigeia is not so big as China, but if right step is being taking on this their move to create it's own digital currency I think it will have a great impact on the crypto space, especially if the country then accept the use of crypto currency.
The country is not so big, but current analysis shows they are the top one countries making use of crypto.

That country has a large volume if you're going to search it on those platforms and exchanges that supports that country. They can influence on their own market locally.
And there's for sure the impact that will happen regards to this news but just as any other country that promotes their own crypto, it won't be volatile just as the typical crypto that we know.

Ever-young

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Quote from: hitsnorth on August 20, 2021, 10:37:39 AM

Nigeria is not so big in crypto as China for example. I think it's not gonna influence market and crypto in whole really much.

Nigeia is not so big as China, but if right step is being taking on this their move to create it's own digital currency I think it will have a great impact on the crypto space, especially if the country then accept the use of crypto currency.
The country is not so big, but current analysis shows they are the top one countries making use of crypto.

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Quote from: Ever-young on August 17, 2021, 03:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

it is not new mate, China did the same thing in Digital Yuan , banning bitcoin but creating their own crypto . Nigerian people supported bitcoin there are even many of them who invest in this coin so there might be some impact but not that big and eventually will subside because there are many country that will support bitcoin after they abandoned the support.
and also their people will surely continue this support even if they will totally banned the coin.

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Quote from: Ever-young on August 17, 2021, 03:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency? What's do you think about their decision, do you think it will have great impact on crypto?

Yeah, in a way this is a big recognition that cryptocurrency is something they know can be the best alternative to fiat and that is why it is introducing its own...and that is where the big mistake is. When you create your own centralized cryptocurrency thinking that the people will adopt it broadly, openly and without any complaint is a pipe dream which political leaders in Nigeria must be entertaining right now. What they don't know is that with them at the helm and at the control buttons of this new cryptocurrency, this ship is bound to fail and will eventually go down the drain...just like the Petro in Venezuela which is now essentially gone to the grave.

Fortify

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Quote from: Ever-young on August 17, 2021, 03:32:52 PM

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria) was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

It seems like the greedy politicians want to do a fund raising which can line their own pockets - the best way to do that is ban any competition and then launch your own product. If they really had faith in their own cryptocurrency then it should be able to compete without any artificial censorship. I doubt many people in Nigeria will really be that into it considering that most of them will already distrust the government.Those sort of tactics tend to be taken by unstable and irrational officials who might just as easily back track if the project is a failure, causing any early investors to potentially lose a lot of money. I doubt it will be backed by much in the way of physical assets.

TheGreatPython

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Quote from: Ever-young on August 17, 2021, 03:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

I do not think that launching their own cryptocurrency will open doors for all other cryptocurrencies. Probably they legalize the use of their own currency and making use of all other crypto based coins and tokens will still remain banned. Because, only this way they could push their people to use cryptos under their all control rather than allowing a decentralized one.

I believe this must be one of the easiest way for most governments to allow to making use of cryptocurrencies still they have control over the money flow. But, honestly people will miss the benefits of bitcoin kind of speculative assets which will make such government specific cryptocurrencies to die over the time.

Karartma1

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First, it won't be a crypto in the sense that there'll be no mining. No state would ever dream of launching such a currency.
Secondly, it's just an attempt to try to block the advance of bitcoin.
There certainly seems to be a marked increase in bitcoin and cryptocurrency adoption going on in Nigeria: the country has risen to second place overall in the world in terms of volumes of BTC traded.
According to Chainalysis data, the volume of bitcoin received by Nigerians in May totalled $2.4 billion, compared to less than $0.7 in December 2020. There has been more than 200% growth in five months.
This increase is also noted by analysis of combined exchanges on P2P platforms LocalBitcoins and Paxful.
So, forget about e-naira and focus on BTC.

adzino

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I thought they didn't put a full ban on crypto currencies. I have read in this forum that people were still using and trading crypto currencies. It is just that the government has ordered that any financial institution cannot be involved with crypto currencies, hence not allowing banks to process any transaction that involves crypto currencies.

Quote from: Ever-young on August 17, 2021, 03:32:52 PM

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

Not really. It means they hate decentralized coins but wants to use blockchain tech on their current financial system.

Quote from: Ever-young on August 17, 2021, 03:32:52 PM

What's do you think about their decision, do you think it will have great impact on crypto?

I doubt it's going to have any impact at all. Wouldn't be surprised if they reverses the ban.

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