Topic: Nigeria to launch its crypto currency after crypto ban - page 2. (Read 381 times)
It will become a great news if the government can cancel the ban on crypto and about that launched I Mt ink it a good idea if it can happen but the government of Nigeria are not helping the situation i hope they actually can come to sense and lift the ban on crypto first. Nigeria is number one in African but the economy of the country are not help due to lack of tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, and limited foreign exchange capacity.
The government of Nigeria didn't ban Cryptocurrency. They only simply asked commercial banks to stop processing crypto related transactions. The citizens are free to trade on Cryptocurrency at their own risk. Actually,the current president of Nigeria is half literate. He doesn't understand new money, he thinks bitcoin would overthrow his government. Nigerian youths don't care about the government position, it's just an outdated opion of the apex bank.
if i may ask do you know that is applicable to ban?
now without commercial bank how do you think individual could make withdrawal and deposit to their various accounts after trading or buying from any other trading platform. don't you know with the help of P2P this was able to pass bye and any local account related to cryptocurrencies were frozen.
The government of Nigeria didn't ban Cryptocurrency. They only simply asked commercial banks to stop processing crypto related transactions. The citizens are free to trade on Cryptocurrency at their own risk. Actually,the current president of Nigeria is half literate. He doesn't understand new money, he thinks bitcoin would overthrow his government. Nigerian youths don't care about the government position, it's just an outdated opion of the apex bank.
It can be said that the use of cryptocurrency has been accepted because the country has developed cryptocurrency technology so that it can create its own coin for the country, even though the country has made rules that must use its own country's coins, the good impact means that the country is modern and has followed developments technology like other countries
Lols,
I don't see any progress and hard working concerning the development of her native cryptocurrency. There is no news over after instructions has been given partaking the development so the government still make no efforts to effect the world bank authorities.
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.
IMO, I think if Nigeria will successfully launch its own cryptocurrency, I believe it is a form of stable coin or CBDC, backed by its own fiat called *Naira, and it's not the same as the popular cryptocurrencies in the crypto market. Just like the digital *Yuan of China is a stable coin or CBDC so its value was pegged on its own native fiat currency.
And for me, it's boring and out of purpose, because the main reason why many people have using cryptocurrencies is for their own requirements like investment, trading, etc., and not just purposely use to buy goods and merchandise, unlike the CBDC's that was made for that sole purpose for payment that's why CBDC's will not be able to replace the cryptocurrency functions in the market.
And for me, it's boring and out of purpose, because the main reason why many people have using cryptocurrencies is for their own requirements like investment, trading, etc., and not just purposely use to buy goods and merchandise, unlike the CBDC's that was made for that sole purpose for payment that's why CBDC's will not be able to replace the cryptocurrency functions in the market.
They want to manage the flow of money and avoid the loss of assets abroad. Just like how China banned cryptocurrencies from trading, China's central bank has been testing its national cryptocurrency.
Nigeria's economy is still young so the move to ban cryptocurrencies is only in the national interest in the long run.
Nigeria's economy is still young so the move to ban cryptocurrencies is only in the national interest in the long run.
Well, as what I had researched when I saw this news, I see that the country Nigeria is the one that has the highest number of cryptocurrency users in all of Africa and the world. With that being said the government must have formulated a way for the people to continue using cryptocurrency but at the same time be able to use the only cryptocurrency for Nigeria and that is their own crypto. I think the government might be cashing in on a potential money making method for the government.
in fact it is all a contradiction, first they prohibit the use of cryptocurrencies but only to introduce and then profit from their centralized national crypto (E-naira) i call it opportunism, the desire to gain in exclusive money from a new sector
Every country is obliged to protect fiat currency from the threat of extinction and its sustainability in the future, this has become a necessity in the country, but in its development, many things have changed and these changes must be well accommodated for all countries.
In this case, digital currency is the most discussed thing by all countries, both negative and positive, but what we need to know is that digital money is a new challenge in the era of digitalization, this must really be used to ensure the continuity of fiat currency, naturally. for a country to start preparing for this without eliminating fiat currency.
Developed countries will never be allergic to a development that occurs, they will balance the new thing, so that what was initially considered a threat, is an advantage that can be maximized.
This is what distinguishes developed countries from developing countries, I think what these countries have done is correct, while maintaining fiat currencies and continuing to prepare for new digital currencies.
It can be said that the use of cryptocurrency has been accepted because the country has developed cryptocurrency technology so that it can create its own coin for the country, even though the country has made rules that must use its own country's coins, the good impact means that the country is modern and has followed developments technology like other countries
Thus the survival of cryptocurrencies is running normally at this time, the more countries that start to adopt it, the better the crypto conditions in the future, this is very good for the future.
Likewise with the country, they have started to think about how to make their own digital money and develop a perfect plan, I think countries that are starting to think about this, it is very possible that in the future they will legalize crypto to live, thrive and coexist with fiat currencies.
It can be said that the use of cryptocurrency has been accepted because the country has developed cryptocurrency technology so that it can create its own coin for the country, even though the country has made rules that must use its own country's coins, the good impact means that the country is modern and has followed developments technology like other countries
They prohibit the cryptocurrency which are decentralized that is the reason they created their Etoken anf launching it for public use alongside they also banned cryptocurrency. Complete decentralization gives opportunity to trade via p2p but it has its own risks.
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?
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?
Every country that has started to launch a digital currency, of course, has considered many things, both the negative and the positive side, but not necessarily countries that have started to make digital currency, begin to accept and approve the use of the cryptocurrency.
This is done as a pattern to maintain the stability of a country in maintaining fiat currency, so digital currencies must be created to compensate, in the end the country will prohibit all its citizens from mining other than digital currencies issued by that country.
The article title is wrong as the difference between cryptocurrency and digital money is different. When Nigeria creates a digital currency, it will be centralized and therefore will not be a digital currency.
I also do not think that Nigeria has the necessary infrastructure to build an effective monetary system as an alternative to the current monetary system, and that these systems are characterized by high transparency, which is something that many African countries do not like.
I also do not think that Nigeria has the necessary infrastructure to build an effective monetary system as an alternative to the current monetary system, and that these systems are characterized by high transparency, which is something that many African countries do not like.
I think that is a good development, for a country like Nigeria to have their own digital currency, being the biggest county in Africa and one of the populous county on the planet Earth. They have the population and the market to drives it. If I can remember few months ago, the apex bank of the country ban all transactions on Crypto and also instructs it's local banks to also close down all Crypto related accounts. This made lot of traders in the country to resort to P2P mode of trading. It's a good one to start with maybe later in future they will also adopt the use of Crypto fully.
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?
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?
So far we still see that all countries have not agreed on the pattern of crypto being applied in a country, but Nigeria is starting to try to adopt the pattern that is currently being done by crypto, although they do it differently, but this pattern is a way to keep pace with the growth and development of crypto.
Nigeria tries to restrict its citizens from fully using this pattern, thus forcing them to give up their own digital currency to maintain its stability, in this case it is indeed a good idea for the country to start opening its own digital money, to keep its citizens from making transactions.
So far, crypto has not had a big impact with Nigeria's implementation and prohibition, in fact one day crypto can work well with various countries that are starting to open up space for digital money.
CBDC won't have negative effect on crypto because they are just like USDC and USDT, they are still Fiat in digital form only, presently Nigeria is one of the biggest crypto adopters as per binance information, even CZ testified about this, let CBDC comes it won't make any difference
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 sure too but as you can see China through their digital Yuan and Turkey with their native CBDC too was also developed but it's not decentralized so far i know, Maybe E-Naira was same with it when it was centralized, Not sure too.What's do you think about their decision, do you think it will have great impact on crypto?
Maybe Just a little impact on the crypto market but have an huge impact for The Blockchain Technology itself.
This doesn't mean Nigeria is not active on crypto space or doesn't accept crypto as you said earlier we have P2P trading. To me I such love this idea and less charges without hassle, launching it's digital currency it is likely from world bank so I don't think if Nigeria has any options than to accept back cryptocurrency and to allow it trade freely without restrictions. Since they set limits many exchange going back p2p has made most being actively used by Nigerian.
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