Topic: Nigeria unbans cryptocurrency (Read 706 times)

Economic growth usually comes from the industrial sector, not the financial sector. Speculation only hurts the economy because crypto exchanges play against their traders and win.
If you are from Nigeria, tell  us what has really changed there?

You need to cite your sources OP because most of the replies are clearly in disagreement and are correcting your OP. That would also help clear up the confusion because that would mean that others can read the article that you've shared and they can clarify it if they see that you're wrong. It seems that there's still some restrictions in cryptocurrency use in Nigeria, I do hope though that this will not be for too long because Nigeria is a big cryptocurrency community and it wouldn't be fair to those people that they're discriminated or ostracized in their own country just because they use something that would help them elevate financially.

Nigeria to Ban Person-to-Person Crypto Trade in Dented Naira

SEC planning to release crypto regulations in ‘coming days’
Move is latest step to shield the currency from speculators

Nigeria vowed to ban person-to-person cryptocurrency trading in the naira, taking its latest step to corral an industry which the West African nation blames for harming the battered local currency.

Securities and Exchange Commission Director General Emomotimi Agama also told a meeting with fintech professionals on Monday that new rules would be rolled out “in the coming days” covering crypto exchanges, digital asset custodians and other corners of the sector.

https://www.algorand.foundation/news/plateau-state-government-and-algorand-foundation-explore-blockchain-programs-in-nigeria
"The Government of Plateau State of Nigeria is launching a collaboration with Algorand Foundation, the organization focused on growing the ecosystem for the world's most advanced, secure and reliable layer-1 blockchain, to develop pilot programs using blockchain technology. The Government of Plateau State plays a crucial role in the governance and administration of state services, and oversees daily operations in sectors ranging from judicial and legislative services to procurement and health care."

Yes I could remember vividly how it's started in Nigeria and the government seems to fight it off the surface but legalized but it's has come to my knowledge that not all. Nigerians has the access to it cause their has to end some applications they do make use of and some of applications was banned unless Bianace that is up and running.

But it's will be helpful and also use if the government makes it legalized all over the world then it will be an access free to purchase most stuff without stress

18% is a good profit, but you must take into account that this activity is not entirely legal and they also have risks.

I agree with you that trust is the main basis in this business. But Telegram saves logs and I have heard of cases where Telegram employees passed on important information to others. And there is always a risk that data on all transactions will be declassified.

The Russian way of transaction is more public almost as legalization but yet with laws. If an exchange gives description of a store to pick up cash sold or exchanged from cryptocurrency, it is just as public as it is no longer secretive using bitcoin in the country. Also with the Nigerian unrestricted conditions with the banks probably some stores will also open up for people who are cool in using crypto without fear any more. Apart from exchanges, there are P2P agents and arbitrage traders that have been existing for long and they have leveraged the crypto market without any negative effect of the earlier restrictions with the banks.

They are making a good amount as the exchange rate for USD on Indian exchanges is very good. I am quoting an example here the rate generally varies from INR 89 to INR 90 to 1 USD. However, when I checked the link they were offering INR 73 for 1 USD. So, the difference is INR 16 to INR 17 which is quite good money if the volumes are high. Since they are based in some major metropolitan cities in India and are still working, I assume they are getting good profits.

Yes, it is true, so here we use Telegram for exchange, but we do not use Telegram bots because they are not reliable. There is a Telegram account for more than one broker that is reliable by experience.

The exchange takes place manually, as the seller sends the amount to be transferred to the broker’s wallet. Then the broker contacts the buyer and asks him to send a “money or bank transfer” to the seller’s address equivalent to the value of the amount in local currency. When the seller receives the money transfer, he informs the broker who transfers the amount to the Buyer’s wallet (with a 1-2% commission discount from the seller and buyer).

Therefore, everything is done manually and depends primarily on trust in the broker.

And the safest option is not to conduct activities publicly. If we take the Russian experience and do not use couriers or caches, then in Russia there are many telegram bots that allow you to make P2P exchanges. I have said many times that such services are also used by scammers and the user has a chance to get the card blocked and an invitation to the police.
If P2P transfers work, then this alleviates the problem with the exchange.

I wish we had such services here, but unfortunately all of these things are not available and there is only an intermediary option.

Although there are still no explicit laws prohibiting the use of Bitcoin or cryptocurrencies in my country, on the other hand, there are no laws that allow them to be used, so people here are very cautious and fear that if they deal openly they will be arrested by the authorities, so the option of working secretly through an intermediary is the easiest and the safest option yet.

This is a service for Russians who do not know India and local crypto exchanges. I am sure that these services use the right exchanges in India and make good money on the difference between the prices on the exchanges and their prices. But they help transfer money from Russia and other countries to India without registration and other problems.

Great! I was not aware of it and I assumed none were dealing in cryptocurrencies in India. I did check your link and found multiple options available to get paid in India without the interference of anyone. What I did not understand is why the local currency exchange rates are so low as there are other resources available that give a good exchange rate of local currency. By other resources, I meant those international exchanges that run their P2P service and those that did not get shadow banned by the government like Hodl Hodl and others. 

In Russia it is not prohibited to buy and sell cryptocurrencies, but if you do not want to do this in one place, then you send the cryptocurrency to a trusted exchanger and they tell you the address of a regular store where you pick up cash using the code word or a courier brings you cash.



When a Russian comes to another country, the first thing he does is look for partners where he can exchange cryptocurrency. Several Russian exchangers operate in Delhi, Mumbai, Kolkata
https://www.bestchange.ru/tether-trc20-to-dollar-cash-in-dlh.html
There are thousands of reviews on bestchange.

We do have many exchanges in India and all of them are being regulated by the government. That is why every transaction we make on the Indian exchange costs as 1% tax deduction at source and every profit we make through trading is taxed 30% at the end of the financial assessment year. That is why Indian traders shifted to international exchanges like Binance, Mexc, Kucoin, and others to avoid tax deductions at source and for conversion crypto to local fiat, they use local exchange or international P2P.

To avoid these taxes the Indian community shifted to international exchanges and used it for both trading and conversion of crypto to local currency through P2P. Seeing this and suffering a good revenue loss the Indian government has not placed a shadow ban on international exchanges. They first blocked their apps on the Apple Store and Google Play Store and now they have banned their URLs. As we are still living in a third world country with high population density some have now started using illegal ways to access these websites.

More than the US, I feel my country is trying its level best to control Bitcoin and altcoins using such tactics. The problem is that this government is trying to control a sector in an orthodox manner which does not make any sense. They do not have the manpower, not many resources to control the internet and what is operating using it.

Yes, it is a major crime in the eyes of the government. There is no legal dealing in cryptocurrencies here, so all transactions are carried out in secret exclusively through an intermediary.

In addition to the government ban, my country (Syria) is also banned from all payment services around the world. There is no service that provides exchange services that accept Syria. My country is always on the ban list, so we only have this method, even if it costs more fees.

Despite all these difficulties, work in crypto is widely spread here due to the poor economic situation and the difficulty of obtaining profitable work.

When there is a large exchange, for several thousand dollars or more, then the commission of 1 dollar does not matter. In Tron, you can stake Tron to get Bandwidth and Energy and have free transactions.
USDT is also very popular in Russia, and exchangers accept these stablecoins in many ecosystems.


If you exchange cryptocurrency on an exchange, then before using the p2p service you can sell your cryptocurrency, and if you use shadow exchangers, then they mainly accept USDT and USDC, because it is fast even on Ethereum.

Why are there no exchangers in India where you can exchange cryptocurrencies for cash? Is this a very big crime?

The same question, why are there services in your country that help you exchange cryptocurrencies for fiat? Is this a big crime?

What you say is true, but the broker does not accept Bitcoin now. He only accepts USDT, so he requires a transfer via USDT TRC 20.

It would have been better if the transfer was done via Bitcoin immediately, because the seller will pay the fees for transferring Bitcoin from the wallet to the exchange, and then the fees for switching to USDT, then the fees for sending USDT TRC 20 to the broker’s wallet. These are all additional fees, but the broker wants to spare himself all these fees and keep USDT Only in his wallet, so that he can send it to the buyer at a cheap fee.

We as sellers are forced to submit to the broker's conditions because it is the only method available here in my country.

I am quoting all three of you as I found a way to pay less than $1 as a transaction fee using USDT. In my country which is India, we have to pay a 30 percent tax every year on our profits and then a 1% tax is deducted on source for every cryptocurrency transaction, such as for trading crypto to crypto and crypto to fiat. The 1 percent tax deducted at source only applies to local exchanges and not to international exchanges. To avoid it all crypto communities shifted to international exchanges and whenever they wanted to convert their crypto to fiat they used local exchanges.

To avoid the 30 percent tax the preferred deposit crypto was USDT as it is stablecoin and does not show the government that it is generating any profit. At first, a lot of us were using USDT on the Tron blockchain but the fee was $1. With the introduction of USDT on the Binance smart chain the fee was significantly reduced. I am not from your country but if in your country brokes accept USDT on the Binance smart chain then it would reduce the fee that you guys are paying for every transaction now.

But if you want to exchange Bitcoins for USDT TRC 20, then you will pay a commission on the Bitcoin network, which can be very high depending on demand.
I don't understand your benefit in this exchange when it's easier to send bitcoins and receive cash.