Topic: Nigerian FG to partner Binance - page 2. (Read 420 times)

First, the government is confused and doesn't know what it wants.
Do you know how many fintech whose accts have been frozen by the CBN because they are dealing with cryptocurrency, not to mention accts of individual that has also been frozen because they where used for trading cryptocurrency.
Now, they have suddenly decided to partner with Binance to create a crypto city. This is hypocritical if you ask me.

This is quite funny to me. I say so because it seems Nigeria likes to be tagged the "first-in-this" which in itself isn't bad but in some cases, makes no sense to me just like the Enaira. According to the news, NEPZA managing director Adesoji Adesugba said the proposed zone will be a first in West Africa and act similar to Dubai’s virtual zones, which are designed to provide crypto-friendly laws, regulations and tax incentives for crypto businesses. That's how they jumped in with eNaira to be the first African nation with a CBDC which in my opinion is not a successful project due to a lack of planning. Now they have come up with one. Well, in the next couple of days, I await to see what the Apex bank and Parliament will say about this.

I equally saw the news in early hours of today, seem CZ has been in talks with Federal Government of Nigeria over their stake on cryptocurrency, The recent trading records shows that Nigeria Binance P2P trading volume has risen to 1 Billion dollar in its transactions and this could be why CZ is doing everything to get the Federal Government of Nigeria attention to see if they could change their decision and view of cryptocurrency transactions, Because Nigeria with over two hundred million in its population is a huge market for him and the crypto space. Anyways, we are still watching how this news will impact the people of Nigeria in their urge to get more involved with Bitcoin and Cryptocurrency activities.

This could be the only reason why they are doing this because the government of Nigeria that I know can not make a sudden U-turn to welcome what they ban and stood against for a long time now without having something else at the back of their mind or something they stand to gain for it. Election in Nigeria is coming up and political campaigns have started I believe the current administration led by the All Progressive Party (APC) and president Mohammed Buhari want to deceive the youths who are clamoring for a better government with this update so that they can repeat the mistake of supporting their candidate in the forthcoming election once they achieve their aim, they will not only frustrate her citizens but crypto believers will be attacked and their accounts will be freezed. I will never believe the Nigerian government again in anything they say.

I have mixed feelings about this development and I’m led to believe other people would feel same way. For a government that placed a ban and sanction on anyone trading crypto to now turn around to partner with binance after their initial vehement disagreement? It’s truly questionable. We can only hope it’s going to be a positive move and for the greater good of the citizens.

That is the most important factor to consider; the Nigerian government may have made the deal for their own selfish reasons in order to win the hearts and support of the youths in the upcoming election. We just hope that after the election, they do not impose additional restrictions or increase the ban. And, if the Nigerian government does enter into such a partnership with Binance, it will be a very good idea because Binance is the world's leading exchange, and Nigerians use it.

Honestly you are on point, any reported crypto related transactions in any individual bank account is ultimately frozen especially P2P transactions, after the Central Bank had issued warnings on the ban of cryptocurrencies, I don't understand how and why the Federal government that had not supported crypto getting to partner Binance now, or probably the government officials don't know that Binance is a crypto exchange institution,, until the government issue a statement allowing the use of cryptocurrencies before people will start to take them very serious else crypto enthusiast in Nigeria will continue using cryptos anonymously.

If this news is to be true, let it not be trusted. Nigerian citizens need to be careful with this kind of news. It is not a good development to accept or succumb to. The Nigerian government have never been in support of crypto. They lock any account that has a connection with crypto, even accounts that got registered in Binance if someone reports the account. They have informants in Binance. How can they wake up unannounced and decide to partner with Binance without having negative agendas? There is something more to this, Nigerian youths should be alerted and be careful with this kinda development.

Right from onset the ban of cryptocurrency and lunching of ENaira was an hypocritical move by the Government of Nigeria. They actually thought people will move there, but can just compete with a thing of the future (cryptocurrency). Also this partnership with Binance seems just like they want to win the heart of the youths to there side. Although it's a good thing I just hope they don't go back after Election is over

The Nigerian government seems very confused. The CBN seems to be standing its ground on the ban but the Security and Exchange Commission is beginning to be dynamic and flexible towards cryptocurrencies. The government is beginning to see how much it can gain from the crypto space. The Nigerian economy currently is in a big mess. The majority of its income from the sale of crude currently goes into debt servicing and the government must borrow to fund recurrent expenditure and petrol subsidy.

The government is in dire need of any form of investment that would attract revenue. The CBN governor seems to be an archaic economist that is still tied to the apron of some Western and Chinese banks. Sometimes I don't blame Nigerian officials for their anti-Bitcoin policies because most countries that give them loans are against Bitcoin.
 

There is no form of publicity or promotion of the eNaira that would make it gain general acceptance or adoption. It is pegged to the naira and this currency has lost almost 35% to 50% of its value in recent times, and it is on record that unlike Bitcoin the naira never recovers its lost ground. Nigerians are smart people; hence they prefer to use Bitcoin as a hedge against inflation.  The hidden agenda might be that the Nigerian government wants to attract investors which would increase their tax revenue.


The election is next year and the ruling party is really desperate to retain power. These few months they would do everything possible to gain the trust and confidence of the people of Nigeria. They might be looking for some political and economic points to score. They know that the youths are now the highest eligible voters, hence they might be targeting to make policies to please the young population. 

I saw ineffectiveness about their banks ban in the past, and finally gradually opened the gap. Another reason I think this is to regain the political trust of the government after oppressing their citizens.
And keep in mind, this country has high statistics in the case of corruption. Hope finally, by opening the "virtual free zone" does not also open up opportunities for their corrupt political games even greater, however this will attract the attention of crypto business people from outside.

I think, Nigeria government came to discovered that many countries that embraced such opportunity in their land are seriously doing well, which is the best thing for any government that have positive interest on their citizens will do for the favour of the people. If the government can make it reality to partner with binance in the country, I think it will really help the Nigerian government to reduce unemployment and improve their economy that is nearly to collapse in the country.  It will also improve the crypto users in the country because many people are looking for this opportunity to come so that they will have fully access to crypto investment and to use it to improve their businesses in the communities.

We don't know what is hidden behind the partnering by the federal government. Nigeria is a big market and has got the highest level of adoption and usage amidst the restrictions from the government. The government is found much interested in promoting the country's own CBDC eNaira.

On the other side Binance made touring around the African countries to create awareness about cryptocurrencies. Maybe that could've got more attention of people and Nigerian government might've decided to make it the financial hub for cryptocurrency related activities among the African nations.

Binance to launch Africa crypto awareness tour as adoption ramps up

So the Federal Government of Nigeria is Partnering with the Biggest Crypto Exchange in the world Binance along with Talent City in establishing virtual free zone in West Africa.
Nigerian FG to partner Binance

We know that sometime on January 12, 2021, the Central Bank of Nigeria (CBN) sent a letter to banks and other financial institutions about the ban on the trading and enabling of payment for cryptocurrencies through all the Banks.

They (CBN) also directed all banks and other financial institutions to identify and cancel the accounts of individuals or businesses that deal in cryptocurrencies or run cryptocurrency exchanges which as we know some Banks did


We also know that the CBN Imposes N800m Fine On some Banks For Crypto Transactions (Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa are among the banks affected

So with all this hatred of Cryptocurrency in the past why is the Government now seeing a different light in Partnering with a Cryptocurrency Heavyweight like Binance? are they waking up from their slumber or is this just proof of what we have been saying all along, If not for their own selfish interest they wouldn't do it for the people. However, let us hope at the end of the day, this will bring positive news for Cryptocurrency adoption in the country.

What's your take?