Topic: Not banned, yet not accepted - page 3. (Read 612 times)

It all truly depends on each country's approach to setting regulations concerning cryptocurrency. The adoption of cryptocurrency varies from country to country because governments perceive cryptocurrency as something novel and highly influential on their economic systems. The concept is one of caution and experimentation, to avoid grave mistakes, and many nations are making decisions gradually, except for El Salvador.

I am quite confident that regulations will evolve in tandem with the development of cryptocurrency.

Sometimes it happens when governments are not completely sure about what to do with something, so they don't want to completely prohibit something (also because, as history teaches us, prohibiting something oftentimes is counterproductive) but just make things complicate in order to discourage the majority of people to do/use that thing.

In fact Bitcoin is still banned in the country I live in. Banks in my country strictly prohibit cryptocurrency transactions  Even though the government has banned bitcoin in my country and banks have completely stopped cryptocurrency transactions, we are using cryptocurrency very well in my country. That's why I don't have to face any obstacles here. I am trading in bitcoins without any hindrance and selling bitcoins and converting them to my country's currency. But I'm hopeful that one day this bitcoin transaction will be introduced in my country too, then we won't have to use bitcoin in a hidden way like we do now.

But I feel very blessed to be working on this bitcoin forum.  Because I didn't believe in making money from this crypto currency forum. I earn from working on this bitcoin forum and from here I hope to eliminate my own unemployment. I can contribute to the development of the country.

These days we can hear the word democracy everywhere, but the country doesn't have the real democracy. In a democratic country, the government function to fulfill the need of the people. It never tries to restrict when found good. In most of the countries, the government doesn't have real understanding and also fear that they might lose control. Countries legalizing bitcoin is a big step and hope more countries join the rally in the upcoming months/years.

Bitcoin is not banned in some countries because they realized that the people has their right to voted on what they want and go for it since we are in a democratic era whereby public opinion is never looked down upon, then the leaders are maybe linient enough in considering the people by making laws that suite their favour, some countries banned bitcoin because the leaders are more centered of themselves than the people in consideration because they feels like they have the power to make influence, but above it all, bitcoin has more resistance over them all because it's independent on itself and decentralized.

I agree with you that one should really be careful with one's cryptocurrency assets. In countries where cryptocurrency is banned or restricted, users of cryptocurrency have to be more private with banks and lawmakers because they can create problems for anything. Actually, the problem is that these banks or lawmakers do not want a decentralized system in which their country's currency has no importance and everyone can get their financial freedom, including the people who hold the big posts of these banks. Dismiss those who are taking salaries for free.
So I think this is the reason why many countries have deprived themselves of a precious blessing like cryptocurrency.

They can determine where it's sent and what exchanges they're able to sell those? I know that there are ways of tracking it but I'm out of it and don't want to dig on it. But to say about doing some tech stuff or so, I think that's not enough to prove it. Even so, I do believe that it's possible if they will really have to do that but it's gonna take time not unless those receiving addresses have been recorded that's from an exchange. And from there, that's how they're going to start the tracing as they can ask info upon verification of that exchange.

Much better if it's on the gray area rather than the government is putting pressure to its citizen to avoid Bitcoin as they're placing a ban on it. And typically with the scams, they're all over the internet and they shouldn't focus only with Bitcoin if it's about it.

Yup, that's true. We've got forum members that are from those countries where Bitcoin was banned but it's not a problem on them and they've got solutions about it.

There could some, those that are jealous with that person that finds himself better and becomes successful through investing in Bitcoin.

In the case of our country, Nigeria, the restriction was widely circulated and many accounts that had crypto marked transactions in them were frozen that year the circular was released. The interpretation of that act from the Central Bank of Nigeria was that people should desist from engaging in cryptocurrency trading. The government took that route because that was the most it could do. It couldn't ban Bitcoin itself, so it had to ban its dealings. No government can ban Bitcoin because it's decentralized. The worse any government can do is ban dealings in Bitcoin transactions in that country. However, I guess that ban thing in my country has died down a bit now as those who are into crypto trades don't constantly get harassed anymore by the local security authorities like it used to be.

I don't know why we're scared to say that there's a ban on the use of cryptos in Nigeria. Read the second and third paragraphs in that screenshot you shared. Please, read through them once again. If you're asking if there's a ban on crypto dealings in Nigeria, the answer is yes but how effective the ban is remains a puzzle. I can say that it's highly ineffective. The only problem anyone would've trading cryptos in Nigeria now is if they include anything crypto in the transaction description for banks to see. I guess the bank will immediately flag that account.

 Bitcoin is not totally banned in Nigeria, although it was in 2021 during the time of Buhari, but in Tinubu's regime he's more lenient and welcoming. After introducing the Blockchain Act in May 2023, becoming the first African country to make such approval, Nigeria went on to also place10% tax on digital assets. The government keep looking for more revenues of income and with a debt service cost of #6trn and over $260m digital transactions conducted last year, it's only fair to use tax on digital assets as means to leverage or reduce debt and since Tinubu is a pragmatic businessman, it would be unwise to continue to place a ban on Bitcoin.

The Government do not accept bitcoins, it means all it's institutions need to follow with what has been decided by the head. The bank is an institution of the government so they can be instructed by the government not to have direct business with what they have not accepted.

The government institutions is what is banned from using bitcoins in most cases not individuals, except in cases where there is an exclusive label on having bitcoin as an individual as a criminal offence, then it becomes a crime.

Ban =/= restrictions even if you look it up from its definitions.  There would be restrictions such as limited exchanges that you could trade Bitcoin with. I am not a Canadian, but a small research led me to some list where crypto exchanges are banned. Binance is "restricted" in Canada but users can still access their site (I believe). Either way they're just limited with options to trade with their Bitcoin, just not in Binance.

And nah, it's not breaking some sort of law since Bitcoin was never meant to be under a law anyway, right?

And yeah, it cannot be banned, the most thing that government can do is just restrict their people to use all of the exchange sites but it doesn't stop people from using VPN and I believe VPN is being used by many businesses especially if it is a multinational one.

Why not banned and not accepted scenario

I have read why some countries does not accept official bitcoin transactions and why they do not also ban bitcoin outrightly. They do not accept bitcoin officially because they believe that there are alot of risks associated with bitcoin such as volatility. By not officially endorsing bitcoin transactions means that the Citizens should be blamed for their fortunes or misery as a result of bitcoin volatility.
Also, the government recognises that some illegal acts are carried out, using bitcoin as a payment medium. So, since banks aren't allowed to handle bitcoin transactions, any bank related transactions about bitcoin money laundering  or illegal transactions will be prosecuted.

It is indeed a weird situation because it depends on the banks whether they want to support cryptocurrency or not.
If a bank want's they can simply deny supporting payments made for purchase of cryptocurrency.
Unless there is a crypto friendly bank we will keep facing such issues. That is why P2P is beneficial but the risks of P2P are always there.

Each country's rules are different, in my country it does not prohibit banks from trading with local crypto exchanges, but my country prohibits local trading using crypto.
but our government imposes a crypto tax on every trade on the exchange, which is a bit of a burden for those of us who only have a little crypto, sometimes the costs are almost 30% alone from the sales proceeds and sending funds to the local bank

If I am not mistaking, it is like the CBN bank network in my country can not carry out the transactions done by crypto currency. What do I have to say when cryptocurrency transactions are not allowed to be done via banks and they are still not yet banned? Anyway, I might be right about what I am saying, but I don't know how.

If crypto currency (Bitcoin) is not banned in Nigeria but can not be used for transactions via Fiat banks but can be done with the help of P2P, that means even the government of my country use it secretly, but think about it very well, if the government are not using Bitcoin (crypto currency) secretly then why did they not banned it rather to restrict the transactions from banks?

abused can happen ,from smallest person to the biggest, but of course they will only taste the hardest when you are poor or like you mentioned a lady/woman harassed just because she owned a physical exchange.
 that is the way how the government is showing how crucial and risky crypto using in your country or else you need to make under the table transaction to government official .

This same thing happened in my country for several years. Bitcoin and other cryptocurrencies were in a gray area for a long time. We were able to use it freely and no legal actions were taken against it. I even started accepting Bitcoin and crypto transactions in my business. But in the past year, our government announced that Bitcoin will be banned and any usage of it or owning any crypto will lead to jail. So I had to stop accepting Bitcoin in my business too.

But despite it being banned here, I am still accumulating BTC in many ways. But we are not allowed to use it as freely as we used to do. The only reason the government gave us was, that Bitcoin is used for criminal activities and money laundering. I don't know how that makes sense. We are still in a ban situation. Not sure if BTC will ever be legalized here or not but we are still using it while maintaining some privacy.

So that's the reason why it is banned here. I don't know about other reasons why other countries are banning it. I'll keep following this topic to learn about other places.

The Nigerian police and other enforcement agencies are known for unlawful arrest, harassment, and brutality. Due to the negative stance of the government towards bitcoin, these corrupt officials are using it as an opportunity to exploit business owners and citizens. Another problem is that due to several smear campaigns against bitcoin by the government there is this assumption that cryptocurrencies are used for criminal activities.

Immediately the police sees a bitcoin wallet in your phone, they conclude that you are a fraudster and you will be intimidated and sometimes arrested. In some cases, these innocent citizens are tortured to get forced confession from them just because of a crypto wallet. But you can seek redress in court if you have been unlawfully arrested or victimized. There is a well-celebrated case where a bitcoiner floored a well-known financial crimes commission in Nigeria in court. Bitcoin is not illegal in Nigeria but it cannot be freely used to avoid intimidation.

Please be more specific, what kind of harassment do you mean? Is this related to the ignorance of people who then talk demeaningly or intimidate Bitcoin users?

Keeping bitcoin ownership secret is part of privacy, especially in an insecure environment. The threat is not only from the government, but also the environment. You don't have to force them to reveal it

I'm sorry I might not be able to qoute or respond to every reply over here but I wanted to say that, I'm aware that Nigeria doesn't have any direct bank on cryptocurrency but rather on banks involvement  with it but my worry is that,  there have been cases of a woman who operates a physical  exchange getting harassed publicly because she had a physical exchange and several allegations were levied against her and anyone from my country can attest to the fact that,  not all youths who are legally (not involved in any form of fraud) can also boldly walk about the country boldly claiming  to have bitcoin atkeast for their personal safety.

I agree that there are no bans on bitcoin in my country but whats the benefit of saying there is no ban when we can't freely transact with it?