The bank has given you the option to withdraw all the money in the form of a Draft. So they are not seizing anything. Just refusing to provide services as per instructions from their regulator. Something similar happened in India. Major exchanges pooled together to take up a case in the highest courts. The courts decided in favor of the exchanges in that instant.
Unfortunately, there are no easy solutions to this. All crypto transactions are traceable. All of those hacked cryptos eventually end up in circulation and I don't think it is difficult to connect them. This is the right time for the Nigerian community to showcase the positive effects of crypto for young developers and algo traders. This should be done before the authorities make up their mind and just declare everything wrong based on feedback from their banker friends. The only way is to garner public opinion in favor of crypto.
Topic: The bitter reality - page 2. (Read 455 times)
I am sorry to see this and this kind of stuff just absolutely sickens me. I hate countries trying to hold back its citizens from progression. From what I’ve heard and read, banks can’t be trusted so much there. Cryptocurrencies of course then become such a savior of sorts.
Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?
I suppose he can but the first thing that he needs to do is to recover the money that he had in that account, there have been many examples in the past of people that once their accounts got closed they had lots of trouble to get that money back because now they needed to demonstrate where and how they got it.Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?
What I always find it amusing to say the least is the hypocrisy of those institutions, the bank closed his account for its link with cryptocurrencies and at the end of the email you can see that despite the huge inconveniences that they are causing him they still claim that they will be happy to serve him in the future, which is completely ridiculous, I'm pretty sure that if that happened to me I'll never have an account with that bank ever again and I'm pretty sure that I'm not alone when it comes to that train of thought.
Certainly But the banks too I believe wouldn't want to do this because they know by now how many of the Nigerian population are dealing in cryptocurrencies and how many accounts they will eventually loos in this process and how much finance that translates too but they answer to the CNB/Government and I know if they don't follow order, there's a huge fine for them too. So some how I feel the banks are helpless even though they don't want to go this route. But it is a sad experience.
It's a very stupid position for banks/the Nigerian regulators to take.
They are literally shoot themselves in the foot in so many ways:
1. They lose out on a ton of transactions that could potentially be sources of fees/commissions
2. They get a bad rep in the crypto community and lose out on foreign business FDIs
3. They are essentially rejecting any possibility of doing proprietary trading/using BTC as a store of value themselves.
But hey, at least they are refunding the balance.
They are literally shoot themselves in the foot in so many ways:
1. They lose out on a ton of transactions that could potentially be sources of fees/commissions
2. They get a bad rep in the crypto community and lose out on foreign business FDIs
3. They are essentially rejecting any possibility of doing proprietary trading/using BTC as a store of value themselves.
But hey, at least they are refunding the balance.
Oh....This Nigeria
, you want to bring yourself into retrogression
Nigeria, you don't want to join the crypto progressives
You have left your business of human development but create confusion
in the minds of your subjects.
Nigeria, with Shenanigans in government
The youth only left with promises, told of being the leaders of tomorrow. All
promises in valley rift.
Nigeria, you keep cutting off the promises of tomorrow
You shut the youth off from cryptocurrency, the tomorrow we know
Nigeria, with the second position in the bitcoin market
But you never care for tomorrow
Institutional investors are looking into different crannies to invest but you shutting your windows
The blues of the Nigerian song, is turning into sadness in the faces of the Nigerian crypto enthusiasts
The dreams of the youth, cascading into flowing rivers of oblivion.
Alas... Where lays the hope
The marriage of Nigerian crypto community and P2P is our succour.
This is a perfect example of how a country can be so backward when the whole world is trying to move forward. I have been closely following the Nigerian news for a while now and I have come to realize that the government doesn't care in the least about the welfare of the people especially the youths.
The rate of unemployment is high which led the people to fend for themselves in whatever ways they can find.
Many resorted to internet fraud, which is bad and should be curbed while several others went into cryptocurrencies and trading them which is good and should be encouraged only to find out the government is placing a ban on it
To say this news is a shocker would be a severe understatement. All along we thought Nigeria will be open and accepting of cryptocurrency given the fact that they are literally the number 1 country in cryptocurrency usage. I hope the government changes their mind for the better and see that cryptocurrency is no enemy, but a valuable ally that everyone should have to be future-proof.
One of the saddest news in 2021. I can not believe in my eyes that the Nigerian governments are blocking the progression in developing bitcoin and the cryptocurrency ecosystem when it is the second-largest growth crypto market. This will strongly affect not just the youth but anyone who believe bitcoin is their escape
Though, there are various ways to stay connect with the blockchain. Just don't let the cop catch you're doing so.
Indeed, they didn't have to crypto trade in obscurity in the past, and now because of this stupid rule, they had no choice but to do so. Though, there are various ways to stay connect with the blockchain. Just don't let the cop catch you're doing so.
One of the saddest news in 2021. I can not believe in my eyes that the Nigerian governments are blocking the progression in developing bitcoin and the cryptocurrency ecosystem when it is the second-largest growth crypto market. This will strongly affect not just the youth but anyone who believe bitcoin is their escape
Though, there are various ways to stay connect with the blockchain. Just don't let the cop catch you're doing so.
Though, there are various ways to stay connect with the blockchain. Just don't let the cop catch you're doing so.
The Nigerians must use their voting power to vote for the government that supports Crypto currencies. I think your current president is Muhammadu Buhari ....right? Well, he is not making decisions to improve the lives of his citizens. 
Most governments are now realizing that Bitcoin is going global and that a lot of people are losing faith in a currency that are losing it's value. A global adoption of Bitcoin will increase it's value and a more even distribution of the spread of bitcoins will give it more stability. Why would you go against the will of the people... well, you do that because you want to control them and also the value of their wealth.
Africa can wake up now or miss the boat.
Most governments are now realizing that Bitcoin is going global and that a lot of people are losing faith in a currency that are losing it's value. A global adoption of Bitcoin will increase it's value and a more even distribution of the spread of bitcoins will give it more stability. Why would you go against the will of the people... well, you do that because you want to control them and also the value of their wealth.
Africa can wake up now or miss the boat.
I feel sorry for your loss. It's sad that some countries are against cryptocurrency and even had to prevent their people have financial freedom. I am just thankful that our country is neutral when it comes to cryptocurrency. I believe that cryptocurrency has a bright future ahead and that some countries are not yet ready to embrace it. The government cannot accept the fact that banks are not really needed. However, banks are controlled by the government, which is not the same case with crypto.
Even if they freeze the accounts, legally they can't really hold on the money unless they can prove in court about any illegal activity other than just involvement in crypto I guess. So the issue isn't about money getting stuck, more like a slap for something that was very normal very recently obviously sounds disastrous! I do however feel very optimistic that these moves will eventually be fought and defeated once the community speaks about it louder!
According to seperate reports; the funds in such blocked accounts are usually issued out as bank drafts that is withdrawalable over the counter; but it is still wrong. The best way out of this situation is to be cautious who we trade p2p with or better still stick to binance and okex p2p
Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!
Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.
Even if they freeze the accounts, legally they can't really hold on the money unless they can prove in court about any illegal activity other than just involvement in crypto I guess. So the issue isn't about money getting stuck, more like a slap for something that was very normal very recently obviously sounds disastrous! I do however feel very optimistic that these moves will eventually be fought and defeated once the community speaks about it louder!
Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!
Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.
Even if they freeze the accounts, legally they can't really hold on the money unless they can prove in court about any illegal activity other than just involvement in crypto I guess. So the issue isn't about money getting stuck, more like a slap for something that was very normal very recently obviously sounds disastrous! I do however feel very optimistic that these moves will eventually be fought and defeated once the community speaks about it louder!
I hope they can have optimistic that they can still use bitcoin. As long as the government is not shut down the internet connection, people can still search for other ways to use bitcoin, which will only be a matter of time for them to find out that way. The government can not hold their people using crypto, especially if their people can see the chances to make money from crypto. I hope the government can see the benefits of crypto to their people and not banning or prohibit their people from using crypto.
Sorry OP for the terrible decisions that the government of your country has made to prohibit them from trading bitcoin.
Do not lose heart, stay strong you will win. You could be the first country to adopt bitcoin without intermediaries. Only P2P when acquiring goods and services directly through cryptocurrencies. The Central Bank of Nigeria will regret the damage it is doing to the future of the country. If young people are defending their future because the present has an uncertain perspective.
Do not lose heart, stay strong you will win. You could be the first country to adopt bitcoin without intermediaries. Only P2P when acquiring goods and services directly through cryptocurrencies. The Central Bank of Nigeria will regret the damage it is doing to the future of the country. If young people are defending their future because the present has an uncertain perspective.
Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!
Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.
They can't stop BTC! What they are doing with this is slowing down the progress of the people who live there! I already wrote about this, but there's no harm in repeating it... When the government bans something that people use, people will find some illegal ways to continue with their actions! From normal people, they will create criminals... people will do shady things, and when it's shady it means it will not be any kind of security other than you create it for yourself...somehow.. but that is another topic!
When governments turn into a dictatorship normal people get hurt! Sharks have their momentum!
Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!
Its the first that we know. Just imagine if you have been trading for years and then suddenly when you send money to your bank account from exchange, your bank decides to freeze your bank account for you have dealt with cryptocurrency. I hope it won't happen anywhere else but we sure could be seeing this is just an experiment in Nigeria whether CBN really could stop BTC. Now its time the community stand together.
Yikes! That's a very unfortunate event that's been going on my friend, when government turns into dictatorship, we can only assume that everything good for public will be suppressed and everything that's good for government (the politicians) will be promoted even if it's harmful. It's very sad day for Nigeria, but I guess the government will also try to tackle down P2P transactions if they are going so forcefully, I can just wish and pray for the crypto community in Nigeria and hopefully government understands!
Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency. Who knows, maybe one of this days the government will actually try to do something about this that banks can't go against. It's unlikely but I'm sure the people of Nigeria wouldn't just let cryptocurrency go.
^ I also heard this, just probably because of the political way of their government, sometimes guessing their action towards cryptocurrency is very easy to determine what is the purpose of banning. Hopefully, from time to time, the Nigeria government will realize soon that banning BTC is not the answer that people they will prohibit their citizen not to use cryptocurrency, it is probably their belief.Nevertheless, there is one good news here, Nigeria was able now to have awareness by most people and this will probably lead to a massive investment.
At least they are not with holding any funds left in there, user who face such closure can avail any balance left in there. Maybe this will change in future but as for now Nigerian cryptocurrency community people should avoid converting their cryptos into fiat and better convert them into a stable coin.
Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency. Who knows, maybe one of this days the government will actually try to do something about this that banks can't go against. It's unlikely but I'm sure the people of Nigeria wouldn't just let cryptocurrency go.
I can say it's all a propaganda, I can't believe that only the central bank made the decision to ban crypto-currency in Nigeria, they way it is, the decision was conceived with alliances from the Central Bank and Nigerian politician at a time to frustrate Nigeria youth and crypto-currency users, as now I don't care if the make any decisions to overturn it, luckily enough crypto-currency can't be held back by government.
Don't lose hope. From what I've heard, it's only the Central Bank of Nigeria who is against Bitcoin but their SEC is actually willing to adopt cryptocurrency. Who knows, maybe one of this days the government will actually try to do something about this that banks can't go against. It's unlikely but I'm sure the people of Nigeria wouldn't just let cryptocurrency go.
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