The good side of banning btc in Nigeria

Jating

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A ban in Nigeria is definitely bad news. Any ban is bad.

I think you didn't get the OP's point here. Yes, I would tend to agree that a widespread ban is bad, but they can literally stop bitcoin? Many will go underground and bitcoin will continue to flourish in Nigeria and definitely this will attract more attention and who knows, even with the ban, it can get more traction not just from Nigeria, but from the whole African continent. Which is huge to begin with and they can take advantage of using or having bitcoin as we all know that bitcoin has been tested as a hedge against bad governance.

wack slacker

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Americans have always tried to control the economy of another country by giving suggestions or forcing other nations to submit to their will. The Nigerian people have their own choices and the government respects the people's choices. Bitcoin and crypto are becoming the currencies that keep this country running and no one is complaining about it.

cyriljundos

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for me Nigeria government should bring back bitcoin to their country, many Nigerian traders has been angry about what happen, banning bitcoin and digital coins may affect them also, i read news about banning crypto currency specially bitcoin, dis advantage of it is many traders will lose source of income in terms of trading bitcoin.

Mpamaegbu

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Quote from: GeorgeJohn on March 03, 2021, 03:10:47 PM

Quote from: Mpamaegbu on February 26, 2021, 01:51:29 PM

Snip>

Really the news is everywhere but as a second in command he won't have allows Central bank of Nigeria CBN Governor to to make such announcement via cryptocurrency, crypto is now backsliding in Nigeria because of such announcement while vice president is not in support of restricting banks to transact with cryptocurrency to extends trying to ban bank accounts that transact with crypto.

The worrisome thing, to be honest, about Vice President Yemi Osibanjo is that dude is only looking out for his own good and belle. He doesn't want to rock the inept Buhari led APC government that he's a part of even when they are in the obvious wrong. For instance, what stopped him as a professor of law from speaking out immediately that ban was announced by the moronic CBN. It took him three whole weeks to find his tongue. That doesn't sound brave, does it? These are some of the things you don't find in the western democracies — cowardice.

GeorgeJohn

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Quote from: Mpamaegbu on February 26, 2021, 01:51:29 PM

The OP's title drew my blood as I wondered what the good side to banning Bitcoin in Nigeria could be until I opened the thread and discovered the sarcasm. You see, why it's never good to judge a book by it's cover. Always read the content. Yah, since the ban many more P2P outlets have opened up in Nigeria and crypto trading is going on as if nothing amiss even happened. The CBN's pronouncement is to no effect. In fact, the CBN is likely to recount and retrace its step as the country's Vice President Yemi Osinbajo today (Friday 26, 21) condemned the ban on cryptocurrency in the country by the CBN and called for regulation instead three weeks after the ban was made public. What a shame of a country.

Really the news is everywhere but as a second in command he won't have allows Central bank of Nigeria CBN Governor to to make such announcement via cryptocurrency, crypto is now backsliding in Nigeria because of such announcement while vice president is not in support of restricting banks to transact with cryptocurrency to extends trying to ban bank accounts that transact with crypto.

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Quote from: posi on March 03, 2021, 02:19:57 PM

except when he said Bitcoin has no place in their financial institution and his ban on Bitcoin is for the benefit of all Nigerians which we know it a lie cause their ban was just for their political ambition.
In meantime, I believe the ban will be remove but they may try to regulate Bitcoin though.

Exactly. The word all is right where my trouble with these politicians often start from because, should a decision that would carry the benefit of the masses at heart, the representatives of the masses would have been dully consulted instead, the reverse is what we get. A one man decision coined to imply a public beneficial end. Nigeria is so f**ked up and there is little that can be done to that effect and that's a big problem.

Well, like the Nigerian slogan goes, 'we move'. They are at liberty to do as they which with there rules and regulations but, all they've got to know is that, with decentralization, we move! And there is absolutely nothing that can be done about it.
There ban on Bitcoin and cryptos only answers a cry for more publicity and encourage cyrpto enthusiast to search for other ways of utilizing the opportunities avail in the crypto market.

posi

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Quote from: Call me Fada on March 03, 2021, 01:39:41 PM

I sincerely agree with you on this but to some extent I also disagree a little. For me the government of Nigeria knows exactly what they're doing. Economically the present government has failed her people and now rubbing it on bitcion. It's of no sense saying bitcion is devaluing the naira currency. Well according to the OP they actually helped bitcion to be known across Nigeria and Africa.

The OP has mentioned the positive effect of the Nigeria CBN ban on Bitcoin but I never a statement or news where the CBN governor said anything about Bitcoin to devalue Naira except when he said Bitcoin has no place in their financial institution and his ban on Bitcoin is for the benefit of all Nigerians which we know it a lie cause their ban was just for their political ambition.
In meantime, I believe the ban will be remove but they may try to regulate Bitcoin though.

Lizzie_Girl

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I do feel this can not be the best idea. Bitcoin was made so people can be free without borders & government intervention. The government cannot truly do much to stop anyone from using bitcoin.
Disabling the internet is about the same odds as with bitcoin and that has never happened. It will be interesting to see what happens next in countries like Nigeria.

Call me Fada

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I sincerely agree with you on this but to some extent I also disagree a little. For me the government of Nigeria knows exactly what they're doing. Economically the present government has failed her people and now rubbing it on bitcion. It's of no sense saying bitcion is devaluing the naira currency. Well according to the OP they actually helped bitcion to be known across Nigeria and Africa.

BuNga_cute

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I agree that sometimes the good side will show more if something bad happens first. Because with the Nigerian government banning Bitcoin,
making many people in Nigeria who are not familiar with Bitcoin will be more curious about Bitcoin. Hopefully the Bitcoin banning in Nigeria won't
last long, because I believe the government is doing this because it wants to make regulations first. So I hope the crypto community in Nigeria
will be given patience to face this, because something good sometimes comes too late.

hatshepsut93

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I don't know much about Nigeria, but I think it's safe to assume that these benefits are far smaller than the harm. Lots of people have lost access to liquidity, this is never a good thing. P2P trading can be very dangerous, there can be scammers, thiefs, robberies, even murder. Centralized exchanges are far from perfect, but they allow people to buy and sell crypto with less risks. Bonus points if it's a non-KYC exchange, that still exist in smaller countries.

AakZaki

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Quote from: Vaskiy on February 27, 2021, 12:14:58 AM

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

the main problem besides the economy is the social problem that exists in the country. Many cases of crimes that continue to occur, acts of terrorism and other criminal cases. Actually, the Nigerian state is the one who will be the oil, but the people of Nigeria are still living in poverty due to rampant corruption and treatment of authoritarian regimes. Nigeria has abundant natural resources but is still trapped in poverty.

Hippocrypto

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Quote from: In the silence on March 02, 2021, 04:58:28 AM

Quote from: Vaskiy on February 27, 2021, 12:14:58 AM

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

I Agree with this. There should be regulation rather than banning btc just like you've said that Nigeria holds large volume of bitcoin transactions on different services. Bitcoin may help on some various situations that can improve a certain industry by it's fundamentals.

Regulations on specific matter would actually force other bitcoin holders to dump their assets due to strict rules, so basically this also affect their way of spending. People knew cryptocurrency because of freedom to use it, but suddenly it prevents them with certain limits. However, if this situation would be optimized with a certain precautions I think discipline always follow and possible fraudulent activities will be eliminated.

Muenalo

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I strongly agree with the listed points given by you above, because CBN's ban against Bitcoin has really created an awareness between both the young and old in the community. But there is one point i think is missing in this your article, which is...
1. Youth empowerment: Because the ban of Bitcoin has led to the realization of many that Bitcoin (holding, trading and buying/selling) has only been the means of survival of most Nigerian youths, since the government has failed to recognize them by creating jobs.

DarkDays

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Quote from: mk4 on February 26, 2021, 08:33:38 AM

I guess the effect from the public would completely depend on the people. I'm not sure with the case of the Nigerian people, but if this would happen to the United States, there would definitely be a lot of people on the defense— the likes of the human rights communities, libertarians, and other people and organizations that are quite against government control. There definitely would be a lot of publicity and support from new people on social media, and also probably rallying in the streets.

But on the other side of the coin— if your country are full of anti-bitcoin people that are going to just say "I told you so", then the positive effect(or the silver lining) of a ban would be minuscule.

I totally agree that the way in which this can go very much depends on what the people already believe. Those that have never understood BTC and the crypto market entirely would be in favour not realising the potential downsides of banning BTC could bring. On the other side, those that already got a taste of crypto market might feel left out.

In my opinion, this is a two-sided coin situation, one that needs to be handled delicately not just for the present but mainly for the financial future and economic growth of the country. We all have seen how crypto based innovations for every traditional market keep on popping up daily. It would be a pity to miss out on those innovations.

In the silence

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Quote from: Vaskiy on February 27, 2021, 12:14:58 AM

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

I Agree with this. There should be regulation rather than banning btc just like you've said that Nigeria holds large volume of bitcoin transactions on different services. Bitcoin may help on some various situations that can improve a certain industry by it's fundamentals.

nelson4lov

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Quote from: hotmom on March 01, 2021, 07:46:33 AM

Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

Yes, at the time of posting this reply, the use of cryptocurrencies in the country is still prohibited and defaulters end up getting punished with account closures and addition to blacklist that doesn't allow them create new accounts again.

Quote from: roosbit on February 28, 2021, 08:00:57 AM

Like someone has already said bad publicity is good publicity which is the case here,moreover has long has you have access to the internet I don't see how the government will impose this ban...its mere talk tbh.

~Snipped

True. Indeed, no publicity is bad publicity because in the midst of all the bad news and press bitcoin has endured over the last couple of years since its creation has helped reach out to more people who later take time to learn about it and possibly get involved.

Anyway, the ban gives room for government to introduce crypto regulations which isn't something I'd like to see.

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Quote from: hotmom on March 01, 2021, 07:46:33 AM

Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

Government through the central Bank had placed a ban on use of Bitcoin and other cryptocurrencies any individual, group of people or exchange that deals with cryptocurrencies will have their account frozen.
However the government had indeed missed a huge opportunity to tap massive revenue that will be accrued in dealing with cryptos in form of taxes, this is a market with a CAP of more $1Trillion cannot just be totally ignored invariably people in charge of the country are ignorant of what cryptos is meant for.

hotmom

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Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

Charles-Tim

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Quote from: Igebotz on February 28, 2021, 10:56:59 PM

Because they lick the Chinese ass and they do everything they are asked to do or else no loan

Nigeria depends on Chinise loan so much, and this could be the problem the next generation will be facing. There are some good learned people in Nigeria, have you gone through this thread? As I thought our leaders are figure head, this convinced me that we still have good ones, but the bad ones are more, I can not just be mentioning. It is clearly obvious that this man has read about cryptocurrencies and know how beneficial it would be for tomorrow world, compared to CBN president which called cryptocurrencies 'not a legitimate money'. Although, not surprising as the CBN president is not new to speaking such false information without making appropriate research but to condemn.

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