Topic: The good side of banning btc in Nigeria - page 3. (Read 584 times)

The gangsters in charge use "regulation" to control people and enhance their own power.  Bitcoin represents the ability to have true ownership of the products of your labor and mind without the ability for the political class to syphon 2-200000%/year (12%/year in Nigeria) away from you merely because they have the guns and army.  Bitcoin is free money for free people. 

These gangsters don't like people to have the freedom and the responsibility to control themselves and their money without them being able to steal a cut of it every year. 

The government did not and CAN not ban Bitcoin. They rather restricted government agencies and banks from mediating between trades, so you can still legally hold and trade peer to peer but cannot deposit on exchanges using Banks. True Bitcoin holders would still Hodl and trade Bitcoin regardless of the government interference.

The Nigerian government has always had a negative stance on Bitcoin, which is emphasized by there most recent action. Any form of regulation would not benefit Bitcoin as it would be a way to restrict and control its usage.

I believe favorable regulations will be good for any country and their citizens. Blanket ban will only create an underground market and people will pay zero tax on their black money. So banning a cryptocurrency is not a solution, rather it's an initiation of a much larger issue!

So I don't think banning cryptocurrency will bring in any positive impact on Nigeria. Because common people always try to stay within their legal limits. So no matter whatever free advertising it is doing for bitcoin, it will be mostly negative for the commoners.

But I sincerely hope these governments realize their mistake soon before it's too late!

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.

It's always possible to see something positive in every situation. When someone gets imprisoned unjustifiably, it brings people together for peaceful protests; if someone dies because of systemic racism, lots of people start taking racism more seriously and some try to actually change things for better. However, these are unintended consequences, and they don't mean that the actions themselves had a good side to them. Similarly, I think that the ban of the Central Bank is a bad event, and it would be better if it were lifted. However, it doesn't mean that there won't be some good consequences of this bad event.

Nigerian SEC and Central Bank working together trying to regulate cyptocurrency is pointless and a waste of resources. They can create policies for token sales and for taxation purposes but they can never regulate movement of cryptocurrencies. Countries like Japan and the United States have a model and they can review them and adapt what they think is applicable for Nigeria.

I don't think it would do good in terms of adoption.

We need the government support in order to increase the adoption, probably the reason why they are still buying bitcoin is due to investment, but these are speculative asset, without adoption the price will remain highly volatile and it's too risky for investors who does not have enough knowledge on bitcoin.

probably because of the market sentiment people are buying, but when price go down, they will probably panic, or the panic might started already.

Maybe the timing of banning bitcoin is wrong, as people are seeing bitcoin so bullish, people will believe that the government took their opportunity to make money from bitcoin, maybe if they ban it when bitcoin is dumping, people would be convince that it's a good decision by the government to protect people from losing their money.

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.

Also synonymous to most government. We know how many government is kicking against bitcoin, like China, India etc. So not only Nigeria. Bitcoin has been on this challenge for some countries



Not as such or total. We are yet to see a total regulation of bitcoin from any country because bitcoin is decentralized. In Nigeria, the government can only talk about regulating cryptocurrency accounts tied to the banks as that is even where the ban is facing at the moment.


When ever it is officially legalized, you will get the information here on the forum.


You seem not to understand this point. Sorry, what this point is saying here is if the government rescind the decision announced/ regulation the bank policy, it automatically means that more people will believe to invest. They will become new converts.

Well, there's good in every bad, but it seems to me the only good thing about this ban is that it further proves how badly the Nigerian people really need Bitcoin or freedom. This action of the Nigerian government shows how it doesn't want its citizens gain real freedom. It clearly shows how it badly wants to keep the people's shackles tight and intact, for easy control more than anything else.


Which is synonymous to an attempt to control.


Well, bad publicity is still publicity. However, is the headline Nigeria Bans Bitcoin better or particularly worth attractive for discussions than Nigeria Legalizes Bitcoin?


On the contrary, the government's ban only reinforces the traditional views, the uninformed criticisms, the ignorant commentaries, and so forth against Bitcoin. With this government action, it seems the final verdict has been handed down and it unfortunately sides with those who are wrong.

We know that there are always two sides to a coin. I came to the reality that the decision of the Nigerian government is just a step to another good story to bitcoin adoption in Nigeria and more to the world.

See the reasons I believe will create more adoption

1. Regulation: Now that the SEC is talking tough, the government and senate may come with regulation in the Nigerian space anytime. If there is regulation to this effect, expect more investors because it means it has officially been legalized as many fear it wasn't a legal means of investment and earning before now.

2. The news has created more publicity for bitcoin : If you are a Nigerian, you can see that more people are beginning to discuss the ban while others who don't know about bitcoin, they try to bring up a discussion of "what the government banned". This set of people that don't know about it but want to hear a discuss about it, they want to learn. They might have heard it before the ban or not but now that it is in public arena, they want to be tutored more. These are people who don't want to learn, people who only see it as what existed online, they will be the new converts


3. People will now believe: Coming back to the regulation, this will be a strong support for cryptocurrency. In Nigeria, those who are not into crypto always go out criticizing it. They believe is a waste of money as they can't see it physically. Despite Nigeria being the second spot in the use of bitcoin, we still have large population of people who are still traditional, parents discourage  their kids, friends and relatives against. Many still discuss it as ponzi as they are still traditional.

So, regulation creates more awareness because it was in the news. That means the adoption will increase when it is resolved