Topic: What is your take on this? (Read 376 times)

Why must such person involve bank in his or her crypto, when you can hold your crypto in your wallet waiting for the bullish season to appear in the market before you can take a good step to achieve income that will be more higher than what bank will give to you. Government can't never hold money for citizens free which we all know that they will be taking interest from the money either monthly or yearly which you will not know until you check your transaction from the year before you will know that they benefit from the money you save in their hands, likewise what will happen when you deposit coins in the bank to hold for you. The reason why Bitcoin is still dominating today all over the world is because Bitcoin is not control by the government and it will never be in the hand of government to control the decentralized currency.

They are aware that cryptocurrency is growing very rapidly and many people there are probably related to the crypto space. Of course there will be pros and cons in it, but considering the current conditions, this decision is the best. It doesn't matter whether there is a conspiracy in it or not, but at least this is a nice step for crypto to become more accepted. Becoming a country that is crypto-friendly, especially for its citizens, certainly opens up opportunities for them and their citizens to develop further, especially in the digital world, considering various aspects of benefits, crypto should provide more benefits.

But usually, as is the case in my country, there will be several regulations that will be provided by the government. Maybe it won't come all at once, but of course, it's not just related regulations such as exchange that must be under government regulations. But there are also taxes and several other regulations which do provide benefits for the government.

Thanks for bringing this to our notice, though we have heard the news and discussed it locally and forumly  . And the possible outcome of this unban will lead to the adoption of Bitcoin to the legal tender in the country. And as it gets s now there is another possibility that the number of Bitcoiners will increase tremendously but the fear but of some of them right now most of them are complaining on the high transaction fee. And to get cryptocurrency or Bitcoin in particular will be very easy now but when anyone buy Bitcoin don't keep it in the bank app or exchanges but non custodial wallet is the best. Because this government accepting of Bitcoin is not 100% trusted because anything can happen at anytime.

Even we didn't say anything on that, you know that it is the advantages to the Bitcoin enthusiast in the country. I was very happy when I heard the news. And the only disadvantage I see here is the transaction fee which is too high.

Well, being happy but being careful is not going to hurt you. I mean if you really want to be happy, then you should be happy about it, if you really want to be careful, then you could be careful about it as well, they are not mutually exclusive to each other, you need to just realize that whenever you can.

I get that it may not be all that crazy, but we need to just consider this as an option and we could see it change the way we think about things. I do get that we are going to end up with something that may not be all that crazy, but we could make it work one way or another. I do hope that it can get to a point where we just feel happy, but I do agree that governments can't be trusted so a little bit of doubt is always good.

Do not give banks any access to your crypto, they will try as much as possible to take control and make money off your asset, your digital assets are safer in your hands than anyone else, no banks is capable of keeping your coins safe and as for the government they are only good at taking advantage of others.

The last people you want to trust is the government, they are very good at manipulations, it's better to keep your involvement with crypto a secret, do not tell anyone and don't let any banks know too, we still aren't sure about the future, the government can come up something new to crack down on the crypto holders, and this is only possible is they are known.

Let's not for once forget the real reason why Bitcoin existed, it's not built for banks or the government to be in charge and monitor peoples bag, whatever the government might promise it can't be trusted.

What I mean when I say the negative side is the same as what you mentioned here:

That is, it is true that the decision seems positive, as if governments recognize cryptocurrencies, but since we are accustomed to governments lying and they cannot be completely trusted, there may be negative aspects that are not yet clear to us and we must wait to actually implement these decisions on the ground.

However, every regulation must have a simulation first, don't apply it straight away if it is regulated straight away, there is a fear that there will be points that will become loopholes that can be exploited whether it is for the interests of groups or groups there. Indeed, that is their main objective and all countries also have regulations in the form of laws so that inequality does not occur, even though it seems that the government will have the ambition to control everything.

What potential downside you are talking about? Can't you see that they said that "they are going to disregard the initial ban on cryptos"? If you still don't know what it means, well it means that cryptos are now legal on that country. They are talking about the banks but I guess this won't be possible if not because of the government legalizing cryptos first.

But, we should not always be positive, since we already know the attitude of this country. They are sometimes confused and can ban cryptos again. Anyways, it's not a big loss to us if in case the bad thing happens again, as there are still countries who have a clear mind and will only do good to cryptos.

The right government must protect its people from all forms of fraud that could be detrimental because of a policy that may not be very popular and well understood. It is not easy to provide clear understanding and rules if the people themselves still do not understand correctly or because they lack knowledge about crypto.I agree with you that the Nigerian government must issue policies that side with the people, not speculators who seek profits for personal interests or certain groups.But it is clear that this is not easy to do because it can always be misused by using policies that are not well understood because the correct information is not provided, but everything is returned to government policy.

         -  If I am one of the citizens of Nigeria, I will not look at the past, but I will look at the present or the future, because this is what is important right now. Because the important thing is that the Nigerian government has changed its mind about lifting the crypto ban in their country.

And this is really good news for the crypto community in their country. And it's also true that this is also a good move by their government.


      -  You are right there; Nigeria really did that for their preparation for halving or bull running; that is what I see as cruel actions. They felt that the price value of Bitcoin would rise and fall in the next year.

I can't figure out the kind of message you are trying to pass in your second paragraph but if it is what I assumed it to be, then I will tell you that Nigeria is not what you read online. Remember that online media are always found of broadcasting negativity just to attract people's attention and cause traffic to their outlets. Nigeria is just like any other countries with the ups and downs and it is far more better than what online preaches to the world. I don't know your country of origin but I believe you also have the challenges bedeviling in one way or another.

Concerning the crypto ban lifted by the Central Bank of Nigeria, it's not longer news that even after the ban, Nigerians still find their way to bypass the order and continue with their normal crypto activities through P2P system and of course government is aware of it. It now becomes favorable to us since there is nothing to worry about paying tax again since FG does not recognize the activity. Government realized that they on the lose, people continue with what they placed embargo on and they are missing the tax as well. On this note, tax becomes necessary for FG and thus the ban is lifted. You now pay tax for your investment but banks and financial institutions are warned to keep off from holding or trading any digital assets as seen in the circular.

Despite everything and the potential downsides of such decisions but they are positive in my opinion, this means that governments can no longer ignore cryptocurrencies anymore.

There is a clear change in government policy towards cryptocurrencies, as we see how it has shifted over the past few years from a complete ban to allowing it within strict laws, and these will be gradually eased, I believe, over the coming years.

Criminalizing a population is never the best idea so just blanket ban of crypto was obviously a failure on their part to recognize their citizens as people free to think and act in a harmless free way.   Glad they have been able to adjust their bad attitude slightly but usually these things take ten years to play out back and forth.
   Every country that sees technology as a threat risks making their nation worse off, what is most likely to just suffer a competitive disadvantage vs competitors.  One of the great things about crypto is its ability to utilize the smallest elements of an economy, the people can be important not just large business maybe thats why this government did not see a use for the allowance of free exchange.

If the current government is crypto-pro, it is good but if they are trying to be positive on crypto now just to solve their deflating Naira, it would be a problem. If Naira is steadily losing it's value, I think it would be better if they choose to solve the main root cause of the problem first.

Bitcoin is a good alternative especially corruption is the main source of problem. Bitcoin is running on a decentralized blockchain, which makes it hard for government official to hide their transactions. The transparency is I believe be a game changer on a country that has a really bad government "financially" but we know that it comes with cons like volatility, not cheap and slow transaction costs.

I'm pretty positive that the Nigerian government will make their move when the bull market is near or when there's a bull already. Nobody want to pass up that opportunity.

I don’t care much about the conspiracy theory that could be embedded in this unsolicited approach of a sector of the government towards there stands on cryptocurrency and crypto assets. I’m fact, I try to stay positive on them as, though there could be some conspiracy theory to it, it doesn’t mean we shouldn’t be appreciative of the positive steps by the government towards there stands on cryptocurrency and assets.
That doesn’t mean you shouldn’t be conscious in the way you conduct your cryptocurrency affairs as well. The government are gradually getting to understand that, cryptocurrency has got a future about it and you don’t really get to fight it but instead, you set the stage for the regulation of the centralized systems that exists within its space.
That’s just how they could get citizens to not completely lose trust in them for cryptocurrency. Stay private and mind the use of centralized exchanges still.

Well the current government administration promised to be more crypto-currency friendly and if this is actually how they wrote it then it's a good step. Nigeria is amongst the fastest growing crypto-currency interested countries in the world and I believe Nigeria is top in Africa so the ban placed was a real blow to Nigeria.
I think it's a positive step and would further boost the adoption level of Bitcoin in Nigeria. It's also good for Nigerian citizens as our local currency Naira is fast becoming of no value, crypto-currency can be an easy and even a safer way to save up.

You're right. The SEC was against bitcoin ETFs until they got sued and lost and since that they changed their minds, so the carrot did not work on them, but a stick did.
Recently there was news about the SEC admitting to falsifying evidence against a crypto scam project to get a faster conviction or something like that.
In this thread basically the central bank is saying they were wrong to ban people from buying cryptocurrencies, but they don't want to come clean 100% and keep saying that banks are still banned from investing, so we were wrong, but we won't do a 180 degrees, let's go 90 for now and then we'll see

it's not surprising anymore to see banks taking a 180 turn from their old policy. because there were already banks allowing crypto in their client's accounts. it would be too good to believe that banks will be able to allow users to exchange their fiat for crypto. but it's got to be good news for the adoption of crypto.


it would take balls for someone to risk laundering money with local banks being a client. once they know you are engaging in crypto, they are already going to be suspicious to your activity.

To me this is the least of worries from the government. Money laundering or corruption practices through cryptocurrency is not the problem for the government or reason for banning crypto back then in Nigeria. It emanated from the #Endsars agitation that encompasses police brutality on the people and other extra judicial killings going on in the country and still going on presently. So the agitators on the streets on Nigeria across all the states needed to be financed because they stayed like two weeks day and night on the streets. The financers of this protest did that through cryptocurrency because they don't want to be easily traced through fiat and so the government woke up to freeze those exchange accounts that where link to the banks.

Therefore, the banning was more of an afterthought not a predetermined policy of the government backed with their monetary policy but just because they want to get to some people and not to allow untraceable financing of any such of agitation.

It is not to check money laundering or corruption because they don't need crypto to launder money. They are not quite serious to fight corruption . Hopefully, the unbanning will help more trade to freely open up among the youths.

Comparing this directive with the government's former stance on cryptocurrencies, this current law is a big advantage. Although banks are still restricted from trading or holding crypto in their account but individuals and corporate bodies could deal in cryptocurrencies and banks will facilitate payments for crypto exchanges. The news also indicated that the government is still developing a legal framework for the regulation of the crypto sector.

This is a big win for crypto users in Nigeria because due to these restrictions, many crypto businesses have suffered several setbacks and other investors have been forced to avoid the Nigerian market. This latest policy will lead to a fast development of the crypto sector because Nigeria has a very large market. A report claimed that about 33.4 million Nigerians own cryptocurrencies but as of April this year, Nigeria has just two Bitcoin ATMs located in one city. But this new law will be a stepping stone for better days ahead.