What is your take on this? | Bitcointalksearch.org

Sebas.tian

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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.

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.

kawetsriyanto

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Quote from: BIT-BENDER on December 24, 2023, 04:50:08 PM

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.

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.

Mate2237

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Quote from: 0t3p0t on December 23, 2023, 11:38:26 AM

What could be the possible outcome of this in your country? Is this an advantage or disadvantage to crypto enthusiasts? What do you think? Please share your thoughts on this.

Thanks for bringing this to our notice, though we have heard the news and discussed it locally and forumly Grin

. 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.

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Quote from: yhiaali3 on December 25, 2023, 01:35:08 PM

Quote from: beerlover on December 25, 2023, 01:01:34 PM

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.

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.

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.

KiaKia

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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.

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Quote from: beerlover on December 25, 2023, 01:01:34 PM

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.

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

Quote from: beerlover on December 25, 2023, 01:01:34 PM

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.

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.

YUriy1991

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Quote from: yohananaomi on December 25, 2023, 05:42:41 AM

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.

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.

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Quote from: yhiaali3 on December 24, 2023, 11:01:05 PM

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.

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.

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Quote from: icalical on December 24, 2023, 04:01:14 AM

I think that is definitely an improvement, I also think that Nigeria is doing the right thing for banning Crypto for a couple of years, if they need sometimes to finally understand how to fully protect their people from fraud and scam that is using cyrpto. Now with the lift of ban, what Nigerian people should oversee is the policies that will be imposed to cryptocurrency, will this policies be in favor of the people or just for big money speculators, or the government.

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.

Mr. Magkaisa

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Quote from: WillyAp on December 23, 2023, 11:53:00 AM

Well if people could forget about the ban they issued 2 years ago sure.

Investment is pretty finicky (jumpy) about governments outlawing something and later changing their mind.
That is what governments do not understand, they threaten, nationalize and when Money runs out they become all of sudden a player to be reckoned with?
They tried that in Venezuela, but it did not work as planned.

Now there is an authority with anti crypto views which strangles all intents. The same authority which abused their power, confiscated a lot of mining equipment.

https://cryptorank.io/news/feed/2e065-ripple-ceo-fortifies-legal-team-with-renowned-attorney-as-secs-xrp-war-heats-up

- 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.

Quote from: abel1337 on December 24, 2023, 05:54:02 PM

Quote from: BIT-BENDER on December 24, 2023, 04:50:08 PM

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.

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.

- 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.

knowngunman

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Quote from: kentrolla on December 23, 2023, 05:13:18 PM

I couldn't make any sense out of it because only someone who is currently living in Nigeria will be able to clarify the ground reality and reason for government to go back on their decision. But this was something which was due to happen and as they first try to threaten people from using Crypto and then imposes ban but still I see good amount of Nigerians in this forums using crypto, when they cannot control it they are revoking the ban and I feel their would be some strong reasons like to cover up some of their flaws or else they don't want to be left behind.

But as far as I have seen in news and heard stories about the kind of government which runs Nigeria I don't think they would be doing this for betterment of people but rather for their own benefit and hidden agenda.

Any Nigerian there to shed some more lights on this?

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.

yhiaali3

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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.

STT

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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.

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Quote from: BIT-BENDER on December 24, 2023, 04:50:08 PM

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.

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.

Mr.right85

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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.

BIT-BENDER

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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.

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Quote from: WillyAp on December 24, 2023, 01:08:00 PM

Quote from: Silberman on December 23, 2023, 06:14:07 PM

will change their mind once again and institute a ban, but at the time they will have the names and addresses of all of those people and they will turn against them.

Not only in Nigeria I fear governments generally can't be trusted.

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 Cheesy

electronicash

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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.

Quote from: Gozie51 on December 24, 2023, 02:12:01 PM

Quote from: topbitcoin on December 23, 2023, 04:21:54 PM

Of course, concerns and anxieties are always there, and the same goes for Nigeria, they are very worried that the presence of crypto in their country could lead to misuse of crypto currency due to the risk of money laundering, while the level of corruption cases in that country is quite high. . The government is only worried that this crypto will be used as a means to launder money for corruptors.

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.

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.

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Quote from: topbitcoin on December 23, 2023, 04:21:54 PM

Of course, concerns and anxieties are always there, and the same goes for Nigeria, they are very worried that the presence of crypto in their country could lead to misuse of crypto currency due to the risk of money laundering, while the level of corruption cases in that country is quite high. . The government is only worried that this crypto will be used as a means to launder money for corruptors.

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.

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Quote from: 0t3p0t on December 23, 2023, 11:38:26 AM

What could be the possible outcome of this in your country? Is this an advantage or disadvantage to crypto enthusiasts? What do you think? Please share your thoughts on this.

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.

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Quote from: Silberman on December 23, 2023, 06:14:07 PM

will change their mind once again and institute a ban, but at the time they will have the names and addresses of all of those people and they will turn against them.

Not only in Nigeria I fear governments generally can't be trusted.

bhadz

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It is inevitable for them to adopt Bitcoin and the entire crypto movement on their country when it is their citizens that are speaking for its adoption. They can't avoid to see the benefits that their country and economy will get from bringing in these laws into adoptions instead of imposing bans and restrictions that will just give hard time for their citizens that will contribute through bringing in more money through their trades and cashing out on the form of their currency. However, they can listen or keep on insisting the ban but what I like to say on them is, they should give it a chance and see how impactful and helpful it is for their country.

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Quote from: 0t3p0t on December 23, 2023, 11:38:26 AM

Link: https://gazettengr.com/cbn-directs-banks-to-disregard-initial-ban-on-cryptocurrency/

What could be the possible outcome of this in your country? Is this an advantage or disadvantage to crypto enthusiasts? What do you think? Please share your thoughts on this.

From my point of view the government's decision in this matter is quite good. And maybe it will have a positive impact on crypto users there. Rather than prohibiting it, it would be better if clear regulations were made that provide better boundaries and regulations. Which can benefit the government and also provide convenience to crypto users. But I still feel like there's something not quite right there. Why just ignore. Why not just create a new policy and delete the old policy. to make it clearer (Or maybe it's still in the making stage). Does that mean that everything is still not at a definite stage? Or is there still another consideration that has not been revealed. But what is certain is that this news is quite positive from my point of view. Please correct me if me misunderstand this.

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I think that is definitely an improvement, I also think that Nigeria is doing the right thing for banning Crypto for a couple of years, if they need sometimes to finally understand how to fully protect their people from fraud and scam that is using cyrpto. Now with the lift of ban, what Nigerian people should oversee is the policies that will be imposed to cryptocurrency, will this policies be in favor of the people or just for big money speculators, or the government.

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Quote from: 0t3p0t on December 23, 2023, 11:38:26 AM

What could be the possible outcome of this in your country? Is this an advantage or disadvantage to crypto enthusiasts? What do you think? Please share your thoughts on this.

It's a signal the government is changing their previous stance towards cryptocurrencies. From a total hostile stance to a more friendly one. Of course it can't happen at once, so they are likely to change their views on crypto in slow dosages, but continuously in a positive progressive scale. I'm not from your country, but I think these are good news, since crypto enthusiasts will be able to get out from the shades they were forced to move into in order to deal with cryptocurrencies during the government's ban.

If the government is going to give legal guarantees their citizens can make use of crypto without fearing being considered criminals for some reason, that is a very good boost to encourage even more people adopting digital currencies. However, you also have to be attentive to how regulations are going to be passed ahead, and if they will prejudice enthusiasts somehow, especially regards expensive taxes imposed by local authorities on crypto sales.

bluebit25

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Change and being forced to accept the general trend if you don't want to be left behind, although in the past this caused some negative reactions with local users, I believe we all understand those legal issues. Although it's not always convenient when the perspective on benefits is always really complicated. Anyway, this time we have seen another positive thing that is beneficial for this sector. Although I can express that no one can ban it if we still want to use it, restrictions only increase the niches, but this can be seen as Nigeria becoming a pioneer in the continent's digital economic landscape. I can sense a significant change in the governments of many countries taking a positive and serious look at the Blockchain field, even though I also live in a place where this field is quite complex but have heard of the government encouraging it.

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I think Nigeria need revolution with their parliament why dislike feature of bitcoin, if there are still have election each four years better not choose them not agree and banned bitcoin in your country. Right now, many of exchange have feature with P2P exchange and not really bad viewed when bitcoin have been banned in Nigeria and not allowed link Bank account to withdraw cryptocurrency fund trough local exchange market.

Build up your local community and make campaign how to choose parliament support bitcoin as commodity assets or allowed link Bank account to withdraw fund from bitcoin, left option awhile is selling cryptocurrency to be fiat or cash trough P2P exchange and look which one exchange with support P2P more popular in your country.

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I’m not sure whose post was made first but I already commented on a similar post that talks about the lift of cryptocurrency ban in Nigeria. Maybe you or the other forum member should have checked if the post existed in this forum before posting it… this way all comments and opinions will simply fall into one thread rather than being split amongst two threads (hopefully there isn’t another topic made by someone else about this).

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Quote from: Hatchy on December 23, 2023, 12:04:12 PM

The Nigerian government made a good move by lifting the restrictions on cryptocurrency. Even though they banned crypto transactions through banks in 2021, people still managed to trade using peer-to-peer methods. I believe the government lifted the ban to divert attention from their failure to provide enough money for citizens during the festive season. The scarcity of Nigerian currency has made it difficult for people to travel, buy celebration items, and spend money freely. It seems the government is using this new strategy to address their inability to fix the currency issue. Nevertheless, it's a good thing as it will give chance for private owned exchanges to run ones again within the country.

It was the good move by the Nigerian government,because by manipulating the flow of the money in the cryptocurrency is alone enough for them to know the people involvement in the cryptocurrency.By regulating the government can charges taxes for the cryptocurrency trading.Before the people earning money by doing the campaign participation,cryptocurrency trading.But the contribution to the government will be low,the Nigerian government was very small economy.So the government allow the people to trade and getting taxes from their trading will be better tactics.

Quote from: Barikui1 on December 23, 2023, 04:33:42 PM

It's really a very good development, though this is not the administration that place a ban in it, but they are doing this to cover for their failings in other sector of the economy.
But never the less, it's really a good news for crypto enthusiastic in Nigeria.

The Nigerian participation was huge in the number after the 2017 in the bitcoin,So the regulation will be the better move by the government officials in the Nigerian economy.Next year we have the bitcoin halves,So the government choose the best time for the regulation.

Silberman

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Quote from: WillyAp on December 23, 2023, 11:53:00 AM

Well if people could forget about the ban they issued 2 years ago sure.

Investment is pretty finicky (jumpy) about governments outlawing something and later changing their mind.
That is what governments do not understand, they threaten, nationalize and when Money runs out they become all of sudden a player to be reckoned with?
They tried that in Venezuela, but it did not work as planned.

Now there is an authority with anti crypto views which strangles all intents. The same authority which abused their power, confiscated a lot of mining equipment.

To me this is just a very common trap that governments employ all the time, what they are trying to achieve is for all the people that deal with cryptocurrencies to feel there has been a change on their polices and come out in the open and admit what they are doing, eventually a few years down the line the government of Nigeria will change their mind once again and institute a ban, but at the time they will have the names and addresses of all of those people and they will turn against them.

kentrolla

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I couldn't make any sense out of it because only someone who is currently living in Nigeria will be able to clarify the ground reality and reason for government to go back on their decision. But this was something which was due to happen and as they first try to threaten people from using Crypto and then imposes ban but still I see good amount of Nigerians in this forums using crypto, when they cannot control it they are revoking the ban and I feel their would be some strong reasons like to cover up some of their flaws or else they don't want to be left behind.

But as far as I have seen in news and heard stories about the kind of government which runs Nigeria I don't think they would be doing this for betterment of people but rather for their own benefit and hidden agenda.

Any Nigerian there to shed some more lights on this?

letteredhub

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If bitcoin be for me...

The government of Nigeria have risen to the needful, and it will interest you all to know that the ban as it were was from the past administration of form president M. Buhari, and it's the new administration that have just been sworn into power under president A. Tinubu that gave the directives for the lifting of the ban placed on cryptocurrencies transaction with banks. I perceive that the current administration is crypto friendly and understans the benefits and the trend of the current age through cryptocurrency. We therefore anticipate to see more crypto adoption and high operations of institutionalized bodies like exchanges on the soil of Nigeria to hit the ground running..

Op there's another thread still on this that was created almost 24hrs ago before yours dwelling on same development so I'll advise if you can lock yours to have the conversation in one piece under a single thread. Thank you! 👇
CENTRAL BANK OF NIGERIA LIFT THE BAN ON CRYPTOCURRENCY IN NIGERIA

Barikui1

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It's really a very good development, though this is not the administration that place a ban in it, but they are doing this to cover for their failings in other sector of the economy.
But never the less, it's really a good news for crypto enthusiastic in Nigeria.

topbitcoin

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Leading Crypto Sports Betting & Casino Platform

Of course, concerns and anxieties are always there, and the same goes for Nigeria, they are very worried that the presence of crypto in their country could lead to misuse of crypto currency due to the risk of money laundering, while the level of corruption cases in that country is quite high. . The government is only worried that this crypto will be used as a means to launder money for corruptors.

However, on the one hand, this policy is good enough to prevent misuse of crypto currency. But on the other hand, Nigeria also has to suffer a loss because it has missed a good opportunity to recover its economy, considering that this crypto currency investment is quite promising and still has quite good opportunities.

However, even so, I really appreciate the policies issued by the Nigerian government, because maybe what we think is good, may not necessarily be the same according to other people, and vice versa.

Hatchy

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Quote from: 0t3p0t on December 23, 2023, 11:38:26 AM

What could be the possible outcome of this in your country? Is this an advantage or disadvantage to crypto enthusiasts? What do you think? Please share your thoughts on this.

The Nigerian government made a good move by lifting the restrictions on cryptocurrency. Even though they banned crypto transactions through banks in 2021, people still managed to trade using peer-to-peer methods. I believe the government lifted the ban to divert attention from their failure to provide enough money for citizens during the festive season. The scarcity of Nigerian currency has made it difficult for people to travel, buy celebration items, and spend money freely. It seems the government is using this new strategy to address their inability to fix the currency issue. Nevertheless, it's a good thing as it will give chance for private owned exchanges to run ones again within the country.

WillyAp

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Well if people could forget about the ban they issued 2 years ago sure.

Investment is pretty finicky (jumpy) about governments outlawing something and later changing their mind.
That is what governments do not understand, they threaten, nationalize and when Money runs out they become all of sudden a player to be reckoned with?
They tried that in Venezuela, but it did not work as planned.

Now there is an authority with anti crypto views which strangles all intents. The same authority which abused their power, confiscated a lot of mining equipment.

https://cryptorank.io/news/feed/2e065-ripple-ceo-fortifies-legal-team-with-renowned-attorney-as-secs-xrp-war-heats-up

0t3p0t

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Link: https://gazettengr.com/cbn-directs-banks-to-disregard-initial-ban-on-cryptocurrency/

Quote

The Central Bank of Nigeria (CBN) has directed banks to disregard the initial ban on cryptocurrency which the apex bank announced two years ago.

Haruna Mustapha, CBN’s director of financial policy and regulation, disclosed this in a circular on Friday.

The apex bank said it is now providing guidelines and regulations for banks with regard to managing cryptocurrency in line with global trends to avoid its misuse, while urging banks to comply with the guidelines and regulations.

CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS

GUIDELINES ON OPERATIONS OF BANK ACCOUNTS FOR VIRTUAL ASSETS SERVICE PROVIDERS (VASPs)

The CBN in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and consumer protection measures.

However, current trends globally have shown that there is need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPS to be regulated to prevent misuse of virtual assets for ML/TF/PF.

Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution. In addition, the Securities and Exchange Commission (SEC) in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPS to provide a regulatory framework for their operations in Nigeria.

In view of the foregoing, the CBN hereby issues this Guidelines to provide guidance to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria.

The Guidelines supersedes the CBN’s circulars referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017 and BSD/DIR/PUB/LAB/014/001 of February 5, 2021 on the subject. However, banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account.

Accordingly, all banks and other financial institutions are hereby required to immediately comply with the provisions of the Guidelines.

HARUNA B. MUSTAFA

DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT

What could be the possible outcome of this in your country? Is this an advantage or disadvantage to crypto enthusiasts? What do you think? Please share your thoughts on this.

Topic: What is your take on this? (Read 314 times)