Topic: Why The Ban On Cryptocurrency in Nigeria by CBN? (Read 161 times)

When cryptocurrency was first established, every government in the world was opposed to it because of the purpose for which it was created. Bitcoin was created to give us total control over our own money because the government's oppression of people over their own money was getting too much. The adoption will prevent the government from having access to people's money, which is what led to the ban of it adoption.

Nigeria happened to be part of the nation that were against the adoption of bitcoin because they felt it serves as a means to foster illegal activities. They said that those who obtained money illegally from the government converted it to cryptocurrency in order to avoid being tracked, and that people who purchase and sell drugs and ammunitions deals also used cryptocurrency in order to avoid being tracked.
With the use of crypto wallets, transactions proved difficult to track, which was one of the reasons for their ban, but the main reason was that bitcoin adoption would prevent the government and banks from interfering with people's finances. There are a small number of people who use it for illegal activities, but this is not a reason to ban it, because the majority of people use it for legal purposes and benefit from the opportunities that bitcoin provides.

The ban has now been removed, so do proper research before publishing anything here.

However with the quote of others I believe but know you could have put in mind that the ban of crypto currencies have been lifted by the Nigerian government, which means that anyone who's interested in purchasing any of coins in the crypto world could have free access to purchase the type which is safe for him or her.
Moreover, back then when crypto currency was ban in our country, the government was have a big doubts that Bitcoin can not make an impact in the country but now that they have seen that a lot of us are still purchasing Bitcoin they have no other choice than to lift the ban on crypto currency. Although, bank then there have been other ways which investors are using to buy and sell Bitcoin, which is through the help of p2p and now even with the government legalizing Bitcoin in our country many of us still prefer using the p2p options than using MasterCards and other sources that have to deal with CBN because it have benn use to us.
At first, if the government didn't limit CBN from crypto currency, we should have been used to the CBN options till now but I think before we can get familiar with using the MasterCard to purchase Bitcoin, that means we have a very long way to go with it, still I don't also think that some of us will ever stop using the p2p options.

Op the ban has been removed oo, or are you trying to question the government for action that they have already thought of and reversed? Though it wasn't the right thing they were supposed to do, crypto didn't increase crime rate or increase the online fraudulent activities. So why the delay, and even during the restriction, Nigeria was still know as one of the top countries with crypto usage, so it seems as though they only restricted bank transactions with any crypto exchange or channel. The actions of the new CBN government is almost excellent, since he came in his decisions have been for the good of the country and the exchange market. If they keep up the work while our refineries are restored the value of our naira will bounce back in no time

The ban of a thing been no even too serious sef like the way some person dey talk about am. Because na for that same ban naim I learn about cryptocurrency come even start to invest for inside untill them raise the restriction. Even till now majority of persons never start to use banks for crypto payment or any crypto related thing sef, including me. The p2p wey I dey use I even prefer am to buying from bank, so that make network no come obstruct my transaction. Away, op you supposed know say government don already remove the bank crypto restriction so no need for this thread sef.

Cryptocurrency was not banned in Nigeria, but the CBN banned commercial banks from facilitating the payment of cryptocurrency. Why crypto was banned in Naija is because our government wants us to comply with their policies, and they see bitcoin as a threat as something that will make us not do with the Nigerian government to survive. That is why they banned commercial banks from accepting crypto payments. But you are free to use bitcoin now in Nigeria because the ban has been lifted.

Op pls are u sure dis ur information is legit? because the last time I checked CBN has lifted ban of cryptocurrency transaction.The ex CBN governor(Godwin Emefiele) was the one that restricted the use of cyptro in Nigeria,he said cyptro transactions were used for illicit activities like money laundering.However,the ban was lifted for a reason,the reason is the government has seen how crypto asset has played a vital role in the nation's economy.Op I'll would want u to watch this video so u can get the lastest news on ban lift of Cyptrocurrency in Nigeria https://www.facebook.com/cgtnafrica/videos/286533597762873/?app=fbl
 

Op must know that even upon the ban in the country, Nigeria was the highest cryptocurrency investment country in Africa. So the effects was not that much, and the only thing was needed was more population in the ecosystem and full adoption of bitcoin in the country. And now that the government has lifted up the ban in the country, the number of people who will join the system will more and we are all waiting for the full adoption of bitcoin to be the legal tender currency in the country and once that is done then everywhere go be stew.

And I believed you don't know why cryptocurrency was ban in country. Well if you can know the ban came after the youth protest against the police brutality and later tagged as bad governance in the #Endsars. So #Endsars was part of the ban and also the fear of affecting the naira and also the government was also trying to protect it citizens from scam. Because of what happened in the MMM Ponzi Scheme drama.

You're actually using the ban on crypto that has been dealt with last year to cover up the Nigeria economy, if you want to talk about the economy you should not add crypto besides what ban?, ban that has been lifted last year or you've not heard about the inform or what, before creating a topic you should make proper research first to dey sure of wetin you dey do.
What economy, Nigeria economy will still remain the same with or without crypto ban, for example the ban never affected the adoption and during the time of crypto ban in Nigeria the adoption increased and the economy still dey as before, the adoption only benefited crypto users not the economy.

Fellow I think you are taking us back. Because as far as I know we have discussed this issue last month or earlier this month when we all where jubilating about the lift of ban on crypto currency. Talking about this now is like you are not updated about the current situation. What we really need now is to see how far they would go in making sure people are totally free from the ban. By transacting directly to bank and receiving payment with bank reference with crypto. And not being ban by it.

I do not even see much difference between when crypto was banned in Nigeria and now apart from more people boldly talking about it. In terms of trading volume, it has been on steady rise yearly and the ban of crypto by former president Mohamadu Buhari lead government did not stop it. Even while cryptocurrency was banned in Nigeria, popular exchanges like Binance and Kucoin still had access to the BVN and NIN portal and were using them for quick KYC of their Nigerian customers. This to me shows that the ban was a mere distractions for a confused government like that of Buhari that once blamed Abokifx.com come for being responsible for high dollar rise against the Naira.

Now that the ban have been lifted, I do not even see any radical change to the status quo unless maybe in the near future, we will see more technologically driven innovations that will push Bitcoin penetration faster and more radical than it is now.

I guess Op must have misinterpreted what he read about the unbanning of crypto transactions with the bank in Nigeria by CBN. The ban which was even politically motivated and after which the former minister of justice (Abubakar Malami) was seen through his deactivated twitter account trading crypto during the ban. The trading of crypto was banned but it has been lifted so why going back to it. Op, you have to read through the source of your information to understand before publishing.

In December 2023, CBN lifted the ban. Why posting about what is already a bygone? During the ban, Nigerians were able to buy, hold and sell bitcoin and other cryptocurrencies of their choices. During the ban, local exchanges like Patricia and others were functioning. During the ban you can see many crypto advertisements everywhere online like on YouTube, by celebrities. During the ban, Nigerian comedians and singers were using bitcoin in their comedies and songs. During the ban, Patricia still advertised on the biggest Nigerian reality show, BBN. During the ban, the SEC continues with their crypto regulations about requirements for those that wants to register an exchange company in Nigeria. Which means you can register your company as an exchange company in Nigeria at the time.

Why the ban on cryptocurrency by CBN of Nigeria when there are no adequate plans of means of livelihood for the youths?

It is obvious the government has hit their hand on their chest that Nigeria youths should suffer, while the political class keep st.ealing our money with impunity.

Oby Ezekwesili, former minister of education, also said the ban makes Nigeria appear unprepared for the digital future.
So as a nation if we are not prepared for a digital future how can we compete favourably with other growing economy in the worl.
Everyday our currency is dwindling down until maybe it will go into extinction.
Since we are not ready for a digital future as other countries are doing, maybe we should go back to Trade By Barter erra. Becsuse as it stance now, our currency is as weak like a long distance relationship without communications again.
The government needs to come with deliberate policies that digitalize our economy, in order to enable more youths to be involved in online trading. By so doing a lot of idle minds will go into work and that may gradually diminish crime rate.