Bitcoin Forum

Here we go again, another crypto ban is imminent, this time in Nigeria, what are the government thinking? This is a country that's suffering from economy collapse since many years now and youths are jobless, finally crypto came to the rescue and all government can do is ban?

https://www.google.com/amp/s/cointelegraph.com/news/central-bank-of-nigeria-bans-banks-from-servicing-crypto-exchanges/amp

Why suddenly the CBN decide to do it now, the adoption of Bitcoin in the country had been very massive over they years, this is odd.

They wouldn't be doing this without the government backing it though. A glimpse of what could happen in the near future due to the bullrun, it could be like this as well when governments in your country are going to ban transactions to exchanges. They are directed to close accounts when you are identified making transactions.

They like seeing people fall on their feet, nigeria government are too heartless for my liking, after the endsars protest became successful they decide to bounce back on people just because I heard crypto was used to fund the protest, this people won't rest until everyone in the country died of poverty and starvation, a good country but been ruled by bad government

It is that the banks will not offer services for those accounts that are related to exchanges and crypto services. As long as there will be another way for Nigerians to cash in/out with their cryptos, it won't be a problem to them. Why are they putting some difficulty to help their people financially if it's about crypto related services? they should be open to it. It's targeting exchanges that has bank accounts to their local. But individuals and residents can still keep going.

Let's see how they will really ban crypto, this isn't the first time, remember US once ban bitcoin, even indian did the same too, let them keep banning and lifting ban, it's nothing new anymore, the more ban on crypto the more stronger it gets

Hence you need a crypto with a built in decentralized market place and decentralized pegging solution that has an exchange or you can simply start selling items to acquire more coins.

There are such projects out there. Have a look around.

If you have a completely decentralized services and products marketplace built into your coin then fiat and banks for a lot of things become irrelevant.

Although if I lived in a country that pulled this crap I would try to move asap.

17 countries that prohibit the use of digital currencies such as Bitcoin, namely:
1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency
3. Colombia, since December 31, 2016. Reason: worried about cryptocurrency fraud
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking
5. Ecuador, since March 24, 2015. Reason: will issue its own currency
6. Bangladesh, since 22 September 2014. Reason: avoiding money laundering
7. Kyrgyzstan, since 4 August 2014
8. Bolivia, since 19 June 2014
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk for investors
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities
11. Thailand, since July 30, 2013. Bitcoin is not a currency
12. Morocco, since November 2017
13. South Korea, since December 13, 2017. Reason: to control its finances
14. Singapore, since 29 September 2017. Reason: constraints arise between financial companies
15. Nepal, since 2017
16. Indonesia, the ban applies 2018. Reason: high risk of natural bubbles
17. Israel, starting 2018.

The reason is the fear of these countries about the volatility and uncertainty of digital currencies. In addition, another reason is the fear that digital currencies are used to finance terrorism or of a criminal nature.

I think the ban will be temporary which caused by the country not ready yet to have cryptocurrency in their area.
I mean they have no rule at all to control it, so they afraid its will have bad impact to them.

Nigerian government didn't put this ban only their central banks asking all the financial institutions to stop their services to crypto exchanges but people can still hold and buy bitcoin using peer to peer platforms and on decentralized exchanges. This is what happened in India as well but people mislead the banking ban as complete ban and create chaos in the market for a while.

You are not getting it, how will these people converts their assets into naira (nigeria currency)? This is the real issue here, ban is a different thing but freezing any bank accounts that have anything to do with crypto is the main issue

Please check your sources again - I can't speak to all of these countries but I know for sure that Singapore does not prohibit the use of digital currencies and cryptocurrencies. There are a lot of regulations, but they are in fact positioning themselves as a global hub for solid crypto projects and blockchain technology in general. I think there a lot more nuances and exceptions to this 'ban' claim for all these countries than it originally appears. https://www.mondaq.com/fin-tech/1025630/cryptocurrency-regulation-in-singapore-challenges-and-opportunities-ahead-

Precisely. Thank you for explaining the full picture here. When people share only half a story (eg "Nigeria Bans Crypto") that creates real FUD. Like we say for investing.. please DYOR before making broad claims about a country's crypto policies  ;D

Hopefully it will be just a sudden reaction of the government and the decision to be reverted would be the same as the India's Supreme Court wherein they reversed the ban two years after as mentioned in the article as well.
This is a bad time to really ban something that could at least help people to send money without any physical contact to the receipient.

It would makes sense if the FUD works a little bit, finding a good spot to enter bitcoin right now  ;D ;D ;D, don't blame me I'm just been honest is all, nigeria is one of the biggest country that's adopting crypto today, if this FUD works price can shake a little but nigeria is full of strong fellas, I don't think it will affect price

Such news often come from under developed or developing countries most probably because the people incharge are no aware of advanced tech like blockchain and crypto tech.
All they see is a threat to conventional financial system and announce a ban on crypto but as soon as these guys will realize the importance they will eventually allow it. This has already happened in some countries. Secondly if you are from such country do not worry crypto is decentralized so the govt. Cannot stop it you will still be able to trade it.

Soon they might able realise its importance and usefulness, there are still governments who fear doing transactions in a much advance way that results them to speculate things or put negative feedback into something which can be really much a help for them. With proper research and being open minded in accepting changes many governments will soon to legalize using and having crypto as a means of transactions as well as investment.

For now we have seen that there are several countries that are still waiting for the arrival of bitcoin, such as Bangladesh, Nigeria and many more, but the two countries are still hotly discussed. Their reason is that they always clash with the policies of the central bank and local banks. they speculate that bitcoin is a money laundering threat. but they can do it themselves easily.
We only need to fight against regulations that will only harm bitcoin users there, besides that the presence of Binance Nigeria is the latest polemic, and triggers the Nigerian Bank to remain adamant about rejecting Bitcoin exchanges, thus using a prison policy for anyone indicated to exchange crypto, this is very damaging to freedom of transaction . .

Hah, maybe it's due to all the bad reputation it's getting on the count of "hello friend, AM scammer, AM trying to take your money, AM from England" types of people giving it a really bad name.
Or it could just be a big banking lobby

This move by the nigerian government does not really reflect any solid views about cryptocurrencies as a form of value transfer or a store of value.
It is a move by the government to silence the young generation from a truly financially free world.
My advice is that no one sells their cryptocurrency in panic.
Hold and see how things will pan out

Remember how any operations with cryptocurrency were also banned in India. As I know Nigeria is rapidly developing in the field of cryptocurrency and the government does not know what to do about it. I think the people of Negeria should unite and forgive the permits.

It is very unfortunate and every day, I think of how is it that I was born in Nigeria, but then, it's the will of God, he brought me here so I change things I feel is not right, but I just havnt gotten to the level yet.

Nigerian government or cbn or who ever is responsible for this ban is a total joker, as long as I live, they can never stop me from doing crypto, I just can't wait to leave this country for good.

I don't know where it will go. On one side, governments are falling behind the new technological advances, and with such opportunities as blockchain technology, they struggle with money laundering and no benefit of getting taxes from it as it's very hard to trace the transactions. Regulations may be a workaround but will not be a full-proof system for governments due to the decentralization of cryptocurrencies.

It means nothing for crypto but it will totally affect its civilians. So many Nigerians have started to use crypto.
I see that someone from Nigeria already created a thread if he was looking an alternative way to buy crypto. that means if the ban that already done by the government to the crypto will not give any impact.
The same story will be happening with nigeria.

You said all, the policy mkers of these under developed countries are not really well informed and updated about all the positive features of cryptos, rather they will look for every avenue to protect their useless Fiat, they didn't know that financial revolution is on going investors are jettisoning Fiat for cryptos which is decentralized of course despite the ban users or investors will look for other alternative means of using cryptos which has come to stay no government can stop people from using it anonymously.

Its kinda unfortunate for the crypto users there that the Banks there are prohibiting the people from using crypto and any account that is associated with crypto will be closed immediately.
Ohh wait, isn't it that crypto is the Kryptonite of Banks right?? They hate crypto because their business will be doomed.

Feels sad for them but they move to another country in order to use crypto. After all if they continue to use crypto there and tried to withdraw using their own currency, its almost impossible. Countries like Nigeria will continue to ban cryptocurrency for their own reasons. If only they will allow their people to use it. :|

I have huge respect for Nigerians they have a strong presence in the community and some of them are good developers, this is bad decision and unpopular for the Nigerian Crypto community, the community should unite there and pick people who are lenient to Cryptocurrency and pick this people in the government positions so that policy will be abolish, I don't think the Nigerian Crypto community will be threaten they will always find a legal ways to adopt Cryptocurrency.

Negerians are starting to talk about this dude. There are some ways to do that just like doing p2p transaction. This case is very similar with india. It's clearly said that id nigerian can't do crypto transaction with their bank accounts and that means if they can do that through another way just like buy it with paypal or something else.
Lots of ways can be used by nigerians. that's just the matter of time until the government will lift the ban for crypto soon.

well, I expected something like this to happen. however, I did not expect this kind of news to come from Nigeria. After reading some statements from cointelegraph, I think this has something to do with the increasing use of cryptocurrency in Nigeria, as well as the many search for alternative income from that country. however, I still hope they will return to open up opportunities for crypto development in their country.

It's why nigeria failed as a country, every single thing that can make the country to grow is been denied, the only supporter they have was denied power in last presidency election, the man is the only one that really talks about crypto is a very good way, and he even encourage youths to venture into the technology, I'm guessing is name is Atiku Abubakar

It's only a matter of time  ;D, it's not the first time to see new ban on crypto like this, maybe the government don't even understand what crypto is all about? But they should know that it's really changing the lives of many in that country, they can't provide jobs and people find other way and now they want to block that again?

It is something that most have been expecting to happen coupled with the happenings with the EndSARS movement where Bitcoin was been donated to the masses during the protest after the Government first instructed the CBN then to block some people's Bank account. This Friday's announcement from CNB is just outrageous and you hear what the CBN was saying with regards to excuse why that action was taken, that they are trying to curb money laundering and Ransomes for kidnapping and some nonsense excuses. All those have been in play way before cryptocurrency was developed, Even in Nigeria there, we have heard about Government looting in the past without the aid of crypto, people have been kidnapped and Ransomes paid without crypto, the government are just selfish, backward thinking people that want to continually put the masses thru hell and they cannot even proved jobs for the people. There is always a way out, they might have succeeded in blocking direct bank transactions but P2P still remains which the affected have fallen back to.       

Crypto is a threat to those in power as monetary policy gives them power over politics and people. Therefore, they cannot approve of the fact that the people they govern use a currency outside of their control. Therefore, such bans will continue to increase, especially in second and third world countries, the more crypto currencies gain influence.

CZ binance tweeted about the development yesterday on the withdrawal of naira by all holders on binance but at the moment withdrawal is still allowed and has grown higher, we also dont know when this will stop and how it will be handle but we believe P2P will take care of it eventually. The news brought a lot of panic among Nigerians and was trending topic on twitter. The news is still at the central bank websites but some internal men are trying to clarify the news, how the use may be illegal.

I also saw these news and was, of course, very surprised, because in Nigeria, cryptocurrencies are in very great demand and the government of Nigeria could make a lot of money in cryptocurrency sphere, but on the contrary, for some reason they do not want to do this and it is not clear why, I hope the government of Nigeria will change its mind about banning cryptocurrencies, after all, for many people in Nigeria, cryptocurrencies are the main income and now people will begin to suffer from this very much.

in that case, I think there is the fear of outside interference. that is very natural because they themselves are not too sure that they can properly manage an industry that they may not be able to control. but I myself still believe that one day all countries will start to open up with crypto. or technology that believes in a currency approved by all countries as a more modern means of payment transactions.

Peer to peer is the way for them and AFAIK most Nigerians do fiat to crypto conversions in this way so this is not a real big issue but the buyer and seller need to be careful when converting huge amount because any big transaction can be monitored by the banks other than that those people will not be facing any issues.

I have been hearing a lot about this ban on crypto currencies in nigeria. Honestly, this frustrates me. the economy of nigeria is bad enough and has become worse due to this pandemic. And here they are, the bigger people of nigeria which are capable  of helping their own people to overcome this challenging times but chooses to push their people further down instead by taking away other alternatives for their people to make ends meet. This is just so infuriating. I  hope the big people in nigeria wakes up from their selfishness and think of their people more and have some compassion.

I have a pending transaction since the early hours of today, they can only try to clip our wings but we will fly regardless, its a country of dead brain presidency with very little to offer, he has been making dead beat policies since the start of the year, P2P will bypass this type of restrictions. This is an archaic and authoritarian tendecies

I think it's bad news to the Nigerian crypto users, But they should not losing hope I believe they can go to the Supreme court and file a petition against the ruling like the Indian crypto users were doing during the Indian Reserve Bank ruling against crypto use in India, now cryptocurrency use in India is rising the Nigerian crypto users must do the same if they want that freedom to use cryptocurrencies. by the way, I think Peer to Peer transaction is available thats why Binance added the Nigerian Naira NGN, to the list.

I think they are just studying how they are going to approach bitcoin, that is why they are trying to ban it at the moment, but I think in the near future when all the laws and rules are set, they are going to accept bitcoin, I mean let's be honest, they can't stop it, the only way they can do is make some laws and rules, to have some power over it, but not totally control it because they can't.

I think you have a cool idea of it. I don't think it will stop all aspect of cryptocurrency. Centralized exchanges maybe affected and bitcoin itself is decentralized and that makes it difficult to monitor. You can transfer coins to wallet address and only you have access to it. P2P is another channel. Moreover I think the Nigerian situation is politically motivated and it won't stay for a longer time. China did it and have relaxed there policy on it.

It is not a ban as it appears but a weird restrictions that poses danger to everyone the law affects. Now the country has gone back to the stone age lol; where you have to do peer 2 peer trades; i hope all counties can just embrace crypto currency and support the youths to build a digital world. The ban only stop fiat transactions from bank to the exchange platforms; so I would indulge every nigerian to use p2p on binance, kucoin  or okex platform and also to be careful while trading crypto currency on peer to peer basises;

I heard in news that the ban took place because of scammers that are defrauding people from US and west countries, it's the FBI that get the news to Nigeria and this is what they could do about it now those that are legit crypto traders and investors will have to suffer for it

Well from what I see and experience, I also see that there are many scammers from Nigeria is taking advantage of cryptocurrency as a tool of their wrong act of taking advantage of people. One of the biggest scam act I saw from Nigeria is selling TBC sh*tcoin to their own countrymen and making them believe that it has many advantages such as the value is increasing every day without price lowering down. I don't know if I would be glad or sad on this crypto ban in Nigeria. Cryptocurrency influence is increasing day by day at a rate that is more than in the past years and suddenly banning bitcoin is somehow a bummer for me.

I heard the news and I feel with people over there! While some countries are making progress, some countries can't get out from the "Stone Age"! It's not an offensive, I think the same about my country!
And I am sure that people there will find a way to stay connected. The fact is when government ban something (that's actually good in this case) people will continue to use it anyway, it will just create a lot of gray area... like always it will be contra productive, a lot more criminals on the street!
Well we will see what will happen, anyway I am with crypto people there! I hope they will have enough power to fight it back and do something about this!

If the ban caused by that issue, im pretty sure its needed to ban the Crypto for a while until they can arrange law to decrease the possible crime which can happen in that country.

FYI, China never banned bitcoin, they just banned ICO because lot of people got scammed in 2017 and 18 so ban was justifiable but the media portrayed that they banned whole cryptos which made a huge decline for a while in the bitcoin prices. Now the same effect is expected by the persons who involved with the wrong portrayal but this time they got backfired and bitcoin went to 48K from mid 30K. :D

[source: https://www.investopedia.com/news/bitcoin-banned-china/#:~:text=Chinese%20regulatory%20authorities%20had%20imposed,6%25%20decline%20in%20bitcoin%20prices.&text=(For%20more%2C%20see%20China%20Intensifies%20Crackdown%20On%20Bitcoin%20Mining.)]

everything depends on human resources in the country, because the Nigerian government itself does not provide a special forum in the field of crypto,besides that why prohibits it, maybe crypto income figures have no added value in the Nigerian state finances..

Well that's a sad thing for every crypto enthusiast in nigeria, but as you can see it didn't have any impact at all at the crypto market as a whole. If a government thinks that a certain thing is a threat to the status quo and their power over a country they often see a ban as the last option.
But i am also sure that nigerian crypto traders find a way around that bans by using VPN or other tools.

these are difficult things to happen in this market, so difficult that I have not seen the price drop, perhaps because nigeria is a very irrelevant country in terms of impact on the bitcoin price.


I am Africa and I often wonder if African governments are made up of people, why do I keep asking myself this question?

African governments are able to do things that maybe even the devil himself will be shocked, for African governments what matters only Is that they become very wealthy and in good health and the people must be as poor as possible so that the government can continue in the power for years.

bitcoin is something decentralized, and that is the biggest enemy of African governments. Write down what I'm saying: "Bitcoin is the biggest enemy for African governments "

in africa governments hate

1 - Democracy

2 - Freedom for the people '

3 - decentralization of institutions (this is where bitcoin does not fit in africa)




It's simple:

they are making sure that things like: "decentralization" stay away from their country


I will give you a great example:

Why do opposition political parties lose elections in Africa?

Answer:

Because it has no funds and because the government steals votes

imagine if a political party of the opposition can invest in bitcoin and with that manage to have a lot of money for the campaign?

  bitcoin Is a danger to African governments

I think cryptocurrency will have to be recognized as a payment instrument all over the world. The crypto space is gradually developing, the market capitalization is growing steadily. Stupit not to admit it. Many large companies make money on crypto. So the world is forced to accept a digital alternative to fiat money. But be that as it may, cryptocurrencies will remain pegged to the national currencies of countries.

maybe the government is still considering the use of crypto there considering citizens' knowledge of crypto is still low. if all citizens and governments know that crypto has many conveniences, maybe they will not ban crypto