Bitcoin Forum

The highest bank in Nigeria, the bank of other banks  has issued a strong warning to  financial institutions to stop cryptocurrency transactions or risk severe sanctions. The Central Bank instructed that Deposit Money Banks (DMBs) and other financial institutions should identify and close the accounts of persons who transact cryptocurrency. This order is to take effect immediately.
In 2018, it can be recalled that the central bank in Nigeria  issued a statement stating that cryptocurrencies are not a legal tender in Nigeria.
This new and unnecessary development has raised a lot of concerns, could this be a conscious move by the government to discourage the use of cryptocurrency and to put under the table the ideology of a decentralised financial system in the country?
Why is the country taking such a backward decision in such an era where other countries of the world are incorporating it into their financial system.

Well, let's look at history. Any time the government has tried to ban something, it usually makes things worse. Just like the US dealt with the prohibition era and kept away booze from their citizens. People just kept on drinking away.  Regardless of whether it's good or bad, they can't stop anyone from trading crypto  ;)

Hopefully the same thing that happened to drugs when they were outlawed will happen to Bitcoin value-wise.  From a starting point of $40k when legal the value could easily go up into the millions when the supply-side drys up and newly minted 'criminals' are the only ones who can supply the desired item.

My bet 10 years ago was that BTC would be attacked by banking lobbies, their politician minions would make it 'illegal', and that was what would bring the price to high levels.  I really didn't expect to see $40k before this event.  I always welcome a pleasant surprise though.

At this point a LOT of non-criminals hodl, and some of them are quite well off.  I doubt that a criminalization of BTC would be very durable, and attempting one would spur many new communications channels between individual market participants.  Said channels and related 'innovations' could foster the exchange data of many types.

That's the most horrible and ridiculous step taken by the Nigeria government trying to ban what they them selves don't understand it will be possible to stop banks from depositing money into exchanges but they forgot about p2p transactions which will now come to the aids of Nigerians

For sure, its a bad move but the government won't be able to ban crypto and bitcoins. If it was so easy to ban bitcoins, by this time every government would have banned bitcoin. Fortunately no one can ban bitcoin although they can only track who is using bitcoin and impose them fine or close the bank accounts as Nigerian government decided to do.

This is obviously a very bad decision. Not only to this industry but also for the economy and people of nigeria. With this decision, they hinder their people from having another source of income. They are taking away their people's new found opportunity. I  can only imagine the dismay that their people feels towards the nigerian heads. I personally think that this will only cause a lot to not follow the rules they are setting and choose to rebel. specially now that people are so down because of the pandemic. The nigerian bank and heada should've given this more thought. It would have been better had they regulated the use of crypto currencies in their country. What a sad news.

The government has never been a fan of decentralization and that is exactly what cryptocurrency is about and as such, they hate it! Its very bad that a government that should have had the welfare of a common man at heart are the same government so determined to ruin the hope of individuals who have found a way to utilize the opportunity the decentralization provides in cryptos. Over few months ago, Nigeria has been rated by few exchanges as one of the huge investors on the African continent on cryptos and somehow, this seems to upset the government. Its always been a warning about how there are certain degree of dangers with the use of cryptos of which, its a universal truth. Why not live it at that? Cigarette has always carried the label 'smokers are liable to die young' as a way of discouraging smokers and still, people smoke and cigarette is yet to be prohibited. Why the hate for growth in the Nigerian nation? Its just wrong!

We are creating unnecessary FUDs about the banking ban in Nigeria, this circular was old but now again the bank asked the financial institutions to follow the orders.

Well, it's bad for the country as well as the users but traders are going to get benefit from this ban because they are going to sell bitcoins for higher prices than the actual market price from now on. :P

I tried to warn you.  I even send you a PM warning! 

But now you've gone and done it.  :(

Is there anyone here who thinks that banning  cryptocurrency trading in Nigeria is a good move ? I guess No.

I am sorry for the Nigerian government because not only they won't be able to stop people from crypto trading but also they will develop hatred for the government and still won't achieve their goals. Poor decision by the government.

They strike fear to their citizen to not engage in decentralize currency, to "AVOID" any circumstances that may lead to major troubles.

By making the citizen believe that this is illegal, and "BAD", these people will avoid and be implanted to the old ideologies of the rule makers, thus disturbs the advancement of the society. Despite this illegality, there will be still people who will become more curious on how does crypto works, and why they do so ban this. That will result to people who will definitely just use backdoors to have access to crypto.

IMO, the Nigerian government get feared because the usage of bank was suddenly fading away, they felt threatened because they were no longer getting the small charges that comes in bulk making them filthy rich.
All of these made them take that decision because they never wanted the bank to be affected as postal office was by emails, that's why I always warn and made it clear that in the future, cryptocurrency will do to banks what email did to postal offices. I strongly believed that the ban will be legalized back in the meantime.

At least Nigeria can trade with crypto, in Montenegro there is not even any sign of trading with crypto anytime soon. We have to go to the nearest place to trade it in Split, Croatia or in Belgrade. Both of it is like 5-6 hrs of driving from my hometown. :D