Bitcoin Forum

The central bank of Nigeria (CBN) banned the use of cryptocurrencies in Nigeria this year on the 5th of February, later the CBN presendent says cryptocurrency's transactions are not legitimate, he meant Bitcoin and other crypto assets are used by criminals. The CBN want to try their best to make people to hold naira and set the pilot rollout for digital naira on the independent's day, Oct 1st, 2021 (https://bitcointalk.org/index.php?topic=5121680.msg57881584#msg57881584). The CBN banned the decentralized cryptocurrencies like Bitcoin and have intention to mislead people to use digital niara which its price will be pegged with the Nigerian naira, the only difference between naira and e-naira is that e-naira will be more privacy depriving in design. Yet, Bitcoin transactions and other crypto transactions have been on the rise as Nigerians make use of P2P to bypass the CBN anti-crypto laws.

Physical criminals activities have increased in Nigeria, Boko Haram (one of the deadliest terrorists in the world) has been paid in naira by the Nigerian government before when Dapchi schoolgirls were kidnapped on 19 February 2018. So attracted bandits to kidnap kings and many other people in the country and demand for random which are all in naira. Kidnapping is now a business in Nigeria in which millions to billions of naira are lost to it annually, all the criminals are demanding for naira.

Nigerian is one of the poorest nation in the world if the country's wealth is divided by the average population of the same year. I was surprised the EFCC chairman, Abdulraheed Bawacould make this obvious wrong false statement about bitcoin and other cryptocurrencies just to be misleading the Nigerian citizens, he says Bitcoin, others pose danger to global economy (https://punchng.com/bitcoin-others-pose-danger-to-global-economy-efcc-boss/) which is obviously not true but totally wrong. In 2018, IMF report says crypto does not ‘pose risks’ to global finance (https://cointelegraph.com/news/imf-report-says-crypto-does-not-pose-risks-to-global-finance).

Why would people holding public office would not just make appropriate research before taking anything to media, all to just mislead Nigerians for their upcoming e-naira next month while the value of naira has been depreciating right from its creation. €1 was equals to ₦2 when naira was created on 1 January 1973, but the value has been devaluing so far till this present time, now 1$ is equals to 410, €1 is now ₦567.50.

I’ve been watching with interest the activities going on that Sub Saharan with so much potentials. Nigerian is a very interesting country because, despite the ban, the Nigerian fiat currency according to news sources is the most traded for BTC. With over $40 million in BTC volume moved in the past two periods of 30 days.  These are the data the government should look into to glean useful information to make policies that would help strengthen their dying economy and make it appealing for crypto investors to come in. Well, I am not surprised because for most government officials, what they don’t understand, they demonize.

Developing countries are deliberately depreciating their currencies to make it easier to run their economic engines. I see how strong the weak currency is.
The issue of using money to serve terrorism is not new. The US dollar is what terrorists use the most. They are blaming Bitcoin mindlessly. That is preposterous.

Law makers are sometimes wrong in their view on things they have no control of, since they are yer to have control of this sector they will rather give false information to the public to scare people away from getting involved, government will always want to protect their interest, even though they will claim to be protecting the interest of it's citizens, good thing is, people are at liberty to do their own research and be informed about what is good or bad for them.

When anyone doesn't have proper solution and don't wanna adopt the best one, than they pretend to be done the best thing for all by spreading false statement. Same goes for EFCC Chairman as they wanna promote e-Naira instead of adoption bitcoin or other cryptos. Also, p2p transection's volume might increase after the launch of e-Naira and people would continue to use crypto instead of that ban. TBH, eventually more non-bitcoiners will understand the potential of crypto or bitcoin after that. Though it won't matter, but i just wonder if EFCC chairman will change his mind when retired from that position!  ::)

Corruption is the answer to that. Countries which are more controlling and didactic would definitely not support a free currency like Bitcoin. During the major protest of 2020 in Nigeria, the government freezed accounts of individuals involved in it, but when Bitcoin came into use, they were totally hapless and could not interfere with the transactions anymore, it's no surprise they would frustrate its use and try to swing public opinion too.

Consistent poor fiscal policies which only favour a few corrupt elites would lead to a constant devaluation such as this.

What do you expect from a country that care less about its citizens and try to suppress them especially the leader of the tomorrow which are the youth. The Nigerian government sees Bitcoin as a threat to their selfish ambition. They want the masses to remain in poverty so they can be easily controlled and anything that'll be posing as a threat to that goals of their will try to be eliminated and that's exactly what they're trying to do with bitcoin but they have failed so far.

Connect the dots, you think the banning of twitter in Nigeria has nothing to do with it's support for Bitcoin and Nigerian youths especially during the EndSARs movement (https://bitcointalk.org/index.php?topic=5281479.0) some months back, they had this all planned out but the fact is the conspiracy they're trying to accomplish on 1st October won't work.

Firstly the citizens aren't that uninformed as they were few years back, I'm pretty sure we'll have very strong activist that'll opposed this initiative of theirs and enlightened the public on what the government secret plans are.

Your so right on this because, should they have taken to research, they would have come up with a more enticing crypto realisation and then know the best way to present it to the public but No! They won't do that, they would never put in resources and there time to what isn't a scheme that would earn them some money.

The crypto industry talks about discentralization and financial liberation for which they aren't willing to offer the masses and so, they won't let go. Promoting the same exact information they got from the media on the media and so the trend goes. A naira pegged e-naira might be something but, it would just be another way for politicians to loot funds and be more safe about it as, the bvn system in place tends to tie an individual to there worth and it isn't safe for a looter.

Funny how they're talking about crypto being used by criminals because I am sure that they have criminal friends in the politics too. I mean there's no such thing as good politician, they're alll criminals, they're not just called that way because they have the suit and tie. Given how stupid this statement that the. EFCC Chairman has given, I don't think we're at the end of the tunnel to see if the ban will be lifted in Nigeria.

That’s neither good nor bad news considering we are talking about the country where financial system is literally broken one and they are not able to follow up the proper guidelines to run the country. Nigerian currency is the living proof for the same. The statement won’t matter today or tomorrow from the lm because they failed to improvise their own currency which is also Fiat in nature and would have been far easier than crypto currency. If they start the crypto adoption then new investors can walk in their, get some businesses running if not at least pay the locals in crypto and change the Fiat to crypto infra. I think this is the close case that can ever happen if they understand that they failed for their country.

That is the whole truth, or at least the most important thing if we want to give an answer to the question asked. We just need to look at examples of other countries where either there is high corruption, or where the level of human rights is very low or practically non-existent. I am thinking here first of all of China, India, and Russia as obvious examples of a total or partial ban on anything related to cryptocurrencies - and Nigeria is clearly not lagging behind them when it comes to anti-crypto attitudes and laws.

One of the most effective ways to control people is through money, because we all depend on it in everyday life - so although it is less pronounced in rich countries, people in poor countries are looking for a way to live better, and Bitcoin allows them to do so.

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I live within the EU in a small country that is also highly corrupt (former prime minister in prison), and 80% of all ministers from the last government convocation had to resign due to corruption scandals. Our central bank also issues very negative warnings about cryptocurrencies, and with the help of some other government agencies is trying to influence people not to invest in cryptocurrencies - but it is unbelievable that the turnover in local crypto exchanges equated with the turnover of stock trading, which was certainly a sign of alarm for them.

I mean, politicians and various interest groups can try to stop people from investing in something - but in the long run it doesn't work, people will always find a way to do what they want.

E-naira won't see any demand if crypto is ban in Nigeria, the only way I. An use e-naira is if it's available on crypto exchanges, so instead of changing my dollar (usdt) to naira I can just decide to use e-naira instead, to say the truth 90% of Nigerians are into fraud this day, almost all youths in Nigeria have abandoned education and engaged online romance scam and credit card thefts this is 100% true and the only way they get their money is using BTC to cash out, this needs to stop or else there will be no future for the country it's just that the government and EFCC are doing it wrongly, there are other effective ways they can use

You don just come out and lay an allegation against a country just because you have the freedom of speech. Your so called facts has no backing so they're just assumptions and besides if you were to by some way bring out a source where you read this, I believe it won't be authentic and just some mere assumptions too.

The county isn't perfect and so are the youths, that we can't denied but it's just a small minority and that isn't different from other part of the world. And just so you know, the money are been cash out in so many other ways even before the invention of bitcoin, the popularity of bitcoin isn't the reason this crimes are ongoing the country.

Bitcoin popularity brought about many other business operations and majority of the youths are pushing towards that and that's what the youths are doing and not scams, and yes I have my source;
More Nigerian youths go into Crypto trading (https://www.vanguardngr.com/2021/05/more-nigerian-youths-go-into-crypto-trading/amp/)
Nigerian Youth Propels the Country to the Top of Google Bitcoin Search Rankings (https://news.bitcoin.com/nigerian-youth-propels-the-country-to-the-top-of-google-bitcoin-search-rankings/): Do you think if the interest of the youth were in scams, they would have achieve this milestone, the reason the the interest of youths in Bitcoin are skyrocketing is because the average Nigerian youth is a hustler (someone that doesn't sit around waiting on handout but always working his/her way to the top through looking for new opportunity to have a better life) and Bitcoin just present that opportunity in the easiest way possible.

The Nigeria government is simply chasing shadows on this one. Sometimes I wonder what the  Special Advicers to government on this and that do with their portfolio on advising the government aright. Obviously, it's clear that they're merely there in that position for their bellies without understanding the term of reference of their jobs. A tangible advice to government at this time would've been to make the country conducive for investment and people will come in chasing the Naira. As it's now, almost every one sees the Naira as worthless. We all know that it's demand that gives a commodity/service its value.

It's obvious this has failed, expectedly and quite understandably too.

Just about everyone in Nigeria knows that the Government is the worst there is currently and will go to any length in lying to the citizens and have been doing that anyways with almost everything they say. If only they know that the population of the country that is involved in crypto that put the county on the world radar in terms of world cryptocurrency trade is not going to be that dumb to think the e-Naira is anything different from the paper Naira and noting they say will make any difference and will make people see the e-Naira more accepted than any crypto.

Na many have been caught in the act already, what CryptopreneurBrainboss don't know is there are EFCC spies everywhere now, imagine people been paid to spy on other people in Nigeria, yes that's whats happening presently and saying I don't have anything to back this up is funny cos I'm from Nigeria and this happens around me so I know what I'm saying

Please, get the point CryptopreneurBrainboss tried to elucidate there so you don't take his comment out of content. Yes, you may suspect that such tailing and watch by the Nigeria government are happening but do you have facts to back that claim up? You know, the only thing that's admitted in a court of law is "Fact" because fact is sacrosanct. Any other thing outside fact is emotion, even if it's the truth. If you have such fact of what you're saying you can furnish us with it and we shall be glad to peruse it.

Any government that hate bitcoin check their leaders  very well, if truly they are fighting for the betterment of their citizens. How long will it take for a government to carry out their personal research to know, that bitcoin can contribute to the growth of the country. It can also reduce poor economy and eliminate unemployment in the country.
I guess the reason why Nigeria leaders are talking negative about bitcoin is because, is not easy for them to understand like the way they understood their fiat money.

I don't know how 2 naira was equal to 1 euro in 1973 when euro wasn't even a thing, but I understand the value being lost and that’s the rate. Plus, how could you not really understand why politicians lie? They lie for 2 reasons, 1) They are paid by people who are taking advantage of bitcoin not being allowed there, whoever earns more thanks to bitcoin is banned is the person that bribed the politicians, that’s the only reason that matters, 2) If it gets them votes then that could be another reason, politicians lie every single day as long as they can get more votes.

These are the obvious options, one is more likely because as long as you can get a lot of money from bribery then you would not even have to be a politician, you could simply become a "consultant" and earn that money forever when you are out of politics. Same everywhere around the world.

Unfortunately, his scheme will not work.

Good money drives out bad money - it is one of the most fundamental truisms of Economics.

When people have realized and woken up to good money, there is absolutely nothing you can do to keep that under the table. Creating an imitation currency that is similar to, but not exactly decentralized cryptocurrencies does not help the cause. It's still Naira, an eternally depreciating currency by the looks of it.

So you're even a Nigerian and you're spreading this false information, do you know how many people you must have misinform with your accusations. I'm not saying there's no fraud ongoing by the youth in the country but I'm responding to the way you presented the accusation. You said majority, if I may ask how many youths are in Nigerian? It's a very small percentages that are in involve in this act and they're been portray by the media like it's majority.

We're already battling with the misinformation by the media, please don't add to it (I beg you). You see this thread right here will explain everything to you  everything in Nigeria is been manipulated by the government to make them look good while the citizens look bad. So you think this new initiative they're deploying on 1st of October don't have anything to do with enslaving the youths. Currently the youths (and citizens) were doing so well without the government and now they want to deprived them of that, they are intentionally spreading misinformation about bitcoin just so they can get them believing in the crab they're about to launch that won't even work.

Do Join the Nigerian community (https://bitcointalk.org/index.php?topic=5121680.) on this forum so we can enlightened you more and share ideas together. I'll be waiting for your introduction over there.

I'm still confused honestly because it's like you are trying to cover up for the youths in Nigeria, I'm living in Nigeria and all youths in my streets are into online scams and credit card frauds, the government isn't building fake news up but anyways I'm willing to drop this argument already, I will only do what I can to change this shameful curse that's tarnishing the image of Nigerians, only very few are ready to work hard and make money legally, God bless

Before you condemn any nation i think you suppose to have evidence that will backdate your allegations, what's your sincere evidence to portray negativity or hate speech to full country, i think this statement of yours is trash because their is no reliable information or evidence that covers your point, it's absolutely bad to tag all youths of a country a scammer, at least indicate or you should show case your source of point, because no one can believe you in all ramifications of castigations of a Nation without prove.

I'm a youth and I'm not a scammer so are majority of youths in the country, this misconception of yours is what is causing most of the problem between the youth and the police in the country. The moment they see any young Nigerian doing well they tag them scammers. Do you know how many times I have been harass just because I'm a youth doing well for myself because I believe in this technology (currency) and invested when everyone was calling it a scam.

The youths in your street might be unproductive and as a result turn to scamming and other illegal activities for daily bread but you don't just use your street to judge everyone. How many youths are in your street compared to how many youths are all over Nigerian.

Yes we have scammers in the country and I have written about them many times but don't use the word majority when it isn't so. Besides the government are also contributing to this trend, if they have provided jobs as they were elected to do we won't be arguing about this as the youth would had been occupied doing something useful for themselves.

They say that people are using Bitcoin for money laundering. It is really true, there are people who are doing it. However, it is not a thing that is only seen for Bitcoin. People launder money with fiat currencies also. And I'm pretty sure that people have done this with fiat currencies much more than Bitcoin. But they still want to overlook this and just focus on Bitcoin. They aim to harm Bitcoin also by saying these things I think. But Bitcoin is not affected by these tricks.

Common mistakes made by everyone instead of using the correct term for it. It's true that there may be a scammer in a certain country and it doesn't mean all are scammers. Even in my country, there are scammers and I almost got scammed but I managed to out think them. I would agree with CryptopreneurBrainboss that using the word majority is not the best word to describe types of people. I'd rather say "SOME" which is more suitable/proper word to use. As what I know, CryptopreneurBrainboss is trusted.

Never consider that your government is saying that they are doing something to save you when the circumstances are exact opposite to their promises, even after their banks banned the cryptocurrency the usage of cryptocurrencies are increasing a lot in the Nigeria using p2p platform especially for the trading purpose.

I don't think their CBDC project will succeed unless they make everyone fool and dump their shit into people mind that is what actually happened with such statements.

Actually I am not so interested in the words of CBN. Although the business of prohibiting Crypto in Nigeria, it will not have a significant impact on the market. But what I want highlights is there is no point in the creation of Naira Digital, it is because the value depends on Fiat and then the adoption is still local. Inter-country transactions are much easier to use Crypton than any fiat. Not to mention the problem of sensitivity in inflation. After God Money or the money guaranteed by gold was replaced with Government Money or Fiat which is currently not having an underlying asset so there is no good hope for the economy other than depending on the authorities. After this community money or Crypto appears little hope for us to save our asset value because of its value's appreciation.

What they are forgetting is that they can create their digital NIRA alongside Bitcoin, so banning Bitcoin as well is not really necessary. According to the news that I’ve read, when the Nigerian government banned Bitcoin it caused a lot of cryptocurrency and blockchain companies to depart from the country.

This is totally  bad, Because losing a sector as big as the blockchain industry is going to affect the country  economically. With that said, it doesn’t make any sense for them to ban Bitcoin because they won’t be able to stop people from making use of it. Instead of banning Bitcoin there should have found another reasonable way to follow up with it.