Bitcoin Forum

Federal Government of Nigeria ordered the central bank of Nigeria CBN to ban all the cryptocurrency related services in the country in the year 2021 and this has been a discussion among the cryptocurrency enthusiasts though the banned didn't affect them that much because they were all using peer_to_peer(p2p) transaction system. It was restricted from using public service like bank and cryptocurrency related statement in the public space.
And based on the restriction, many were arrested because they violated the restriction law, police arrested some people across the country yet Nigerian youths were agitating and insisting to adopt bitcoin in the country and finally, the newly elected president Tinubu, in the month of November asked the newly appointed CBN governor to accept cryptocurrency in the country, and there was a mini jubilation in the cryptocurrency ecosystem world in the country.

Therefore, now that the long waited expectation has come, what is the next thing to do in the country concerning cryptocurrency. Cryptocurrency is not yet a legal tender in the country, so many businesses are still lagging behind, what's the next step now?

What we have to do as Bitcoin enthusiastic is to throw more light about cryptocurrency to the people that are totally misinformed about it, because uptill now, there are people in the country that knows nothing about cryptocurrency, they still sees it as ponzi scheme, so we just have to educate them more and show them the benefits attached to it, and always try to convince them to do there own research.
 Don't try to force it on anyone, so that you wouldn't be seen as a scammer.

I will prefer to use the word bitcoin and not cryptocurrency because bitcoin is the king of them all
 Bitcoin must not be a legal tender before it can be used as a payment method. The important thing is that bitcoin has been approved in the country for people to adopt. I wouldn't say that I would advise businesses to start accepting bitcoin now because of the high rate transaction fee.

What is needed is to let bitcoin grow gradually because in our country, the youths are always after new innovation so that they can take advantage of the opportunity attaches to it. What I mean is that some youths are already into bitcoin and they will tell their friends who is interested to learn just like forum members have being giving bitcoin awareness in their neighborhood. Bitcoin will speak for itself.

I no dey aware of any arrest made based on the ban wey dem been place on cryptocurrencies, and Naija youths did not stage any agitation based on this matter. Crypto enthusiasts been no like the matter, but everybody just adjusted and started doing their transactions via p2p alone.
Cryptocurrency is not going to become a legal tender in Naija, i no think say our government get that one for mind, and to be fair that should be the least of our problems, and we get plenty (problems) for this country. The next thing wey i think say our government go do na to start taxation on crypto in Naija, but before dem go do am, dey will first set confirm framework for regulation.

Well for starters I would like to clarify that there was no such case of arrest well not one that I know of, I think the CBN actually just closed all bank account that was tightly connected in transacting with crypto and I know this because my friend zenith bank account was aslo closed down and his was even carrying some significant amount of money on it but the money was retrieved though as he actually went to the bank for complaint, they simply ask him to provide another account of his bearing same name and the funds was directed to that other account with of his.

Well for now I don't think any updates have been implaced yet as the news is still sounding sudden to many Nigerian and also to the fact that many are aslo being skeptical about the whole issue for a start but I believe in due time we will all see updates and different outcome to the news concerning the uplifting of this ban.

If it's on the case of Nigeria actually making Bitcoin or any crypto a legal tender,  well I would call that a very wild dream and besides the technology to handle all this is not yet put in place but for now I think the only positive news will be the comeback of many crypto firm or organization that left due to the ban but even at that it will still take some time before the effects starts showing off.

First of all no be federal government order for the ban of inter bank cryptocurrency transactions,  and the guideline of the restriction came from the central bank and not the presidency so let get that straight.

Secondly there was no arrest of anybody at least none that we know or read about.

Thirdly the current President of not order the central bank governor to unbanned cryptocurrency as you speculated,  because the policy that give birth to the lift in the ban of inter bank cryptocurrency transaction is part of the financial policies of thPreviewusus administration and already approved by the sec,  before the new government took over.

In conclusion,  I advise you to go back and do more reading and to gain accurate information about the whole thing.

There were no records of arrested people during the ban though, people were only threatened to be arrested for their involvements, but no physical arrests were made.
There were a lot of agitations staged by activists, but none was physical, all agitations were online. Agitations need not be physical for it to be considered one, there are various platforms for people to state their discomforts and challenge unfavorable decisions. Funny enough, the Buhari led government did well to pay deaf ears to it and go on with effecting their ban policies.

Do not conclude the future from the present on Bitcoin becoming a legal tender in Nigeria. Cryptocurrency, especially bitcoin has a very bright future among Nigerians, that bright intimidating future was what brought about the previous ban, banks were afraid that they will be put out of business because a lot of people embraced it and were investing seriously in it especially with the then Luno wallet which allowed people to buy directly from their banks. If you check  recent statistics properly, you'll see that Nigeria is the third country with the largest bitcoin trading volume after U.S.A and Russia, see it here (https://cryptorunner.com/news/top-countries-in-bitcoin-trading-in-2022/#:~:text=Here%E2%80%99s%20a%20list%20of%20the%20countries%20with%20enormous,recent%20Statista%20report.%20U.S.A.%20Russia%20Nigeria%20E.U.%20China) .

Na better thing say federal government don dey warm up to bitcoin, so many good things fit come out from the new policy. All those police harassment cos say them see bitcoin wallet or Binance for person phone go stop. Person now go fit go about him business with free mind. But me nor sure say Nigeria go make Bitcoin legal tender, our government dey selfish them nor dey ever think to do something wey go help the people..na only Wetin go fit help them tiff money nai them dey find.

Wow!! It surprised me that your guys were not aware of the police harassment because of cryptocurrency. Even someone has made mentioned in this local board how people were harassed in Port Harcourt because the agencies saw cryptocurrency related apps in their mobile phones. And personal I have seen with my two naked eyes, in police check point when I was going to buy something at the market , and this police stopped the Keke and started checking our phone and they found Binance, Electrum, Ethereum Trustwallet, and others and they accused the boy of doing Yahoo and arrested 3 of them and asked to go. If dem no do am for your state does not mean say dem no do am for another state. Let me shock you with another one, a boy narrated how he gave 200k to Agboro boys in Port Harcourt, he was driving Boat, and he meant them in one of the lonely place or street and dey stopped him and they forced him to open his phone and as they see di cryptocurrency apps, they di boy didn't transfer Bitcoin to dem, dem go carry am go station straight, dem do do at last 200k was used to settle di case.

And also CBN can't do something that of the national interest by itself, the federal government must give approval, this na economic policy we are talking, and the federal government must give the go ahead to use cryptocurrency in the nation if it favors the economy. The policy been dey there but because di previous president e no give order to unban so na so di ban been dey until dis present president order di CBN after series of economic discussions. @Wiwo not all di information we dey hear or get e dey media, some na personal experience and not everything is written in the policy statement. Because the execution might take extra action to complete it needs. Probably it is the extra action that many don't know. In di civil service, it a project is executed, it is the highest authority received the praise and not the workers. Therefore whatever CBN does to create good economy in the country, it is the federal government that will receive the praise. So we have to understand those ideologies. Not everything is readable what about the ones you heard and experience?

And for me to answer the Op question, the next thing to do now is to orient the people about cryptocurrency as the individual level and for the government they should make it as a legal tender.

Yeah, you are right I think this will be a good way to make people understand and have more knowledge about cryptocurrency, let me say out of 100% of the country is only 40% that know about cryptocurrency, the reason why I said that is that even some educated people today don't know about cryptocurrency, not that they haven't heard about but they always see it as something that deal with scammers, so all what we need to do is that to make them understand that cryptocurrency is not scammers things.

Another reason why many people don't believe in it is that it is not a legal tender to the country, so even if it was introduced to some people they will still find it difficult to get, and about banning the cryptocurrency, that can not happen because if it is going to happen, it will have been ban for a very long and again I don't see any reason why they should ban it since it is not affecting any other activities of the country.

Even before the ban on crypto by CNB government police dey arrest people and surprising seeing comment like police no arrest people, I made this post and I did little research concerning the ban on crypto 2021 and even before the ban a lot of young people got harassed by the police and even when the ban came police used the opportunity to make more money and they only arrested crypto users because of the money, any person caught will be arrested and for the person to be released money must be involved, so looking at the Nigerian police action during the ban, they only did that for money sake. https://www.reuters.com/article/idUSKBN2I10UI/
Even with the ban the population increased the more cause Nigerians used the trading of crypto to make money and the decision of the CBN never affect them, looking at the first paragraph of the link, the guy went back to trading after the arrest, they used other platforms for exchange like Binance.

I understand your point but watin me I dey try talk be say this stupid and nonsense arrests of people no even start as dem ban Bitcoin or crypto related transaction, the thing dey our system since and moreover we all dey aware of the way boys been dey do yahoo and dem come relate am to Bitcoin and na watin really cause the massive wrong view towards Bitcoin in the Nigerian society. And moreover even for the tori wey you drop, dem put am say the boys still go back to their normal trading and maybe change alternative to get access to their funds and my point be say if this arrests been rampant during the crypto ban then many people for no even near bank go collect their blocked funds wey dey seize for their bank account.

But notwithstanding I don see your message and get your point, Nigerian police very much utilize the opportunity to their advantage and make more of it wen e come to collection of free money and harassment because na waiting dem sabi dat.

You sure say you even know watin you dey talk self?
Guy, arrest nah arrest, wether nah before the crypto ban or after the crypto ban or not arrest nah arrest.
Like we already know say watin really cause the arrest nah because of the way wen fraudsters them dey use crypto take dey scam people based on say nah one of the easiest and them no go fit trace the transactions.
So after that, nai make arrest con go on and as the CBN government con still see say the arrest self no go anywhere (fraudsters still dey use crypto dey scam people), nai the CBN government con Ban crypto currency transactions, then the arrest con worst pass as e been dey before (police con start to dey kill pipo join am) just like say CBN government done put puel for fire, abi during that time you no been dey hear about the killing?
Thank God say you still talk say boys been dey do yahoo, which format way you think say Yahoo boy been dey use most?
Abeg just answer me this question, watin you think say nai cast this Yahoo matter for the country? For me I go say nah as boys con put crypto currency for front.
But even before then Yahoo dey naija but e no cast, nah as crypto currency enter the fraud industries nai Yahoo con cast till the extent way be say even 12 boy go won join Yahoo hang leg for school.
Like the OP done already drop link, how police take dey kill pipo way dey use Bitcoin take dey scam people.

There should be no too much arguments in dis matter again, Op has provided a very useful material and you can see that the boys were arrested after the ban though according to them they were in cryptocurrency investment before the ban but the police enforce the ban law to arrest them. And that is not what the op is even after. Now the op is asking what is the next step to take since the ban don commont? So what you guys have to do now na to contribute to knowledge and not argument.

Let’s just hope that the task the new government will impose on cryptocurrency transactions will not discourage many cryptocurrency users in the country because that is what countries that have legalized bitcoin and cryptocurrencies has been doing.
This government looks like a government that will support cryptocurrency, but let put it at the back of our mind that if they completely legalize cryptocurrency, we will be paying high task for government.

Even before all this crypto thing police has been known in this country for making of useless arrest and I could remember many cases where in my area the police men go just come do raiding when the actual incident don already pass for like even two to three days ago. If I start to count the useless things wey this police people dey do for this country e too plenty sef and please take note dem dey actually do am out of their jurisdiction and na why me sef go join talk say the ban of crypto didn't come with an official arrest announcement attached but the Nigerian police na use am for their advantage and the two things na very different thing, I no know if some persons go fit understand this simple mata @racheal9385.

Hahahaha, so said all these here, let us go back the topic to the topic of the thread. Now what do you say about the next step the Nigerian government should take concerning cryptocurrency adoption in the country. That is you public opinion is need in this thread. There is no big deal here to argue. Just give your suggestion and op need it to know the difference opinion and suggestions. We all know the mismanagement of Nigeria police with their line of duty. But that is not the born of contention but should Nigerian government go adopt Bitcoin or dem go just end di accepting Bitcoin?

Now that bitcoin is not restricted by government like it used to be I think people are free to invest bitcoin without any fear and are free to accept Bitcoin as payment in their business.  Even if the government have not accepted Bitcoin as a ledger tender but since it can be used freely it will really change and impact into the life of the young ones.  When bitcoin was banned by the Federal Government people were scared of using it. The lift of the ban by the Federal Government will encourage more people to go for bitcoin and it will also give more awareness.

Make we no follow mr. suevie argue abeg because em no really know watin em dey try to talk self, me I Kno truly well say during that time, SARS men search my phone (them no won k ow wether nah girl or nah boy self) them search my phone even my sister wey dey obodo-oyibo picture way them see them whole me, but with calls and 20k them allow me to go, thank God say that time I been never join this forum self, if not by now maybe them for done carry me go were i know know.

If we dey talk about the arresting matter, no be today e start, even before niger get independents self arresting already dey go on.
As yahoo start police dey arrest boy, both yahoo boys and those way know even know watin Yahoo be, police dey still arrest them.
But after the CBN governor bank bank to do crypto related transactions police con dey arrest boys more, and the thing even cause very big wahala for this our country, abi you self been no dey this country that time?

Abeg help me tell am well, because me self no con understand watin em dey even talk again.

Well for this Tori about what next to do after this removal of crypto or Bitcoin ban in the country, from my own perspective I think no too much will be done at the moment because everyone dey skeptical about the news and moreover what's the need to rush na naija be this. I believe say the government go dey work on various way to take implement the actual taxation on transaction between banks and cryptocurrency and I feel the general public go still dey fund of using the P2P way to transact our coins.

Thank God say you don already clarify say you no dey understand, but I just dey ves why you no tell me since if not I for waste my time dey explain something when obviously you don already let me know understanding no dey your body, well I no go blame sha because dem say no be everything na person gats force person no am and this your understanding case wey you tell me now seem to be one of those cases, so carry on with your confusion ✋✋. I go just remind you to stick to the tori way the thread dey talk about as our brother @mate2237 don already talk, well e no go surprise me say you no understand this one too 🙄🙄.

Omor guy,,, FUCK YOU,,,,, abi you won carry grogies force me to understand the rubbish way you dey talk?
See make I tell you, arrest or not crypto currency follow for watin make police pipo dey arrest boys before, as e be say you no go gree me self i no go gree watin you also dey talk.
Maybe, you no really see am with your own eyes but I witness am koro-koro. Well, if you really no dey aware of that one.
Watin make police start to dey search pipo phones? Tell me,,,, 1, because of fraud 2, because of crypto currency.
As them check your phone them see anything Bitcoin logo, nah arrest straight and with that logo way them see, nothing way you go talk wen them go gree again,,, if you get money nah to bail your self or you go cell.
Why because guys been dey use am dey fraud pipo (and you self already know that one) abi you think say nah only this our country nai been restrict crypto currency for the first time?
I no dey against Bitcoin but nah watin xup and nah the legit I dey cap you so.

I no see anything much to happen for this matter of CBN accepting crypto back via purchasing crypto through banks since we Nigerians wey know the benefits of crypto they trade am via peer-to-peer.

Wetin this recent unban crypto law go do via bank go be sae, if peso trade crypto using bank, CBN no go block the peso account again as them d do am before when the ban dey in existence. Na that one I see as benefit for this unban

Now, person is free to use bank to trade bitcoin but who and who go like use bank again since peer-to-peer don already d evoke and Nigerians d use am wella, and come use am come follow among the top countries wey d trade crypto for the world despite the CBN ban on crypto.

To my best of knowledge, Crypto currencies has never been termed illegal in this country Nigeria rather it it placed on suspension only specifically on the government sectors but not restricted to the Private sectors due to the P2P transactions possibilities of the Coins bitcoin.

The nature about the suspension of cryptocurrencies has not really affected my Bitcoins trading because I am after chasing making profits as other potential valuable alternative of of Bitcoin inventory otherwise if it would be massively adopted it would be an advantages to the Bitcoin holders in terms of service transactions

Though in that period everyone experienced different challenges in the country. Some of di traders or vendors I met in different exchange specifically written it down in their comments box that the seller or buyer should not make mentioned of anything related to cryptocurrency in the process of transaction and I also obey the law of the person. Bitcoin was restricted from the public use and only that act of the FG and the CBN, should be tagged as illegal.

Because if I was not illegal to them den dey for allow it to operate. Or they would say make dem regulate the process. And because of the fear of police arrest, even the private transactions were not make known to the other party that I am sending cryptocurrency. There was fear everywhere. And if it was not illegal we for no fear. The restriction come with fear and di fear came as di illegal business in the country. Nigeria SEC, accused Binance that they were operating in the country illegally.

Now that the USA SEC has approved Bitcoin ETF, the adoption of Bitcoin in the whole world will increase and Nigeria will not left out. And this will also have or play good impact in the Bitcoin community in the country and Nigerians and it agencies will also adopt Bitcoin with their new token to improve the economy in the country. And now that the inflation in the country is high, and if local business start to accept Bitcoin then it will regulate Prices of some the local product to reduce their prices.