Is your government finally succeeding in imposing the CBDC?

[Becassine]

Hello,

We read a lot about Nigeria, BTC and CBDC.
I'd like to know if it's true that BTc is banned in Nigeria? If so, what can happen to you if you use BTC?

Is e-naira catching on?

I'd love to get some info "from the source" (I also read a lot of your posts).

Thank you

[Charles-Tim]

Bitcoin is not banned in Nigeria but Central Bank of Nigeria (CBN) banned cryptocurrencies in February 2021. Which means direct bank transactions with the use of credit or debit card and others which are not P2P are banned. Nigerians moved to P2P.

In the new financial bill signed by the recently elected president, 10% capital gain tax is included on cryptocurrencies.

CBDCs and bitcoin are completely different, they have no way to compete because CBDCs are fiat and fiat in digital form has been existing even before bitcoin was created.

eNaira is not having the adoption it supposed to have. The rate of eNaira adoption is very low.

[Becassine]

Bitcoin is not banned in Nigeria, but Central Bank of Nigeria (CBN) banned cryptocurrencies in February 2021. Which means direct bank transactions with the use of credit or debit card and others which are not P2P are banned. Nigerians moved to P2P.

In the new financial bill signed by the recently elected president, 10% capital gain tax is included on cryptocurrencies.

CBDCs and bitcoin are completely different, they have no way to compete because CBDCs are fiat and fiat in digital form has been existing even before bitcoin was created.

eNaira is not having the adoption it supposed to have. The rate of eNaira adoption is very slow in our country.

Very interesting. And what P2P platforms are you using in Nigeria ?

How will the government tax non-kyc cryptos?

[Zaguru12]

Very interesting. And what P2P platforms are you using in Nigeria ?

How will the government tax non-kyc cryptos?

Just like what Charles-Tim said, bitcoin isn’t banned in Nigeria just that the government doesn’t approve of it is usage and any one that uses it is doing so on his or her own risk.

There are many top exchanges that Offers P2P some like Binance, Kucoin, Remitano and OKX. We also have the local exchanges that actually Luno, Roqqu and Quidax.

Only KuCoin exists as both decentralized and centralized due to KYC requirements. You can withdraw funds although limited to certain amount without undergoing KYC but I doubt it works for direct P2P transactions. It will be hard to tax non-KYC exchanges because most do hardly have a physical work place in a country to attract tax.

[Charles-Tim]

Very interesting. And what P2P platforms are you using in Nigeria ?

How will the government tax non-kyc cryptos?

Are you one of the workers in disguise, working with one of the regulatory bodies, like Nigeria SEC? You can PM reputed members on this forum if you have a job you want to provide them. They can be of help.

Only KuCoin exists as both decentralized and centralized due to KYC requirements.

Kucoin is completely centralized, but does not require KYC to certain withdrawal limit. If it is naira to bitcoin or other crypto trading or verse versa, KYC is required.

It will be hard to tax non-KYC exchanges because most do hardly have a physical work place in a country to attract tax.

You are referring to a decentralized exchanges, like Bisq. No KYC and completely decentralized. But a centralized exchanges may require no KYC, like Kucoin, MEXC and OKX to certain deposit and withdrawal limit.

[Becassine]

Are you one of the workers in disguise, working with one of the regulatory bodies, like Nigeria SEC? You can PM reputed members on this forum if you have a job you want to provide them. They can be of help.

If I were a spy, I'd have other, more discreet ways of getting informations. It's just that there are a lot of press articles that give bad information, so I might as well go to the source to find out what's really true. for example, I thought btc was banned in Nigeria. Well, you wrote it's not really forbidden, but you can't buy it on a CEX with a CB. If you buy btc to a friend and a policeman comes, you don't go to jail, do you ?

[Mate2237]

Hello,

We read a lot about Nigeria, BTC and CBDC.
I'd like to know if it's true that BTc is banned in Nigeria? If so, what can happen to you if you use BTC?

Is e-naira catching on?

I'd love to get some info "from the source" (I also read a lot of your posts).

Thank you

You are welcome to the naija local board. The highest Cryptocurrencies enthusiast in the whole Africa continent. Add it to what my colleague has said, 9ja government didn't ban BTC but stopped Commencial Banks to stop participating in any Cryptocurrency transaction and the banks obeyed the policy. So the bitcoinners use the p2p plus exchanges to carry out their transactions.

The E-naira that the government created for it citizens to use is redundant. In fact in my locality I have not see one person use the E-naira for any transaction or even mention it, I Have not heard. The E-naira is not working in the country.

Very interesting. And what P2P platforms are you using in Nigeria ?

How will the government tax non-kyc cryptos?

Yes very well. Personally, I have used the p2p to buy and sell, it is just a regular thing for me. Well the government tax base on the territorial operation. If you are operating within the ampit ot the geographical  area of Nigeria them they will tax to avoid illogical activities allegations.

[Hyphen(-)]

If I were a spy, I'd have other, more discreet ways of getting informations. It's just that there are a lot of press articles that give bad information, so I might as well go to the source to find out what's really true. for example, I thought btc was banned in Nigeria. Well, you wrote it's not really forbidden, but you can't buy it on a CEX with a CB. If you buy btc to a friend and a policeman comes, you don't go to jail, do you ?

The government didn’t impose such laws on Bitcoin; that is why they told you that it is not completely banned in the country; therefore, I don’t think police will arrest you and send you to jail just because of a Bitcoin transaction between you and your friend.

Through CBN influence, the federal government restricted the use of cryptocurrency back then in 2021, which is why we do use p2p to run Bitcoin transactions through centralized exchanges like Binance and so on, but we are hoping this new government will legalize Bitcoin fully.

[Charles-Tim]

Well, you wrote it's not really forbidden, but you can't buy it on a CEX with a CB.

Well, you wrote it's not really forbidden, but you can't buy it with Visa card , Master card, Verve card or any other card that the CBN approved for spending.

If you buy btc to a friend and a policeman comes, you don't go to jail, do you ?

Why jail when you did nothing wrong? Nigeria is among the first 10 countries with the highest bitcoin and other crypto trading volume. I think that will make it clearer for you to understand.

Through CBN influence, the federal government restricted the use of cryptocurrency back then in 2021, which is why we do use p2p to run Bitcoin transactions through centralized exchanges like Binance and so on, but we are hoping this new government will legalize Bitcoin fully.

The federal government did not restrict the use of bitcoin or any other cryptocurrency, the restriction was CBN's doing.

[Becassine]

Thank you for your answers, it's really interesting

[Mate2237]

Hello,

We read a lot about Nigeria, BTC and CBDC.
I'd like to know if it's true that BTc is banned in Nigeria? If so, what can happen to you if you use BTC?

Is e-naira catching on?

I'd love to get some info "from the source" (I also read a lot of your posts).

Thank you

October 20th, 2020 a protest against police brutality was launched in the country. And many things were destroyed  and the operation of the protest was #endsars. In this protest people sponsors it from different  ways and one of the major ways was bitcoin. People used bitcoin to sponsor the protest so after the protest Nigeria government was looking for the source. Of funding the protest program and they found out the mo ey was gotten from bitcoin so at the late first quarter of the year 2020 the federal government asked all the commecial banks to stop exchange bitcoin so the bitcoin users in the country use p2p for their transfer.

The E-naira is dieing like this, nobody is using. Since when they created I have not seen anyone using to make a transfer even the so call backs is not using it.

[Becassine]

October 20th, 2020 a protest against police brutality was launched in the country. And many things were destroyed  and the operation of the protest was #endsars. In this protest people sponsors it from different  ways and one of the major ways was bitcoin. People used bitcoin to sponsor the protest so after the protest Nigeria government was looking for the source. Of funding the protest program and they found out the mo ey was gotten from bitcoin so at the late first quarter of the year 2020 the federal government asked all the commecial banks to stop exchange bitcoin so the bitcoin users in the country use p2p for their transfer.

The E-naira is dieing like this, nobody is using. Since when they created I have not seen anyone using to make a transfer even the so call backs is not using it.

What do you mean in your last sentence ?

If nobody uses cbdc in Nigeria, that's pretty good news. Will the rest of the world do the same? Jamaica also has a state-owned digital currency (Jam-dex), but I don't know if it works there. I don't know if the States will achieve their goals with CBDCs, and what are their real objectives?

[lagosnoir]

I believe CBDC  can be a fraud proof way for government to send poverty relief to poor Nigerians but even government is not doing that. That is what the Caribbean countries us CBDC for.

 A minister claimed they pay 500 Billion yearly for poverty alleviation but nobody can find the beneficiaries. https://guardian.ng/news/fg-spends-n500b-yearly-on-poor-vulnerable-nigerians-minister/

I don't know anyone using it for what normal transactions. What can CBDC do that your normal bank transfer can't?

[Becassine]

I believe CBDC  can be a fraud proof way for government to send poverty relief to poor Nigerians but even government is not doing that. That is what the Caribbean countries us CBDC for.

 A minister claimed they pay 500 Billion yearly for poverty alleviation but nobody can find the beneficiaries. https://guardian.ng/news/fg-spends-n500b-yearly-on-poor-vulnerable-nigerians-minister/

I don't know anyone using it for what normal transactions. What can CBDC do that your normal bank transfer can't?

Given that fraud and money laundering are mainly committed by the banks themselves and by increasingly corrupt governments around the world, and that there's enough money to eradicate poverty, if they had good intentions towards people, we'd have known about it a long time ago. The CBDC has other objectives than the well-being of its citizens, so what are these real objectives?

[Mate2237]

The E-naira is dieing like this, nobody is using. Since when they created I have not seen anyone using to make a transfer even the so call backs is not using it.

What do you mean in your last sentence ?

What I mean is that E-naira is dieing in the country and nobody is using it including banks. Banks which supposed use the E-naira to encourage the citizens to use the app are not using it so everything is just redundant.
Every country has their aim on the CBDC so what the Caribbean thought of creating it might be different from the other countries plan. I think Nigerian CBDC was created for cashless economy which could not work out because the large number of people were not using the app see people didn't know the app and don't know how to use. So the project became an abandoned project for now. But it might resurrect again with this new government.