How our country go fit benefit if we legalize Bitcoin?

[Amadi x]

Greetings my fellow country people, I just wan talk about this issue because na one of the questions wey I dun dey ask my sef , I dun dey reason am tey tey .
Although people the talk positively about am , them dey say e go bring about development and all that .
But wetin dey bother me naa how we go fit take avoid the negative aspects, because normally anything wey get advantage follow get disadvantage and plus this our country wey b like this so wey be say people and corruption be like 5&6 .
If we legalize this thing e fit help us oo , e fit help us well well, e fit bring about foreign investments e fit create jobs for people..
E fit stimulate our economic growth. The list plenty but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering,
Inequality : Bitcoin fit the benefit people wey they technically savvy, people wey get money to invest and Nigeria wey I know all of this fit still resolve to corruption..
So my country people how una see this matter?

[Charles-Tim]

Bitcoin and other cryptocurrencies are not illegal in Nigeria. At least we are still trading them. The government went tough on naira to crypto P2P trading platforms but yet we are still trading cryptocurrencies. The government were very hash but we are still trading cryptocurrencies.

About foreign investors. Nigeria government and their officials are enough to discourage foreign investors. This is not about cryptocurrencies only but generally. You can see how they dealt with exchanges that provided crypto products and services to Nigerians. You can also see what Dangote which is not even a foreign investor is facing in his own country. There are many other ones that foreign investors would be discouraged.

[Amadi x]

Bitcoin and other cryptocurrencies are not illegal in Nigeria. At least we are still trading them. The government went tough on naira to crypto P2P trading platforms but yet we are still trading cryptocurrencies. The government were very hash but we are still trading cryptocurrencies.

About foreign investors. Nigeria government and their officials are enough to discourage foreign investors. This is not about cryptocurrencies only but generally. You can see how they dealt with exchanges that provided crypto products and services to Nigerians. You can also see what Dangote which is not even a foreign investor is facing in his own country. There are many other ones that foreign investors would be discouraged.

it is true that the we still trade crypto currencies, but is it really legal?
And what I really mean by this "legal" is does the government really support crypto , no they don't .if they do how would it really affect the country positively or negatively.

[adultcrypto]

Greetings my fellow country people, I just wan talk about this issue because na one of the questions wey I dun dey ask my sef , I dun dey reason am tey tey .
Although people the talk positively about am , them dey say e go bring about development and all that .
But wetin dey bother me naa how we go fit take avoid the negative aspects, because normally anything wey get advantage follow get disadvantage and plus this our country wey b like this so wey be say people and corruption be like 5&6 .

Why you dey worry yourself about the disadvantages instead of to put your mind for the good things wey fit happen for us if them make bitcoin legal tender for our country. E no get any bad thing wey happen if them legalize bitcoin wey no dey already happen now wey them never reach that side. Make I put am another way, if them legalize bitcoin, e no go make bad things them increase rather e go help reduce am. Na now when them never legalize am people dey use am do plenty things because plenty nkoro dey wey people take dey hide things from government and the authorities.

If we legalize this thing e fit help us oo , e fit help us well well, e fit bring about foreign investments e fit create jobs for people..
E fit stimulate our economic growth.

When they make bitcoin legal for Nija, e go do all the good things them wey you talk especially for the area of giving our government more money through taxes wey them go dey collect untop cryptocurrency. Make we no forget say plenty businesses go open untop cryptocurrency and people no  go fear make government no freze their accounts as them be do before.

[Amphenomenon]

E fit stimulate our economic growth. The list plenty but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering,

This is not disadvantage of legalizing Bitcoin because this would be sorted in the governmemt regulations without legalizing or regulations money laundry will be much possible,  though I doubt if legalizing Bitcoin would really have a disadvantage though just a little Bitcoin & Crypto regulations will make evetrything better in Nigeria.

Inequality : Bitcoin fit the benefit people wey they technically savvy, people wey get money to invest and Nigeria wey I know all of this fit still resolve to corruption..
So my country people how una see this matter?

This is not a disadvantage far from that Bitcoin investment is open for all, you can buy as little as you can afford with time buying more, which is the DCA strategy many of us are using even all over the world. Bitcoin just like our fiat doesn`t require you to be technically savvy to accumulate or invest in it rather all you need to know is how to protect & secure your funds especially understanding not your key not your coin which is not technical and using good wallet like Bluewallet which is User friendly

edited to add this

Bitcoin and other cryptocurrencies are not illegal in Nigeria. At least we are still trading them. The government went tough on naira to crypto P2P trading platforms but yet we are still trading cryptocurrencies. The government were very hash but we are still trading cryptocurrencies.

About foreign investors. Nigeria government and their officials are enough to discourage foreign investors. This is not about cryptocurrencies only but generally. You can see how they dealt with exchanges that provided crypto products and services to Nigerians. You can also see what Dangote which is not even a foreign investor is facing in his own country. There are many other ones that foreign investors would be discouraged.

it is true that the we still trade crypto currencies, but is it really legal?
And what I really mean by this "legal" is does the government really support crypto , no they don't .if they do how would it really affect the country positively or negatively.

Somehow Yes Government still support it because if they are against it they would have totally banned it in Nigeria, our local exchanges/vendors are not scared of creating Ads/Banners publicly is a proof for us to see, the only issue is that CBN places restriction of crypto activity with banks, hope you get it now?

[Charles-Tim]

it is true that the we still trade crypto currencies, but is it really legal?

As long as we can still trade on the apps and some other crypto exchanges and also as long as the government still not declared it as illegal, it is still legal.

And what I really mean by this "legal" is does the government really support crypto , no they don't .if they do how would it really affect the country positively or negatively.

Neither did the government against crypto. Because of their harsh regulations, you can not just conclude that they make cryptocurrencies illegal.

[Frankolala]

but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering

Why you dey follow government dey give bitcoin charge of money laundering when me and you know say like this for we country money laundering dey go on 24hrs within those rich politicians and banks wey nobody fit talk. As long as na currency money laundering most involve because human like illicit activities too much.

Bitcoin go help the government for task  if them go fit regulate the exchanges them wey go like operate for Nigeria the right way wey e no go affect trades and exchange owners too even with them the government. Na only the negative side our government dey see take hold for hand. I just happy say if government like make them dey sleep individuals don already dey benefit from bitcoin like this.

[Charles-Tim]

the only issue is that CBN places restriction of crypto activity with banks, hope you get it now?

Not allowing the banks to directly be involved in crypto transactions? Yes.
Not allowing Nigerians to get involved in crypto transactions that are not P2P? No.
Not allowing Nigerians to get involved in P2P transactions in connection with the crypto traders bank account? Yes. Evidence from when they banned fintechs from registering new users because of such allegation. But this is foolishness because it is impossible. They are all deceiving ourselves.

Why you dey follow government dey give bitcoin charge of money laundering when me and you know say like this for we country money laundering dey go on 24hrs within those rich politicians and banks wey nobody fit talk. As long as na currency money laundering most involve because human like illicit activities too much.

Yes. Money laundering is inevitable with fiat (naira).

Bitcoin go help the government for task  if them go fit regulate the exchanges them wey go like operate for Nigeria the right way wey e no go affect trades and exchange owners too even with them the government. Na only the negative side our government dey see take hold for hand. I just happy say if government like make them dey sleep individuals don already dey benefit from bitcoin like this.

Yes. To tax crypto exchanges and other crypto platforms would have been better. We still only heard of Kucoin. But as some exchanges naira P2P were not removed, do you not think bribery could not be involved. They know the right thing to do, but corruption will not let them do it.

[Rruchi man]

~

The benefits can be too many to mention. Legalization of bitcoin in Nigeria will make the information spread faster and bitcoin more popular, attracting more investors. I also know that a benefit of exposure to the information concerning bitcoin was a contributing factor to my improved my knowledge on my financial education. If more Nigerians get to know about bitcoin and understand self-cost today, it will increase the level of consciousness that Nigerians have concerning their financial situation and online security.

[EluguHcman]

The list plenty but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering,
Inequality : Bitcoin fit the benefit people wey they technically savvy, people wey get money to invest and Nigeria wey I know all of this fit still resolve to corruption..
So my country people how una see this matter?

Inequality based of individual financial achievements can never be overlooked because those being recognized of higher earnings are being also overtaxed in contributions to the economy development.

We have always been experiencing money laundering and assorted corruptions with the fiat (#) and it has made no good impact to the society or economy growth so, if Bitcoin is legalized, I don't don't see anyway it can extend the corruptions of today so then, it would be better While the corruption persists while legalized Bitcoin in the country but it could perform better than the naira in the sense that it would benefit every individuals practicing its utilizations and the governments at large to the surge of economy developments.

Knowing quite well that corruption can never be overdue and you have more positive outlines on how Bitcoin can impact us, so why then should the negative impacts that the society has already be dwelling on be considered at the deliberate of legalizing Bitcoin in our country?

Meanwhile... Again and again, Bitcoin has never been an illegal in the country rather it is not a legal tender by which even the government sectors could accept it for alternative means of payments but individuals are accessible to use it without the governments intervening for illegal utilities of it amongst individuals.

[Kelward]

Bitcoin and other cryptocurrencies are not illegal in Nigeria. At least we are still trading them. The government went tough on naira to crypto P2P trading platforms but yet we are still trading cryptocurrencies. The government were very hash but we are still trading cryptocurrencies.

About foreign investors. Nigeria government and their officials are enough to discourage foreign investors. This is not about cryptocurrencies only but generally. You can see how they dealt with exchanges that provided crypto products and services to Nigerians. You can also see what Dangote which is not even a foreign investor is facing in his own country. There are many other ones that foreign investors would be discouraged.

it is true that the we still trade crypto currencies, but is it really legal?
And what I really mean by this "legal" is does the government really support crypto , no they don't .if they do how would it really affect the country positively or negatively.

Supporting cryptocurrency and legality of cryptocurrency no be di same thing, our government no ban am but dem no give am di needful support wey im need. If Bitcoin and other cryptocurrencies de illegal for Nigeria, Nigerians no go fit to trade am and exchanges no go get any business for di country, so crypto de legal for Nigeria. But for support matter our country no too give enabling environment for cryptocurrency to operate for di country.

 As CBN restrict banks from facilitating crypto matter make many Nigerians to feel say cryptocurrency de illegal for di country, also dis recent issues wey di government de get with exchanges na anoda way of not supporting cryptocurrency usage. As dis reputable exchanges don restrict naira p2p for dem platforms, how e take stop naira devaluation? Di country no too de crypto friendly but dem no ban am. As for money laundering, e don de happen before di creation of Bitcoin, so no be only through cryptocurrency criminals de take launder money.

[CryptopreneurBrainboss]

The list plenty but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering,
Inequality : Bitcoin fit the benefit people wey they technically savvy, people wey get money to invest and Nigeria wey I know all of this fit still resolve to corruption..
So my country people how una see this matter?

Everything get good and bad sides but when the good better pass the bad, you suppose just do the thing as you no fit stop something from having a bad side. Make we look at some of the disadvantages wey you talk, Money laundering no be wetin we suppose dey tie to only use of Bitcoin (when it gets adopted) because fiats na the highest medium of exchange wey dey involved in money laughing as cash is more untraceable than Bitcoin. If you see cash, you no fit talk where e dey come from but Bitcoin can be traced when there's no mixing involved. So the problem of money laundering no be wetin we fit solve as even the most sophisticated countries are guilty of money laundering.

Inequality how? Dem hodl you make you no dey digitally conscious. Nigerians dey adapt quick nobi here we dey when dem bring POS, debit cards, Phone etc and we all adapt. If dem make Bitcoin our legal tender we go still adapt. No be national anthem them dey change everyday and we dey adapt so. If e go make the country better make dem bring am and we go adapt but the truth of the matters be say just adopting Bitcoin isn't going to solve our problems. Our problems big pass Bitcoin as e dey in our roots and beliefs. We need more of education so we get more enlighten and fight the corruption from wetin wey dey the country.

[Barikui1]

The list plenty but make we Sha talk of the disadvantage wey e fit cos l, ike
Money laundering,
Inequality : Bitcoin fit the benefit people wey they technically savvy, people wey get money to invest and Nigeria wey I know all of this fit still resolve to corruption..
So my country people how una see this matter?

Everything get good and bad sides but when the good better pass the bad, you suppose just do the thing as you no fit stop something from having a bad side. Make we look at some of the disadvantages wey you talk, Money laundering no be wetin we suppose dey tie to only use of Bitcoin (when it gets adopted) because fiats na the highest medium of exchange wey dey involved in money laughing as cash is more untraceable than Bitcoin. If you see cash, you no fit talk where e dey come from but Bitcoin can be traced when there's no mixing involved. So the problem of money laundering no be wetin we fit solve as even the most sophisticated countries are guilty of money laundering.

My boss you don talk well, na the country wey we find ourselves be this, just as you rightfully said, anything wey get advantage go also get disadvantage, but base on say our government dy mostly kick against cryptocurrency generally, so Dem go mostly focus on the negative aspect of it without even talking of the good side and how e dy beneficial to we country.

Secondly, as our government dy so, we know say for them to be in power, then wan be in control of everything, but Bitcoin existence in our society remove that power of control from their hands due to it privacy, so I believe say na one of the major reason them dy always kick against Bitcoin and cryptocurrency, under the disguise of say them dy use am launder money, something wey dy even happen with our fiat currency on a daily basis, so in essence of all this is that, na because our government no fit be in control of how Bitcoin and cryptocurrency dy work, that's why them no wan see the good side of it and how e dy take helps and improve our lives and economy.