CBN lifts ban on cryptocurrency transactions

[Coyster]

This na the trending news for Naija cryptocurrency enthusiasts right now, i no go lie for una oh, the ban been no affect me, so i been no mind because Naija people come dey learn how to run their trade via peer to peer. But for the people wey like to buy using their bank card/details, then e make sense for them. The thing be say, e get wetin go soon follow this thing wey our government do so, and me i dey predict say na better regulatory framework and also taxation, our government don see say crypto market choke for Naija, so why should dey ban it when they can make money when their citizens use it.

[Zigabel]

This is great news for crypto enthusiast but the taxation may turn out the only issues most virtual asset holders have especially those who deal on Bitcoin, the fees on transactions recently is really high and having to pay tax on dem again will really be much on most user, regulations will rather be okay and easier for others who want to try out virtual asset to giving it a try.

Tasking and having to pay for transaction fees will really not tell any well on those who are trying out virtual asset.

[iBaba]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

It is extremely exhilarating to see all these great news happening at almost a time people thought it can not happen. But one thing we are optimistic about and it is that there's a new government in place that we can leverage. I can also boldly and confidently say that we are a part of this great struggle and the successes shall be well celebrated by us.

I remember when I approached the state government of Niger State about the adoption of Bitcoin as a trade subject, I did that with two intentions. Intention 1, was to present the idea of the government to take a look at the Bitcoin technology as another innovative idea to benefit from in terms of knowledge and learning of new world technological advancements that can easily put our younger generation in pace with the global technological development.
See the response we got from the state government here.

Intention 2, was to reinvent the idea of the bitcoin technology amongst other cryptocurrencies as an area of attention for the government to concentrate and tap into the opportunities in the cryptocurrencies. Tapping into the digital currency community can help the government to invest profits, revenues of the state in the bitcoin so as to use it for the developmental projects the administration is about to execute. All the state needs to do in this regards is to liaise with the key industry actors and the digital financial analysts to make the right investments at the right time.

Congratulations to the crypto community in Nigeria. I know some are not seeing this as a good news yet, let's take a step at a time to achieve our goals which is propagating the adoption of the bitcoin technology by the world.

[Kelward]

Already despite the ban on cryptocurrency in the country, the government is still aware that their are individuals that are still involved in crypto related transactions so I just feel that this ban they've lifted is just so that they can also have their own share from the dividends that crypto enthusiasts within the country gets from crypto projects and other crypto engagements so inasmuch as it is a good news that the ban has been officially lifted I also see it as an avenue for the government to officially intrude into the system so "nothing goes for nothing".

You hit the nail for the head, as you talk am na so me I reason am, our government know say di cryptocurrency transactions wey de happen for di county de on di high side, and as CBN ban banks to de facilitate transactions, na im be say dem give chance for huge financial transactions to de happen without collecting dem own share.  Now wey CBN don lift di ban, na regulation go follow, dem go come introduce taxation for crypto matters now. So di ban wey dem lift na for dem own  benefits, because na now dem open eyes see say Bitcoin, na real source of income generation for dem purse.

Na very good news be dis because e go change di perceptions of many Nigerians wey think say Bitcoin de illegal for di country, and e go reduce or hopefully stop di harassment of law enforcement personals wey de harrass young guys wey say dem de trade Bitcoin. People go come understand say Bitcoin business no be scam, na genuine business e be.

[cryptonewbie]

This is good news. Banning it previously was a dumb move in my opinion and I'm sure it was done as a political response to the EndSARS saga back in 2020 by the Buhari administration. However, despite the ban on crypto in Nigeria, many Nigerians were still actively into it including myself. Unfortunately, the police have capitalized on the ban to rob and extort any one found with any crypto apps on their phones. I just hope they inform these officers to stop arresting people for having crypto apps since the ban on crypto has finally been lifted. That said, every one should still be careful out there.

[uchegod-21]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

Na very goodnews be this one. Right from time, Nigeria no dey use iron hand for cryptocurrency matter for the country. The ban wey we been witness na because Nigeria never figure out how to contend with the cryptocurrency wahalas like scam and the rest because the industry just dey grow. Now wey Nigeria don decide to lift the ban, e be like dem don sabi how to handle the crypto matter.

For taxing, this new government and even the government wey pass don dey find wey to tax cryptocurrency but dem no see the opportunity because dem don first ban the transaction. Even when dem announce tax, people criticise dem wela for announcing tax for something wey dem ban. Now, wey dem don lift the ban, taxation is eminent.

[Doan9269]

This is good news. Banning it previously was a dumb move in my opinion and I'm sure it was done as a political response to the EndSARS saga back in 2020 by the Buhari administration. However, despite the ban on crypto in Nigeria, many Nigerians were still actively into it including myself. Unfortunately, the police have capitalized on the ban to rob and extort any one found with any crypto apps on their phones. I just hope they inform these officers to stop arresting people for having crypto apps since the ban on crypto has finally been lifted. That said, every one should still be careful out there.

Some things happened out of ignorance, envy, pride and hatred, later after the deed had been done, you discover that everything wad just a waste of time and effort and shouldn't have been done, I Know that there's that particular thing that makes them reverse their statement on ban, yet the ban is not completely lifted because the people now have right and the freedom to trade and use bitcoin but the banks were restricted from it, but with this, it's a clear indication that we should still expect for more updates coming ahead to suite bitcoin adoption the more.