Explain to a FOREIGNER the status of bitcoin in your country

[bitbollo]

(Greetings from a "àlèjò" bitcoiner who follows your section with truly admiration.)

I believe bitcoin is a tool...more similar to pure "fuel" in certain scenarios and economic contexts.
Due to its libertarian nature, the ease of transactions, we have many aspects that can bring a real change in people's life, not just culturally.
I am an extremely curious person and would like to understand and delve deeper into the legal framework of bitcoin in your country.

For example:
Is it legal to own?
Do you have to declare it?
Do you have to pay taxes on sale?
On which platforms are they purchased (are there physical stores where you can buy them?)
What is the first use that comes to mind when you think of spending/using bitcoin?

Thank you for your time and your answers.

The best is yet to come  

edit
... did you have conferences like Plan B in Lugano or El Salvador in your question?
...There is any real use as form of payment in real life?
Likewise grocery store? Or it's like 99% of use online as trading instrument/tool for remittance - payment?

[Sandra_hakeem]

(Greetings from a "àlèjò" bitcoiner who follows your section with truly admiration.)
I am an extremely curious person and would like to understand and delve deeper into the legal framework of bitcoin in your country.

You have a point, but why does this introduce you in like an undercover cop on an assignment of infiltration? JJA

Is it legal to own?

Yes, but uhnn... I come from a country where everything is copied from some 1st world country, only to be made to undergo a rough alteration; by that, I mean everything cryptography is being closely monitored (which is good), but they sometimes don't even know their boundaries anymore.

Do you have to declare it?

Not necessarily..

Do you have to pay taxes on sale?

For now, there's no form of taxation directly on the users.. Or maybe the charge those CEXs and, they(CEXs) now cover the gaps with our collective efforts.

On which platforms are they purchased (are there physical stores where you can buy them?)
What is the first use that comes to mind when you think of spending/using bitcoin?

No. I'm certain that we don't have any type of Bitcoin store, whatever... I'd love to visit if I can find one around. We just purchase from other vendors or, for the most part, HODL.

Thank you for your time and your answers.

Preciate...!!

[Charles-Tim]

I have not seen any physical store to purchase bitcoin before in Nigeria and it is better there should be nothing like that for privacy reasons.

I have used bitcoin to buy somethings before three times or I think more but they were all foreign purchases and not local. Only what comes to mind if it is about local goods and services is to convert it to naira and spend naira. Also what other Nigerians are doing.

For now, there's no form of taxation directly on the users.. Or maybe the charge those CEXs and, they(CEXs) now cover the gaps with our collective efforts.

Since 2022 Financial Act, cryptocurrencies are included as part of taxable assets. I posted about it here: Re: Cryptocurrency in Nigeria: From ban to taxation

It is under Capital Gain Tax and it is presently 10%. If you invest ₦1 million on cryptocurrencies and you make ₦100 thousand profit, you need to pay 10% of the ₦100 thousand as tax, which is ₦10 thousand.

But the problem is that most people that are not companies are evading the tax. Also most crypto exchanges Nigerians are using do not have license in Nigeria. We thought our government eyes had opened when they were dealing with Binance and other foreign exchanges that are well known but they showed us how incompetent they are.

In 2026, the Capital Gain Tax will be incorporated into Personal Income Tax. We are all familiar with this tax which will be begin early next year.

[Sandra_hakeem]

It is under Capital Gain Tax and it is presently 10%. If you invest ₦1 million on crypto and you make ₦100 thousand profit, you need to pay 10% of the ₦100 thousand as tax, which is ₦10 thousand.

But the problem is that most people that are not companies are evading the tax. Also most crypto exchanges Nigerians are using do not have license in Nigeria. We thought our government eyes had opened when the were dealing with Binance but they showed us how incompetent they are.

In 2026, the Capital Gain Tax will be incorporated into Personal Income Tax. We are all familiar with this tax which will be begin early next year.

For Christ sake, we weren't born just to be milked by this ruthless dictators, whose only interest is to fill their pockets and provide their families with the best healthcare services, infrastructure and exposure but neglect a poor youth that got ran over by a truck to die in a clinic that knows nothing about the theater. It all seem like a bondage to me; It's like I'm in a confinement where I'm left with no other choice but to work my ass and pay for extra shit.

"Okay, can you at least protect my people (from every tribe across the boundaries) and save them from this already exiting and impending crises"? The replies we get is silence after another major crack. Fuck them!!!

[Doan9269]

Is it legal to own?

Yes, it's legal for you to have Bitcoin at your own risk, the government or banks will not interfere on anything concerning that with you.

Do you have to declare it?

No, for the best of your own interests and to avoid any government agencies trouble like the EFCC, don't try to declare or make it public in Nigeria that you're into bitcoin, they may shift target on you for investigation on the source of your money and the rest by some of the government agencies.

Do you have to pay taxes on sale?

For now no, but they are making a bill to begin this same tax on citizens by 2026 but it's not clear if bitcoin users will also be included in this, but am sure of every citizen participation in paying as long as they are earning.

On which platforms are they purchased (are there physical stores where you can buy them?)

Unfortunately Binance and OKX exchange once allowed in Nigeria to operate p2p, but they had a serious challenge with the government concerning same tax related issues and were banned, but we still independently used some other exchanges like Bybit, MexC and Gate for our p2p as exchanges, for now, there are no stores or any related physical location where you can buy or sell bitcoin in Nigeria, despite the full engagement of the citizens in bitcoin, everyone tends to ne anonymous about it to avoid government threats.

What is the first use that comes to mind when you think of spending/using bitcoin?

Online exchange or trading.

[Yablee0]

Is it legal to own?

It's not a bad idea owning it but to some point you really need be careful and make it more confidential to your self alone before you learn the hard way.

Do you have to declare it?

No need of doing that, privacy is the key point especially in bitcoin stuff is really important.

On which platforms are they purchased (are there physical stores where you can buy them?)

Nothing as such, purchasing bitcoin in a physical store isn't done anywhere, it is always done online, on an exchange precisely.

What is the first use that comes to mind when you think of spending/using bitcoin?

The first thing that will literally come to my mind at that point I want to make transactions in bitcoin is who will agree or accept Bitcoin at that point in time as a medium of exchange.  Since it's not legally acceptable as a legal tender the only way it can be more easy to transact with is when you see someone that agree on it then you are good.

[Crakryptvest]

Is it legal to own?

Yes, we had issues in the past but now everything is sorted out

Do you have to declare it?

How do you mean?

Do you have to pay taxes on sale?

Yes, on exchanges and when doing P2P you get taxed

On which platforms are they purchased (are there physical stores where you can buy them?)

No one would want to do such business in Nigeria, it is too risk. A bitcoiner is supposed to maintain anonymity.

What is the first use that comes to mind when you think of spending/using bitcoin?

Buying bitcoin for investment

[bitbollo]

Thank you everyone for taking time....

@Sandra_hakeem
Lol you made me laught. there are no "gadgets" or whatever similar store there, nothing themed?

@Charles-Tim
There are no btc-ATMs? Nothing similar like scratch card or something that you can buy in a phisical store even inderictly
(similar to betrefill cards - or a service that allow to top up a crypto wallet?)

@Crakryptvest 
-in Italy we had to fill some documents for taxes to say "I own a certain amount of crypto..."
-Bitcoin atm? Ledger shop? Gadget shop? ALL items related to bitcoin would be treated as "suspicious and many would avoid to deal?"

(other questions)
... did you have conferences like Plan B in Lugano or El Salvador in your question?
...There is any real use as form of payment in real life?
Likewise grocery store? Or it's like 99% of use online as trading instrument/tool for remittance - payment?

[Sandra_hakeem]

@Sandra_hakeem
Lol you made me laught. there are no "gadgets" or whatever similar store there, nothing themed?

Ikr.
For the Class A citizens, yes there are gadgets-- sought of like a post-electronic device for transactions which the common class can't even lay their hands on.

(other questions)
... did you have conferences like Plan B in Lugano or El Salvador in your question?
...There is any real use as form of payment in real life?
Likewise grocery store? Or it's like 99% of use online as trading instrument/tool for remittance - payment?

They host conferences all the time; that's the only way they could convince a greater population in my country to learn about cryptocurrencies generally. We don't have Bitcoin ATMs, ledger shop etc, don't mean they don't transact in city stores and shopping malls. Everything depends on how invested, educated and liberal the grocery store owner decides to operate. I know several luxury hotels that would even prefer to trade through the block chain.Man c'mon, seems like you have Nigeria as part of your bucket list next summer? You're cancelling your return tickets on arrival, unless you don't know where to visit, Bahahahaha!!!

[Charles-Tim]

@Charles-Tim
There are no btc-ATMs? Nothing similar like scratch card or something that you can buy in a phisical store even inderictly
(similar to betrefill cards - or a service that allow to top up a crypto wallet?)

There are two bitcoin ATMs in Nigeria since 2021 but the number of the ATMs are not increasing since that time. Not physical stores similar to betrefill cards and no physical service offers that allow people to top up a crypto wallet in Nigeria except the bitcoin ATMs that most people are not using. We use the online ones and while many of them are not even from Nigeria.

[bitbollo]

...
Man c'mon, seems like you have Nigeria as part of your bucket list next summer? You're cancelling your return tickets on arrival, unless you don't know where to visit, Bahahahaha!!!

Many people of my family have already lived there for many years (and other countries of that area)... it wouldn't be only an adventure. ...
In any case. No. I would never travel there, I have no time, no resources, to go there.
There is another plan and I will keep you posted step by step...
Thank you all for you answers/much appreciated .