Real fact behind crypto ban in Nigeria

[Dr.Osh]

well, scammers are one of the main reasons for getting banned on crypto. however, I think a lot of people are so quick to believe in new crypto that they easily send their money for the investment.
well, it's only natural that there are a lot of scams there, especially Nigeria is a country with a population that is very interested in crypto, so it's natural that there are many scammers. but the government's move for that seems to also hurt crypto investors or users who are there. even according to some information, thousands of people protested against this

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[crwth]

I never did realize that there are a lot of cases like that. I believe it's not just romance but some are tricksters and hackers that do it as well.

I believe those people who are in search of love have the capacity for it but sending a lot of money without meeting someone in real life is already a tragedy. There have been multiple cases like that was published but for sure there are a lot more considering the emotional stress that we are experiencing now. It's just that it's not publicized probably because they are ashamed or something.

We will all be surprised at how much there could be instances like this. It's not healthy for sure.

[Foxy1]

In as much as it was blocked for a good reason, let me also remind you that everything that has a  dis-advantage also has an advantage and the case of crypto and a country like Nigeria whose economy is not stable ,I think the need to adopt  the crypto lifestyle
 

[Francis Freeman]

Finally CBN gives the main reason why they put ban on crypto in Nigeria, the fact is there are many bad eggs among the good eggs, online romance scammers are now using bitcoin as their benefactor to cashing out money easily with no traces, read news here

https://www.arise.tv/how-fbi-alerted-nigerias-central-bank-to-scammers-using-cryptocurrencies-to-defraud-the-west/

The question is are white people so stupid that they will keep sending money to people they've never meet in real life? Honestly all this defrauding through romance and other ways have been going on since past years now, I expected all this to have come to an halt, the problem isn't even the scammers but people who allowed themselves to be used

You have got to be kidding if you really believe that this is the reason for the ban. Yes there may be some bad actors but doing a blanket ban  on the future of digital finance because of it is equally bad. Rather they should see how to prevent it.

[leea-1334]

The question is are white people so stupid that they will keep sending money to people they've never meet in real life? Honestly all this defrauding through romance and other ways have been going on since past years now, I expected all this to have come to an halt, the problem isn't even the scammers but people who allowed themselves to be used

Trust me,,, it is not just white people even a lot of Asians also get scammed so no need to point out a single race! I do not think this is the truth though. Nigerian email and love scams have been around since the 90s and you did not see anyone banning Western Union or bank transfers.

This is just false reporting. 90% of scammers still do not use Bitcoin.

[OasisDre]

The question is are white people so stupid that they will keep sending money to people they've never meet in real life?...

Tell me this. Did you not ever got scammed once in your life? Didn't even once someone sold you something that was broken or useless and then disappeared or didn't accept refund telling you that you broke it or any other excuse? Scams come in many ways and every person has been scammed by someone else. There are some that hide it but others that don't.
You think this has to do with intelligence? You are wrong and you have no respect for your fellow human being. You made it a case for race too and this is even worse. Probably you are too young and naive to think that people are stupid but it is the scammers that will get arrested and rot in a prison.

Scams do come in many different ways but this is different, it's something that's been ongoing in the US for years and people have been warned about online romance scam, must they date people online? Must they send money to someone they've never meet before? This isn't about been the wisest, what I said was right, it shows that some people in US are too stupid to be cautious, they trust easily

[OasisDre]

The question is are white people so stupid that they will keep sending money to people they've never meet in real life? Honestly all this defrauding through romance and other ways have been going on since past years now, I expected all this to have come to an halt, the problem isn't even the scammers but people who allowed themselves to be used

Trust me,,, it is not just white people even a lot of Asians also get scammed so no need to point out a single race! I do not think this is the truth though. Nigerian email and love scams have been around since the 90s and you did not see anyone banning Western Union or bank transfers.

This is just false reporting. 90% of scammers still do not use Bitcoin.

Nigerians will always be nigerians, there are some good people among them but this isn't a hate speech it's just a bitter truth, many are into online romance scam, credit card stuffs and others but Bitcoin makes their cruel work more easier, I will never say something that I haven't seen, education means nothing in nigeria now, even secondary students, police, military are into this stuff, if you raise voice they will say everybody is a thieve, that's the slang word they always use.

[marcbitcoins]

Finally CBN gives the main reason why they put ban on crypto in Nigeria, the fact is there are many bad eggs among the good eggs, online romance scammers are now using bitcoin as their benefactor to cashing out money easily with no traces, read news here

https://www.arise.tv/how-fbi-alerted-nigerias-central-bank-to-scammers-using-cryptocurrencies-to-defraud-the-west/

Assuming that Nigeria doesn't know about these scams. Is it possible that they will not ban cryptocurrency if the FBI does not send an alert to the government that lots of scam US dollars have entered Nigeria through cryptocurrency? We all know how much the US dollars also help countries to grow their economies. Here in our country, the US dollar remittances help our economy a lot that if $200 million comes every week it is already a big help to the people.

[Greatdev]

There is more that meet the eye, nigeria is a failed country that's plagued with too many problems, from low levels to high levels every thing about the country is huge corruption but crypto comes to the rescue, remember when money flows to people they will have some power and gut, I believe the government may not like this, remember the endsars craziness? The government find all means to silence their people but crypto was used to help some funding then, you really think this won't pissed the government off? Like I've said there is more that meet the eye

[SirLancelot]

Finally CBN gives the main reason why they put ban on crypto in Nigeria, the fact is there are many bad eggs among the good eggs, online romance scammers are now using bitcoin as their benefactor to cashing out money easily with no traces, read news here

https://www.arise.tv/how-fbi-alerted-nigerias-central-bank-to-scammers-using-cryptocurrencies-to-defraud-the-west/

The question is are white people so stupid that they will keep sending money to people they've never meet in real life? Honestly all this defrauding through romance and other ways have been going on since past years now, I expected all this to have come to an halt, the problem isn't even the scammers but people who allowed themselves to be used

This is still very bad, they shouldn’t have banned it because it’s not everyone there in Nigeria that are using it for scamming people. What they should have done is to look for ways that they can track down the bad eggs and make them face their punishment , instead of banning Bitcoin. I know people in Nigeria who have taken out their time to learn everything there is to learn about Bitcoin and cryptocurrency trading, and that has been their source of income for years.

This government banning cryptocurrency is totally wrong, it means so many of the people there are losing their sources of income, some exchanges that has spent money to establish their businesses there will also be losing it.

[Ruvi2000sew]

I agree that those seeking love have the ability to find it, but sending large sums of money without meeting someone in person is still a disaster. There have been few cases like this reported, but with the current level of emotional stress, there are undoubtedly several more. It's just that no one knows about it, presumably because they're embarrassed or something.

[motun01]

It is absolutely unacceptable for any government to cripple the earning and economic potentials of their citizens just because citizens of another country has fallen victims of criminal activities of a few people.
The united states itself has not banned cryptocurrencies and have many big companies who are already adopting cryptocurrency and Blockchain technology.
The smart thing to do is to devise means of apprehending that criminals responsible for the criminal activities

[Woodie]

I really don't see this to be a genuine reason!!

The government is afraid of these guys cashing out using bitcoin, come on , and what would stop these guys from spending it on latest luxurious gadgets and later sell them for some cash,banning btc doesn't solve the problem it just delays it.

These guys are better giving reasons like the only reason they don't want bitcoin is the banks are not making any money from banking services, something in those lines.

[Twinkledoe]

I really don't see this to be a genuine reason!!

The government is afraid of these guys cashing out using bitcoin, come on , and what would stop these guys from spending it on latest luxurious gadgets and later sell them for some cash,banning btc doesn't solve the problem it just delays it.

These guys are better giving reasons like the only reason they don't want bitcoin is the banks are not making any money from banking services, something in those lines.

Their reason is weak. I also don't think that's the main reason why they are going strict to crypto. Based from stats last year, Nigeria is included in the top 5 countries having large volume in bitcoin trading. Now, if the government will be hard to its crypto users, how can they help with their citizens that are relying their income from crypto? It is actually good that their people is finding alternative source of income via crypto and not relying from them. I believe they are finding that government can't have the full control over crypto transactions of their constituents, the reason why they are banning it.

[shinratensei_]

The majority of people in nigeria lack education about that. If they have no clue about keeping send money to the stranger and then this is the most non sense thing that I have ever meet in my life. Even when they were using the fiat money and if they are still doing it and they can get scammed by scammers. There are a bunch of scammers these days.

Crypto has become the main target by the central bank of nigeria and I think that the reason should be other than it dude. Crypto is always getting blamed by them