Nigerian Banks To Close Accounts Involved with Crypto

[nicecrypto]

But, now the Nigeria will no longer get the taxes and many people will lose jobs there which means increase in the rate unemployment. And a lot of traders will now go for P2P exchanges, like Binance P2P which means the government is getting nothing. This is totally stupidity.

I'm sure they have an answer to this that will make you think they did the right decision.

The government is making this decision because they have basis that they think crypto is a threat to their country, probably because they are not yet ready adopting it as their regulation is still weak. When crypto is allowed, there's also a risk on it if it's not properly monitor, government does not only focus on taxes, they also focus on safety of their people or the government.

Trust me, this are my Government an I can tell you with confidence that they don't have any meaningful answer to why they took that decision other than to just clamp down on the youths plus what happened during the #EndSars protest. If not for hate, there are a way earn from this crypto trading that the people are involved in. Think of it, after the blockage of crypto operating Bank Accounts, the Government is introducing ‘Naira 4 Dollar Scheme’ for diaspora remittances. This means the recipients get 5 Naira for every $1 received.

Then the government should have been able to check that all crypto withdraw back to your Fiat account can also be made in USD may be instead of local Fiat and this would have boost what ever it is they are trying to achieve with this ‘Naira 4 Dollar Scheme’ even without giving the 5 Naira and I believe all Nigeria crypto traders would have liked this, a win win situation.

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[bayudndy]

Not only Nigerian but many other countries are also hostile to cryptocurrencies, there could be problems governing these currencies in their own countries but if their governments continue to hold that stance. their people will be subject to those pressures, and there will be more reason to see a country that is always politically volatile to control its own currency.

I also think that I need to do something for the worst cases to happen, in the country where I live there is no clear issue of the laws governing cryptocurrency, and there have been many cases of banking frozen goods related to electronic money.

[jostorres]

in the country where I live there is no clear issue of the laws governing cryptocurrency, and there have been many cases of banking frozen goods related to electronic money.

Yeah that has been the same with my country for long they have no laws on it. If you’re living in such a country it is always best to make use of P2P exchanges and avoid the problems that might arise tomorrow. Trust me the government can do anything.

You can take Nigeria as an example, they had no clear rules guiding cryptocurrency, and they even welcomed big crypto exchanges/companies into their country, such as Luno and Binance, and all of a sudden they declared it illegal and now blocking bank accounts of cryptocurrency traders. So anything can happen, that’s why I do my best in making sure that cryptocurrency transactions are kept secret and always P2P, that way I would not have any issues tomorrow.

[mazdafunsun]

This is shortsighted view and is popular among relatively poor countries, it is hard to tell why.
India as well is banning crypto, moreover it seems that they are banning crypto every second day.I thnik it is sad since they are losing valuable economic growth.

[DarkIT]

This is shortsighted view and is popular among relatively poor countries, it is hard to tell why.
India as well is banning crypto, moreover it seems that they are banning crypto every second day.I thnik it is sad since they are losing valuable economic growth.

If the india going to ban a bitcoin or crypto. It will be blender done by the government,because bitcoin will rule the world economy. India a very huge people based economy, if you make and sell a product their. You will sold out maximum and should avoid the price reduction further.

[Sithara007]

This is shortsighted view and is popular among relatively poor countries, it is hard to tell why.
India as well is banning crypto, moreover it seems that they are banning crypto every second day.I thnik it is sad since they are losing valuable economic growth.

If the india going to ban a bitcoin or crypto. It will be blender done by the government,because bitcoin will rule the world economy. India a very huge people based economy, if you make and sell a product their. You will sold out maximum and should avoid the price reduction further.

We are talking about a country that tried to ban internet and computer (three decades ago). So it is not surprising that they are trying to ban cryptocurrency. And from what I have heard, as a first step they have blocked the IP addresses of various online wallets and cryptocurrency exchanges. These idiots don't even know that blocking IPs don't work nowadays. Anyone can access these sites using a VPN or a web proxy.

[wxxyrqa]

We are talking about a country that tried to ban internet and computer (three decades ago). So it is not surprising that they are trying to ban cryptocurrency. And from what I have heard, as a first step they have blocked the IP addresses of various online wallets and cryptocurrency exchanges. These idiots don't even know that blocking IPs don't work nowadays. Anyone can access these sites using a VPN or a web proxy.

I think that the government understands everything, but their prohibition will have the character of a serious lever of control over the citizens of their country, as a very strong deterrent, if, of course, we are talking about criminal prosecution. Many people will of course take risks and use different methods to engage in activities in the cryptocurrency market, but there will also be people who will be afraid of breaking the law.

[Finestream]

Not only Nigerian but many other countries are also hostile to cryptocurrencies, there could be problems governing these currencies in their own countries but if their governments continue to hold that stance. their people will be subject to those pressures, and there will be more reason to see a country that is always politically volatile to control its own currency.

I also think that I need to do something for the worst cases to happen, in the country where I live there is no clear issue of the laws governing cryptocuedrrency, and there have been many cases of banking frozen goods related to electronic money.

This is the reason why it's best to keep private all our crypto transactions for security purposes since we don't get full support from the government once crypto transactions is being mentioned. Nigeria will be closing lot of opportunities from crypto which most of the countries who have accepted bitcoin today are currently enjoying.

[Slow death]

We are talking about a country that tried to ban internet and computer (three decades ago). So it is not surprising that they are trying to ban cryptocurrency. And from what I have heard, as a first step they have blocked the IP addresses of various online wallets and cryptocurrency exchanges. These idiots don't even know that blocking IPs don't work nowadays. Anyone can access these sites using a VPN or a web proxy.

unfortunately in africa things like decentralization are a big problem for governments, because in africa the political parties that were responsible for freeing the countries from colonialism deceive the people with things like: patriotism, sovereignty and culture, when in fact they do not belong to the government they are patriots and all they have are things imported from other European and American countries, for example: African leaders import wines in their homes, but they keep telling the population that they should just like to consume the wine produced in Africa

African governments are afraid of bitcoin, I will give you an example:

In Africa, governments are able to control opposition parties by giving them little money for the election campaign

imagine if an opposition party invests in bitcoin and then gets a lot of money? this could make the opposition party win the elections, African governments know about this danger and need to control everyone to stay in power

Not only Nigerian but many other countries are also hostile to cryptocurrencies.

countries where democracy and freedoms are restricted are where bitcoin is not welcome

[Zemomtum]

There are many other alternatives that are providing P2P services without revealing the identity of the users involves in the transactions such as Remitano and LocalBitcoin which has the majority of their subscribers from Nigeria

[Twentyonepaylots]

Too sad, knowing they are spearheading the crypto revolution themselves. Personally I believe that there's something that's at play behind the scenes, which forced these Nigerian Banks basically rid of their customers. That being said, it could just be another banks vs crypto tussle, which doesn't need much reading between the lines anymore aince it was well-established from the past that those guys will stop at nothing to ensures cryptocurrencies die.

[Johnyz]

Too sad, knowing they are spearheading the crypto revolution themselves. Personally I believe that there's something that's at play behind the scenes, which forced these Nigerian Banks basically rid of their customers. That being said, it could just be another banks vs crypto tussle, which doesn't need much reading between the lines anymore aince it was well-established from the past that those guys will stop at nothing to ensures cryptocurrencies die.

While the central banks didn’t approve this one? And I just read a statement that they fully support bitcoin, maybe this is an old news already. Banks are still governed by the government and for sure, if the government is against cryptocurrency, they’ll advice the banks to do this kind of threat to their customers. We’re lucky enough to have a supportive government, which is very rare to hear.

[uneng]

Too sad, knowing they are spearheading the crypto revolution themselves. Personally I believe that there's something that's at play behind the scenes, which forced these Nigerian Banks basically rid of their customers. That being said, it could just be another banks vs crypto tussle, which doesn't need much reading between the lines anymore aince it was well-established from the past that those guys will stop at nothing to ensures cryptocurrencies die.

While the central banks didn’t approve this one? And I just read a statement that they fully support bitcoin, maybe this is an old news already. Banks are still governed by the government and for sure, if the government is against cryptocurrency, they’ll advice the banks to do this kind of threat to their customers. We’re lucky enough to have a supportive government, which is very rare to hear.

Yes, it's old news already. The government is changing its position towards bitcoin. Recently they said bitcoin trading wasn't banned in the country, just banks aren't allowed to keep accounts from customers who are traders. The statement is ridiculous, but it's the first step in order to change their opinion without saying they were wrong at first point.

[Sithara007]

Yes, it's old news already. The government is changing its position towards bitcoin. Recently they said bitcoin trading wasn't banned in the country, just banks aren't allowed to keep accounts from customers who are traders. The statement is ridiculous, but it's the first step in order to change their opinion without saying they were wrong at first point.

I don't care much about the policy flip-flop as long as Bitcoin benefits in the end. Anyway, congratulations to the Nigeria government, for realizing that they need to adopt a more friendlier approach towards cryptocurrency. I just hope that the idiots in my country (India) understands this. The problem in many of the third world countries is that the governments depend too much on bureaucrats to make policies on sectors where they don't have enough knowledge. And that is the reason why they sometimes come up with stupid laws such as this one.

[nicecrypto]

Too sad, knowing they are spearheading the crypto revolution themselves. Personally I believe that there's something that's at play behind the scenes, which forced these Nigerian Banks basically rid of their customers. That being said, it could just be another banks vs crypto tussle, which doesn't need much reading between the lines anymore aince it was well-established from the past that those guys will stop at nothing to ensures cryptocurrencies die.

While the central banks didn’t approve this one? And I just read a statement that they fully support bitcoin, maybe this is an old news already. Banks are still governed by the government and for sure, if the government is against cryptocurrency, they’ll advice the banks to do this kind of threat to their customers. We’re lucky enough to have a supportive government, which is very rare to hear.

Yes, it's old news already. The government is changing its position towards bitcoin. Recently they said bitcoin trading wasn't banned in the country, just banks aren't allowed to keep accounts from customers who are traders. The statement is ridiculous, but it's the first step in order to change their opinion without saying they were wrong at first point.

But the truth is, that has been their position from the beginning. The instruction was for Bank to block any account that has some form of crypto transaction and Not that they Have ban crypto trading in the country so I don't see any difference from what they said from the beginning and if they have put out any new statement now. All we want to hear is a reversal of the Blockage of crypto trading accounts by Nigerian Banks.

[Shasha80]

I'm sure crypto users in Nigeria are quite annoyed by the Nigerian government's decision to prohibit using Banks accounts to make crypto transactions.
Although the Nigerian government says it has never banned crypto trading, this is tantamount to the subtle rejection by the Nigerian government of cryptocurrency. But I believe crypto users in Nigeria must have found their own way to convert their crypto into fiat without going through a Banks
account. One of them is maybe Nigerians can use P2P platforms.

[WatchMaker]

Yes, it's old news already. The government is changing its position towards bitcoin. Recently they said bitcoin trading wasn't banned in the country, just banks aren't allowed to keep accounts from customers who are traders. The statement is ridiculous, but it's the first step in order to change their opinion without saying they were wrong at first point.

I don't care much about the policy flip-flop as long as Bitcoin benefits in the end. Anyway, congratulations to the Nigeria government, for realizing that they need to adopt a more friendlier approach towards cryptocurrency. I just hope that the idiots in my country (India) understands this. The problem in many of the third world countries is that the governments depend too much on bureaucrats to make policies on sectors where they don't have enough knowledge. And that is the reason why they sometimes come up with stupid laws such as this one.

If that is the case in Nigeria, I think Nigerian people should look for alternative options such as peer-to-peer marketplaces e.g. Paxful, LocalBitcoins, Binance P2P, OKEx P2P, and other places to buy and sell cryptocurrency. The Nigerian government is ordering all the banks to stop dealing with cryptocurrency. I believe that is not a ban but a sanction from the central bank which instead they should regulate the cryptocurrency.

[uneng]

Yes, it's old news already. The government is changing its position towards bitcoin. Recently they said bitcoin trading wasn't banned in the country, just banks aren't allowed to keep accounts from customers who are traders. The statement is ridiculous, but it's the first step in order to change their opinion without saying they were wrong at first point.

I don't care much about the policy flip-flop as long as Bitcoin benefits in the end. Anyway, congratulations to the Nigeria government, for realizing that they need to adopt a more friendlier approach towards cryptocurrency. I just hope that the idiots in my country (India) understands this. The problem in many of the third world countries is that the governments depend too much on bureaucrats to make policies on sectors where they don't have enough knowledge. And that is the reason why they sometimes come up with stupid laws such as this one.

These bureaucrats always creating problems for the common citizens. I know this feeling.
But don't worry, sooner or later your government will understand it. They won't want to stay behind in crypto adoption with all the benefits it can bring to the country and to themselves. Those who use crypto currency have access to extra offer jobs and profitable investments. In the end part of this profit goes to the government receipt, as these citizens are going to spend more money on their daily life, consequently paying more taxes.

But the truth is, that has been their position from the beginning. The instruction was for Bank to block any account that has some form of crypto transaction and Not that they Have ban crypto trading in the country so I don't see any difference from what they said from the beginning and if they have put out any new statement now. All we want to hear is a reversal of the Blockage of crypto trading accounts by Nigerian Banks.

How can people deal with crypto if they can't use their bank account to convert the money to fiat later?
It's like the government forbidding all stores of your country from selling cars, while telling you: we didn't forbid anyone from driving a car, we just forbid car's sales.

Can you see the malice behind it?

[intelligentdude]

This was a major challenge Nigeria's Crypto community faced which forced crypto traders to revert to the old way of buying and selling commonly known as "Peer to Peer (P2P)".

Several popular exchanges have implemented the P2P feature on their exchange. A typical example is Quidax which launched it's P2P platform weeks back.

Details can be found here : https://blog.quidax.com/make-way-p2p-is-live-on-quidax/

[Vishnu.Reang]

This was a major challenge Nigeria's Crypto community faced which forced crypto traders to revert to the old way of buying and selling commonly known as "Peer to Peer (P2P)".

Several popular exchanges have implemented the P2P feature on their exchange. A typical example is Quidax which launched it's P2P platform weeks back.

Details can be found here : https://blog.quidax.com/make-way-p2p-is-live-on-quidax/

The problem with P2P is that you will be flooded with scammers, at least during the initial phases. When I was trading in Localbitcoins during my earlier days, I faced a lot of issues due to this. It takes a few months for a vendor to build up a good feedback score and earn a good reputation. During this time, a lot of people are going to get conned by the scammers. And the fact that cryptocurrency is in a grey area in Nigeria will make matters more complicated.