Another crypto ban is here

[Festac]

Here we go again, another crypto ban is imminent, this time in Nigeria, what are the government thinking? This is a country that's suffering from economy collapse since many years now and youths are jobless, finally crypto came to the rescue and all government can do is ban?

https://www.google.com/amp/s/cointelegraph.com/news/central-bank-of-nigeria-bans-banks-from-servicing-crypto-exchanges/amp

[enhu]

Why suddenly the CBN decide to do it now, the adoption of Bitcoin in the country had been very massive over they years, this is odd.

They wouldn't be doing this without the government backing it though. A glimpse of what could happen in the near future due to the bullrun, it could be like this as well when governments in your country are going to ban transactions to exchanges. They are directed to close accounts when you are identified making transactions.

[joseyphil82]

Why suddenly the CBN decide to do it now, the adoption of Bitcoin in the country had been very massive over they years, this is odd.

They wouldn't be doing this without the government backing it though. A glimpse of what could happen in the near future due to the bullrun, it could be like this as well when governments in your country are going to ban transactions to exchanges. They are directed to close accounts when you are identified making transactions.

They like seeing people fall on their feet, nigeria government are too heartless for my liking, after the endsars protest became successful they decide to bounce back on people just because I heard crypto was used to fund the protest, this people won't rest until everyone in the country died of poverty and starvation, a good country but been ruled by bad government

[passwordnow]

It is that the banks will not offer services for those accounts that are related to exchanges and crypto services. As long as there will be another way for Nigerians to cash in/out with their cryptos, it won't be a problem to them. Why are they putting some difficulty to help their people financially if it's about crypto related services? they should be open to it. It's targeting exchanges that has bank accounts to their local. But individuals and residents can still keep going.

[Kvalentine]

Let's see how they will really ban crypto, this isn't the first time, remember US once ban bitcoin, even indian did the same too, let them keep banning and lifting ban, it's nothing new anymore, the more ban on crypto the more stronger it gets

[Joe-Bloggs]

Hence you need a crypto with a built in decentralized market place and decentralized pegging solution that has an exchange or you can simply start selling items to acquire more coins.

There are such projects out there. Have a look around.

If you have a completely decentralized services and products marketplace built into your coin then fiat and banks for a lot of things become irrelevant.

Although if I lived in a country that pulled this crap I would try to move asap.

[RobbyDama01]

17 countries that prohibit the use of digital currencies such as Bitcoin, namely:
1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency
3. Colombia, since December 31, 2016. Reason: worried about cryptocurrency fraud
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking
5. Ecuador, since March 24, 2015. Reason: will issue its own currency
6. Bangladesh, since 22 September 2014. Reason: avoiding money laundering
7. Kyrgyzstan, since 4 August 2014
8. Bolivia, since 19 June 2014
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk for investors
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities
11. Thailand, since July 30, 2013. Bitcoin is not a currency
12. Morocco, since November 2017
13. South Korea, since December 13, 2017. Reason: to control its finances
14. Singapore, since 29 September 2017. Reason: constraints arise between financial companies
15. Nepal, since 2017
16. Indonesia, the ban applies 2018. Reason: high risk of natural bubbles
17. Israel, starting 2018.

The reason is the fear of these countries about the volatility and uncertainty of digital currencies. In addition, another reason is the fear that digital currencies are used to finance terrorism or of a criminal nature.

[speedforce]

I think the ban will be temporary which caused by the country not ready yet to have cryptocurrency in their area.
I mean they have no rule at all to control it, so they afraid its will have bad impact to them.

[semobo]

Nigerian government didn't put this ban only their central banks asking all the financial institutions to stop their services to crypto exchanges but people can still hold and buy bitcoin using peer to peer platforms and on decentralized exchanges. This is what happened in India as well but people mislead the banking ban as complete ban and create chaos in the market for a while.

[Balladtony77]

Nigerian government didn't put this ban only their central banks asking all the financial institutions to stop their services to crypto exchanges but people can still hold and buy bitcoin using peer to peer platforms and on decentralized exchanges. This is what happened in India as well but people mislead the banking ban as complete ban and create chaos in the market for a while.

You are not getting it, how will these people converts their assets into naira (nigeria currency)? This is the real issue here, ban is a different thing but freezing any bank accounts that have anything to do with crypto is the main issue

[neatworld]

17 countries that prohibit the use of digital currencies such as Bitcoin, namely:
1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency
3. Colombia, since December 31, 2016. Reason: worried about cryptocurrency fraud
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking
5. Ecuador, since March 24, 2015. Reason: will issue its own currency
6. Bangladesh, since 22 September 2014. Reason: avoiding money laundering
7. Kyrgyzstan, since 4 August 2014
8. Bolivia, since 19 June 2014
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk for investors
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities
11. Thailand, since July 30, 2013. Bitcoin is not a currency
12. Morocco, since November 2017
13. South Korea, since December 13, 2017. Reason: to control its finances
14. Singapore, since 29 September 2017. Reason: constraints arise between financial companies
15. Nepal, since 2017
16. Indonesia, the ban applies 2018. Reason: high risk of natural bubbles
17. Israel, starting 2018.

The reason is the fear of these countries about the volatility and uncertainty of digital currencies. In addition, another reason is the fear that digital currencies are used to finance terrorism or of a criminal nature.

Please check your sources again - I can't speak to all of these countries but I know for sure that Singapore does not prohibit the use of digital currencies and cryptocurrencies. There are a lot of regulations, but they are in fact positioning themselves as a global hub for solid crypto projects and blockchain technology in general. I think there a lot more nuances and exceptions to this 'ban' claim for all these countries than it originally appears. https://www.mondaq.com/fin-tech/1025630/cryptocurrency-regulation-in-singapore-challenges-and-opportunities-ahead-

[neatworld]

Nigerian government didn't put this ban only their central banks asking all the financial institutions to stop their services to crypto exchanges but people can still hold and buy bitcoin using peer to peer platforms and on decentralized exchanges. This is what happened in India as well but people mislead the banking ban as complete ban and create chaos in the market for a while.

Precisely. Thank you for explaining the full picture here. When people share only half a story (eg "Nigeria Bans Crypto") that creates real FUD. Like we say for investing.. please DYOR before making broad claims about a country's crypto policies 

[isaac_clarke22]

Hopefully it will be just a sudden reaction of the government and the decision to be reverted would be the same as the India's Supreme Court wherein they reversed the ban two years after as mentioned in the article as well.
This is a bad time to really ban something that could at least help people to send money without any physical contact to the receipient.

[Bitbtc8]

Nigerian government didn't put this ban only their central banks asking all the financial institutions to stop their services to crypto exchanges but people can still hold and buy bitcoin using peer to peer platforms and on decentralized exchanges. This is what happened in India as well but people mislead the banking ban as complete ban and create chaos in the market for a while.

Precisely. Thank you for explaining the full picture here. When people share only half a story (eg "Nigeria Bans Crypto") that creates real FUD. Like we say for investing.. please DYOR before making broad claims about a country's crypto policies 

It would makes sense if the FUD works a little bit, finding a good spot to enter bitcoin right now  , don't blame me I'm just been honest is all, nigeria is one of the biggest country that's adopting crypto today, if this FUD works price can shake a little but nigeria is full of strong fellas, I don't think it will affect price

[bigcash2011]

Here we go again, another crypto ban is imminent, this time in Nigeria, what are the government thinking? This is a country that's suffering from economy collapse since many years now and youths are jobless, finally crypto came to the rescue and all government can do is ban?

https://www.google.com/amp/s/cointelegraph.com/news/central-bank-of-nigeria-bans-banks-from-servicing-crypto-exchanges/amp

Such news often come from under developed or developing countries most probably because the people incharge are no aware of advanced tech like blockchain and crypto tech.
All they see is a threat to conventional financial system and announce a ban on crypto but as soon as these guys will realize the importance they will eventually allow it. This has already happened in some countries. Secondly if you are from such country do not worry crypto is decentralized so the govt. Cannot stop it you will still be able to trade it.

[dimonstration]

Hopefully it will be just a sudden reaction of the government and the decision to be reverted would be the same as the India's Supreme Court wherein they reversed the ban two years after as mentioned in the article as well.
This is a bad time to really ban something that could at least help people to send money without any physical contact to the receipient.

Soon they might able realise its importance and usefulness, there are still governments who fear doing transactions in a much advance way that results them to speculate things or put negative feedback into something which can be really much a help for them. With proper research and being open minded in accepting changes many governments will soon to legalize using and having crypto as a means of transactions as well as investment.

[Sterbens]

I hope all of the countries in the world can to use bitcoin and cryptos freely.when i see this countrys dont want to Young people find work I'm really disappointed.
bitcoin is for all of the world and i hope Nigeria can growth with Digital currencies.

For now we have seen that there are several countries that are still waiting for the arrival of bitcoin, such as Bangladesh, Nigeria and many more, but the two countries are still hotly discussed. Their reason is that they always clash with the policies of the central bank and local banks. they speculate that bitcoin is a money laundering threat. but they can do it themselves easily.
We only need to fight against regulations that will only harm bitcoin users there, besides that the presence of Binance Nigeria is the latest polemic, and triggers the Nigerian Bank to remain adamant about rejecting Bitcoin exchanges, thus using a prison policy for anyone indicated to exchange crypto, this is very damaging to freedom of transaction . .

[btcltcdigger]

Here we go again, another crypto ban is imminent, this time in Nigeria, what are the government thinking? This is a country that's suffering from economy collapse since many years now and youths are jobless, finally crypto came to the rescue and all government can do is ban?

https://www.google.com/amp/s/cointelegraph.com/news/central-bank-of-nigeria-bans-banks-from-servicing-crypto-exchanges/amp

Hah, maybe it's due to all the bad reputation it's getting on the count of "hello friend, AM scammer, AM trying to take your money, AM from England" types of people giving it a really bad name.
Or it could just be a big banking lobby

[adekogbe]

This move by the nigerian government does not really reflect any solid views about cryptocurrencies as a form of value transfer or a store of value.
It is a move by the government to silence the young generation from a truly financially free world.
My advice is that no one sells their cryptocurrency in panic.
Hold and see how things will pan out

[MishaSER]

Remember how any operations with cryptocurrency were also banned in India. As I know Nigeria is rapidly developing in the field of cryptocurrency and the government does not know what to do about it. I think the people of Negeria should unite and forgive the permits.