Another crypto ban is here

[Fivestar4everMVP]

It is very unfortunate and every day, I think of how is it that I was born in Nigeria, but then, it's the will of God, he brought me here so I change things I feel is not right, but I just havnt gotten to the level yet.

Nigerian government or cbn or who ever is responsible for this ban is a total joker, as long as I live, they can never stop me from doing crypto, I just can't wait to leave this country for good.

[forexandcryptoauditor]

I don't know where it will go. On one side, governments are falling behind the new technological advances, and with such opportunities as blockchain technology, they struggle with money laundering and no benefit of getting taxes from it as it's very hard to trace the transactions. Regulations may be a workaround but will not be a full-proof system for governments due to the decentralization of cryptocurrencies.

[bitkanu]

It means nothing for crypto but it will totally affect its civilians. So many Nigerians have started to use crypto.
I see that someone from Nigeria already created a thread if he was looking an alternative way to buy crypto. that means if the ban that already done by the government to the crypto will not give any impact.
The same story will be happening with nigeria.

[gabbie2010]

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.

You said all, the policy mkers of these under developed countries are not really well informed and updated about all the positive features of cryptos, rather they will look for every avenue to protect their useless Fiat, they didn't know that financial revolution is on going investors are jettisoning Fiat for cryptos which is decentralized of course despite the ban users or investors will look for other alternative means of using cryptos which has come to stay no government can stop people from using it anonymously.

[LogitechMouse]

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

Its kinda unfortunate for the crypto users there that the Banks there are prohibiting the people from using crypto and any account that is associated with crypto will be closed immediately.
Ohh wait, isn't it that crypto is the Kryptonite of Banks right?? They hate crypto because their business will be doomed.

Feels sad for them but they move to another country in order to use crypto. After all if they continue to use crypto there and tried to withdraw using their own currency, its almost impossible. Countries like Nigeria will continue to ban cryptocurrency for their own reasons. If only they will allow their people to use it. :|

[aioc]

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

I have huge respect for Nigerians they have a strong presence in the community and some of them are good developers, this is bad decision and unpopular for the Nigerian Crypto community, the community should unite there and pick people who are lenient to Cryptocurrency and pick this people in the government positions so that policy will be abolish, I don't think the Nigerian Crypto community will be threaten they will always find a legal ways to adopt Cryptocurrency.

[makishart]

Nigerian should find other way on how to use digital currency despite of government ban attempt. If there will be other way on how to cash out their crypto aside from the banks which is controlled by the government,

Negerians are starting to talk about this dude. There are some ways to do that just like doing p2p transaction. This case is very similar with india. It's clearly said that id nigerian can't do crypto transaction with their bank accounts and that means if they can do that through another way just like buy it with paypal or something else.
Lots of ways can be used by nigerians. that's just the matter of time until the government will lift the ban for crypto soon.

[Dr.Osh]

well, I expected something like this to happen. however, I did not expect this kind of news to come from Nigeria. After reading some statements from cointelegraph, I think this has something to do with the increasing use of cryptocurrency in Nigeria, as well as the many search for alternative income from that country. however, I still hope they will return to open up opportunities for crypto development in their country.

[Bitbtc8]

It's why nigeria failed as a country, every single thing that can make the country to grow is been denied, the only supporter they have was denied power in last presidency election, the man is the only one that really talks about crypto is a very good way, and he even encourage youths to venture into the technology, I'm guessing is name is Atiku Abubakar

[Ken_terrance]

It's only a matter of time  , it's not the first time to see new ban on crypto like this, maybe the government don't even understand what crypto is all about? But they should know that it's really changing the lives of many in that country, they can't provide jobs and people find other way and now they want to block that again?

[nicecrypto]

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

It is something that most have been expecting to happen coupled with the happenings with the EndSARS movement where Bitcoin was been donated to the masses during the protest after the Government first instructed the CBN then to block some people's Bank account. This Friday's announcement from CNB is just outrageous and you hear what the CBN was saying with regards to excuse why that action was taken, that they are trying to curb money laundering and Ransomes for kidnapping and some nonsense excuses. All those have been in play way before cryptocurrency was developed, Even in Nigeria there, we have heard about Government looting in the past without the aid of crypto, people have been kidnapped and Ransomes paid without crypto, the government are just selfish, backward thinking people that want to continually put the masses thru hell and they cannot even proved jobs for the people. There is always a way out, they might have succeeded in blocking direct bank transactions but P2P still remains which the affected have fallen back to.       

[tyz]

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

Crypto is a threat to those in power as monetary policy gives them power over politics and people. Therefore, they cannot approve of the fact that the people they govern use a currency outside of their control. Therefore, such bans will continue to increase, especially in second and third world countries, the more crypto currencies gain influence.

[ololajulo]

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

It is something that most have been expecting to happen coupled with the happenings with the EndSARS movement where Bitcoin was been donated to the masses during the protest after the Government first instructed the CBN then to block some people's Bank account. This Friday's announcement from CNB is just outrageous and you hear what the CBN was saying with regards to excuse why that action was taken, that they are trying to curb money laundering and Ransomes for kidnapping and some nonsense excuses. All those have been in play way before cryptocurrency was developed, Even in Nigeria there, we have heard about Government looting in the past without the aid of crypto, people have been kidnapped and Ransomes paid without crypto, the government are just selfish, backward thinking people that want to continually put the masses thru hell and they cannot even proved jobs for the people. There is always a way out, they might have succeeded in blocking direct bank transactions but P2P still remains which the affected have fallen back to.       

CZ binance tweeted about the development yesterday on the withdrawal of naira by all holders on binance but at the moment withdrawal is still allowed and has grown higher, we also dont know when this will stop and how it will be handle but we believe P2P will take care of it eventually. The news brought a lot of panic among Nigerians and was trending topic on twitter. The news is still at the central bank websites but some internal men are trying to clarify the news, how the use may be illegal.

[trauchot]

I also saw these news and was, of course, very surprised, because in Nigeria, cryptocurrencies are in very great demand and the government of Nigeria could make a lot of money in cryptocurrency sphere, but on the contrary, for some reason they do not want to do this and it is not clear why, I hope the government of Nigeria will change its mind about banning cryptocurrencies, after all, for many people in Nigeria, cryptocurrencies are the main income and now people will begin to suffer from this very much.

[bison]

It's why nigeria failed as a country, every single thing that can make the country to grow is been denied, the only supporter they have was denied power in last presidency election, the man is the only one that really talks about crypto is a very good way, and he even encourage youths to venture into the technology, I'm guessing is name is Atiku Abubakar

in that case, I think there is the fear of outside interference. that is very natural because they themselves are not too sure that they can properly manage an industry that they may not be able to control. but I myself still believe that one day all countries will start to open up with crypto. or technology that believes in a currency approved by all countries as a more modern means of payment transactions.

[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.

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

Peer to peer is the way for them and AFAIK most Nigerians do fiat to crypto conversions in this way so this is not a real big issue but the buyer and seller need to be careful when converting huge amount because any big transaction can be monitored by the banks other than that those people will not be facing any issues.

[Similificator]

I have been hearing a lot about this ban on crypto currencies in nigeria. Honestly, this frustrates me. the economy of nigeria is bad enough and has become worse due to this pandemic. And here they are, the bigger people of nigeria which are capable  of helping their own people to overcome this challenging times but chooses to push their people further down instead by taking away other alternatives for their people to make ends meet. This is just so infuriating. I  hope the big people in nigeria wakes up from their selfishness and think of their people more and have some compassion.

[Cryptoangel01]

I have a pending transaction since the early hours of today, they can only try to clip our wings but we will fly regardless, its a country of dead brain presidency with very little to offer, he has been making dead beat policies since the start of the year, P2P will bypass this type of restrictions. This is an archaic and authoritarian tendecies

[masterrex]

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

I think it's bad news to the Nigerian crypto users, But they should not losing hope I believe they can go to the Supreme court and file a petition against the ruling like the Indian crypto users were doing during the Indian Reserve Bank ruling against crypto use in India, now cryptocurrency use in India is rising the Nigerian crypto users must do the same if they want that freedom to use cryptocurrencies. by the way, I think Peer to Peer transaction is available thats why Binance added the Nigerian Naira NGN, to the list.

[akirasendo17]

I think they are just studying how they are going to approach bitcoin, that is why they are trying to ban it at the moment, but I think in the near future when all the laws and rules are set, they are going to accept bitcoin, I mean let's be honest, they can't stop it, the only way they can do is make some laws and rules, to have some power over it, but not totally control it because they can't.