Another crypto ban is here

[Gozie51]

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.

I think you have a cool idea of it. I don't think it will stop all aspect of cryptocurrency. Centralized exchanges maybe affected and bitcoin itself is decentralized and that makes it difficult to monitor. You can transfer coins to wallet address and only you have access to it. P2P is another channel. Moreover I think the Nigerian situation is politically motivated and it won't stay for a longer time. China did it and have relaxed there policy on it.

[ife2020]

It is not a ban as it appears but a weird restrictions that poses danger to everyone the law affects. Now the country has gone back to the stone age lol; where you have to do peer 2 peer trades; i hope all counties can just embrace crypto currency and support the youths to build a digital world. The ban only stop fiat transactions from bank to the exchange platforms; so I would indulge every nigerian to use p2p on binance, kucoin  or okex platform and also to be careful while trading crypto currency on peer to peer basises;

[Samayuki]

I heard in news that the ban took place because of scammers that are defrauding people from US and west countries, it's the FBI that get the news to Nigeria and this is what they could do about it now those that are legit crypto traders and investors will have to suffer for it

[abel1337]

I heard in news that the ban took place because of scammers that are defrauding people from US and west countries, it's the FBI that get the news to Nigeria and this is what they could do about it now those that are legit crypto traders and investors will have to suffer for it

Well from what I see and experience, I also see that there are many scammers from Nigeria is taking advantage of cryptocurrency as a tool of their wrong act of taking advantage of people. One of the biggest scam act I saw from Nigeria is selling TBC sh*tcoin to their own countrymen and making them believe that it has many advantages such as the value is increasing every day without price lowering down. I don't know if I would be glad or sad on this crypto ban in Nigeria. Cryptocurrency influence is increasing day by day at a rate that is more than in the past years and suddenly banning bitcoin is somehow a bummer for me.

[iv4n]

I heard the news and I feel with people over there! While some countries are making progress, some countries can't get out from the "Stone Age"! It's not an offensive, I think the same about my country!
And I am sure that people there will find a way to stay connected. The fact is when government ban something (that's actually good in this case) people will continue to use it anyway, it will just create a lot of gray area... like always it will be contra productive, a lot more criminals on the street!
Well we will see what will happen, anyway I am with crypto people there! I hope they will have enough power to fight it back and do something about this!

[hari9981]

I heard in news that the ban took place because of scammers that are defrauding people from US and west countries, it's the FBI that get the news to Nigeria and this is what they could do about it now those that are legit crypto traders and investors will have to suffer for it

If the ban caused by that issue, im pretty sure its needed to ban the Crypto for a while until they can arrange law to decrease the possible crime which can happen in that country.

[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.

I think you have a cool idea of it. I don't think it will stop all aspect of cryptocurrency. Centralized exchanges maybe affected and bitcoin itself is decentralized and that makes it difficult to monitor. You can transfer coins to wallet address and only you have access to it. P2P is another channel. Moreover I think the Nigerian situation is politically motivated and it won't stay for a longer time. China did it and have relaxed there policy on it.

FYI, China never banned bitcoin, they just banned ICO because lot of people got scammed in 2017 and 18 so ban was justifiable but the media portrayed that they banned whole cryptos which made a huge decline for a while in the bitcoin prices. Now the same effect is expected by the persons who involved with the wrong portrayal but this time they got backfired and bitcoin went to 48K from mid 30K.

[source: https://www.investopedia.com/news/bitcoin-banned-china/#:~:text=Chinese%20regulatory%20authorities%20had%20imposed,6%25%20decline%20in%20bitcoin%20prices.&text=(For%20more%2C%20see%20China%20Intensifies%20Crackdown%20On%20Bitcoin%20Mining.)]

[oemar bakrie]

everything depends on human resources in the country, because the Nigerian government itself does not provide a special forum in the field of crypto,besides that why prohibits it, maybe crypto income figures have no added value in the Nigerian state finances..

[Jackl87]

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

Well that's a sad thing for every crypto enthusiast in nigeria, but as you can see it didn't have any impact at all at the crypto market as a whole. If a government thinks that a certain thing is a threat to the status quo and their power over a country they often see a ban as the last option.
But i am also sure that nigerian crypto traders find a way around that bans by using VPN or other tools.

[Slow death]

Here we go again, another crypto ban is imminent...

these are difficult things to happen in this market, so difficult that I have not seen the price drop, perhaps because nigeria is a very irrelevant country in terms of impact on the bitcoin price.

this time in Nigeria

I am Africa and I often wonder if African governments are made up of people, why do I keep asking myself this question?

African governments are able to do things that maybe even the devil himself will be shocked, for African governments what matters only Is that they become very wealthy and in good health and the people must be as poor as possible so that the government can continue in the power for years.

bitcoin is something decentralized, and that is the biggest enemy of African governments. Write down what I'm saying: "Bitcoin is the biggest enemy for African governments "

in africa governments hate

1 - Democracy

2 - Freedom for the people '

3 - decentralization of institutions (this is where bitcoin does not fit in africa)

what are the government thinking?

It's simple:

they are making sure that things like: "decentralization" stay away from their country

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?

I will give you a great example:

Why do opposition political parties lose elections in Africa?

Answer:

Because it has no funds and because the government steals votes

imagine if a political party of the opposition can invest in bitcoin and with that manage to have a lot of money for the campaign?

  bitcoin Is a danger to African governments

[bitcon]

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.

I think cryptocurrency will have to be recognized as a payment instrument all over the world. The crypto space is gradually developing, the market capitalization is growing steadily. Stupit not to admit it. Many large companies make money on crypto. So the world is forced to accept a digital alternative to fiat money. But be that as it may, cryptocurrencies will remain pegged to the national currencies of countries.

[m_nief]

maybe the government is still considering the use of crypto there considering citizens' knowledge of crypto is still low. if all citizens and governments know that crypto has many conveniences, maybe they will not ban crypto