Bitcoin Ban: Let's #OccupyCBN Nigeria!

[Lmaooo]

#OccupyCBN
Why not occupy CBN?
There are over 20 million Bitcoiners in Nigeria.
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The Central Bank of Nigeria (CBN) has ordered all banks to close any accounts transacting with cryptocurrencies.

   - The CBN said it was reminding regulated banking institutions that "dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited."
   - As such, all banks should "identify persons and/or entities" transacting with cryptocurrency or operating crypto exchanges on their platforms and "ensure that such accounts are closed immediately."
   - Any breaches of the order would face "severe regulatory sanctions," the order states.
   - The CBN letter is signed by Bello Hassan, Director of Banking Supervision, and dated Feb. 5.



News:
https://www.coindesk.com/nigerias-central-bank-orders-banks-to-close-accounts-of-all-crypto-users
https://www.bloomberg.com/news/articles/2021-02-05/nigerian-central-bank-orders-closure-of-cryptocurrency-accounts

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We didn't ask for a job.
Why is CBN trying to kill our hustle?
I feel violated, why's our freedom?
Why's the Government doing whatever they want?
It's is time to say enough for tyranny in Nigeria.
Let's come together and #OccupyCBN

Our voice must be heard this time!

[Lorence.xD]

I don't know what happens in Nigeria currently but I assume that this is a bad one. And what do you mean by OccupyCBN? My hunch tells me that this is not a good idea but the orders of the Central Bank of Nigeria is a far more sinister than what I think. Did they even took some research as to how many people are using cryptocurrency in their country? With around 10% of their population using cryptocurrency I think the best case for anything relating to banning cryptocurrency is not banning it but instead regulating it.

[Obi theo]

Honestly the news came as a shock ,few months ago the approved the use of crypto currency and now the just woke up to ban crypto currency but the funny thing is that the don't understand crypto currency they feel it buying or saving money in your crypto account 😂 forgetting that they is existence of p2p trading and we are always ready to convert NGN to USDT at any point in time, but they main issue would be for people that kept their NGN in exchange site ( luno , partica etc ) that doesn't have p2p service.

[cryptomaniac_xxx]

Honestly the news came as a shock ,few months ago the approved the use of crypto currency and now the just woke up to ban crypto currency but the funny thing is that the don't understand crypto currency they feel it buying or saving money in your crypto account 😂 forgetting that they is existence of p2p trading and we are always ready to convert NGN to USDT at any point in time, but they main issue would be for people that kept their NGN in exchange site ( luno , partica etc ) that doesn't have p2p service.

Can you give us the link though? because as far as I know, the Central Banks of Nigeria has released statement from the past against crypto currency:

https://www.cbn.gov.ng/Out/2018/CCD/Press%20Release%20on%20Virtual%20Currencies.pdf

Virtual Currencies not Legal Tender in Nigeria -CBNFurther to the circular issued by the Central Bank of Nigeria (CBN)on January 12,   2017,   to   Banks   and   other financialinstitutions   on   virtual   currency operations  in  Nigeria,the Bank wishes  to  reiterate  that cryptocurrenciessuchas  Bitcoin,  Ripples,  Monero,  Litecoin,  Dogecoin,  Onecoin,  etc  and  Exchanges such as NairaEx are not licensed or regulated by theCBN. For  the  avoidance  of  doubt,dealers  and  investors  in  any  kind  of crypto currencyin Nigeria are not protected by law. Virtual currencies are traded in exchange platforms that are unregulated, all over the world. Consumers may therefore  lose  their  money  without  any  legal  redress  inthe  event  these exchangers collapse or close business. Members  of  the  public  are hereby  warned  that  virtual  currencies are  not  legal tender  in  Nigeria.Accordingly,  we wish  to  caution  all  and  sundry  on  the  risksinherent in such activities.

But this is really weird though as Nigeria bitcoin community is one of most active in terms of crypto activities. Even in Google the rank first as the highest number of bitcoin searches around the world.

[Lmaooo]

Basically, the Nigerian Government is banning people from cryptocurrency because of two things.

1. During #EndSARS protest, the government shutdown all donation channels through banks. Then, protesters turn to Bitcoin, the protesters start collecting donations in Bitcoin because it's decentralized by design.

2. There's a massive Bitcoin and cryptocurrency adoption in Nigeria where many people are moving their savings to Bitcoin to avoid inflation and yet benefits from the Bitcoin's high volatility. CBN is seeing that as a big threat.

[Coyster]

Thats the current situation of crypto regulation in Nigeria, the statement was issued yesterday by the central bank of Nigeria. Nigeria currently has a high rate of unemployment amongst the youths, and the country's young population have delved into crypto trading and investment, most especially Bitcoin, it comes as a surprise that the government is trying to block that source without adequately providing for it's pupulace.

The community of crypto users in Nigeria are quite knowledgeable on the network, so they'll prolly know how to circumvent this ban, the thing now is, p2p vendors in the country could hike their conversion to naira price, making things difficult for crypto users in Nigeria.

[Jating]

Thats the current situation of crypto regulation in Nigeria, the statement was issued yesterday by the central bank of Nigeria. Nigeria currently has a high rate of unemployment amongst the youths, and the country's young population have delved into crypto trading and investment, most especially Bitcoin, it comes as a surprise that the government is trying to block that source without adequately providing for it's pupulace.

If this is the case then it will just make it worse for Nigeria though, probably this is just an excuse to really control their population. Why not let the populace grow since the government can't provide basic needs for their people?

The community of crypto users in Nigeria are quite knowledgeable on the network, so they'll prolly know how to circumvent this ban, the thing now is, p2p vendors in the country could hike their conversion to naira price, making things difficult for crypto users in Nigeria.

I hope so, but it's like you are going to watch your back every time you deal with crypto. But throughout history though, we all know that humans knows how to get around with this kind of control from the government's control.

[Red Pie]

Nigeria is a country with an interest in cryptocurrencies. Another way to raise people's living standards is these investments. Why did the central bank make such a statement? very unfortunate explanation. a wrong decision and I hope this wrong will be returned.

Nigerian friends, I hope everything will be better.

[Fesatmas]

Unfortunately, the rules they created, quite injure the crypto users there. I hardly thought that Nigeria would be so viciously blind to cryptocurrency. In my opinion, in the future the regulation that the brand takes is a big mistake.  just wait for the time, and we'll see.