Nigeria is now the No.2 bitcoin market on this fast-growing global marketplace

[Gozie51]

Nigeria by the below data is the second largest user of pax to bitcoin and now the CBN has issued an instruction to banks to go after cryptocurrency account and pull them down. What effect do you think this could have on the bitcoin as Nigeria is fast becoming a large investor in the bitcoin market or is it just going to be one of those news coming from China on cryptocurrency ban and yet bitcoin kept moving higher.

Binance already issued Notice Of Temporary Suspension Of NGN Deposits


Country         Volume $            Country                       Volume BTC

USA       $3,755,463,837        USA                          535,660

Nigeria      $566,668,692        Nigeria                                60,215

China       $181,329,392        China                                     20,553

Canada        $131,108,721    Canada                              15,367

UK          $119,440,278             UK                                11,169

India        $94,794,948                 India                              10,017

Australia $75,643,905          Australia                        7,050

Kenya    $55,292,942               Kenya                               5,895

Philippines $22,733,649     Vietnam                          3,323

South Africa    $18,935,812      Philippines                   2,121

https://www.google.com/amp/s/qz.com/africa/1947769/nigeria-is-the-second-largest-bitcoin-market-after-the-us/amp/

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[bekti3]

Nigeria by the below data is the second largest user of pax to bitcoin and now the CBN has issued an instruction to banks to go after cryptocurrency account and pull them down. What effect do you think this could have on the bitcoin as Nigeria is fast becoming a large investor in the bitcoin market or is it just going to be one of those news coming from China on cryptocurrency ban and yet bitcoin kept moving higher.

For almost a week, I faced this case with several media outlets, and I think the impact would be huge, if bitcoin users and investors in Nigeria faced the fact that their balances in their accounts were frozen. The first thing is that the bitcoins they hold will be immersed before they are completely free from punishment. then until the next drop in the number of bitcoins that are considered lost as banks and law enforcement will deactivate their bitcoin wallets.

[Findingnemo]

law enforcement will deactivate their bitcoin wallets.

Bitcoin wallets can't be accessed by anyone, so users have to give the private keys if the government want to seize those funds.

But hey this is not the ban from Nigerian government, just banks don't want their customer to involve in any crypto related activities but still they can simply use a stable coin pair for crypto trading and keep making profits, the only difficulty will be converting those profits into fiat. But due to this ban people will be started to use decentralied peer to peer like Localcryptos.

[Obito]

But hey this is not the ban from Nigerian government, just banks don't want their customer to involve in any crypto related activities but still they can simply use a stable coin pair for crypto trading and keep making profits, the only difficulty will be converting those profits into fiat. But due to this ban people will be started to use decentralied peer to peer like Localcryptos.

When banks are involved and in the case of Nigeria which is Central Bank of Nigeria, I think that it will be enough that there will be a government intervention. We should know that banks and governments protect each other despite both of them scheming to get one up against the other. This ban in my opinion will not stop people from using cryptocurrency because the masses always yearn for freedom and the moment that they feel that their freedom is threatened, they will do anything to escape the grasp.

[Tytanowy Janusz]

Yea I guess it will be like china bans/unbans/bans/unbans crypto events during 2017 bubble. Nigeria is second biggest volume country but ... its less than 10% of whole volume and you only can't withdraw to fiats via banks (you can still trade to stable coins and use P2P to exit to fiats)  so it will not affect bitcoin that much. BTW where are those numbers coming from? This is daily/monthly/annual volume? From which exchange?

[bitbollo]

Yea I guess it will be like china bans/unbans/bans/unbans crypto events during 2017 bubble. Nigeria is second biggest volume country but ... its less than 10% of whole volume and you only can't withdraw to fiats via banks (you can still trade to stable coins and use P2P to exit to fiats)  so it will not affect bitcoin that much. BTW where are those numbers coming from? This is daily/monthly/annual volume? From which exchange?

this is annual volume taken from Paxful (peer-to-peer bitcoin marketplace).
I am not surprised however to see Nigeria and other countries from Africa in top 10 place. Most of times their local exchanges have priced very high if compared with these p2p service.
I don't think that any ban can create a serious obstacle, since you can just send bitcoin "abroad" and receive a wester union payment...

[Tytanowy Janusz]

these are annual volume taken from Paxful (peer-to-peer bitcoin marketplace).

So its too small sample to draw conclusions. Annual volume on this exchange is like 1/10 of daily volume on binance.

I am not surprised however to see Nigeria and other countries from Africa in top 10 place.

I'm not surprised too. Top 10 is very possible considering how active Nigeria is in crypto. But top2? Hmm ... Not so sure about it.

[aoluain]

Yea I guess it will be like china bans/unbans/bans/unbans crypto events during 2017 bubble. Nigeria is second biggest volume country but ... its less than 10% of whole volume and you only can't withdraw to fiats via banks (you can still trade to stable coins and use P2P to exit to fiats)  so it will not affect bitcoin that much. BTW where are those numbers coming from? This is daily/monthly/annual volume? From which exchange?

this is annual volume taken from Paxful (peer-to-peer bitcoin marketplace).
I am not surprised however to see Nigeria and other countries from Africa in top 10 place. Most of times their local exchanges have priced very high if compared with these p2p service.
I don't think that any ban can create a serious obstacle, since you can just send bitcoin "abroad" and receive a wester union payment...

I dont think a ban can create an obstacle either. While the CBN can instruct banks to close
Crypto related accounts thankfully people will still be able to use P2P exchanges like Paxful
Im not sure this move by CBN will have much of an affect on Bitcoin, there are too many
new investors globally, but its terrible for those people who's accounts are affected.

[Vishnu.Reang]

The given volumes are from a single exchange and the proportion is higher for Nigeria because that country doesn't have large number of trusted local exchanges. So most of the users are dependent on international exchanges such as Paxful and Binance, and the P2P platforms. From what I have heard, in terms of volume Japan is at the second position behind the United States (if we take European Union as a single country, then it will be having the second rank).

But despite all this, the figures for Nigeria are very impressive. When I started trading with cryptocurrency in 2017, usage in African countries was almost unheard of. Most of the trade used to be concentrated within the developed nations, with a few other countries such as India and China making up the numbers.

[Cryptoheavy]

People  in Nigeria dont have moeny to push the industry forward

[sunsilk]

The banks shouldn't be an hindrance to what their country is moving forward through its bitcoin market in their local. It may not that be fully affect the bitcoin market in their place but that would give some fear to those that wouldn't dig much about the regulation that just happened.

But hey this is not the ban from Nigerian government

There are news that are misleading and tells that there's an actual ban. But it's too bad that many will be misled by it thinking that there's an entire crypto ban in their country. Just like this article that states in the headline about the ban: Nigerian cryptocurrency: CBN ban Crypto [Dogecoin, Bitcoin, Ethereum] trading in Nigeria, how Atiku, Davido, odas use 'CowtoCurrency' react

[BIT-BENDER]

Am a Nigerian and I can say that the Ban on Crypto-currency by the Central bank of Nigeria is more than safe guarding the country but an approach against the youth of Nigeria, there was a time Nigerian youth was protesting against bad governance and police brutality and for this peaceful protest, they needed money to fund it and the Federal government approached to freezing account,and they shifted to Bitcoin, now they Federal government has decided in a rush to ban crypto-currency.

[Clement Kaliyar]

Binance looks to support the authorities and likely dance to their tune if there is a legal complication and if countries like India comes out with regulations then you need to be careful as they will most likely give all your data if the government request to furnish all the trading details and the amount of coins held. Not sure Paxful can be trusted but you can trade NGN even if Binance halts P2P transaction.

[Text]

When I did some research then to find out which countries use the most Bitcoin, the results always include written articles of the African countries, so I do not wonder now why Nigeria is in the position. Just like you said that even banning a cryptocurrency in a large country does not cause the price to be affected. The news I read recently related to this is also correct. But this is bad news for them if they are suspended from depositing on the top exchange. There will be fears that banks and their government will tighten their use of crypto.

[7788bitcoin]

Am a Nigerian and I can say that the Ban on Crypto-currency by the Central bank of Nigeria is more than safe guarding the country but an approach against the youth of Nigeria, there was a time Nigerian youth was protesting against bad governance and police brutality and for this peaceful protest, they needed money to fund it and the Federal government approached to freezing account,and they shifted to Bitcoin, now they Federal government has decided in a rush to ban crypto-currency.

Now i understand the real political connection, they are trying to silence the protest and wanted to control the population by freezing their funds so that they do not come out and protest in fear of getting their accounts frozen and that is the reason they might want to restrict the cryptocurrency space and these should be challenged and i expected other countries to revolt against that.

[Mauser]

That's quite interesting data, it's the first time i really see these numbers. I wasn't aware that such kind of money is available in Nigeria. That's definitely some large amounts. Good for the investors, as long there is no shady business happening. If there are illegal things happening with these kind of sums, it would be very damaging for the entire bitcoin market.

[Novatech8]

Am a Nigerian and I can say that the Ban on Crypto-currency by the Central bank of Nigeria is more than safe guarding the country but an approach against the youth of Nigeria, there was a time Nigerian youth was protesting against bad governance and police brutality and for this peaceful protest, they needed money to fund it and the Federal government approached to freezing account,and they shifted to Bitcoin, now they Federal government has decided in a rush to ban crypto-currency.

It seems you've not been updated yet, the news today says the real reason why CBN decide to ban crypto in Nigeria, scam artists (yahoo boys) are now using crypto to cash out defrauded money, they don't make the story up themselves, it's the FBI that gives out this information to Nigeria government

[coolcoinz]

They probably know it's impossible for their illiterate government to execute the ban and therefore they are still trading. It's possible to enforce the ban on banks, but many will surely circumvent the ban and claim that they did not know where the money was being sent to. Banks don't have access to company paperwork, so if the owner of the account sends money to another account of a company called digital finance or something like that, the bank will not know what the target company is doing, if it's a crypto exchange or a fiat payment processor. For this reason it's impossible for the government to hold banks responsible for processing payments to exchanges. The only way for this to work is if financial agencies track down every single business and ask banks to stop all transactions to and from these companies, but it will take time and money and exchanges will surely begin to change names or register outside the country...

[BrewMaster]

bans will always affect bitcoin adoption, but bans by the government not when banks close their users bank accounts. the later is what we see most of the time and is referred to by the media as "ban".
regular people will never buy bitcoin if it were banned by the government and the existing adoption may stop buying too.

[oHnK]

bans will always affect bitcoin adoption, but bans by the government not when banks close their users bank accounts. the later is what we see most of the time and is referred to by the media as "ban".
regular people will never buy bitcoin if it were banned by the government and the existing adoption may stop buying too.

The freezing of accounts carried out by banks for crypto ownership will have a very heavy impact on investors who will convert them to fiat.  Especially if my country enforces the same.  Maybe I could stop buying crypto because of the serious risks.  And this will close the path for ordinary people to use Crypto, because no bank wants to convert their crypto to fiat, as if crypto is considered worthless.  This is the cruelty of banking which is a centralized part.  They will manage whatever they perceive as a threat to them.  Crypto will break the notion that the economy will always be governed by banking economists.  And this is the reaction of those who are disturbed.