Central Bank of Nigeria Explains Reasons Behind Crypto Ban

[oktana]

CBN (Central Bank Of Nigeria) explains the reason behind the recent ban of cryptocurrency in the country. CBN says that it didn't create any new restriction to the use of cryptocurrency as it referenced to January 12, 2017, when it was earlier stated. They listed several reasons which include; portend-risk of loss of investments, money laundering, terrorism financing, illicit fund flows, and criminal activities. They also cited some countries which have also taken the same step to place a ban on the use of cryptocurrency.

Here's the CBN Document: https://nairametrics.com/wp-content/uploads/2021/02/CBN-Press-Release-Crypto-07022021-1.pdf

Source: https://nairametrics.com/2021/02/07/cbn-explains-why-it-banned-banks-from-dealing-with-cryptocurrencies/

To all Nigerians out there, I understand how much you don't want this. But it's quite unfortunate that it's an official ban. Though CBN stated that the ban had existed since 2017. I hope you all comply with the government to avoid any sort of assault. And if there's a need to deal with crypto, you must make this hidden and discrete. Best of Luck!

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[bosede1]

The news really came as a shock from the Central Bank of Nigeria last week Friday. As a citizen, I will comply and look forward to the lifting of the ban soonest and in the main time, I will do whatsoever to do as an abiding citizen.

[Jawhead999]

CBN (Central Bank Of Nigeria) explains the reason behind the recent ban of cryptocurrency in the country.

You're wrong

As regards our recent policy pronouncement, it is important to clarify that the CBN circular
of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all
banks in the country had earlier been forbidden, through CBN’s circular dated January 12,
2017, not to use, hold, trade and/or transact in cryptocurrencies . Indeed, this position was
reiterated in another CBN Press Release dated February 27, 2018.

Nigeria doesn't ban Bitcoin on their country, but the only ban Bitcoin on their "banks" only. So, Nigerian Banks are prohibited to hold, trade or transaction using cryptocurrencies.

People on Nigeria still allowed to hold and doing transaction with cryptocurrency, they only warn if cryptocurrencies is very high risk and volatility.

[oktana]

CBN (Central Bank Of Nigeria) explains the reason behind the recent ban of cryptocurrency in the country.

You're wrong

As regards our recent policy pronouncement, it is important to clarify that the CBN circular
of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all
banks in the country had earlier been forbidden, through CBN’s circular dated January 12,
2017, not to use, hold, trade and/or transact in cryptocurrencies . Indeed, this position was
reiterated in another CBN Press Release dated February 27, 2018.

Nigeria doesn't ban Bitcoin on their country, but the only ban Bitcoin on their "banks" only. So, Nigerian Banks are prohibited to hold, trade or transaction using cryptocurrencies.

People on Nigeria still allowed to hold and doing transaction with cryptocurrency, they only warn if cryptocurrencies is very high risk and volatility.

If you say so, how do you explain this price of document which clearly says "Persons"?

[gabbie2010]

CBN (Central Bank Of Nigeria) explains the reason behind the recent ban of cryptocurrency in the country.

You're wrong

As regards our recent policy pronouncement, it is important to clarify that the CBN circular
of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all
banks in the country had earlier been forbidden, through CBN’s circular dated January 12,
2017, not to use, hold, trade and/or transact in cryptocurrencies . Indeed, this position was
reiterated in another CBN Press Release dated February 27, 2018.

Nigeria doesn't ban Bitcoin on their country, but the only ban Bitcoin on their "banks" only. So, Nigerian Banks are prohibited to hold, trade or transaction using cryptocurrencies.

People on Nigeria still allowed to hold and doing transaction with cryptocurrency, they only warn if cryptocurrencies is very high risk and volatility.

The ban wouldn't have any impact on P2P I don't see any reason for panicking, since individuals has access to their coins and having the ability to transact anonymously without any interference, I think the organization hit by this ban are Nigerian crypto exchanges who uses banks for their transactions any violator of this order will have their account frozen and closed down outrightly however in P2P transactions the banks might not the know the reasons or purpose of transactions between two the seller and the buyer of the crypto.

[CryptopreneurBrainboss]

To all Nigerians out there, I understand how much you don't want this. But it's quite unfortunate that it's an official ban. Though CBN stated that the ban had existed since 2017. I hope you all comply with the government to avoid any sort of assault. And if there's a need to deal with crypto, you must make this hidden and discrete. Best of Luck!

Let me disclose to you sometime the media won't tell you. None of what the government are saying are true. There's a reason behind the ban of cryptocurrency and anyone active in the spaces can testify to this, the ban resolved around enslaving the masses by keeping them in the dark. It's no secret that the crypto industry has made many nigerian youths self independent and don't rely on the government for their failed promises.

The government off recent have been having a hard tell with it's citizens (especially youths) via the ENDSARs protest. There has been reports that the protests has been receiving sponsorship through bitcoin donation since the early attempt to raise funds via banks was shutdown by the government and all those found to be have participated (especially high figure individuals) were penalized.

There's rumors of a second wave incoming that would problem end the current government and again the mobilization of this protest would had be funded by crypto, the government knows this and the only way to take the heat out is to ban the trading of crypto. Do note that our government only implement laws that favour them.

Here's something one of the politicians had to say concerning the recent development in the country;