The bitter reality

[NAOFUMI]

countries that holds their citizens from making its progress, also in third-world country, makes their country more poor and blocks the possible progress in economy.

[StartupAnalyst]

Nigerian government made a huge mistake. The forbidden make it seem so much more pleasurable. All traders will continue trading but illegally. I wonder how Nigerian governments will manage to regulate crypto trading. How they will block those traders who use VPN or TOR to change their IP-addresses, how they will block traders who prefer to use exchanges that don’t require verification for trading? They need only to switch off the internet totally but that would be the huge step back somewhere to the Stone Age.

[AniviaBtc]

I am sorry to see this and this kind of stuff just absolutely sickens me. I hate countries trying to hold back its citizens from progression. From what I’ve heard and read, banks can’t be trusted so much there. Cryptocurrencies of course then become such a savior of sorts.

Well you can still buy/sell/trade on a decentralized exchange or over the counter right ?

Mindset of the governments is sometimes the hindrance to its own development as a country.

There are a lot of possible positive opportunities in cryptocurrencies but the governments doesn't give some attention and time to understand this.

It is true that good governance will lead to development and progress but in Nigeria, it is the opposite. Hoping that other countries like Algeria, India, and etc., will also see the advantages and benefits of legalizing cryptocurrency in their country. Maybe that's also the problem that's why some of the investors are hesitating to invest on it due to their location.

[zanezane]

Nigerian government made a huge mistake. The forbidden make it seem so much more pleasurable. All traders will continue trading but illegally. I wonder how Nigerian governments will manage to regulate crypto trading. How they will block those traders who use VPN or TOR to change their IP-addresses, how they will block traders who prefer to use exchanges that don’t require verification for trading? They need only to switch off the internet totally but that would be the huge step back somewhere to the Stone Age.

The good thing about this mistake is that it is fixable. Hopefully, these problem will be resolved immediately because I can see the future of crypto in Nigeria, they are the second biggest population that is engaged in crypto related activities besides USA. If you have the infrastructure, you can track those people who uses VPN because they are still connected to the Nigerian Internet pipeline.

[In the silence]

-Snip

It saddens everyone that our crypto friends from other countries having this kind or problem. Other governments doesn't consider bitcoin/crypto as an asset that may help our daily lives and sees it as a threat to their superiority.

[aysg76]

The countries which are seeing btc and other crypto as  their enemies and try to put ban on them instead of regulating them they are just pushing themselves back in time and will not be able to compete with other nations.Nigeria which is at 27th position in world ecomomy at present is moving to a path where it is digging hole for itself.



The debts are growing day by day of Nigeria and economic growth is slow and will crypto bans have positive impact on the economy or rather than regulating cryptocurrencies and collecting tax revenue from the users will boost the revenue treasuries of government.

Here is list for number of crypto users in Nigeria :



So what's the benefit of such acts by Nigerian government I don't understand it.

[angrynerd88]

I trust they can have idealistic that they can still utilize bitcoin. As long as the government isn't closed down the web association, people can still look for other ways to utilize bitcoin, which can as it were be a matter of time for them to discover out that way.One day govrnment officials will realize will allow their individuals utilizing crypto, particularly in case their individuals can see the chances to create cash from crypto. I trust the government can see the benefits of crypto to their individuals and not prohibiting or disallow their individuals from utilizing crypto.

[Hippocrypto]

-Snip

It saddens everyone that our crypto friends from other countries having this kind or problem. Other governments doesn't consider bitcoin/crypto as an asset that may help our daily lives and sees it as a threat to their superiority.

That's worst to think as their leaders begun dictatorship and taken away people's financial freedom on crypto. If they're afraid that this becomes a threat on their power, its very clear that their mindset is only for own pocket but not for welfare society. Leadership of that country has lack of political will that caters the benefit of their countrymen, and this is going to be difficult for them to grow economically if not corrected.

[uneng]

So what's the benefit of such acts by Nigerian government I don't understand it.

They want to protect the national currency against bitcoin adoption which theoretically will drive fiat to more devaluation and consequently the country's official economy.
Anyway the government there is fool, because they are unable to see bitcoin increases their citizens purchasing power, different from their local currency which only makes everyone poorer.

[jaysabi]

The countries which are seeing btc and other crypto as  their enemies and try to put ban on them instead of regulating them they are just pushing themselves back in time and will not be able to compete with other nations.Nigeria which is at 27th position in world ecomomy at present is moving to a path where it is digging hole for itself.



The debts are growing day by day of Nigeria and economic growth is slow and will crypto bans have positive impact on the economy or rather than regulating cryptocurrencies and collecting tax revenue from the users will boost the revenue treasuries of government.

Here is list for number of crypto users in Nigeria :



So what's the benefit of such acts by Nigerian government I don't understand it.

Nigeria gets 120k transfers in its best month and that makes them a crypto powerhouse? That's like 4k transfers a day in a country of 200 million people.  Setting the bar pretty low on what constitutes a "power house."  With such limited usage, there's now way it is having any transformation effect.  This graph is pure, unsubstantiated hype.