Will Nigeria Come Late to the Bitcoin Party?

[kryptqnick]

The Nigerian people are clearly not late to the party from what I've read because it's indeed one of the leading countries in terms of Bitcoin adoption and usage. As for the Central Bank being against trading, there's no wonder that they are. After all, the market possesses a threat to them, so they're trying to fight it. But is the bank's statement enough for a proper ban of cryptos in Nigeria? I think a law is required, whereas a bank can just spread FUD and made non-binding guidelines. However, I might be wrong because I don't know how things work in Nigeria. In any case, I hope the people will be able to continue using cryptos and will fight such unfavorable regulations.

[lifeforcepools]

Nigeria can become a promising platform for cryptocurrencies. Now the main thing is not to miss the opportunity.

[Sterbens]

What is happening to Nigeria kind of leadership is lack of understanding of cryptocurrency network, because the country called Nigeria is not first country that indulged in cryptocurrency and is not second or neither third country into crypto,many countries has been practicing cryptocurrency transactions couple with their fiat currency and no issues, it's Nigeria central bank that's emphasising on crypto while others countries who are using bitcoin like USA and ASIA, cryptocurrency has is not be affecting their Fiat currency, in summary everything in Nigerian is all about seriousness, the way I seen their reaction towards crypto.

Another option against the backdrop of cryptocurrency barriers in Nigeria is that some governments of the left do not like crypto presence in the country. I saw two sides sitting on the chair trying to change the direction of the Nigerian economy. We really hope how the Binance Nigeria platform can be accepted by all parties. In addition, the central bank is very anti crypto, they are afraid that their country will experience large-scale money laundering. that is the core problem that has been an obstacle to the legality of cryptocurrency there.

[Bitstar_coin]

.....
When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

This is what I was hoping Nigerians would do to keep the pressure to their Government to step in and slap the CBN. It's hypocritical of them to allow exchanges like Binance to operate but takes a back seat if banks would ban crypto users' account.

Perhaps Nigerians can follow what the Indians did by taking this case to the court.

The government will not step in to slap CBN because they are together in this misguided action,  already many government from different countries did not open ban the use of crypto neither did they support it, but now the Nigerian government have openly ban crypto to the notice of all who are engage in it,
With this recent action,  I think they will definitely be on the sidelines while others progress with new technology.

[uneng]

.....
When the central bank of Nigeria banned bitcoin, did you see any drop of bitcoin price? It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions. Better thank bank trasacrions because no charges by bank but p2p directly. If you think Nigerians are not buying bitcoin, you are not thinking about it rightly or someone is deceiving.

This is what I was hoping Nigerians would do to keep the pressure to their Government to step in and slap the CBN. It's hypocritical of them to allow exchanges like Binance to operate but takes a back seat if banks would ban crypto users' account.

Perhaps Nigerians can follow what the Indians did by taking this case to the court.

Since they keep P2P transactions they can continue dealing with bitcoin even if it becomes banned in Nigeria. Although there is always some risk, especially in that country, where the police authorities are abusive, corrupt and extortionist.

I heard a story days ago about a nigerian citizen who had his house invaded by police forces who were searching for fiat (bribery) in order to not punish the citizen, however this citizen didn't commit any crime apparently. Nevertheless, the police didn't find much money there, because most of his savings were safely stored in bitcoin, so they had to go away with pennies. After the incident, the man was very grateful for having bitcoin, as his loss would be much higher if all his money were in fiat. That is good nigerians are using bitcoin also to protect themselves against abusive state agents behavior. And with such levels of corruption in a country the less you need authorities' help, the better, so I'm not sure if it would be a good idea to take cases involving bitcoin to the court.

[milani]

Have you ever seen a developing country lead a technological revolution? I have not seen it happen; they always take the back seat of every revolution.

But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.

Here are three examples;

1.   They used Twitter, Reditt and other social media to mobilise resourses and people during the #EndSars protest.
2.   The is country leading the Crypto transaction in Africa is Nigeria by Google trends ranking.
3.   We have some digital entrepreneurs in the crypto space with interesting innovations.
Well, as Elon Musk said that “he was late to the bitcoin party”, but we have seen that he was not late to the party, if Tesla invested $1.5bn at $38K/btc into btc and it current price is above $50k/btc, do we call that lateness or first mover benefit?

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

Just buying and selling or holding Bitcoin will not lead Nigeria to Bitcoin party. It should be pioneer to accept btc as digital currency. More and more local businesses must start accepting btc.

In the conditions the government not so long ago made for the crypto community in Nigeria it would be hard for different businesses to accept Bitcon, and not only for businesses. But of course that would be a good incentive. In my opinion this situation will change in Nigeria after some time. It will not be forever.

[semobo]

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

Nigeria isn't regulating the crypto transactions with the recent news their central bank announced the banning of bank accounts which involved with any crypto purchases and trades which means they are restricting the growth of their youth for no reason.

So now people need to start a new digital protests to bring back the usage of crypto currencies?

[DarkIT]

Have you ever seen a developing country lead a technological revolution? I have not seen it happen; they always take the back seat of every revolution.

But, there is something special about Nigeria; it is a country that has what it takes to lead the cryptocurrency revolution.
You may be asking how I know this. The answer is very simple. The youth population are very active when it comes to entrepreneurship and digital activities.

Here are three examples;

1.   They used Twitter, Reditt and other social media to mobilise resourses and people during the #EndSars protest.
2.   The is country leading the Crypto transaction in Africa is Nigeria by Google trends ranking.
3.   We have some digital entrepreneurs in the crypto space with interesting innovations.
Well, as Elon Musk said that “he was late to the bitcoin party”, but we have seen that he was not late to the party, if Tesla invested $1.5bn at $38K/btc into btc and it current price is above $50k/btc, do we call that lateness or first mover benefit?

With the way the Nigeria government is regulating crypto transaction, will the country be late to the btc exciting and rewarding party?

May be the Nigeria youth population ranked second nexy to that of India.Now the resolution was happening in the country with such youth population. If this two country used the youth population in correct manner. Both of this country will reached the developed country status.

[Wenbing]

What the country lacks in technological hardware, is compensated with the knowledge of the people in that country regarding technology. Seriously, Nigerians are very good with technology and coding, and oftentimes the skills are put to bad use courtesy of scamming and online theft, but imagine if the countrymen will be given the chance to prove themselves, they may even become pioneers of technology

This is exactly what i am talking about, i see the ill happening in Nigeria to be a reaction to bad leadership and governance. The youth should be given a chance to prove their ingenuity and ablity to solve problems.

[adzino]

Was this a sudden ban? I have heard people saying that their bank accounts were closed because they were associated with crypto currency trading. Even those who traded months ago had their accounts closed. Are they freezing all the funds? Or they giving some clause which will allow you move your funds or enable your accounts again?
Any particular reason why they but a ban on crypto currencies? Feels weird to see how some countries are still opposing bitcoin while others are becoming more bitcoin friendly.
Probably they will once again allow users to trade once they have a better framework and be able to regulate crypto currencies properly.

It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions.

How will they cash their profit if its illegal to use?

[Renampun]

...

I don't really follow developments news about crypto in Nigeria...
I feel that the countries that are not friendly to Bitcoin are the only countries that have a high crime rate. I saw on a topic that Nigeria is the second country with Bitcoin transactions in the world. don't know what caused that to happen. *whether trading in arms or another

[Wenbing]

<snip>
A great percentage on Nigeria using cryptocurrency is reasonable enough to catch the eyes of their government. It's being popular on their country, now I doubt how those crypto enthusiast will gonna do after their government ban cryptocurrency trading.

We are very creative in Nigeria, the government dont want banks to benefits from the dividend of crypto through the use of bank medium, the very cost effective solution is the P2P.

With the P2P solution, you could buy coins ans sell coin in Nigeria. We have many crypto exchange that have systems to ensure that the solution work seamlessly.

Was this a sudden ban? I have heard people saying that their bank accounts were closed because they were associated with crypto currency trading. Even those who traded months ago had their accounts closed. Are they freezing all the funds? Or they giving some clause which will allow you move your funds or enable your accounts again?
Any particular reason why they but a ban on crypto currencies? Feels weird to see how some countries are still opposing bitcoin while others are becoming more bitcoin friendly.
Probably they will once again allow users to trade once they have a better framework and be able to regulate crypto currencies properly.

It is not possible because Nigerians still make use of bitcoin. There are many active p2p market that Nigerians have moved to now which is better than bank transactions.

How will they cash their profit if its illegal to use?

I believe one of the reasons why the government ban crypto trading in Nigeria and is also freezing people's accounts is due to the role btc played during the #EndSars nationwide protest. Donation was launched by Jack Dorsey via his twitter handle, the donation was to be made in btc to support the protesters.

It seems is a political revenge.

[moderator's note: consecutive posts merged]