Crypto market too big to ignore, says Nigeria SEC

[sunsilk]

I'm not sure of it as well because in some other articles that I've read, they say that it's a 36% premium.

I have made a little comment about this in a post above, we do not know where the data is gotten from, but according to p2p exchanges we are using in Nigeria, that data is not correct. We buy and sell Bitcoin just like the normal price, but you know in p2p market, there are many buyers and sellers with different prices, you will only see some with slightly higher prices and slightly lower prices as it is just on exchanges. Some news are not just right but wrong because I have not noticed this in Nigeria.

Yeah, in P2P markets, adjustments in prices and could put premium in their prices but those inaccuracy in data is everywhere.

I wish that news publications will be more accurate with the data that they publish or, at least take a validation before posting it for their readers to know that they're reliable with such data.

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[CryptopreneurBrainboss]

In light of the above, are those numbers seemingly accurate? And if so, do people try to circumvent local exchanges, and try to use other international platforms for purchase?

I think I have some idea on how this figures are coming out. When you crossed check the official price of Bitcoin and dollar conversion rate then use it to compared with that of the peer2peer market that's currently booming in the country then you can say bitcoin are been sold costly in the country. While the official price of dollars is around the 380 Naira price range, that of the cryptocurency industry is within the price range of N480 to N550.

With such high dollars exchange rate, we're buying at least 27% higher than what the international exchanges are selling providing we can get dollars with in the official CBN dollars exchange rate although that's not the case as neither the banks or black market are selling at the official price, they have their profits inputted and it skyrocket the exchange rate.

[Charles-Tim]

With such high dollars exchange rate, we're buying at least 27% higher than what the international exchanges are selling providing we can get dollars with in the official CBN dollars exchange rate although that's not the case as neither the banks or black market are selling at the official price, they have their profits inputted and it skyrocket the exchange rate.

Thanks for pointing this out, exactly what happened. But, immediately after CBN banned crypto, there were false news all around that is misleading people into thinking the price of bitcoin increased in Nigeria and selling at higher price of which it is false.

In the wake of the recent ban on Nigerian banks' servicing of crypto exchanges, Bitcoin's price in the country has seemingly spun out of control.

Even, before the crypto ban, this is how bitcoin is sold while the CBN exchange rate for US dollar is not what crypto exchanges are using in Nigeria, crypto exchange price is even $100 higher. And if CBN legalized crypto in Nigeria back, nothing is going to change because it has been like that right from the beginning.

[Cryptopadi]

The fact that cocaine is harmful does not mean that it does not have it's good sides as it is an excellent anesthetic and vasoconstricting agent used as part of the treatment of a patient by a physician. The fact that fraudsters are using cryptocurrency to carry out illicit activities is not enough reason for the government to ban cryptocurrency in Nigeria. In someone's view..... the government could not clamped down on ENDSARS promoters and sponsors since majority of the donations were in BTC, ETH, LTC, BCH etc. so banning cryptocurrency was a way of averting such occurrence in the future. But let's not forget that in a country like Nigeria where you fight for everything. some youth (job seekers) have turned to crypto trading as a legitimate source of livelihood and they have been making it big time. The world is indeed changing and Nigeria cannot afford to be static. Whether the government retrace it steps and change it's stand on the issue, cryptocurrency is here to stay.

[Mpamaegbu]

As far as I know, cryptocurrency is already banned in Nigeria since beginning of February 2021 as per the circular issued by NCB on 7 February 2021. Correct me if I am wrong here!

The directive to ban cryptocurrency in Nigeria actually came from the country's apex bank — Central Bank of Nigeria (CBN), not NCB (whatever that stands for). Dateline was February 5, 2021.

[BrewMaster]

that's the problem with governments that do weird things about bitcoin that is against what the rest of the world is doing and against what people like. it forces people to go off the market and do more P2P trades that the government can not ever have any control over and worst of all is that they can never take back that control they lost in first place.
P2P trading is not as popular as going to a centralized exchange in countries that have accepted bitcoin and their government has more control over the market and what people do!

Not sure if it's better to be happy or sad about having a government that allows you to use cryptocurrencies if one of the main reasons they allow it is 'cause they can have control over it, lol. But I think the number of people going off-grid and using BTC the P2P way is way smaller than those obeying the laws anyway. Whether it's a ban or strict regulations, I still think the balance is in their favor.

Smaller countries don't have the tech and experts (or the salaries for them) that big countries do though. If the US can afford paying big money for intelligent algorithms that automatically extract data from crypto blocks, smaller countries would rather just become hostile against BTC instead.

i think in the end this can be a good thing. we know that government regulation is not something we can deny and it will all happen sooner or later. but the sooner some governments realize that they can not prevent the bitcoin adoption from happening the faster we are going to see the eased up regulations which is so much better than the government resisting bitcoin for years and slowing down the adoption.

[suzanne5223]

I totally love the Nigerian SEC stance towards cryptocurrency and I like the statement of "the world cannot be moving forward and we will be static" since the whole is changing to crypto for Nigeria to be among the most country with good crypto traffic the CBN previous ban will affect a lot of crypto user in Nigeria.
But I don't understand is their plan to regulate crypto which is not possible and they can only regulate exchange activities and the last I check 97% of all centralized crypto to fiat exchange offer KYC.

I just hope the foreign companies that offer services of trade in the country like Binance dont get too much into the politicking of oppression that the Government is playing. I was expecting a demand for tax payment but at the moment the deregulation has not mentioned that, this is a country where every tax paying countrymen are not happy with what Government does or did not with it. It only looks like siphoning the populace to enrich their pockets.

I don't believe Binance won't be oppressed by the Nigerian government political oppression cause this is not the first time they have witnessed such thing but I expect Cz to submit to their rules and regulation if they later demand for tax payment by cryptocurrency user and how they use the tax is none of his concern.

[Vishnu.Reang]

I don't believe Binance won't be oppressed by the Nigerian government political oppression cause this is not the first time they have witnessed such thing but I expect Cz to submit to their rules and regulation if they later demand for tax payment by cryptocurrency user and how they use the tax is none of his concern.

If preventing tax evasion was their main motive, then I am afraid that they are moving in the wrong direction. Mainstream exchanges such as Binance has made KYC mandatory. They regularly provide information to the governments about the volume of cryptocurrency trade being conducted by their citizens. Now the government has closed down all the mainstream exchanges and therefore the users have moved to P2P platforms where there is no KYC. P2P platforms can't provide such information to the government, because they don't have access to that sort of data. The trade is being conducted between two individuals, and the platform can intervene only in case of disputes.