The Nigerian crypto community to smile soon

[Gozie51]

Crypto market too big to ignore, says Nigeria SEC

Respite will soon come for the Nigerian crypto community as the
Nigeria’s Securities and Exchange Commission says it is committed to creating a clear-cut regulatory framework for cryptos in the country.

Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of cryptocurrency and digital assets. For us at SEC and capital market, it is something to look at, the world cannot be moving forward and we will be static, no.

both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria.

Nigeria’s Securities and Exchange Commission says it is committed to creating a clear-cut regulatory framework for cryptos in the country.

several stakeholders called on regulators to pursue more nuanced laws rather than outright bans.

the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market.

Also, crypto exchanges in Nigeria were adhering to Know Your Customer best practices which included the bank verification number, or BVN, authentication.

All these are very good points are reasons enough that the Nigerian government is going to make a U-turn on the decision in the ban of cryptocurrency. I read that the Senate has also called those concern to resolve it. The economy obviously need inflow of capital, the youths are benefiting and persons in government too invest in cryptocurrency and bitcoin, so they won't allow such policy to come down on their business also. I believe is a lost battle already.

You can check here

[1715447485]

1715447485

[1715447485]

1715447485

[1715447485]

1715447485

[Goddykay]

Banning crypto will be such a bad move for them, am sure they are already planning to lift the ban, no one will want to admit this but various high profile personels in the coubtry have investments in crypto, they wouldn't if it was not lucrative.

[Mpamaegbu]

Crypto market too big to ignore, says Nigeria SEC

Oh! The inept politicians in Nigeria via the CBN are coming back to their senses. Well, it's really too quick than I expected. I am laughing real hard here on their cluelessness. It's obvious they've realized they shot themselves in the foot with that ban as it really hasn't affected those they thought it would — the youth. Crypto traders in Nigeria simply moved from the banks to P2P. The Nigerian government is losing money daily for that irrational decision it took. Finally, this will be a win for the crypto community in Nigeria, even without going to the court to seek a reversal of the impetuous outburst from the CBN.

[jossiel]

Banning crypto will be such a bad move for them, am sure they are already planning to lift the ban,

They will lift that soon, at least their citizens get to see some light through those statements from SEC. They cannot ignore the fast and huge growth of cryptocurrencies in their country and as a means of support, they should lift it once they're ready.

no one will want to admit this but various high profile personels in the coubtry have investments in crypto, they wouldn't if it was not lucrative.

No one knows. But if there are those type of people that have investments in crypto or bought bitcoin and held it until now, they'll favor to support the usage of crypto in their country and would lie low the ban.

[cryptoaddictchie]

Banning crypto will be such a bad move for them, am sure they are already planning to lift the ban, no one will want to admit this but various high profile personels in the coubtry have investments in crypto, they wouldn't if it was not lucrative.

They working on it I think. Not just the high profile investors but even their community to retailers will likely support the lifting of this ban. Its not ideal but Im pretty sure that it will wear of sooner cause the country csnt ignore the people's want and besides its not crypto can't help them in terms of taxation, I believe they can benefit as well through this.

[Findingnemo]

Central banks wants to ban cryptos while their government is looking to make money with it, but I don't expect Nigerian central bank will revise their decision because they know if they allow decentralized cryptos in their country then they will be facing the fall of banks in their nation.

[Kittygalore]

They working on it I think. Not just the high profile investors but even their community to retailers will likely support the lifting of this ban. Its not ideal but Im pretty sure that it will wear of sooner cause the country csnt ignore the people's want and besides its not crypto can't help them in terms of taxation, I believe they can benefit as well through this.

I hope that they work on it faster because they are basically wasting a lot of money by banning crypto in their country. I hope that they will just put some sort of regulations or taxation so they can appease those who are against the lifting of the ban, they can't just ignore the fact that Nigeria has the biggest crypto community in the African continent.

[nelson4lov]

I knew it wouldn't take long before they'd get back on track again. I mean, Nigeria is the second country with the most traded crypto volumes. That's a hard fact that can't be ignored at least not for long. They're just pained that Nigerian millennials are patronizing crypto projects and investment opportunities rather than settling for the mediocre financial products being offered by banks. Imagine locking majority of one's funds in a bank for a paltry amount of roi. I'd be expecting them to reconsider their stance soon but might include some regulations.

[slaman29]

Oh! The inept politicians in Nigeria via the CBN are coming back to their senses. Well, it's really too quick than I expected. I am laughing real hard here on their cluelessness. It's obvious they've realized they shot themselves in the foot with that ban as it really hasn't affected those they thought it would — the youth. Crypto traders in Nigeria simply moved from the banks to P2P. The Nigerian government is losing money daily for that irrational decision it took. Finally, this will be a win for the crypto community in Nigeria, even without going to the court to seek a reversal of the impetuous outburst from the CBN.

Nah, it's not just Nigeria to be fair to you guys, us here in Asia have incredibly inept politicians and leaders. At least yours are somehow geared into crypto (not sure if a good thing). Here if you say Bitcoin they still jump up and say it's not even religiously acceptable not even talking about financial regulations yet lol.

[iv4n]

Central banks wants to ban cryptos while their government is looking to make money with it, but I don't expect Nigerian central bank will revise their decision because they know if they allow decentralized cryptos in their country then they will be facing the fall of banks in their nation.

We talk about the end of banks, and I think alike, but I am thinking about the time frame as well! I think their fall will be a slow process! Anyway, it's a good thing that at least some governments coming to their sense! It's a good time to take a course towards crypto, and looks like Nigeria will be a leading crypto force from Africa! Of course, if they push this through!
But as I said, it will be a slow process, and banks will not give up their position so easily!

[Findingnemo]

Central banks wants to ban cryptos while their government is looking to make money with it, but I don't expect Nigerian central bank will revise their decision because they know if they allow decentralized cryptos in their country then they will be facing the fall of banks in their nation.

We talk about the end of banks, and I think alike, but I am thinking about the time frame as well! I think their fall will be a slow process! Anyway, it's a good thing that at least some governments coming to their sense! It's a good time to take a course towards crypto, and looks like Nigeria will be a leading crypto force from Africa! Of course, if they push this through!
But as I said, it will be a slow process, and banks will not give up their position so easily!

Yes they wants to slow the process of adoption with such shadow ban, it doesn't mean they don't understand crypto they know the potential and trying to supress in such a ways.Other governments regulated it as digital assets which is sucking huge tax rate but as long as they allowed crypto community happy with their decisions.

[Wind_FURY]

Central banks wants to ban cryptos while their government is looking to make money with it, but I don't expect Nigerian central bank will revise their decision because they know if they allow decentralized cryptos in their country then they will be facing the fall of banks in their nation.

I don’t know about “the fall of banks”, but they probably know that a feasible Store of Value not issued/not controlled by the State is very dangerous from their standpoint. It actually makes Bitcoin a kind of active revolution from their perspective.
 

[Findingnemo]

Central banks wants to ban cryptos while their government is looking to make money with it, but I don't expect Nigerian central bank will revise their decision because they know if they allow decentralized cryptos in their country then they will be facing the fall of banks in their nation.

I don’t know about “the fall of banks”, but they probably know that a feasible Store of Value not issued/not controlled by the State is very dangerous from their standpoint. It actually makes Bitcoin a kind of active revolution from their perspective.
 

Yeah, that is the reason they don't want bitcoin to become more active in their country. Some country not aware of future consequences to the central monetary entities but Nigeria is not one of them that is why they try to restrict it completely.

[Gozie51]

Crypto market too big to ignore, says Nigeria SEC

Crypto traders in Nigeria simply moved from the banks to P2P. The Nigerian government is losing money daily for that irrational decision it took.

I think the decision didn't really have any effect on the Nigerian crypto community, with P2P all seem normal. This means the reversal is just by the finger tip. The youth are carrying on with their business, selling through the P2P. The Nigerian and India situation is really telling who cares to listen that cryptocurrency has come to stay.

[CryptopreneurBrainboss]

All these are very good points are reasons enough that the Nigerian government is going to make a U-turn on the decision in the ban of cryptocurrency. I read that the Senate has also called those concern to resolve it.

The government at some point will have to cancel their ban on the currency. There's more to the ban that has to do with politics than the government actually having the best interest of her citizens at heart before placing a ban on a technology that other first world countries are trying to control/understand how to profit from the advantages it offers.

There are rumors spreading like the protest rumors of bitcoin been used to fund it, also that the dollars has been on the increase as the demand in the black market is growing outrageously due to citizens interest in forex and cryptocurency. The ban was place to reduced the interest so as to stabilized the demand of the currency in the country.

All this will end in the government finally accepting the fact they can't control neither can they stop her citizens from picking interest in the currency (technology as a whole).

[gabbie2010]

Crypto market too big to ignore, says Nigeria SEC

Crypto traders in Nigeria simply moved from the banks to P2P. The Nigerian government is losing money daily for that irrational decision it took.

I think the decision didn't really have any effect on the Nigerian crypto community, with P2P all seem normal. This means the reversal is just by the finger tip. The youth are carrying on with their business, selling through the P2P. The Nigerian and India situation is really telling who cares to listen that cryptocurrency has come to stay.

Yes the teeming unemployed youths  who found succor in dealing with cryptos to make ends meet will surely find an alternative thanks to P2P which is already serving us well particularly Binance P2P service.
Today cryptos market Cap worth over  a  $1Trillion I don't understand why would a sensitive government via the CBN place a ban such a market.
This is a market that when properly harness will fetch the government revenue and foreign exchange earning, I hope they rescind  he ban else that government will be on the receiving end in term of revenue earnings.

[redsun114]

Lol I also read the news and even their Vice President said that he disagrees with the Central Bank of Nigeria on banning cryptocurrency, and he called for a regulation of cryptocurrency rather than banning it. Although a lot of people I know there are already switching to P2P and the ban hasn’t stopped any of them from trading and buying Bitcoin or any cryptocurrency, they all kept it going like nothing happened.

When you ask them they always say that it is not their loss, it’s the government that is losing lol, since the government did that they have caused many exchanges there, including Binance to move out, and that possibly means increase in unemployment and also the government will be losing taxes they could have been getting from all these businesses.

[CryptopreneurBrainboss]

Although a lot of people I know there are already switching to P2P and the ban hasn’t stopped any of them from trading and buying Bitcoin or any cryptocurrency, they all kept it going like nothing happened.

Not exactly, only the OG's are still keeping it going, the transaction are declaring at least from my end. The rate of transaction I get weekly before compared to now is on the decrease. The ban is having it's impact. Normally the seminars and gathering organizers by ambassadors of project are want drive in new comers to the industry but this aren't as frequent as they were when the ban wasn't placed 

The Naira rate is spiking and it's hard to get your hands on some bitcoin at the decent prices, the sellers are finding it difficult to let go of their coins as there isn't enough merchant to rebuy from. Which is why they set ridiculous sell price and the price keep increasing.

[maxreish]

Instead of banning cryptocurrency related activities, I strongly agree that they may just take legal implementations to control unfavorable activity within the country.
 
 Glad they made it into considerations to make other steps of legal actions. Nigerian traders will definitely be affected as Ive remembered how Nigerian central banks froze their account when they find out they about crypto trading activity. Recently they announced the crypto ban that made the nigerian traders triggered to voice out their feelings that's why they are making some reconsiderations now.