The good side of banning btc in Nigeria

[Gozie51]

We know that there are always two sides to a coin. I came to the reality that the decision of the Nigerian government is just a step to another good story to bitcoin adoption in Nigeria and more to the world.

See the reasons I believe will create more adoption

1. Regulation: Now that the SEC is talking tough, the government and senate may come with regulation in the Nigerian space anytime. If there is regulation to this effect, expect more investors because it means it has officially been legalized as many fear it wasn't a legal means of investment and earning before now.

2. The news has created more publicity for bitcoin : If you are a Nigerian, you can see that more people are beginning to discuss the ban while others who don't know about bitcoin, they try to bring up a discussion of "what the government banned". This set of people that don't know about it but want to hear a discuss about it, they want to learn. They might have heard it before the ban or not but now that it is in public arena, they want to be tutored more. These are people who don't want to learn, people who only see it as what existed online, they will be the new converts


3. People will now believe: Coming back to the regulation, this will be a strong support for cryptocurrency. In Nigeria, those who are not into crypto always go out criticizing it. They believe is a waste of money as they can't see it physically. Despite Nigeria being the second spot in the use of bitcoin, we still have large population of people who are still traditional, parents discourage  their kids, friends and relatives against. Many still discuss it as ponzi as they are still traditional.

So, regulation creates more awareness because it was in the news. That means the adoption will increase when it is resolved

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[Darker45]

Well, there's good in every bad, but it seems to me the only good thing about this ban is that it further proves how badly the Nigerian people really need Bitcoin or freedom. This action of the Nigerian government shows how it doesn't want its citizens gain real freedom. It clearly shows how it badly wants to keep the people's shackles tight and intact, for easy control more than anything else.

1. Regulation

Which is synonymous to an attempt to control.

2. The news has created more publicity for bitcoin

Well, bad publicity is still publicity. However, is the headline Nigeria Bans Bitcoin better or particularly worth attractive for discussions than Nigeria Legalizes Bitcoin?

3. People will now believe

On the contrary, the government's ban only reinforces the traditional views, the uninformed criticisms, the ignorant commentaries, and so forth against Bitcoin. With this government action, it seems the final verdict has been handed down and it unfortunately sides with those who are wrong.

[Gozie51]

Well, there's good in every bad, but it seems to me the only good thing about this ban is that it further proves how badly the Nigerian people really need Bitcoin or freedom. This action of the Nigerian government shows how it doesn't want its citizens gain real freedom. It clearly shows how it badly wants to keep the people's shackles tight and intact, for easy control more than anything else.

Also synonymous to most government. We know how many government is kicking against bitcoin, like China, India etc. So not only Nigeria. Bitcoin has been on this challenge for some countries

1. Regulation

Which is synonymous to an attempt to control.

Not as such or total. We are yet to see a total regulation of bitcoin from any country because bitcoin is decentralized. In Nigeria, the government can only talk about regulating cryptocurrency accounts tied to the banks as that is even where the ban is facing at the moment.

2. The news has created more publicity for bitcoin

Well, bad publicity is still publicity. However, is the headline Nigeria Bans Bitcoin better or particularly worth attractive for discussions than Nigeria Legalizes Bitcoin?

When ever it is officially legalized, you will get the information here on the forum.

3. People will now believe

On the contrary, the government's ban only reinforces the traditional views, the uninformed criticisms, the ignorant commentaries, and so forth against Bitcoin. With this government action, it seems the final verdict has been handed down and it unfortunately sides with those who are wrong.

You seem not to understand this point. Sorry, what this point is saying here is if the government rescind the decision announced/ regulation the bank policy, it automatically means that more people will believe to invest. They will become new converts.

[mk4]

I guess the effect from the public would completely depend on the people. I'm not sure with the case of the Nigerian people, but if this would happen to the United States, there would definitely be a lot of people on the defense— the likes of the human rights communities, libertarians, and other people and organizations that are quite against government control. There definitely would be a lot of publicity and support from new people on social media, and also probably rallying in the streets.

But on the other side of the coin— if your country are full of anti-bitcoin people that are going to just say "I told you so", then the positive effect(or the silver lining) of a ban would be minuscule.

[Natalim]

Maybe the timing of banning bitcoin is wrong, as people are seeing bitcoin so bullish, people will believe that the government took their opportunity to make money from bitcoin, maybe if they ban it when bitcoin is dumping, people would be convince that it's a good decision by the government to protect people from losing their money.

[Ziskinberg]

I don't think it would do good in terms of adoption.

We need the government support in order to increase the adoption, probably the reason why they are still buying bitcoin is due to investment, but these are speculative asset, without adoption the price will remain highly volatile and it's too risky for investors who does not have enough knowledge on bitcoin.

probably because of the market sentiment people are buying, but when price go down, they will probably panic, or the panic might started already.

[Yogee]

Nigerian SEC and Central Bank working together trying to regulate cyptocurrency is pointless and a waste of resources. They can create policies for token sales and for taxation purposes but they can never regulate movement of cryptocurrencies. Countries like Japan and the United States have a model and they can review them and adapt what they think is applicable for Nigeria.

[kryptqnick]

It's always possible to see something positive in every situation. When someone gets imprisoned unjustifiably, it brings people together for peaceful protests; if someone dies because of systemic racism, lots of people start taking racism more seriously and some try to actually change things for better. However, these are unintended consequences, and they don't mean that the actions themselves had a good side to them. Similarly, I think that the ban of the Central Bank is a bad event, and it would be better if it were lifted. However, it doesn't mean that there won't be some good consequences of this bad event.

[Mpamaegbu]

The OP's title drew my blood as I wondered what the good side to banning Bitcoin in Nigeria could be until I opened the thread and discovered the sarcasm. You see, why it's never good to judge a book by it's cover. Always read the content. Yah, since the ban many more P2P outlets have opened up in Nigeria and crypto trading is going on as if nothing amiss even happened. The CBN's pronouncement is to no effect. In fact, the CBN is likely to recount and retrace its step as the country's Vice President Yemi Osinbajo today (Friday 26, 21) condemned the ban on cryptocurrency in the country by the CBN and called for regulation instead three weeks after the ban was made public. What a shame of a country.

[avikz]

I believe favorable regulations will be good for any country and their citizens. Blanket ban will only create an underground market and people will pay zero tax on their black money. So banning a cryptocurrency is not a solution, rather it's an initiation of a much larger issue!

So I don't think banning cryptocurrency will bring in any positive impact on Nigeria. Because common people always try to stay within their legal limits. So no matter whatever free advertising it is doing for bitcoin, it will be mostly negative for the commoners.

But I sincerely hope these governments realize their mistake soon before it's too late!

[Upgrade00]

So I don't think banning cryptocurrency will bring in any positive impact on Nigeria. Because common people always try to stay within their legal limits.

The government did not and CAN not ban Bitcoin. They rather restricted government agencies and banks from mediating between trades, so you can still legally hold and trade peer to peer but cannot deposit on exchanges using Banks. True Bitcoin holders would still Hodl and trade Bitcoin regardless of the government interference.

1. Regulation: [/b]Now that the SEC is talking tough, the government and senate may come with regulation in the Nigerian space anytime. If there is regulation to this effect, expect more investors because it means it has officially been legalized as many fear it wasn't a legal means of investment and earning before now.

The Nigerian government has always had a negative stance on Bitcoin, which is emphasized by there most recent action. Any form of regulation would not benefit Bitcoin as it would be a way to restrict and control its usage.

[cr1776]

...
So, regulation creates more awareness because it was in the news. That means the adoption will increase when it is resolved

The gangsters in charge use "regulation" to control people and enhance their own power.  Bitcoin represents the ability to have true ownership of the products of your labor and mind without the ability for the political class to syphon 2-200000%/year (12%/year in Nigeria) away from you merely because they have the guns and army.  Bitcoin is free money for free people. 

These gangsters don't like people to have the freedom and the responsibility to control themselves and their money without them being able to steal a cut of it every year. 

[Gozie51]

Maybe the timing of banning bitcoin is wrong, as people are seeing bitcoin so bullish, people will believe that the government took their opportunity to make money from bitcoin, maybe if they ban it when bitcoin is dumping, people would be convince that it's a good decision by the government to protect people from losing their money.

The timing is bullish and that is why the people see it like government is short changing them from having profit from the market. Like you have said, if it was during the bear then people's voice will be heard in support of government ban.

I guess the effect from the public would completely depend on the people. I'm not sure with the case of the Nigerian people, but if this would happen to the United States, there would definitely be a lot of people on the defense— the likes of the human rights communities, libertarians, and other people and organizations that are quite against government control.

Yes Nigeria and Nigerians are trying in their strength. The lawyers have gone to challenge it in court, many other bodies are speaking out. But you know how African democracy is, not really democratic where the voice of the people will be heard and followed. So America practice a kind of democracy from that
of Nigeria

[logfiles]

One thing you forget to think about is that there's away people with less information are easy to control. With the Nigerian Government's announcement of the ban. This will definitely affect adoption in Nigeria. So many people from the Nigerian rural areas will obviously believe in what their government says while very few who know more about bitcoin will remain defiant.

To convince the masses to use Bitcoin under such circumstances will be an uphill task. Just being realistic.

[CarnagexD]

So some sort of realization after the lacking, kind of story. Since it will only go to show the government that they really need cryptocurrencies to operate and be adopted or else they will be left behind in the current stature of the world economy and the upcoming future ones, once bitcoin becomes globally adopted. However, I doubt this will happen because they should've known this from the very start, even before they impose the ban on bitcoin. Don't governments use feasibility studies to check if their ordinances and policies will work?

I believe favorable regulations will be good for any country and their citizens. Blanket ban will only create an underground market and people will pay zero tax on their black money. So banning a cryptocurrency is not a solution, rather it's an initiation of a much larger issue!

So I don't think banning cryptocurrency will bring in any positive impact on Nigeria. Because common people always try to stay within their legal limits. So no matter whatever free advertising it is doing for bitcoin, it will be mostly negative for the commoners.

But I sincerely hope these governments realize their mistake soon before it's too late!

Yeah, not sure how this went past the Nigerian government's notice. And a very untimely ban too, considering they are the leaders in bitcoin adoption in this planet. That's like being first place in a race and then letting yourself lose at the last minute mark.

[just_Alice]

There are some good points here, it's nice to be able to find some positive sides in something bad.
However, I'm not so sure about the second point in the op. On the one hand, Nigeria is the country with one of the biggest Bitcoin circulation, so, considering this, I don't think that talks about the ban will influence peoples' knowledge. I think nowadays 99% of the population already know about Bitcoin, how can they not know?
On the other hand, if we look at that tiny percentage of people who still don't know about Bitcoin, will it actually be a good sign? To hear about something you've never heard about before in the context of banning? I don't think those people will become the new converts.

[dothebeats]

Good for taking the word out, but actually bad for the citizens that are experiencing it firsthand.

The citizens who are using and are looking to use bitcoin would be afraid to be handed over some legal problems and other inconveniences should the bank they are using agrees or follows the directives from the central bank. Imagine having your bank account frozen just because you dealt with bitcoin some months ago? That would be a pain in the ass, and would really get into you given that they are sifting well and good through your records just to prove a point.

Also, it appears that the Central Bank of Nigeria isn't going to change their opinions of bitcoin and crypto very soon despite the reports, articles, journals, and whatnot that have been released in favor of cryptocurrencies.

[uneng]

1. Regulation: Now that the SEC is talking tough, the government and senate may come with regulation in the Nigerian space anytime. If there is regulation to this effect, expect more investors because it means it has officially been legalized as many fear it wasn't a legal means of investment and earning before now.

If after all these discussions SEC chooses for a minimally friendly approach towards bitcoin we can say it's already better than nothing, but truth is that the best bitcoin times were when regulations didn't touch this subject specifically. So you could deal with btcs and invest without losing too much money due to taxes and on the other side time and privacy due to bureaucracy.
One of the main points I've seen nigerians thankful to bitcoin was about privacy, as they can store and even hide their money safely from corrupt public agents which abuse power to extort citizens. If this privacy is going to be over due to regulations abuses will keep happening.

[bitterguy28]

Correct points , It is not only the bad effect is what Nigerian Crypto investors must understand but also the good effect.

I remember my fathers told me that In Publicity it doesnt matter if it's good or bad because both comply to Publicity so that is what made this better.

Those who has no idea or doubting crypto in the past will not had a chance to look deep into it and learn what is good or what is bad.

[cheezcarls]

I highly agree on what you said. There's always something a light in every bad situation, if we know how to find it. Even with the banks not allowed to deal with Bitcoin-related transactions, P2P trading activity is going to be much higher and it doesn't stop the Nigerians who are so passionate in this industry.