The good side of banning btc in Nigeria

[Vaskiy]

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

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[Sithara007]

Given how unpopular the Nigerian government is right now, I am sure that this ban will only cause more and more Nigerians to use Bitcoin. Last year, the pro-government forces shot dead more than a dozen people in Lagos for protesting. Approval ratings for the president, Muhammadu Buhari is at record low. At this point, any hostile action from the government will be disregarded by the general population.

[Kakmakr]

I personally think the good side of banning Bitcoin in Nigeria is the reduction of scam money being filtered through Bitcoin. We know the Nigerians love to scam people and we also know Bitcoin can be used as a tool to do that, if you know what you are doing.

So banning Bitcoin in that country, will not give them an opportunity to get quick access to "Fiat" after they scammed people, because Exchanges will not be allowed to operate.  

Bitcoin is just bad for some countries and unfortunately Nigeria is one of them. I feel sorry for the other people there who would have used it for legal things. (Money transmitting)  

[Lorence.xD]

Given how unpopular the Nigerian government is right now, I am sure that this ban will only cause more and more Nigerians to use Bitcoin.

That was mentioned in OP, the popularity of bitcoin in Nigeria will only rise because they outright ban it which means the media attention would be on them. But besides the fact that there is a good side in banning bitcoin in Nigeria, I don't think that it will be enough to outweigh the negatives for now, banning means that doing any activities that involve bitcoin might be incriminating which is bad for an average person that uses bitcoin because criminal record AFAIK will be detrimental when they want to get a job. Maybe in the coming months, the positives can outweigh but right now, I don't think that.

[Gozie51]

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.

Yes it opens more people to it. The publicity is always good because of this kind of exposure that we are now observing on the Nigerian crypto community. Some of my friends have been asking to know what is cryptocurrency and before this time, they are not showing concern. If proper orientation go out to more people and the government eventually change there decision which by implication will make cryptocurrency legal, I believe more adoption of crypto and bitcoin will increase.

[bittraffic]

The revolution against the regulation will open the eyes of the people about Bitcoin and Central banks. The country had been adopting BTC for a long time already which Bitcoin had become a household name for them. It will devastate their lives if the bank accounts of someone will be denied service by the banks because they made transactions with BTC before.

[The Cryptovator]

The only benefit I can see that probably more Nigerian citizens know about Bitcoin due to the central bank decision. We don't know if the new peoples would involve with it or not, so still, I will say Nigeria's central bank hadn't taken the real-time decision. They just lost the revenue from Bitcoin transactions. Because I believe bitcoin users will never change their minds due to restrictions. Regulations mean more strict uses. People will use it now illegal way in Nigeria since they couldn't use it like before. I am still not convinced how this decision would help bitcoin adoption.

[Issa56]

The more the government try to ban bitcoin the more it is been published the more people get to know about bitcoin. The Nigeria government tried to ban bitcoin few months ago which I believe is a very bad idea or bad suggestion I believe trying to ban bitcoin is just as a result of bad government which only cares about thereself and there relative. Nigeria is a country which high level of poverty and unemployment 50% percent of Nigeria youth which are graduate without Job are into cryptocurrency which they are doing well they survive with cryptocurrency and they also feed there relatives with the money gotten from cryptocurrency. Lots of people are into cryptocurrency and they are doing well because they don't want to go into illegal things and cryptocurrency is the only source which they can get money from and the government is already planning to ban it, my question is that people that are already into cryptocurrency and they are surviving there what do you want them to be doing and the government is not providing employment opportunity. I believe that's the worst decision the government is trying to take which won't be possible.

[verita1]

Good observation OP. But not everything would be possible without the Nigerian population plucking up the courage to defend their cause, which they also have the full right to choose. A regulation is an ideal way for the Nigerian crypto community to run their crypto-based activities.

Hopefully a solution will transcend shortly, I am pleased to hear that Nigerian Vice President Yemi Osinbajo has amended his mistake by stating that cryptocurrencies should be regulated and not prohibited.

[CryptopreneurBrainboss]

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.

The ban can only end in one way and that's of the bitcoiners been triumphant. What worst can the government do, they're already closing our account and have placed a ban on many nigerians livelihood. We the nigerian people are known to always charter for ourselves, we don't rely on the government, we're hardworking individual and always find a way where there seems to be no way.

We have relyed on the government for too long and they have failed us making us immune to their disappointment like with the recent ban. A time when all over the world regulations are put in place to accommodate the new technology but that of our country is pushing us backwards.

This ban will only end up getting bitcoin regulated in the country which isn't any different from what it's now only that more service providers will be drawn into the country since It'll now be a freely government to cryptocurrency depending on what the regulation are.

[roosbit]

Like someone has already said bad publicity is good publicity which is the case here,moreover has long has you have access to the internet I don't see how the government will impose this ban...its mere talk tbh.

But on the contrary it is commendable what the government is trying to do ,looking at the large population that all translates into lost revenue if its citizens invest in crypto, so basically the govt knows what it is about to lose.

[Igebotz]

The only benefit I can see that probably more Nigerian citizens know about Bitcoin due to the central bank decision. We don't know if the new peoples would involve with it or not, so still

According to the Chinese proverbs " War brings opportunities" I think ban is different in this case, ban means illegal thus making crypto marketing within the region seems impossible, I remember putting up my exchange services on on Facebook, and the amount of negative comments from the newbies were worrisome because of the fear of crypto being put into them by the CBN and nobody want to get caught.

A time when all over the world regulations are put in place to accommodate the new technology but that of our country is pushing us backwards.

Because they lick the Chinese ass and they do everything they are asked to do or else no loan

[Charles-Tim]

Because they lick the Chinese ass and they do everything they are asked to do or else no loan

Nigeria depends on Chinise loan so much, and this could be the problem the next generation will be facing. There are some good learned people in Nigeria, have you gone through this thread? As I thought our leaders are figure head, this convinced me that we still have good ones, but the bad ones are more, I can not just be mentioning. It is clearly obvious that this man has read about cryptocurrencies and know how beneficial it would be for tomorrow world, compared to CBN president which called cryptocurrencies 'not a legitimate money'. Although, not surprising as the CBN president is not new to speaking such false information without making appropriate research but to condemn.

[hotmom]

Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

[gabbie2010]

Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

Government through the central Bank had placed a ban on use of Bitcoin and other cryptocurrencies any individual, group of people or exchange that deals with cryptocurrencies will have their account frozen.
However the government had indeed missed a huge opportunity to tap massive revenue that will be accrued in dealing with cryptos in form of taxes, this is a market with a CAP of more $1Trillion cannot just be totally ignored invariably people in charge of the country are ignorant of what cryptos is meant for.

[nelson4lov]

Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

Yes, at the time of posting this reply, the use of cryptocurrencies in the country is still prohibited and defaulters end up getting punished with account closures and addition to blacklist that doesn't allow them create new accounts again.

Like someone has already said bad publicity is good publicity which is the case here,moreover has long has you have access to the internet I don't see how the government will impose this ban...its mere talk tbh.

~Snipped

True. Indeed, no publicity is bad publicity because in the midst of all the bad news and press bitcoin has endured over the last couple of years since its creation has helped reach out to more people who later take time to learn about it and possibly get involved.

Anyway, the ban gives room for government to introduce crypto regulations which isn't something I'd like to see.

[In the silence]

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

I Agree with this. There should be regulation rather than banning btc just like you've said that Nigeria holds large volume of bitcoin transactions on different services. Bitcoin may help on some various situations that can improve a certain industry by it's fundamentals.

[DarkDays]

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.

I totally agree that the way in which this can go very much depends on what the people already believe. Those that have never understood BTC and the crypto market entirely would be in favour not realising the potential downsides of banning BTC could bring. On the other side, those that already got a taste of crypto market might feel left out.

In my opinion, this is a two-sided coin situation, one that needs to be handled delicately not just for the present but mainly for the financial future and economic growth of the country. We all have seen how crypto based innovations for every traditional market keep on popping up daily. It would be a pity to miss out on those innovations.

[Muenalo]

I strongly agree with the listed points given by you above, because CBN's ban against Bitcoin has really created an awareness between both the young and old in the community. But there is one point i think is missing in this your article, which is...
1. Youth empowerment: Because the ban of Bitcoin has led to the realization of many that Bitcoin (holding, trading and buying/selling) has only been the means of survival of most Nigerian youths, since the government has failed to recognize them by creating jobs.

[Hippocrypto]

Rather than a ban, regulation is always the good choice. As of now Nigeria holds large volume of bitcoin transactions on different services. Nigeria is much affected by the socio-economic pollitical corruption and terrorism. Just now got a news of 317 girls from a school has been kidnapped on gun point by terrorist. Week ago similar incident have taken place with teachers and no information till date. Right now it is more to think of the social problems than the economic development.

I Agree with this. There should be regulation rather than banning btc just like you've said that Nigeria holds large volume of bitcoin transactions on different services. Bitcoin may help on some various situations that can improve a certain industry by it's fundamentals.

Regulations on specific matter would actually force other bitcoin holders to dump their assets due to strict rules, so basically this also affect their way of spending. People knew cryptocurrency because of freedom to use it, but suddenly it prevents them with certain limits. However, if this situation would be optimized with a certain precautions I think discipline always follow and possible fraudulent activities will be eliminated.