Good news for Nigerian crypto enthusiast

[so98nn]

It seems that they are finally going on the back foot. Already knew this will happen when the news started flying around the world that Nigerian central bank is banning the crypto currency.

The whole forum was flooded with threads from Nigerian guys on how to work with p2p transactions to overcome this restrictions. Now here we are, the central bank itself agrees that crypto currency needs to be their agenda.

Not just this, even in India same thing happening. From banning the bitcoin now the bill is pending for its legal status and regulating it. :-)

Time heals everything.

[slaman29]

Nigeria is a country that dislikes development that will enhance the benefit of another individuals or person, so right from time I know vividly that restrictions announcement of Bitcoin in Nigeria through central bank of Nigeria (CBN) is order through a higher politician, the previous new before this announcement of current cryptocurrency is that, the vice president order the governor of CBN to regulate the use of Bitcoin in Nigeria, knowing that Bitcoin is another means of an undeveloped country to develop with fully adoption of it, Nigerian's can be happy now because with action and altitude of central bank of Nigeria initially and the reversed of what has been announced shows that the CBN governor was forced to make such announcement, now Bitcoin is some how legalized in Nigeria, never jubilate yet because no one knows their objectives.

Really? I didn't know Nigerian government was so touchy, I always thought Nigerians were really proud to help each other be better, and were quite patriotic, at least that's the impression I have been getting all these years from meeting them in person.

Politics is something else, people in power just fear things that challenges their status. That's what Bitcoin is a threat!

[Shasha80]

Even though I am not a Nigerian citizen, I am also happy to know that CBN has not prohibited Nigerians from using Bitcoin. Because it is proven
that Bitcoin helps the economy of Nigerians, it would be a good thing if Nigerians are free to use Bitcoin. In fact, I'm sure some countries that
ban Bitcoin will start allowing their citizens to use Bitcoin again. Because it is proven that the development of Bitcoin cannot be stopped and it has
made several countries that were banned change their minds. Hopefully what happened in Nigeria will also happen in several other countries such
as India and Bangladesh which are still banned on Bitcoin.

[bittick]

Good then. to use cryptocurrency is the right of people and to give harsh punishment just because people gonna use their money to do whatever they want doesn't sound really good not to mention bitcoin and cryptos in general could also help the lives of many people due to its ability for borderless transfer.

[aysg76]

It's really a good news for Nigerians as well as crypto enthusiast all around the world due to increasing acceptable of Bitcoin and other cryptocurrencies.The Nigerian government has taken very impressive decision which will eventually boost their economy as Nigeria is one of the top countries in terms of crypto traders and users.


hapiness smileys

With this decision the local exchanges can resume their work and people can trade and make transaction in Bitcoin once again.The government are not fool to ban such currencies because they can't control them so why not get benefits with them.But still best wishes to all Nigerians once again.

[Innerpumper]

This is good news for all. I hope in Nigeria many companies are adopting bitcoin as the main means in terms of economy and business. It's not just for Nigeria's economic growth. However, to gain bitcoin trust in the eyes of the public.

[BIT-BENDER]

This is good news for the people of Nigeria but I'm confused

So does the central bank permit Nigerians to use crypto and that individual banks acted
outside the central banks decision?

or does it sound like, you can own and trade it but cannot use your bank account to do so?

Something like that, as far as I knew, the ban was on withdrawing bitcoin to our local Fiat which is Naira and every account that had bitcoin transaction was rumoured to have been freezed, even now I don't trust Nigerian government, I posted the news yesterday and it was a happy development that am following and would give update on this thread, but till then am optimistic about bitcoin and crypto-currency in Nigeria.

[Gozie51]

By interpretation from there earlier statement, I know it was banking activities with cryptocurrency that was restricted but Nigerians generalized it to be a ban affecting all class of crypto dealings but enthusiasts have since being successfully dealing in P2P.

Central bank itself can't ban cryptocurrency in Nigeria but it has to go through legislation to outlaw it through presenting it as a bill to be deliberated. Well , is a good thing that they (the central bank) has cleared the dust now. I know that further positive clarification will be made on this.

Nigeria is a big bitcoin and crypto place and a major reason for this growth is unemployment. Where there is high unemployment and poverty, the people strive to survive and the government is coming to reality with the poverty rate, they can only open up the economy through digital trading that allows everybody to be a part of for surviving on their own decision.

[BIT-BENDER]

By interpretation from there earlier statement, I know it was banking activities with cryptocurrency that was restricted but Nigerians generalized it to be a ban affecting all class of crypto dealings but enthusiasts have since being successfully dealing in P2P.

You are correct many enthusiast like me has always preferred peer to peer, I have tried exchange, but I don't trust the abilities of my local bank to cope with crypto-currency, I had always foreseen this action from the Nigerian government but never knew they would be as petty as they were, I was also caught in the web of the restrictions, it affected me financially too, so that why If this news is true it means freedom at last.

[masterrex]

I stumbled on this just today, am still yet to get further sources, but will be following the news round the clock, to see about the current unfolding of the news.


Source: https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp

On the image above it has it that CBN the central bank of Nigeria, the Paramount government organization in-charge of banking, and finances, has permitted Nigerians to go on with cryptocurrency with out the restrictions the placed some weeks back, this is still uncertainty, but there has been meeting with the Nigerian Senate, and heads of CBN concerning the issue of Ban, also top public figures even the very elderly has supported Bitcoin in Nigeria, this makes me proud as to see how far Nigerians has come in cryptocurrency, Nigeria is a country with
+ Poor banking system
+ Poor payment system
+ Low alternative means for unemployed youths
+ The educational system is still poor.
But cryptocurrency as many Nigerians has realized helps less this problems of the nation and more, I would be even happier to see this news is fully true, and Nigeria has gotten love/encouragement from other cryptocurrency nation at a dark time for cryptocurrency in the country.

Thats good news another considerable victory for the crypto Industry and the Nigerian crypto users, I hope more countries will consider its decision and not banning bitcoin in their respective jurisdiction just like Nigerian government is doing so that many people can still access and use cryptocurrency freely.  

[eaLiTy]

I stumbled on this just today, am still yet to get further sources, but will be following the news round the clock, to see about the current unfolding of the news.

I stopped searching for these news as you always see conflicting news about the plans by the government, the situation in Nigeria and India has more topic here i believe as we hear conflicting news about a blanket ban one day and about regulating the other day and these news are published in the pretext that the source close to the government has released these plans  .

If you stop looking for these anonymous sources then we will be fine, if a government comes up with a drastic step i am sure we can overcome them.

[kryptqnick]

Clearly, it's not that the ban was lifted, but that its meaning was clarified. I suspected that the Central Bank of Nigeria simply didn't have enough authority to introduce a ban of cryptocurrencies altogether. So now they're clarifying that the ban is only related to the banking sector (which also needs additional guidelines because it's not obvious what exactly is meant by 'the banking sector). They're standing by their previous statement, so I'm not sure if it's great news for Nigeria. I remember there was an interview with the Minister of Finance, and she said that they're planning to impose nuanced regulations on the industry, so we have to wait and see what they come up with if we are to properly assess the status of cryptos in Nigeria.

[rosebrand]

This is good news but the fact is the Central Bank of Nigeria couldn't really stop the transaction of bitcoin or any other cryptocurrencies in its County, what there did was restricting crypto users from making crypto transactions with their bank account but unfortunately for CBN crypto users was still making transactions through P2P which eventually means their ban really had no effect because it didn't changed anything. Well it's a good news at least Nigerian citizens can now make transactions with their bank account and even purchase crypto with their debit cards it's a good news for Nigerian citizens.

[goldade]

This is a very great news not only for the Nigerian crypto community but for the whole crypto community. It is great that the Central Bank of Nigeria have finally see the light and the numerous benefits of bitcoin and how it has help reduce unemployment among the youths of the nation.
I'm sure one major influencer of this good decision must have been the vice president of the country who said some weeks ago that the ban isn't meant to be so as not to kill the goose that lays the golden egg. He advocated that bitcoin be regulated and not banned

[nelson4lov]

Thanks for the heads up @BIT-BENDER. I saw the news yesterday but didn't get to read it. Anyway, I just did. What CBN did was to make some clarifications. According to the article:

What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.

I'm not sure I understand their point. They came under fire after that ban so they're just trying to clarify things and it's still not clear. It looks like they're saying that Nigerians are free to participate in the crypto space but aren't allowed to make crypto transactions or interact with their bank accounts using crypto.

[bL4nkcode]

To contradict the article, people are FREE to use bitcoin whatever your country and wherever you from, especially whatever your government told you, it's people's choice to use it or not.

[Swordsoffreedom]

The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector.

It seems, now they realized very well that they have done the wrong thing by banning cryptocurrency. they said that they didn't restrict people from using cryptocurrency or trading Bitcoin.
But if CBN stops people from receiving payment to the user's bank account from crypto-related website then how CBN said that they didn't restrict people from trading cryptocurrency!
Are they encouraging people to trade counterfeit? I think it is nothing but counterfeit if people trade without a bank.

[Mpamaegbu]

Well, I ain't going to scream Uhuru for such expected and long overdue news. The February 5th decision by the Godwin Emefiele's led Central Bank of Nigeria (CBN) banning Bitcoin was already dead on arrival. I knew it and it never panicked me for once. Whatever prompted that senseless decision has now made it receive sense. It's a policy somersault if you asked me. I believe the CBN and the commercial banks have realized how much in revenue they've lost with that action. I urge all Nigerian crypto dealers and traders to continue with the P2P and not rush to the banks to continue their businesses. If the banks caused them untold hardship by closing their accounts in an impromptu manner, what would make them trust that the banks won't do it again?

I'm really nonchalant about the revoked ban, as a Nigerian. We move!

[Rruchi man]

The government of Nigeria must have realised that many Nigerians were indifferent about the ban placed formerly, they acted with prior and proper information on the subject of crypto currency. With it being obvious to the many that the ban was against the interest of the low class earners in the country, many who have been touched by the miracle of crypto refused to just call it quit and obey the government, they just had to go back on their decision or face mass disobedience.

[Hippocrypto]

This is great for Nigerian people, they'll have the freedom to use bitcoin and their independent is already unleashed. However, the news has been taken from us and this now begun to start positively for Bitcoin to soar higher from now on. Good news will continue to inspire every people, because every now and then adoption of cryptocurrency kepts rising.