Nigeria to launch its crypto currency after crypto ban

[Devifajarina]

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria)  was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

Every country that has started to launch a digital currency, of course, has considered many things, both the negative and the positive side, but not necessarily countries that have started to make digital currency, begin to accept and approve the use of the cryptocurrency.

This is done as a pattern to maintain the stability of a country in maintaining fiat currency, so digital currencies must be created to compensate, in the end the country will prohibit all its citizens from mining other than digital currencies issued by that country.

[jrrsparkles]

They prohibit the cryptocurrency which are decentralized that is the reason they created their Etoken anf launching it for public use alongside they also banned cryptocurrency. Complete decentralization gives opportunity to trade via p2p but it has its own risks.

[avarnet]

It can be said that the use of cryptocurrency has been accepted because the country has developed cryptocurrency technology so that it can create its own coin for the country, even though the country has made rules that must use its own country's coins, the good impact means that the country is modern and has followed developments technology like other countries

[Devifajarina]

It can be said that the use of cryptocurrency has been accepted because the country has developed cryptocurrency technology so that it can create its own coin for the country, even though the country has made rules that must use its own country's coins, the good impact means that the country is modern and has followed developments technology like other countries

Thus the survival of cryptocurrencies is running normally at this time, the more countries that start to adopt it, the better the crypto conditions in the future, this is very good for the future.

Likewise with the country, they have started to think about how to make their own digital money and develop a perfect plan, I think countries that are starting to think about this, it is very possible that in the future they will legalize crypto to live, thrive and coexist with fiat currencies.

[Devifajarina]

Every country is obliged to protect fiat currency from the threat of extinction and its sustainability in the future, this has become a necessity in the country, but in its development, many things have changed and these changes must be well accommodated for all countries.

In this case, digital currency is the most discussed thing by all countries, both negative and positive, but what we need to know is that digital money is a new challenge in the era of digitalization, this must really be used to ensure the continuity of fiat currency, naturally. for a country to start preparing for this without eliminating fiat currency.

Developed countries will never be allergic to a development that occurs, they will balance the new thing, so that what was initially considered a threat, is an advantage that can be maximized.

This is what distinguishes developed countries from developing countries, I think what these countries have done is correct, while maintaining fiat currencies and continuing to prepare for new digital currencies.

[bitcoin-shark]

in fact it is all a contradiction, first they prohibit the use of cryptocurrencies but only to introduce and then profit from their centralized national crypto (E-naira) i call it opportunism, the desire to gain in exclusive money from a new sector

[iTradeChips]

Well, as what I had researched when I saw this news, I see that the country Nigeria is the one that has the highest number of cryptocurrency users in all of Africa and the world. With that being said the government must have formulated a way for the people to continue using cryptocurrency but at the same time be able to use the only cryptocurrency for Nigeria and that is their own crypto. I think the government might be cashing in on a potential money making method for the government.

[int03h]

They want to manage the flow of money and avoid the loss of assets abroad. Just like how China banned cryptocurrencies from trading, China's central bank has been testing its national cryptocurrency.
Nigeria's economy is still young so the move to ban cryptocurrencies is only in the national interest in the long run.

[masterrex]

IMO, I think if Nigeria will successfully launch its own cryptocurrency, I believe it is a form of stable coin or CBDC, backed by its own fiat called *Naira, and it's not the same as the popular cryptocurrencies in the crypto market. Just like the digital *Yuan of China is a stable coin or CBDC so its value was pegged on its own native fiat currency.

And for me, it's boring and out of purpose, because the main reason why many people have using cryptocurrencies is for their own requirements like investment, trading, etc., and not just purposely use to buy goods and merchandise, unlike the CBDC's that was made for that sole purpose for payment that's why CBDC's will not be able to replace the cryptocurrency functions in the market.

[hitsnorth]

Nigeria is not so big in crypto as China for example. I think it's not gonna influence market and crypto in whole really much.

[Mr,flex]

It can be said that the use of cryptocurrency has been accepted because the country has developed cryptocurrency technology so that it can create its own coin for the country, even though the country has made rules that must use its own country's coins, the good impact means that the country is modern and has followed developments technology like other countries

Lols,
I don't see any progress and hard working concerning the development of her native cryptocurrency. There is no news over after instructions has been given partaking the development so the government still make no efforts to effect the world bank authorities.

[omone1]

The government of Nigeria didn't ban Cryptocurrency. They only simply asked commercial banks to stop processing crypto related transactions. The citizens are free to trade on Cryptocurrency at their own risk. Actually,the current president of Nigeria is half literate. He doesn't understand new money, he thinks bitcoin would overthrow his government. Nigerian youths don't care about the government position, it's just an outdated opion of the apex bank.

[Cryptomiles1]

The government of Nigeria didn't ban Cryptocurrency. They only simply asked commercial banks to stop processing crypto related transactions. The citizens are free to trade on Cryptocurrency at their own risk. Actually,the current president of Nigeria is half literate. He doesn't understand new money, he thinks bitcoin would overthrow his government. Nigerian youths don't care about the government position, it's just an outdated opion of the apex bank.

if i may ask do you know that is applicable to ban?
now without commercial bank how do you think individual could make withdrawal and deposit to their various accounts after trading or buying from any other trading platform. don't you know with the help of P2P this was able to pass bye and any local account related to cryptocurrencies were frozen.

[Gbniman]

It will become a great news if the government can cancel the ban on crypto and about that launched I Mt ink it a good idea if it can happen but the government of Nigeria are not helping the situation i  hope they actually can come to sense and lift the ban on crypto first. Nigeria is number one in African but the economy of the country are not help due to lack of tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, and limited foreign exchange capacity.

[adzino]

I thought they didn't put a full ban on crypto currencies. I have read in this forum that people were still using and trading crypto currencies. It is just that the government has ordered that any financial institution cannot be involved with crypto currencies, hence not allowing banks to process any transaction that involves crypto currencies.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

Not really. It means they hate decentralized coins but wants to use blockchain tech on their current financial system.

What's do you think about their decision, do you think it will have great impact on crypto?

I doubt it's going to have any impact at all. Wouldn't be surprised if they reverses the ban.

[Karartma1]

First, it won't be a crypto in the sense that there'll be no mining. No state would ever dream of launching such a currency.
Secondly, it's just an attempt to try to block the advance of bitcoin.
There certainly seems to be a marked increase in bitcoin and cryptocurrency adoption going on in Nigeria: the country has risen to second place overall in the world in terms of volumes of BTC traded.
According to Chainalysis data, the volume of bitcoin received by Nigerians in May totalled $2.4 billion, compared to less than $0.7 in December 2020. There has been more than 200% growth in five months.
This increase is also noted by analysis of combined exchanges on P2P platforms LocalBitcoins and Paxful.
So, forget about e-naira and focus on BTC.

[TheGreatPython]

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

I do not think that launching their own cryptocurrency will open doors for all other cryptocurrencies. Probably they legalize the use of their own currency and making use of all other crypto based coins and tokens will still remain banned. Because, only this way they could push their people to use cryptos under their all control rather than allowing a decentralized one.

I believe this must be one of the easiest way for most governments to allow to making use of cryptocurrencies still they have control over the money flow. But, honestly people will miss the benefits of bitcoin kind of speculative assets which will make such government specific cryptocurrencies to die over the time.

[Fortify]

On February 5, the Central Bank of Nigeria (CBN) released a circular addressed to banks and other financial institutions with the directive that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges were prohibited.

A news was published on the popular country news paper were the CBN president ( Central bank of Nigeria)  was analyzing on their plan to launch new digital currency which he called the E-naira. Full news here : https://www.usnews.com/news/technology/articles/2021-07-27/nigeria-to-launch-digital-currency-e-naira-in-oct-central-bank
Since the ban of crypto on the country no exchange has ever been able to execute a fair transaction to citizens account, which makes most of the exchange popularly used by the citizens has made move to launch and active P2P trade to enable the citizens trade successfully.

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

It seems like the greedy politicians want to do a fund raising which can line their own pockets - the best way to do that is ban any competition and then launch your own product. If they really had faith in their own cryptocurrency then it should be able to compete without any artificial censorship. I doubt many people in Nigeria will really be that into it considering that most of them will already distrust the government.Those sort of tactics tend to be taken by unstable and irrational officials who might just as easily back track if the project is a failure, causing any early investors to potentially lose a lot of money. I doubt it will be backed by much in the way of physical assets.

[DapanasFruit]

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency? What's do you think about their decision, do you think it will have great impact on crypto?

Yeah, in a way this is a big recognition that cryptocurrency is something they know can be the best alternative to fiat and that is why it is introducing its own...and that is where the big mistake is. When you create your own centralized cryptocurrency thinking that the people will adopt it broadly, openly and without any complaint is a pipe dream which political leaders in Nigeria must be entertaining right now. What they don't know is that with them at the helm and at the control buttons of this new cryptocurrency, this ship is bound to fail and will eventually go down the drain...just like the Petro in Venezuela which is now essentially gone to the grave.

[Reatim]

My questions here is, the county launching it's digital currency does it means that they have accept and approve the use of cryptocurrency?

What's do you think about their decision, do you think it will have great impact on crypto?

it is not new mate, China did the same thing in Digital Yuan , banning bitcoin but creating their own crypto .  Nigerian people supported bitcoin there are even many of them who invest in this coin so there might be some impact but not that big and eventually will subside because there are many country that will support bitcoin after they abandoned the support.
and also their people will surely continue this support even if they will totally banned the coin.