Nigeria continuous banning of crypto

[Mkelgodson]

In deed, this is as sad as it is true.

I had doubt about how crypto transactions in Nigeria could be censored or controlled. I mean considering the fact that most of the platforms for exchange are decentralised. Little did I know about the medium of payment for crypto exchange!

I wanted to clear that doubt, and in an attempt, included something like "Crypto Payment" in a narration to complete fiat payment for purchase of Crypto. I was amazed when I was told, "This platform doesn't support then word Crypto in a Narration.

The world's advancing and embracing change that helps achieve more at less cost. But it's funny and short-sighted how some group (countries) would turn away from such changes. I mean Where Are We?

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[Cryptomultiplier]

No matter how the Nigerian government try to impose ban on the use of crypto currency, we still, however, rank high as one of the most users of the crypto for varying transactions or trade. The e-naira is insufficient to meet the grown needs of online users, in that it is limited to the currency in use, by making it available in digital form for exchange. Other governments may be open to the crypto currency trend and adopt it legally but they also try to ensure policing agencies online help prevent a rather malicious use of the crypto currency for other criminal or laundering activities.
Hopefully with a new government to be elected and sworn in by next year, we hope to see a widespread embrace of the crypto currency already in existence for trade and commerce. This will help curb inflation too.

[Zaguru12]

No matter how the Nigerian government try to impose ban on the use of crypto currency, we still, however, rank high as one of the most users of the crypto for varying transactions or trade. The e-naira is insufficient to meet the grown needs of online users, in that it is limited to the currency in use, by making it available in digital form for exchange. Other governments may be open to the crypto currency trend and adopt it legally but they also try to ensure policing agencies online help prevent a rather malicious use of the crypto currency for other criminal or laundering activities.
Hopefully with a new government to be elected and sworn in by next year, we hope to see a widespread embrace of the crypto currency already in existence for trade and commerce. This will help curb inflation too.

I think even this current Government have found out they made a mistake trying to replace it with E-naira. We could see they are trying to cover some ground by there recent events. The partnership with Binance to educate youths about blockchain is already a sign that there is hope of its legality

[crytolad]

No matter how the Nigerian government try to impose ban on the use of crypto currency, we still, however, rank high as one of the most users of the crypto for varying transactions or trade. The e-naira is insufficient to meet the grown needs of online users, in that it is limited to the currency in use, by making it available in digital form for exchange. Other governments may be open to the crypto currency trend and adopt it legally but they also try to ensure policing agencies online help prevent a rather malicious use of the crypto currency for other criminal or laundering activities.
Hopefully with a new government to be elected and sworn in by next year, we hope to see a widespread embrace of the crypto currency already in existence for trade and commerce. This will help curb inflation too.

You're very on point mate. It is very disheartening that the Buhari led administration put a ban on cryptocurrency but one thing I know is that cryptocurrency has come to stay and the government cannot stop it. Crypto is not all bad and there are individuals who are making honest living from it.

[puyunghay]

I think this is a very unfortunate thing. especially for its citizens because the prohibition imposed by the government will of course make a setback in terms of knowledge, especially in the field of crypto currency.

[The Great Kardoko]

Oh no! That's like 95% of the Cardano business plan lol. I used to follow that guy on Youtube but not anymore. He was learning too much about marketing from Trump and Elon and getting a bit annoying.

[Adbitco]

You know our country is not what will make her citizens happy and the government and those who is governing the entire country doesn't make things easy for their followers because they sees it as a means of suffering the poor masses by setting a restriction to limits her citizen from transacting directly with crypto to banks which makes them feels as if their e-Naira is not recognized and valuable but believe despite the limitations there are still p2p services across many other platform which doesn't only limited to Binance but across other places.
We also had others who was rendering p2p services in the forum to by cut their laws and restrictions, sincerely speaking i have thoroughly failed up with our government with naive characters.

[Murpheus]

We've come a long way since this post was made, I think the restriction on crypto has lessen so far

[Sayeds56]

It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account.

This however is becoming outrageous for the Nigerian government and with no single doubt, the non-compliance of the young Nigerians not believing and making use of their newly launched E-naira must have triggered this action.

These wise traders are just exhausted of having their money controlled by the government.

Source: https://cointelegraph.com/news/nigerian-banks-tracking-customer-accounts-for-crypto-trading

Banning crypto by any government means they want to deprive their population from a technology which is going to be the best payment system in future as well as this technology can potentially create new job opportunities for IT graduates.

Some government authorities ban crypto due to lack of regulation & think that crypto is highly volatile currency which is risk to investors. The solution is come up with regulation and control  it like other financial market.

[royalfestus]

Which ban are you people talking about? is it the ban as a result end sars protest in 2020. It is all political and we have moved past it, although many indigenous P2P exchange had closed, like Luna and have not come back. I suspect a scam exit to steal some platform users fund. However, Binance has improved his service in Nigeria so well, even have staff on ground in the country. The type of investments and awareness is so massive that I dont see any indigenous P2P exchange competing again. Lets just look into the future with cryptocurrency and see how the country can benefit from it

[Lida93]

Since the ban of cryptocurrency in the country by the current administration in government it has not been easy for the Nigerian youths that are involved in cryptocurrency as trading and transaction processes has been barred and with a lot of monitoring by the financial crime agencies on bank transactions that are crypto related. With the E-naira system that is being introduced by the government to replace cryptocurrency in the country looking at it critically the system is not transparent and as such lack trust among the youths and it rather perceived as an imposition on the youth that chose bitcoin over it.

The system is rather not decentralized and is fully controlled by the government and this could  pose some threat to liberal financial  operations of many persons as assets of people can be freezed at will by the government just like normal fiat currency in the bank. But few years since the ban on all cryptocurrency operations in the country by the government and seeing how adamant the youths still stuck to their guns on using cryptocurrency through different improvised means, this has made the government to start cooling off and thinking of allowing cryptocurrency to operate while they impose tax on all operations and transactions. But we're still watching to see how sincere the government could be on this recent development.

[Simplycallmecollins]

The level at which such an underdeveloped country fight against change is baffling. A country ruled by unlearned older citizens that should be retired. There is need to device more means to trade cryptocurrency.
The risk of selling/ buying from vendors is also there. But I believe just as Binance and other trading platforms devices a means to beat the initial restrictions placed on crypto trading in Nigeria, if there are any form of adjustments from the parliament, Binance has to be swift in adjusting as well. For now, trade carefully.

[llinazulrq]

Nigeria’s move is undoubtedly regrettable when cryptocurrencies are widely known around the world. They don’t want their citizens to get benefits in the market, or they want their citizens to put their wealth in the bank so that it can Oversee the assets of all owners.

[ultrloa]

Nigeria’s move is undoubtedly regrettable when cryptocurrencies are widely known around the world. They don’t want their citizens to get benefits in the market, or they want their citizens to put their wealth in the bank so that it can Oversee the assets of all owners.

They will not regret about it since they do hard implementation towards not allowing it to be use in their country, maybe there studies are so negative about cryptocurrencies that's why they drop a judgement like that on what we think good to us. What we need to hope is there government to see a great picture on this industry because for sure if they will just adopt this they can get an alternative option to get good revenues thru taxation of crypto in their country.

[SmartCharpa]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

True mate, If Nigerian authorities really wanted to outlaw cryptocurrency, they wouldn't be so eager to see young people without employment. Instead, they only care about themselves and their own interests, not those of the country's citizens. I believe eNaira was launched so they could rob the youths of their possessions, which they undoubtedly believe will be simple.

[Bushdark]

What the government is doing in Nigeria is not good news for Crypto enthusiasts there. The crypto lovers out there should now be thinking of an alternative way so that if the cryptocurrency does go down, they won't have problems in the end.

I will not be bothered about the government agenda for the citizens of Nigeria if they want to continue tarnishinh the image and the legacy cryptocurrency had made so far alleviate people from the stacked poverty lifestyle to a new life of cryptocurrency millionaires. Same is done in many similar countries like China etc. I think they people cam trade there coins there with the p2p method and get things done without the awareness of the government.

I just hope that eventually, the Nigerian government will realize that crypto will help them a lot in the future, I hope they don't see negative things in it.

I new government will soon be installed and I hope they will be ready to work and endorse cryptocurrency there. Every government has the power to make changes and amend the constitution according to the way it suit them. I hope to see things that working in Nigeria especially for the lovers of cryptocurrency.

 The government might seems to frown at it now but things would be absolutely fine in the nearest future when the government see a revenue opportunity of collecting tax from users and exploring the crypto world.

[Baoo]

Nigeria’s move is undoubtedly regrettable when cryptocurrencies are widely known around the world. They don’t want their citizens to get benefits in the market, or they want their citizens to put their wealth in the bank so that it can Oversee the assets of all owners.

I totally agree with what you said, it is really disappointing how Nigeria’s government refuses to get benefits from cryptocurrencies, they would like to completely control the citizens specifically the poor ones and impose a high value of taxes to feed the banks and wealthies. And unfortunately, there is a plenty of similar countries who force the same unjust laws toward only few categories of citizens. In this life, the poor sadly get poorer and the rich get richer. That’s how it works in the entire world.
In fact, Bitcoin was created to solve this issue by helping the poor through gaining money in an easy way with less taxes unlike banks. Hopefully, more countries will follow El Salvador and recognize and unban the using of cryptocurrencies as soon as possible.

[Patrol69]

I can't find any reason behind the Nigerian government being so strict with Bitcoin. Their complete thinking about Bitcoin is negative. But Bitcoin can make a big contribution to their country's revenue growth. 
However, even if the Nigerian government wanted to, they cannot completely ban Bitcoin and other digital currencies in their country. Because there are many countries that don't directly accept bitcoins but they are promoting bitcoin transactions in all those countries. But the Nigerian government needs to think positively about Bitcoin. This will be good for their country.

[Cryptomultiplier]

I can't find any reason behind the Nigerian government being so strict with Bitcoin. Their complete thinking about Bitcoin is negative. But Bitcoin can make a big contribution to their country's revenue growth. 
However, even if the Nigerian government wanted to, they cannot completely ban Bitcoin and other digital currencies in their country. Because there are many countries that don't directly accept bitcoins but they are promoting bitcoin transactions in all those countries. But the Nigerian government needs to think positively about Bitcoin. This will be good for their country.

The Nigerian government is not solely guilty for this alone. There are other countries whose government fear that Bitcoin cannot be controlled and taxed and as such, limits to the barest minimum its use.
What the Nigerian government doesn't want is having another currency that cannot be taxed under use, having a currency that cannot be easily tracked, and also having persons become reliant on these decentralized currency for survival. No matter how you see it, the Naira would be of less value if the citizens turn to other means for exchange of goods and services. Hence, why the Naira is being troubled right now to keep its relevance intact.

[Woodie]

Is this the same situation going  on in Nigeria as at now?

During the just ended elections we were reading all sorts of news such as shortage of hard cash which made trade difficult for goods and services, and people  resorted to using digital currencies such as Bitcoin..After bitcoin feeling the gaps where fiat failed does the Nigerian government still see bitcoin as the bad asset?? By now they should be working on the regulatory side of  cryprocurrencies and not trying to sweep it under the carpet, the dirt will accumulat and we all shall it sooner or later.