Upliftment of Crypto Ban of Nigerian Banks

[Agbe]

It is one year plus when Nigerian Government banned Crypto and instructed all the banks to stop using crypto for transaction in the country.

A Financial Marketing Journalist, Olumide Adesina gives the reason why Nigerian Apex Bank should uplift the crypto ban in the country.

https://nairametrics.com/2022/03/11/why-cbn-needs-to-lift-crypto-ban-on-nigerian-banks/

Upon the ban of the currency, Nigerian youths still use the currency effective.

[Upgrade00]

I am personally not hopeful that the federal government would renege on its decision to ban banks from getting involved in crypto transactions, beyond articles like these, the benefits of bitcoin to the citizens are evident, and one of them which sticks out a lot is the freedom it gives to users, and not every country wants the people to have that kind of freedom, especially as controlling the financial system is one way countries control the people.

Upon the ban of the currency, Nigerian youths still use the currency effective.

Cause you cannot ban the bitcoin network, you can only ban yourselves from it. As a decentralized asset, no one has control to prevent transactions.

[PX-Z]

Upon the ban of the currency, Nigerian youths still use the currency effective.

No doubt, crypto people in any country where bitcoin or crypto is banned still uses it, trade and get profit of course with safety measures. It's just unfortunate, that in instead of regulating it where the government and its people benefits on it, they keep ignoring its potentials.

[minairia3]

It is one year plus when Nigerian Government banned Crypto and instructed all the banks to stop using crypto for transaction in the country.

A Financial Marketing Journalist, Olumide Adesina gives the reason why Nigerian Apex Bank should uplift the crypto ban in the country.

https://nairametrics.com/2022/03/11/why-cbn-needs-to-lift-crypto-ban-on-nigerian-banks/

Upon the ban of the currency, Nigerian youths still use the currency effective.

The problem is in your country it was legal first then the govt banned it.

Think about my country, Bitcoin is banned here from the beginning, and govt. harass people if they could able to know the engagement with cryptocurrency.
Cryptocurrency is referred to here as black money. Those who trade in cryptocurrencies are treated like smugglers.
But has the government been able to keep the people away from cryptocurrency? No matter, people are now more aware and regularly investing in cryptocurrencies without any problem in behind the eyes of the government.

The Nigerian government has banned crypto now they are losing tax money, in fact, they will never be able to stop the users.

[ultrloa]

Upon the ban of the currency, Nigerian youths still use the currency effective.

No doubt, crypto people in any country where bitcoin or crypto is banned still uses it, trade and get profit of course with safety measures. It's just unfortunate, that in instead of regulating it where the government and its people benefits on it, they keep ignoring its potentials.

Government is old school and they are skeptical to know new things. If they just do a research about it they would know beneficial it is to their citizens and for sure the only thing they know about it is those illegal transactions like people use this for scamming. If government is open for new tech for sure this could give their citizens a better life.

[darkangel11]

The author of the article is smart and sees what those knuckleheads in Nigerian Central Bank cannot, which is that you can't stop something that people want. You can try to discourage them by banning banks from processing transactions but if people really want to use bitcoin they will find a way to do it and they are doing it. It's the same as banning cannabis in the States. Eventually they saw that selling people licenses to grow and sell and making them pay taxes is the better approach. I hope Nigerian government will come to their senses.

[Jawhead999]

Rather than keep hoping the government and banks to unban Bitcoin, you can start your Bitcoin journey without involved by centralized party. Let's imagine if the government uplifting the ban, anyone will freely use centralized exchanges, but after a year they planning to ban again and froze the funds that involved with Bitcoin. There's one reputed member in this forum offer exchange service especially for Nigerian BrainbossXchange Service {BTC/NGN Altcoins/BTC/Stablecoins} <Rate changed>

Government making Nigerian difficult to use Bitcoin, but they can't stop Nigerian to use Bitcoin.

[Zlantann]

One of Nigeria's greatest challenge is corruption. And this present administration promised to get rid of corruption in Nigeria. Due to misinformation the government believe that crypto aid fraud and money laundering. Although, fraudstars are really using the cryptocurrencies to engage in crime, but that doesn't  erase the fact that crypto in now a veritable tool for economic development. The eNaira is just an experiment that has failed. It was created to compete or limit the use of cryptocurrencies. But it failed abysmally because businesses still prefer crypto. The government should study the crypto space and come up with regulatory policies that would not undermine the uniqueness of Bitcoin and others.

[Poker Player]

I am personally not hopeful that the federal government would renege on its decision to ban banks from getting involved in crypto transactions, beyond articles like these, the benefits of bitcoin to the citizens are evident, and one of them which sticks out a lot is the freedom it gives to users, and not every country wants the people to have that kind of freedom, especially as controlling the financial system is one way countries control the people.

Although I agree with you, I would put it the other way around. There is virtually no country on earth today that wants its citizens to have that kind of freedom. They want us dependent on the state and the monetary system.

This has led to the fact that with the emergence of cryptocurrencies, states have reacted and come up with CBDCs as an alternative to cash, which are the dream of every state controller, because unlike cash, with CBDCs the controllers are going to know what you spend all your money on, and they can do things like:

1) Program it to expire, to stimulate consumption.
2) Punish you for behavior that is not considered correct. For example: if you use a combustion car, or have not had certain vaccinations, apply a negative interest rate to what you have on account.
3) Reward you for behaviors that are considered correct.
4) Instantly block your money. If you have cash saved at home, they can't do this.

Anyway, I don't know the Nigerian situation specifically, but I don't think so either.

[cabron]

It is one year plus when Nigerian Government banned Crypto and instructed all the banks to stop using crypto for transaction in the country.

A Financial Marketing Journalist, Olumide Adesina gives the reason why Nigerian Apex Bank should uplift the crypto ban in the country.

https://nairametrics.com/2022/03/11/why-cbn-needs-to-lift-crypto-ban-on-nigerian-banks/

Upon the ban of the currency, Nigerian youths still use the currency effective.

The problem is in your country it was legal first then the govt banned it.

Think about my country, Bitcoin is banned here from the beginning, and govt. harass people if they could able to know the engagement with cryptocurrency.
Cryptocurrency is referred to here as black money. Those who trade in cryptocurrencies are treated like smugglers.
But has the government been able to keep the people away from cryptocurrency? No matter, people are now more aware and regularly investing in cryptocurrencies without any problem in behind the eyes of the government.

The Nigerian government has banned crypto now they are losing tax money, in fact, they will never be able to stop the users.

How do you cashout BTC?
There are ways to cash out of course going through banks or 3rd party will be risky for you. And if I were in your shoes, I wouldn't risk meetup or peer to peer either.

ITs still best for the Nigerian government to consider lifting bans for crypto because it might be too late for them when the rest of the countries all around the world are adopting crypto and again Africa will be behind again.

[btc_angela]

Upon the ban of the currency, Nigerian youths still use the currency effective.

I don't think that not only Nigerian youths are using crypto online, there could be more in Nigeria. But perhaps it was the younger generations that take advantage of crypto, no doubt.

As for the ban, it won't deter anyone, on the contrary, it can make crypto more famous because of curiosity. It's decentralized in nature, so how can the government stop them?

[Marvelman]

Upon the ban of the currency, Nigerian youths still use the currency effective.

I don't think that not only Nigerian youths are using crypto online, there could be more in Nigeria. But perhaps it was the younger generations that take advantage of crypto, no doubt.

As for the ban, it won't deter anyone, on the contrary, it can make crypto more famous because of curiosity. It's decentralized in nature, so how can the government stop them?

To say that the government can't stop crypto is like saying they can't stop cocaine. That's true, but they can, of course, fill prisons to try and curb the problem. A massive crackdown like that would hurt ordinary Bitcoin users, and the exchange rate would sink for all practical purposes.

[rat03gopoh]

I remember about this prohibition at the height of the covid pandemic where people actually needed alternative payments to earn income other than their main job. I thought it would hurt Nigerians, but I'm surprised that the ban actually leads to an increase in crypto usage in Nigeria during 2021.

This time I support this Journalist's suggestion, the Nigerian government must give up or they'll have no chance of profiting from its people's hundreds of millions of dollars worth of crypto transactions

[Ararbermas]

The Nigerian government has banned crypto now they are losing tax money, in fact, they will never be able to stop the users.

correct, because they make it legal at first before banning it, so now it's impossible to stop those people who see the real potential of crypto currency than fiats, because surely no matter what the situation of crypto on their country its useless, i mean they will keep looking for a way to access crypto currency in order to continue the activities.. So its a big mistake because they can't get a tax anymore..lol

[Upgrade00]

How do you cashout BTC?
There are ways to cash out of course going through banks or 3rd party will be risky for you.

There are peer-to-peer exchanges which connect buyers and sellers together such as bisq and hodlhodl. There are also P2P options on centralized exchanges where users can trade directly with each other through a regulatory system acting as escrow.

And if I were in your shoes, I wouldn't risk meetup or peer to peer either.

Bitcoin was designed to be a peer-to-peer network, so it is ironic you would not risk that, but would trust a third party system.

[Doan9269]

Upon the ban of the currency, Nigerian youths still use the currency effective.

To my greatest surprised, Nigeria is one of the first five countries in the world having the highest number of bitcoin users and yet it government haven't come to the realization of this huge population of crypto users and think a way out to adopt it or reinstate back the access to transactions by it financial authority.  While their E-Naira digital fiat is nowhere to stand before the mass adoption of bitcoin in the country among the teeming  youths.

[yazher]

Upon the ban of the currency, Nigerian youths still use the currency effective.

No doubt, crypto people in any country where bitcoin or crypto is banned still uses it, trade and get profit of course with safety measures. It's just unfortunate, that in instead of regulating it where the government and its people benefits on it, they keep ignoring its potentials.

That's what has been happening but those people who still use it today no matter how strict the measures are taken by their government are truly brave and they also continue to support the financial revolution as well. these government doesn't have their own agenda where they will gonna propose something to tackle the issue of cryptocurrency and use it for their own and their people's advantage but instead, they chose to harden it for everyone and continue with their senseless behavior which truly doesn't really make sense.

[romero121]

Nigeria is one among the country to have its CBDC. Maybe to enrich the usage of e-naira the Central Bank of Nigeria might've taken such an action. As per my understanding cryptocurrency is much associated with the different forms if crime and other illegal activities due to its decentralised nature.

Nigeria has traded 60,215 bitcoins worth more than $566 million in the last five years, making it the highest volume on Paxful, the world's largest peer-to-peer bitcoin marketplace

Inspite of such a ban the usage of cryptocurrency in Nigeria keeps booming. This means people are well aware of the market and it shows how people are looking for a way to make use of cryptocurrency amidst the ban.

[Baofeng]

Upon the ban of the currency, Nigerian youths still use the currency effective.

To my greatest surprised, Nigeria is one of the first five countries in the world having the highest number of bitcoin users and yet it government haven't come to the realization of this huge population of crypto users and think a way out to adopt it or reinstate back the access to transactions by it financial authority.  While their E-Naira digital fiat is nowhere to stand before the mass adoption of bitcoin in the country among the teeming  youths.

It's obvious that their government really didn't know what will be the impact of bitcoin and the rest of crypto to their economy. Just look at the numbers in Nigeria, it's getting traction since 2017 and yet government are trying to ban it? Doesn't make sense at all. Anyhow, for sure those statistics will continue and maybe if some liberal are going to sit on some higher and influential positions, their could be a change of stance.

[Taskford]

Upon the ban of the currency, Nigerian youths still use the currency effective.

To my greatest surprised, Nigeria is one of the first five countries in the world having the highest number of bitcoin users and yet it government haven't come to the realization of this huge population of crypto users and think a way out to adopt it or reinstate back the access to transactions by it financial authority.  While their E-Naira digital fiat is nowhere to stand before the mass adoption of bitcoin in the country among the teeming  youths.

It's obvious that their government really didn't know what will be the impact of bitcoin and the rest of crypto to their economy. Just look at the numbers in Nigeria, it's getting traction since 2017 and yet government are trying to ban it? Doesn't make sense at all. Anyhow, for sure those statistics will continue and maybe if some liberal are going to sit on some higher and influential positions, their could be a change of stance.

Maybe they know but they don't want their people to get a better life because those corrupt cannot use them when election came, we know this types of politician always use the poor people for their own gain so I guess they will block all of things which can possibly make other people advance and they maybe hate crypto because they can't control it.