Upliftment of Crypto Ban of Nigerian Banks

[bitzizzix]

The Nigerian government is not the first to reject the development or growth of crypto and they will not be the last, and crypto has struggled against countries that have banned it.
and the good news is that crypto will always win, I would be surprised if the Nigerian government didn't resist the advancement of cryptocurrencies. But one thing is for sure, you can't swim against the tide for too long because blockchain technology and crypto assets will still be around.

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[cheezcarls]

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.

I believe that one day they will have a change of heart like the cases of India and Russia mulling a ban of cryptocurrencies last year. Coz’ no matter if the ban takes effect, there’s no way for them to stop BTC and it’s underlying blockchain technology.

Even in China who is anti-crypto and banning all of its citizens, banks and financial institutions to engage with crypto, the community is still strong there by using non-custodial wallets, VPNs, P2P transactions, etc.

[gabbie2010]

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.

The Central Bank officials should uplift the ban of crypto in Nigeria and find a means of taxing and monitoring all sort of cryptos transactions so as to curb money laundering and funding by terrorist organisations.
Cryptos can alternatively generate income for their government going by the huge numbers of users in Nigeria, honestly their government had got wrong in that aspect,  decentralized feature of crypto had not deter the users of cryptocurrencies in Nigeria in fact the numbers of P2P transactions of users in Binance and Localbitcoin had grown in leap and bound without the Central bank being aware of thus a big plus for crypto.

[Flexystar]

Does not seem to be perfect idea for nation like Nigeria. No hard feelings but the country is suffering a lot from the fiat mis management and its not up to the mark by their Government. People are suffering out of inflation already and I have seen pictures floating around the internet where people of Nigeria are carrying million of niagra in cement truck with most of the physical notes lying around etc. This means it has no value at all. Nothing.

If in such complicated case they go start using the crypto currencies then their people might loose money in the process. Plus they won’t be able to buy significant amount of crypto as it is already too high cost for them.

[ajochems]

This was a good example of government can't control the crypto currency for now.The transaction of crypto currency was an unstoppable one. Huge flow was not controlled by a small stone obstacle.Nigeria is the developing country with less amount of people with the employment.Employment was the live source of people in common.Crytocurrency giving the job opportunity with the placement. So they won't skip the involvement.

[avikz]

This was a good example of government can't control the crypto currency for now.The transaction of crypto currency was an unstoppable one. Huge flow was not controlled by a small stone obstacle.Nigeria is the developing country with less amount of people with the employment.Employment was the live source of people in common.Crytocurrency giving the job opportunity with the placement. So they won't skip the involvement.

Government can do anything and everything they want! Have you ever heard of China's "The Great firewall"? Just try to speak to any Chinese people and you will know. Anything and everything that is accessed through internet has to pass through the great firewall. You can't even access Google from China. So if a government wants, they can do anything and everything. It's either just that Nigerian government doesn't want to take extreme measures to stop cryptos in their country or they don't have the infrastructure.

But that's good for cryptocurrency in general. At least the Nigerian scammers have found something to drool on!

[teosanru]

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.

This is a story of almost every developing country, they are just banning cryptos unknowing of the actual consequences of the same, the problems that are coming due to this is that folks are now circumventing the banking system and doing transactions using P2P, this has led to even lesser accountability in the hands of government and at the same time made cryptos even riskier, I think instead of doing these blanket bans it's better if the governments just decide to regulate crypto by allowing transactions only through KYC exchanges and shut down p2p where traceability is not available, these would be much better for governments themselves in the longer run.

[Accardo]

The ban of cryptocurrency in some African countries like Nigeria is not proper. Because Africa is one continent that seriously need cryptocurrency to survive. Regarding the bad governance in this part of the world it's a good thing for youths to get hold of a freedom asset that will keep them off from thinking about the wrong did of the Government. It will as well help reduce depression and crime. As most crime are being committed by youths because of unemployment. On the uplifting of the ban in Nigeria, it's the best choice for the citizens who are into cryptocurrency.

[ololajulo]

The idea of the ban was initially from the aspect of politics to prevent the sponsor of deprived Nigerians youths from protesting and they also think it could help rival the rich old Nigerians that might be interested in political posts by 2023 election. This killed many exchanges like Luna and make P2P trade fly high in the country, yet could not make any regulation because most used exchanges are not located in the country. 

[Fundamentals Of]

It seems the Bitcoin situation in Nigeria is not anymore dependent on either the Nigerian banks or even the Nigerian central bank. It is not even dependent on the government's decision either. In fact I think Bitcoin has become stronger among the Nigerian people ever since the implementation of the ban on the use of Bitcoin in the country. So whether the Nigerian government or the Nigerian central bank will uplift its ban or not Nigerians would continue to use it.

[The Cryptovator]

Cryptocurrency is quite popular in Nigeria than in any other country. And there are a few reasons behind that. Bank could ban the cryptocurrency but it couldn't prevent citizens from using decentralized cryptocurrency anyway. Many citizens earn cryptocurrency by selling their skills. Its positive support for the Nigerian financial ecosystem. I know many scammers live there, but good people shouldn't punish bad people. I think Nigeria's central Bank observing deeply and they will step in on what they should do. There are a few technical things that they need to study more.

[KaliLinux]

People are suffering out of inflation already and I have seen pictures floating around the internet where people of Nigeria are carrying million of niagra in cement truck with most of the physical notes lying around etc. This means it has no value at all.

TOP 10 – The Weakest World Currencies in 2021 From this post, you will notice that Nigeria is not in the top 10 countries listed here.
This is obvious that you did not read the article about whatever picture you saw on the internet about the million Naira in cement trucks. Most of those publications were mostly about corrupt politicians that were caught with a stash of monies and if you check properly it is not only in nairas but in US Dollars as well and it wasn't about because the countries currency has no value even though we know there is inflation too. The Government knows why they might not want to uplift the crypto ban and the citizens know that too, regardless, the people are still in it big.

[Leviathan.007]

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.

As you said that's even more than one year since they did it but I have many friends in Nigeria and all of them use bitcoin and other cryptocurrencies without of problem, even some of them are active members here in the forum and posting here about bitcoin, which is a great sign for us about something, bitcoin is unbearable and even if the government ban bitcoin and other cryptocurrencies still people can keep investing selling and buying bitcoin through many other platforms, however, I believe the Nigerian government as wasn't serious as china because comparing to them china made serious desition about suspending bitcoin and bitcoin transactions.

[bitgolden]

It is a reality that we are talking about something a bit more serious whenever a government makes a decision. I mean it is decentralization that we care about in the blockchain coding, but decentralization of what we can do with the crypto never existed. This means that governments can tell us what we can do with crypto, can't change anything about it so changes us. Nigeria taking a step back is a proof of how powerful crypto community is.

Not just in big nations, but in Nigeria type of places as well. It means that we have to realize that we have this power and we need to use it for betterment of crypto as well and grow it as big as we can, not just in price, but in reputation all around the world.

[Vaskiy]

Cryptocurrency is quite popular in Nigeria than in any other country. And there are a few reasons behind that. Bank could ban the cryptocurrency but it couldn't prevent citizens from using decentralized cryptocurrency anyway. Many citizens earn cryptocurrency by selling their skills. Its positive support for the Nigerian financial ecosystem. I know many scammers live there, but good people shouldn't punish bad people. I think Nigeria's central Bank observing deeply and they will step in on what they should do. There are a few technical things that they need to study more.

This is the scenario with most of the countries that keep themselves high on cryptocurrency usage. I find there is imbalance in the financial level around Nigeria. There are elite people as well as below poverty people. This has to change. The low level people are slowly getting uplifted out of bitcoin and that might hurt the elite. This seems to be the major reason why the government have suddenly entered into this controversy.

[fiulpro]

Fact is :
When they decide to ban cryptocurrencies like bitcoins they cut off the connection with the banks, sending and receiving money through trading gets harder but what they don't realize is : It gives people chance to take the government influence out entirely and make a community on their own do p2p transactions more effectively which at the end decreases their influence on the market as well. Therefore I do think that banks or anything else are not necessary and they are just causing long term probelms for them if they continue to that since they can either partner with the cryptocurrencies or they can leave the side entirely, partnering would provide them with more benefits as well therefore I think government needs to look into that and they need to change the rules according.

[South Park]

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.

Unless a government is willing to literally shut off the whole Internet forever then bitcoin cannot be stopped, and since they are not willing to do that as it will have a tremendous effect on the economy as a whole then their population will keep on using bitcoin, this is why many countries have instead opted out to regulate the market instead, and while that is a more reasonable choice, those regulations will fail as well, as any person can simply choose to not observe those regulations and the governments cannot do nothing to stop him.

[tygeade]

Cryptocurrency is quite popular in Nigeria than in any other country. And there are a few reasons behind that. Bank could ban the cryptocurrency but it couldn't prevent citizens from using decentralized cryptocurrency anyway. Many citizens earn cryptocurrency by selling their skills. Its positive support for the Nigerian financial ecosystem. I know many scammers live there, but good people shouldn't punish bad people. I think Nigeria's central Bank observing deeply and they will step in on what they should do. There are a few technical things that they need to study more.

This is the scenario with most of the countries that keep themselves high on cryptocurrency usage. I find there is imbalance in the financial level around Nigeria. There are elite people as well as below poverty people. This has to change. The low level people are slowly getting uplifted out of bitcoin and that might hurt the elite. This seems to be the major reason why the government have suddenly entered into this controversy.

This was considered in our nation. Someone in the economy ministry said that we should print fiat and buy bitcoins with it. It would devalue our fiat and would be bad, but it would allow us to actually buy bitcoin to hedge against it as well.

In 5-10-20 years that would be a move that would allow us to actually recover that loss, and become a super powerful nation (not like USA or UK or Russia, but more than right now) and that was actually only reason why I could be fine with printing money. Yes it hurts you in the short term but it would help you more than it hurts you in the distant future. I may suffer because of it, but our children will benefit from it.

[doomloop]

It is a reality that we are talking about something a bit more serious whenever a government makes a decision. I mean it is decentralization that we care about in the blockchain coding, but decentralization of what we can do with the crypto never existed. This means that governments can tell us what we can do with crypto, can't change anything about it so changes us. Nigeria taking a step back is a proof of how powerful crypto community is.

Not just in big nations, but in Nigeria type of places as well. It means that we have to realize that we have this power and we need to use it for betterment of crypto as well and grow it as big as we can, not just in price, but in reputation all around the world.

Of course everything relating to government is a serious thing but some won't join the talk if they have no interest on it. Decentralization of crypto does exist mate, cant you see we have decentralized stuffs? like dexs, dex wallets, p2p platforms and so on.

Government banning crypto is I think don't remove the cryptos decentralize nature but they only banned the access with it and they also ban the support for banks, that is happening now on nigeria but Nigerians are lucky because they can still use crypto. That is more important there but its nice to know that a journalist is concern and convince the banks to lift the ban. Let's just hope they will get convinced.

[YOSHIE]

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

I don't see any real and serious impact for crypto users in Nigeria, even though the government has banned Banks from getting involved in this, the proof: the Nigerian community in this forum, they are not bothered by that policy.

Maybe for me laws and regulations like that are not a dangerous thing for Nigeria, my country has also issued a proclamation about the prohibition of crypto, but crypto especially Bitcoin is getting crowded and used by many people, even now the government is also doing the same thing with the crypto community.

Overall, crypto remains the mainstay for many people, I'm sure Nigeria is the same.