Hope for cryptocurrency in Nigeria.

[NdaMk]

For me, I would rather accept crypto regulation than get banned outright, which is also seen as a success for investors in Nigeria. Honestly, we shouldn't demand too much from the government, we can't just want things our way. In the position of the government, they cannot allow the free use of an unregulated currency, as it would destroy the economy faster. If people are not regulated and become too free, they will become more selfish and society will become more chaotic than peaceful as we think. Not everyone has the sense and desire for peace, and that's why society needs control.

You've said something that applies to every country's economy. Not everyone wants to live in peace and will seek chaos and destruction in order to further their selfish interests. If the government wants to legalize and regulate it, that's fine; however, they should be mindful of its use and not place undue burdens on the users who use it. Even if it is regulated one day because we lack power over the government, I will always prefer a decentralized means of money system, but that is the reality we must live with for the time being.

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[Cryptodebjoe]

The main reason why Nigeria is banning crypto is because it wants to protect her already dwindling economy, thier politicians loot public funds tends to stash those money in a safe place and that's the crypto space and thirdly the fact that it's unregulated is a major problem remember, Twitter was banned in Nigeria and after having an agreement on some percentage the ban was lifted ....
I actually believe in the future there would be some sort of regulations in the crypto space...

[The Sceptical Chymist]

Honestly, we shouldn't demand too much from the government, we can't just want things our way.

The libertarian in me is pulling his hair out at that statement.  Of course we can--and, if we're being honest with ourselves, do--want things our way.  Everybody does to one extent or another.  Every government is set up differently, but in the US for example, those idiot politicians are supposed to be working for the people.  Instead, they've set up a time bomb in the economy with all the money printing and debt accumulation.  It's outrageous.

In the position of the government, they cannot allow the free use of an unregulated currency, as it would destroy the economy faster. If people are not regulated and become too free, they will become more selfish and society will become more chaotic than peaceful as we think. Not everyone has the sense and desire for peace, and that's why society needs control.

Dude, what country do you live in that has you so....brainwashed.  Governments want to regulate everything, and personally I'm for less government and less regulation.  Big Daddy government doesn't always know what's best, you know.

[Charles-Tim]

The main reason why Nigeria is banning crypto is because it wants to protect her already dwindling economy

Again, Nigerian government did not ban bitcoin and other cryptocurrencies, the central bank of Nigeria restrict crypto transactions, only the direct ones are banned, while Nigerians turned to p2p which is working effectively.

Secondly, Nigerian economy is dwindling, but cryptocurrencies are not responsible for the poor economy and retarding standard of living in the country, cryptocurrencies will only add to the economy, increasing its growth and development. The dwindling economy is as a result of poor leadership, self-centred interests and lack of competent and educated leaders.

[Coyster]

The main reason why Nigeria is banning crypto is because it wants to protect her already dwindling economy

The Federal government of Nigeria hasn't/didn't ban Bitcoin, the ban by the CBN on the processing of crypto transactions is more about lack of understanding than in a bid to protect the dwindling economy, because crypto is providing something for the populace in the country, whereas the government has provided absolutely next to nothing, thus i find it amusing that the federal government of Nigeria continually say they are trying to protect people from the volatile crypto market.

thier politicians loot public funds tends to stash those money in a safe place and that's the crypto space

Quite rightly Nigerian politicians loot public funds, but as for where they stash it, i think it is far away from in the crypto network.

[EarnOnVictor]

Frankly, it should be clear that it's not actually the Nigerian government that restricted cryptocurrency, it's the central bank of Nigeria. If it were to be the Nigerian government, then it would have been so catastrophic for the users. But it's the CBN, and they only have the right with the banks by restricting the banks from dealing with individuals and companies transacting with cryptocurrency.

However, I did not use the word "ban" like the OP because what is being experienced in Nigeria is actually a play of restriction, it is nothing serious anymore. Many individuals and companies have started engaging banks directly with crypto-related transactions just like it was before the restriction was announced.

[Cling18]

Frankly, it should be clear that it's not actually the Nigerian government that restricted cryptocurrency, it's the central bank of Nigeria. If it were to be the Nigerian government, then it would have been so catastrophic for the users. But it's the CBN, and they only have the right with the banks by restricting the banks from dealing with individuals and companies transacting with cryptocurrency.

However, I did not use the word "ban" like the OP because what is being experienced in Nigeria is a play of restriction, it is nothing serious anymore. Many individuals and companies have started engaging banks directly with crypto-related transactions just like it was before the restriction was announced.

It was surely hard for Nigerians to deal with the restrictions especially the big-time crypto investors in their country. However, it's still a good thing that they are now experiencing a lighter restriction and they're able to transact through banks that support crypto. I hope that their central bank would release the restriction and would let their people transact with crypto freely again.

[teosanru]

Nigeria has come to consider the banned  which was put to crypto currency in the country in 2020. Ibrahim Babaginda the chairperson of legislative body committee on capital market and institute said that Central Bank of Nigeria does not have the right to control crypto industries and the Apex bank don't have the authority to regulate cryptocurrency because many digital investors don't even use local account since it is not a financial market but a capital market. the House of Rep be asked to approve a bill to that seeks to amend the investment and security in Act 2007 in other to designated cryptocurrency as a capital investment. Ibrahim Babaginda said the banned on cryptocurrency will not only be lifted but will be legalize.



https://news.bitcoin.com/report-nigerian-lawmakers-set-to-pass-law-that-diminishes-central-bank-influence-on-crypto/

A pretty good news for the crypto eco system for sure. I think this can give Nigeria the upper hand at world level and it can start to become host to many crypto related businesses, i saw that it is even training it's workforce for the blockchain and crypto related technologies so that it can be helpful when such businesses come in their country. After their ban now the road looks pretty clear to me.

[Iadegbola34]

Given the kind of exposure cryptocurrency has in many parts of Nigeria, the ban is kind of barbaric. Even with the ban many Nigerians still make crypto transactions on a daily basis and the ban doesn't seem to affect the users that much which makes one wonder why the ban is still considered effective till this moment and why should it continue.

[Wildwest]

Currently Nigeria is one of the countries that is in trouble with economic income so many parties cannot control their income, to ban crypto is one of the difficult things in the world because currently Nigeria is a country with many crypto users, although some of them do not use local accounts but they are already so smart in using crypto to invest, in this case it is difficult for the government to ban crypto in their place, but the government can make a law to regulate the use of crypto in the country so that the current economic crisis they are experiencing can be resolved immediately, if it is not dealt with immediately, this problem will get worse.

[bitgolden]

Ibrahim Babaginda the chairperson of legislative body committee on capital market and institute said that Central Bank of Nigeria does not have the right to control crypto industries and the Apex bank don't have the authority to regulate cryptocurrency because many digital investors don't even use local account since it is not a financial market but a capital market.

I am yet to search and understand what is the differences between financial and capital market but based on this fact, lifting the ban and also approving for legal use must be a great boost for entire cryptocurrency world and not just for Nigeria economy. I wish that most other governments worldwide should consider this reasoning while trying to regulate cryptocurrency markets.

Some 4 to 5 years back itself, most European countries had taken the decision of treating cryptocurrencies as an asset and not a money. Overall, we are slowly moving toward a crypto for everyday usage kind of days. Really happy about that.

[JoyMarsha]

That the Nigerian government will eventually work to have the ban on cryptocurrencies lifted does not surprise me. I am aware that this day would undoubtedly arrive due to Nigerians' involvement in the cryptocurrency industry. You can't just tie a nation like Nigeria, which is filled with young, active people who have been using cryptocurrency for so long, without giving in to their desire for the financial independence that cryptocurrency gives. I keep telling my friends that eventually all of these nations that have yet to legalize bitcoin will do that someday. It will happen in due course.

Crypto is becoming more and more popular, and no government will be able to stop it unless they also make it legal for their citizens.

[STT]

Ghana announced they would seek to purchase oil in gold

Ghana produces gold, thats quite important part of that statement in terms of trade balance its always ideal for a country to be able to swap what it produces for the goods it imports from others.    The problem with Dollar as a global currency is that its external and unregulated its flow leading to great constriction and pressure for countries especially outside of the oil trade.   Oil is especially tied to dollar along with a few other things like Finance which backs government debt and is highly subsided for that purpose in many countries.
    Unfairly many countries suffer by just producing normal goods not always in demand for dollars in those key ways.  I'm not sure crypto can fix those problem, Nigeria is part of OPEC but has various flaws and troubles ongoing.   Banning any trade isnt really to the benefit of the people so I hope this is a positive for them but probably requires they are part of tech development etc.

[odunybiz]

Positive approach from the government. The country that have got good number of cryptocurrency users, and still without proper stand from the government is really a mess. One side the government is showing its interest on making cryptocurrency legal and lift the ban. On the other side through its CBDC launch the government is trying to keep things under control.

Our leaders do most things that favours them. They see crypto as a way most youth can make way to become rich.This bann was made out of their selfish interest.

[AmoreJaz]

Positive approach from the government. The country that have got good number of cryptocurrency users, and still without proper stand from the government is really a mess. One side the government is showing its interest on making cryptocurrency legal and lift the ban. On the other side through its CBDC launch the government is trying to keep things under control.

Our leaders do most things that favours them. They see crypto as a way most youth can make way to become rich.This bann was made out of their selfish interest.

well, we can't avoid such fact. politicians will always side their selfish interest even if they do not fully understand the market. but i believe, some of them are secretly hoarding some top coins. who knows, right? most of these politicians are two-sided face.  they want a different image in front of its people but they are doing other things behind the scenes.

[kryptqnick]

I've seen many stories about people from Nigeria actively using Bitcoin. It wasn't only about a huge trading volume, but also about actual use cases, such as accepting it as payment in a local store or fundraising for an important project to improve the lives of local communities in cryptos. Since people don't seem to hide that they use Bitcoin, I suspect that the ban isn't really enforced in Nigeria, but in any case, it's about time for the government to step in and to adjust the policies to reasonable and friendly ones. After all, Bitcoin isn't bad for the economy of the country, whereas banning just encourages a shadow economy, which is not as beneficial for the state.

[Joshapat]

Nigeria is a country that has good potential to become the largest crypto user in the crypto industry, it is only natural that some top exchanges such as binance have made local exchanges so that the growth of crypto users in the country is growing rapidly, unfortunately the rules in nigeria make many investors wait for clarity if opening crypto in nigeria . and the government should see the benefits of cryptocurrencies so that they can improve the welfare of Nigerians.

[Oluwa-btc]

I've seen many stories about people from Nigeria actively using Bitcoin. It wasn't only about a huge trading volume, but also about actual use cases, such as accepting it as payment in a local store or fundraising for an important project to improve the lives of local communities in cryptos. Since people don't seem to hide that they use Bitcoin, I suspect that the ban isn't really enforced in Nigeria, but in any case, it's about time for the government to step in and to adjust the policies to reasonable and friendly ones. After all, Bitcoin isn't bad for the economy of the country, whereas banning just encourages a shadow economy, which is not as beneficial for the state.

It's good too read and see that them cranky and retarded old brains has started functioning properly ( CBN ), and if I guess right they're huge holders of Bitcoin privately and then try to brainwash others from using it.

Yesterday, some bank's in Nigeria if not all had network challenge, it was difficult to recieve money it was difficult to make transactions for some else like. All because of the shortages of the new fiat currencies they brought up. I was stucked inside as I couldn't make it up for soccer drills.
The usage of Bitcoin has been massively going on and won't be stopped,but I really doubt if the usage of Bitcoin is going down for day to say activities. What's really done is convertion to fiat currencies.

[xSkylarx]

Positive approach from the government. The country that have got good number of cryptocurrency users, and still without proper stand from the government is really a mess. One side the government is showing its interest on making cryptocurrency legal and lift the ban. On the other side through its CBDC launch the government is trying to keep things under control.

Our leaders do most things that favours them. They see crypto as a way most youth can make way to become rich.This bann was made out of their selfish interest.

well, we can't avoid such fact. politicians will always side their selfish interest even if they do not fully understand the market. but i believe, some of them are secretly hoarding some top coins. who knows, right? most of these politicians are two-sided face.  they want a different image in front of its people but they are doing other things behind the scenes.

There is speculation that some of those politicians hide their wealth in crypto because it will be hard for the people under the government to track (as they know less), which is why they are taking advantage of it. Also, I think most politicians have a bad side, and only a few of them are good, but we can't really tell the truth as only speculation can be read. If there are no corrupt politicians, then for sure people will be happy as they can easily receive help from them, and also the economy will boost. but the sad truth is that it is not.

[Aanuoluwatofunmi]

There have been alot of opinions concerning this aspect with the country Nigeria but as at recent days, the government has been giving a nice considering thought towards allowing bitcoin or any other cryptocurrency participate freely onna smooth ground in the country, the fact is the the economy in the country has gone so bad beyond the ordinary role fiat or the government officials and agencies could play in restoring it back, they believe if everyone is independently allowed to finds a survival means maybe things could go well to an extent but yet they were still adamant from accepting bitcoin as a means for a legal tender.