Federal government and banks are threats...

[Godlovesyou]

Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.

Government loves to impoverished its citizens, a young Nigerian's account was  seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.

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[Solosanz]

AFAIK it was from the last year where Nigerian Bank will confiscate any money related with Bitcoin, so nothing surprised here. If the bank don't want to accept any money related with Bitcoin, what you can do is trade via P2P and increase your security level in order to hide from getting tracked by your government. You can also move to the other country which is friendly with Bitcoin.

[Fivestar4everMVP]

This is an old news, something from 2020/2021, so it is absolutely no surprise to me at all.
Government and banks are no threat to bitcoin trading, rather they (government and banks) feel that bitcoin is a threat to their continues existence and operations.
Even with this ban on bitcoin and crypto related transactions, the youths of Nigerian have adopted bitcoin far even more than before the ban was placed, the p2p market is a lucrative means of exchange in Nigeria today because of the ban, and by this, crypto adoptions have continued to grow in the country, and will continue so for as long as bitcoin/cryptocurrencies continue to exist.

[Nwada001]

Do you have any links to back up this claim?
Based on your post histories, I believe you are a Nigerian, and as such, you are referring to the Nigerian government. 

So far as I know, the government only asks the financial institutions to disengage from every crypto transaction, even though the government has not made it official that they should track down every crypto account. They are against crypto, but they have not yet made it public that banks should trace all crypto transactions. That does not mean that we should make our transactions known to them that they are crypto-related. 
The government has always been against crypto, and Bitcoin looks like a trait to them. and not them being a trait of bitcoin. 

When it comes to the Nigerian government, I believe they are just looking for a way to earn from the crypto industry since they still don't have ways to do trading and involve themselves in it, which is why they are stopping banks and other financial institutions under the CBN from disengaging from it. 

[livingfree]

You know why they're worried when huge sums of money are withdrawn to their banks, it's because that they're facing a crisis right now and it's no longer a secret.

The more the people pulling out their money off banks and they're not just low amounts of money but noticeable too much, they should really be worried about it.

I don't see them as a threat honestly and they're contributing to bitcoin's price and have seen that many times.

[hugeblack]

In fact, what the government fears is that people will not pay taxes, but if unemployment increases and production decreases, or people find a way to hide their money so that their taxes are zero.
The rich have a lot of tools that make them reduce the amount of tax they pay to a very small amount, but it is the simple citizen who pays all that cost.
Cryptocurrencies have been a way for many people to reduce their taxes, and therefore governments will deal with them in two ways, either by banning them or trying to tax them.
The semi-secret nature provided by these currencies forces governments to stop any method of enhancing privacy, including the war on mixers.

[John Abraham]

Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.

Government loves to impoverished its citizens, a young Nigerian's account was  seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.

You may want to read Bitcoin - a bloodless revolution by GazetaBitcoin. This is nothing new. Banks and governments are afraid of Bitcoin. They don't know how to defend Bitcoin. People don't understand why Government and bank officials spread FUDs. They have a fear of losing control over your money. Bitcoin Protects your money, and it's your own bank. Since they don't know how to defend Bitcoin, they will attempt to seize Bitcoin funds.

Suppose you are in a country where Bitcoin Transaction is not allowed. Never deposits your money in a bank. Do small transactions with them for daily needs. There is no way they can detect you are a Bitcoin holder until you publicize this and submit KYC on centralized exchanges. You have to be careful with your privacy.

[lovesmayfamilis]

I would put it a little differently, the OP belongs to the Nigerian local section. In addition to the fact that many have confirmed that this is an old topic, besides, why not discuss this topic directly in your section, where people directly understand the tragedy of the situation?
The title of the topic looks very general, but you need to understand that the situation with banking systems in different countries is different and who, if not a person directly belonging to the country in question, will be able to answer correctly.

[Fullcoinese]

I don't know why it will impact banking in your country so much. I mean, when Bitcoin and other cryptos are not used as a transaction tool in your country, why is there fear? as long as those who have Bitcoin still have to withdraw fiat through the Bank for needs.
what I'm thinking, obviously in your country Bitcoin and crypto assets are still banned. several countries that legalize their citizens over the ownership of Bitcoin assets. not really a problem with the transaction lines from exchanges and Banks in their countries. I hope, in your country everything will be good. like other countries that have started to open up with Bitcoin and cryptocurrencies.

[tbct_mt2]

AFAIK it was from the last year where Nigerian Bank will confiscate any money related with Bitcoin, so nothing surprised here. If the bank don't want to accept any money related with Bitcoin, what you can do is trade via P2P and increase your security level in order to hide from getting tracked by your government. You can also move to the other country which is friendly with Bitcoin.

Peer to Peer trading is good and bank transfers for payment between two trade partners does not have information related to Bitcoin or cryptocurrency trading.

Problems only rise if you are trading with a scammer and when you win and exit that scam, the scammer can submit a report to banks as his personal attack against you. I don't know how banks in Nigeria can get information about bank transfers related to Bitcoin and cryptocurrency. I really think that they have to depend on reports from users together with other authorities.

How will Nigerian banks handle those reports from their users?

Screenshot from a trade means nothing as it can be faked easily.

[light_warrior]

So there's nothing surprising about that. And it's not just in Nigeria. Any bank in any country can do that. The state banking system (and not only) is afraid of cryptocurrencies like fire, because they are afraid of losing all their power over the finances of citizens.

[RockBell]

When it comes to the federal government and banks, a threat has existed for a while. They have tried several methods to shut down Bitcoin, but it has been an impossible task to get control over it. I also recall that, some years ago, the government in my region tried the same policy by instructing banks to forbid any accounts related to cryptocurrencies, and police began to harass those who were involved in it. Despite all of this, cryptocurrency is still growing steadily.

Currently, my region has some of the largest Bitcoin investors, and occasionally I get the impression that the majority of these government leaders also own Bitcoin. To this day, I still don't understand why they want to outlaw Bitcoin.

[avikz]

Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.

Government loves to impoverished its citizens, a young Nigerian's account was  seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.

Banks and governments are indeed afraid. My bank sends weekly newsletter to their customers and the risk of Cryptos usually appears at least once in a month. It talks about how bad the bitcoin is. They are afraid because if bitcoin is widely accepted, the need of banking system finishes. So they will try every possible things to prohibit the use of cryptocurrency within their remit.

Couple of years back, even my government started doing the same thing. But now they have backtracked and imposed 30% tax on crypto transactions.

[Obito]

Not really, maybe you are thinking that right now because you are still using your fiat in some way but if we were to theoretically just use bitcoin for payments of goods and services, then there's a high probability that we won't see them as a threat. Not to mention, these banks see bitcoin as a means to grow their money too so until the time that they're still benefiting from it, I don't think we have to worry about them, just be aware but never paranoid.

[Frankolala]

Bitcoin is a treat to banks and governments,because it give them no clue of transactions made on the blockchain,and they don't also have control over those citizens financial life. A lot of people are dumping the banks for bitcoin,and this makes the government see that their fiat currency is been threaten by a currency that its theirs.

Nigeria youths have gone far in bitcoin adoption as long as I know,since the government don't care about the youths anymore. This make them to embrace bitcoin adoption as a means to earn a living for themselves through trading and as an asset. If you use an exchange to sell your bitcoin and get your money in your local fiat currency, I don't think that there is any possibility of the government to trace or track you down,if not so many Nigerians by now would have gotten their account freezed, including myself.

[MusaPk]

You may want to read Bitcoin - a bloodless revolution by GazetaBitcoin. This is nothing new. Banks and governments are afraid of Bitcoin. They don't know how to defend Bitcoin. People don't understand why Government and bank officials spread FUDs. They have a fear of losing control over your money. Bitcoin Protects your money, and it's your own bank. Since they don't know how to defend Bitcoin, they will attempt to seize Bitcoin funds.

Suppose you are in a country where Bitcoin Transaction is not allowed. Never deposits your money in a bank. Do small transactions with them for daily needs. There is no way they can detect you are a Bitcoin holder until you publicize this and submit KYC on centralized exchanges. You have to be careful with your privacy.

Bitcoin no doubt gives you privacy but people are caught while converting bitcoin to fiat or vice versa. Its fine as long as you remain in Bitcoin. There is very rear chance the government agencies can caught you while your bitcoins are in your decentralized wallets. We need to keep this in mind that government will crack down hard on bitcoin with every passing day, as its market capitalization and popularity keep increasing exponentially. There are problems for people living in countries which are not bitcoin friendly.

[death69]

Bitcoin is a treat to banks and governments,because it give them no clue of transactions made on the blockchain,and they don't also have control over those citizens financial life. A lot of people are dumping the banks for bitcoin,and this makes the government see that their fiat currency is been threaten by a currency that its theirs.

Nigeria youths have gone far in bitcoin adoption as long as I know,since the government don't care about the youths anymore. This make them to embrace bitcoin adoption as a means to earn a living for themselves through trading and as an asset. If you use an exchange to sell your bitcoin and get your money in your local fiat currency, I don't think that there is any possibility of the government to trace or track you down,if not so many Nigerians by now would have gotten their account freezed, including myself.

It's wild to ponder the extent of Bitcoin's menace to conventional financial institutions. They've gotta be quaking in their loafers! But honestly, is it that shocking? In an era where tech's ever-evolving, it was bound to happen—a superior financial management system. And let's not kid ourselves—governments aren't always our BFFs.

No shocker that many Nigerians are embracing Bitcoin for financial freedom. Who needs banks or governments, right? With Bitcoin, you're your own monetary genius! The cherry on top? Untraceable transactions, so your finances stay private and safe.

So here's to Bitcoin and Nigerian trailblazers! Time to seize control of our dough and bid adieu to old-school finance. Armed with humor and heaps of Bitcoin, we'll forge a brighter financial destiny!

[Husires]

Government loves to impoverished its citizens, a young Nigerian's account was  seize containing N2.5 billion, as bank ought the account to be related with crypto transactions. This is more reason while they're many bans from wicked government who refuses citizens financial rights.

Are you serious? I searched on Google and found that this amount is approximately 5475.119 US Dollar.  Is 5,000 dollars a "considerable" amount in Nigeria, or is the government so strict, or is what happened a "coincidence"?

How much is 2500000 Nigerian Naira in US Dollar?

2500000 Nigerian Naira is 5475.119 US Dollar.

According to what I have read, Bitcoin is not banned in Nigeria, so the forfeiture order means that person has been accused of money laundering, not because of Bitcoin.

Governments fight anything that reduces the control of the central bank, although the continent of Africa is difficult to control money compared to countries such as the United States and Britain.

[Bananington]

Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.

In some cases, the government is not really afraid of it's citizen being financially okay, but concerned about the freedom it will give them from the banks . The banks are an extension of the government and by virtue of their position they're bound to obey whatever the government tells them because they are not independent from the government. Worldwide there always exist the possibility that the government could suddenly just decide to begin to track down, trace and seize cryptocurrency belonging to its citizens and arrest people associated. For this purpose were mixers created to add extra anonymity and security when you move your bitcoins in the Blockchain.

[cabron]

Government is good office but leaders involved have different motives, right now federal government order banks to trace any crypto related accounts in my country and block it. The banking system usually feels threatens when huge capital is withdrew from the accounts. But i real deals here is the government are afraid of citizens having independent living source.

In some cases, the government is not really afraid of it's citizen being financially okay, but concerned about the freedom it will give them from the banks . The banks are an extension of the government and by virtue of their position they're bound to obey whatever the government tells them because they are not independent from the government. Worldwide there always exist the possibility that the government could suddenly just decide to begin to track down, trace and seize cryptocurrency belonging to its citizens and arrest people associated. For this purpose were mixers created to add extra anonymity and security when you move your bitcoins in the Blockchain.

Financial freedom comes along with people's freedom to speak and criticize the government and eventually revolt against the government. It's not just about banks. But the government losing its grip on the people will eventually topple the government leader.

If it's happening in Nigeria, it's also possible to happen to just any country today where people have been enjoying the freedom to hold BTC to which they could support or fund an independent leader opposing the president.