Federal government and banks are threats...

[John Abraham]

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.

As I said in my previous post, You have to be careful with your privacy. It's important. The Banks and the Government always want to take control of your money. If you use Bitcoin, They will lose control over your money. They are doing business with you using your money. You know the reason why they want to seize Bitcoin funds. Stay anonymous on the internet if Bitcoin is banned in your country. You shouldn't tell anyone that you own Bitcoin. Not even your friends and family members.

I won't suggest anyone to centralized exchange. But, Sometimes, we have to use it because of our needs if you use centralized exchanges to convert your Bitcoin for fiat. Do it part by part. Don't go all in. Use a payment method which has a low chance of tracing you. A few simple, easy things can save you from getting caught.

[sokani]

Dear OP, pease whenever you make this kind of post always try to back it up with source(s), it makes other readers to confirm the authenticity of your information and appreciate your post. You can also share your thoughts or opinion on the particular issue. We know the position of the central bank of Nigeria and the Nigerian government on cryptocurrency but making this kind of post in a forum with community members from all around the globe with little or no information is not encouraging.

[Mate2237]

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.

The mindset of the leaders are always corrupt, they have not thought good for the citizens but only hardship. Bitcoin is not a threat to the government or the authority. But they don't understand bitcoin that is why they are having issue with the users of bitcoin. The government is ignorant of the system and the ICT team in government is not given the government good information instead feeding the government with fake information with data which misleading the government to take obnoxious laws and policies. I blame the ICT unit in government because they know the truth but they are not telling the truth.

[teosanru]

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.

I think almost all of the developing nations are doing this these days. I have heard such instances in India, Bangladesh and in Nigeria also. First of all the central banks of these countries are afraid the if some capital will come from such sources which aren't under their control chances are they will impact their development policies. In my country no matter which government comes i am sure that there still will be such a behaviour from central bank for Cryptos.

[Pokapoka124]

This is old news from 2021, Nigeria has since taken a new stance on cryptocurrency, the incoming administration as part of its campaign promised to be bitcoin-friendly.

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.

It wasn’t a complex process and was easy to bypass. At the time, accounts involved in crypto transactions were identified using the narration note of the wire transfer or e-transfer, if the transaction note had key words like bitcoin, Binance, coin, e.t.c basically anything cryptocurrency related would cause them to flag the account.
There weren’t reports from users because both accounts (sender & recipient)were blocked. It was rumored that there were accounts controlled by law enforcement on p2p exchanges to fish out crypto traders.

Some exchanges have the option where you can use your debit cards to buy bitcoin directly, and also exchange your bitcoins to fiat directly to your account. These are easy ways for banks to know you’re involved in cryptocurrency even if they do not act immediately, just know you have already been compromised.

[mirakal]

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.

As I said in my previous post, You have to be careful with your privacy. It's important. The Banks and the Government always want to take control of your money. If you use Bitcoin, They will lose control over your money. They are doing business with you using your money. You know the reason why they want to seize Bitcoin funds. Stay anonymous on the internet if Bitcoin is banned in your country. You shouldn't tell anyone that you own Bitcoin. Not even your friends and family members.

I won't suggest anyone to centralized exchange. But, Sometimes, we have to use it because of our needs if you use centralized exchanges to convert your Bitcoin for fiat. Do it part by part. Don't go all in. Use a payment method which has a low chance of tracing you. A few simple, easy things can save you from getting caught.

That's not new anymore as we know that Banks and Government are working together to make our lives harder rather than comfortable just like what they used to advertise it. The arrival of bitcoin has been a big help to us because aside from it gave us hope and choices how to protect ourselves from the inflation, it also gave us knowledge that governments are not that friendly as they are just taking advantage of the power they have for their own selfish gains. Well, at least from my perspective because I don't know about these things until I meet bitcoin.

[indah rezqi]

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.

You are very right, and I hope the OP or someone will report this topic moving to the local Nigeria board or locking it down and continuing it in the local board. Some Nigerian users may need to know this especially if the topic specifically relates to Nigeria, its government etc.

Also I want to ask, is Nigeria a Federal state? Just a moment, I've found the answer.

[Gallar]

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.

Not only in Nigeria, the government does things like that to its citizens, things like this are not strange anymore, including in my country. The government seems unwilling to see its citizens have progress (especially in the financial sector), perhaps because there are no benefits that go to them. Even though bitcoin/crypto investors have never had any detrimental elements for the government, even from the experience I experienced and I saw from people around who invested in bitcoin/crypto, many people were helped financially.

So where exactly is the fault of bitcoin/crypto investors? they are just trying to make a living for themselves and for their families. And they also never ask for capital from the government. The government should be proud of its citizens, because its citizens can make money independently, without having to trouble the government. And in essence, if there is no income that goes to the government, in my country it also seems that the use of bitcoin/crypto will most likely be banned, but fortunately the government is quite tolerant in responding to this bitcoin/crypto problem.

[Gozie51]

But i real deals here is the government are afraid of citizens having independent living source.

It is not about government not wanting citizens having independent source of living but they want a means that they can monitor all financial services in the country. Apart from the allegation of money laundry from the onset of bitcoin creation, the government tries hard to limit the use of bitcoin but this is not all countries. Understanding your post, it looks like what happened in Nigeria. For example in Nigeria, the government had to block access to some account linked to the bank because they were means that the youth were funded to hold government to her knees during the #Endsars protest. After that protest the government came up with that ban which has really been criticized but the government has been adamant on that, refusing to allow citizen freely trade on bitcoin.

[AbuBhakar]

But i real deals here is the government are afraid of citizens having independent living source.

It's not about source of living but rather they afraid that people will not need anymore fiat to purchase since thy have fully control on it while Bitcoin is completely decentralized which people cannhold without paying any taxes if they will.

Government will always be like this even with different administration because they want a full authority on something to manipulate the finances of the citizen and imply the rot fiat system that prone on inflation.

[ZAINmalik75]

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.

Not only in Nigeria but all around the world most of the country government has same mind-set about cryptocurrency rather than el-salvador, because it's a big treat for  banking system. Government of any country got a handsome of money from banking system in shape of taxes, but at the same time on the other hand cryptocurrency is totally opposite, there is no profit for government and by adopting cryptocurrency citizens got financial freedom from government while government is not in Thier favor..

[The Cryptovator]

If the government persists in clashing with Bitcoin and blocking accounts associated with Bitcoin transactions, it is likely that individuals will turn to the black market to use Bitcoin. This decision is baseless and merely a pretext for seizing accounts with funds. I despise such futile efforts. Additionally, both banks and centralized governments consider Bitcoin to be a threat to their interests. They do not appreciate our financial independence. Eventually, they will realize that Bitcoin is unmanageable and impossible to disregard.

[bittraffic]

All governments and banks are threatened by BTC also. Nigeria is where the CBDC has also experimented and they want all people to use it. If people are not using it, the government is alarmed. In order for you to try the CBDC, they will definitely coerce the use of CBDC by banning and seizing crypto assets from Nigerians.

Quite totalitarian but they will do what's good for them and you as a person who wants freedom also do what you need to do.

[Smartvirus]

There is nothing new about this news, the government and there stands on cryptocurrency. At the time, crypto is seen by the government as anti to fiat which is there product through which theh generate funds in taxation and use to gain some level of control over the economy in the nation. The government is never going to abandon its product for some fiat, it would always value fiat more and orchestrate tratte gies to discourage its citizens from transacting with cryptos.

It is fundamental at the time in the regions of no acceptance, individuals be mindful of the nevers they do not to draw attention and the comments they leave on exchanges after transacting. These are means that leads to these traces.

[tjtonmoy]

Why do you this Bitcoin is still not the legalized world currency? It is because the Government want to control us. They have created a system where everything is under their control. Anything that threaten that system, such as Bitcoin, they will try to suppress it no matter what. So this action is not a new thing. Many people have been put to jail just for being involved with crypto. Their offense was they owned crypto. It happened in my country.

Bitcoin comes with freedom, which is a sore to the eye of the Government. The day they accept our freedom, only then we can see no ban on Bitcoin. It's a shame to know what the Government is missing out on leaving Bitcoin to the side.

[Asiska02]

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.

The Nigerian government has had a law prohibiting cryptocurrency transactions and banks from participating in them for some time, but despite this, the use of bitcoin has increased significantly. P2P transactions have made it possible for ordinary Nigerians to trade bitcoin without the knowledge of the government.

The government, I'm sure, is aware of citizens' involvement in cryptocurrency trade, but they can't completely prohibit or restrict their use because they know the citizens have found a means of livelihood there that they were unable to provide for them.

With recent developments in the country, we may see the Nigerian government reconsidering the use of cryptocurrencies in the country and lifting the ban on them; this will be great news for the crypto community, which we expect to hear soon with transition of government happening soon.

[Issa56]

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.

Do you know why banks are not in support of bitcoin? If they can support bitcoin then they will lose lots of customers, most of the money you deposit into your bank accounts are been used by banks to run their own business, some of them loan companies the money which their will be interest in the money. If they accept bitcoin then average Nigeria citizen won’t leave money in bank anymore. I believe that’s one of the reasons banks are not in support of bitcoin.

[serjent05]

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.

Bitcoin disrupts the financial system and obviously, traditional financing institutions will be threatened especially when a new competitor offers innovation, more financial transaction freedom and independence from the banking services.

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.

I do not think this applies to all government and is dependent on what kind of leader the government has.  Good leaders wanted their citizen to be fruitful and above poverty so they are doing their best to create programs that can improve the status of their constituents.  Of course, the greedy and corrupt politicians will do the opposite and will often create a half-baked project to cover up their corruption.  Or they will deliberately implement regulation in guise of innovation and certain institution improvement but obviously bring more difficulty to their citizen.

[WeThePe0ple]

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.

Well this is currently my situation.
I have called my local banker and said that the would be a large transaction next week. That I had to protect my savings against the current inflation.
She then offered me a 2% profit rate with a savings account. I laughed it off and said that the inflation is a multitude of the profit rate any bank can offer.

When she sees that half of my bank savings are going to Binance, I expect alarm bells to go off.

[PX-Z]

Nothing we can do about it, unfriendly countries towards bitcoin usually do that. Banks and its government always do partners and shares the same ideology towards crypto, good thing it's not in my place.
What people should do about it is doing p2p like others have said, and avoid transacting for large amount of money in one go since it will eventually be detected by the banks, if it can be traded/transferred for multiple times, much better.