Crypto Regulation in Nigeria. What is your Opinion?

[Davidvictorson]

On May 3rd, 2023, the immediate past administration of Muhammadu Buhari approved the country’s National Blockchain Policy for Nigeria¹. It was indeed a moment of joy and gladness for us as I recall reading the news of it here. Today, I read on Nairametrics that this organization called, Digital Currency Coalition (DCC), which is a consortium of crypto asset practitioners, blockchain innovators, and founders called on the president to come up with a comprehensive policy and regulatory framework for the crypto ecosystem in Nigeria. It is fine. The first thought that comes to mind is for you my Nigerian brothers and sisters, would you want cryptocurrency to be regulated by the federal government of Nigeria? Apart from the obvious perk of being able to buy and sell bitcoin and other cryptocurrencies directly from your banks without the use of P2P service anymore, are there any other perks if bitcoin is regulated in Nigeria? Would anything change from the point of crypto holders? Please share what you think.
1. https://nairametrics.com/2023/09/18/why-nigeria-needs-to-regulate-the-crypto-industry-now-dcc/

[Odohu]

This has been an ongoing discussion even from past administrations but no noticeable action have been taken in that direction. So, it is safe to say that the government might still be studying the possibilities given the complexity and  uniqueness of the cryptocurrency industry.

In my opinion, until cryptocurrency regulation is implemented in the west and the successes and benefits noted, Nigeria will never go that direction.

[internetional]

Apart from the obvious perk of being able to buy and sell bitcoin and other cryptocurrencies directly from your banks without the use of P2P service anymore, are there any other perks if bitcoin is regulated in Nigeria? Would anything change from the point of crypto holders? Please share what you think.

I am not from Nigeria, but I would like to take part on the discussion, because the idea of selling and buying bitcoins in banks looks weird for me.

You call this an "obvious perk". Why do you assess it so? If I had two options: exchange in bank or exchange via P2P, I would definitely prefer P2P, because banks always use their own indicative exchange rates, and their customers always lose money with such conversions. In P2P markets, it is easier to find or to offer a fair price.

[Amphenomenon]

You call this an "obvious perk". Why do you assess it so? If I had two options: exchange in bank or exchange via P2P, I would definitely prefer P2P, because banks always use their own indicative exchange rates, and their customers always lose money with such conversions. In P2P markets, it is easier to find or to offer a fair price.

I get your point, aside this bitcoin was created to be anonymous but I will like to tell you that it was cheaper at first in Nigeria when we buy directly from CEX like binance before the restriction and the other reason most opt for it is that getting scam in p2p in Nigeria is high so that why most of us still opt for CEX for the p2p because at least this add some sense of surety that we may not be scam but the bank to exchanges works better for us.
Here is a post about an issue we Nigerians also face on p2p Pay attention on xchange's P2P transactions

[Coyster]

The first thought that comes to mind is for you my Nigerian brothers and sisters, would you want cryptocurrency to be regulated by the federal government of Nigeria? Apart from the obvious perk of being able to buy and sell bitcoin and other cryptocurrencies directly from your banks without the use of P2P service anymore, are there any other perks if bitcoin is regulated in Nigeria? Would anything change from the point of crypto holders? Please share what you think.

Personally i don't care about regulations, neither do i want to buy Bitcoin directly using my bank, even before the CBN placed a ban on Nigerians banks handling crypto transactions, i never used that option, i've always been fine with peer to peer transactions. The thing is, if there is an obvious framework/regulation for cryptocurrencies in Nigeria, it will allure crypto companies to the Nigerian market, more of such companies would be able to offer their services to Nigerian customers, that is the only "advantage" i can pinpoint, but personally i do not care, as long as they don't place a complete ban on crypto.

[Gozie51]

Would anything change from the point of crypto holders? Please share what you think.

For the level of guys wey dey hodl, trade abi sell btc, my brother nothing go change. The stuff go still dey as e dey especially for guys wey don tey for the game, I no mean newbie. I no go imagine say person go begin waka enter bank becos of btc or come begin use bank app on btc because if that policy happen bank go include btc on their app. E no go change anything, btc dey decentralized and no government fit come regulate the use like their fiat, no.

The thing wey Nigerian government fit succeed do na to go dey regular binance and other exchange and get access to persin document but to go mainstream regulation on btc, Dem no get the mussel. Dem self na follow follow so until the West come up with their template, forget nothing new dey happen.

Except e go just be say e don dey legal status for Naija and all man fit boldly talk about am, trade am, go bank discuss am, link your bank account to exchanges but P2P still go dey flourish well because guys no go still send government.

[Jegileman]

The first thought that comes to mind is for you my Nigerian brothers and sisters, would you want cryptocurrency to be regulated by the federal government of Nigeria? Apart from the obvious perk of being able to buy and sell bitcoin and other cryptocurrencies directly from your banks without the use of P2P service anymore, are there any other perks if bitcoin is regulated in Nigeria?

Regulating the use of cryptocurrencies is the only way that the Nigerian government can help in the adoption of its use by citizens of the country. The narrative that most Nigerians have about cryptocurrencies been a scam would be rethink and they will now be convinced to also be part of the crypto community. Another reason why this regulation will be great is that you don’t need to pass through an unknown third party since it’ll be through your bank you can always meet them physically when you have a problem with your transactions.

Would anything change from the point of crypto holders? Please share what you think.

Yes, many things will change which one of them is that depending on the tax the government wants to be collecting from this crypto holders, it will affect those that are into crypto investing. If the tax impose on its use is too much for them, they might have a change of mind to be using this currency. If p2p exchanges won’t be linked to this government agencies that are regulating the use of the cryptocurrencies, many will still prefer to use the exchanges because of the too much tax that will be placed on it. But since the government will want to regulate its use, even exchanges will have to follow suit in order to get everything in accord.

[Wiwo]

First thing first,  I don't think that the presence of cryptocurrency regulations will eliminate the P2P because as far as I know p2p despite being run by centralized exchange still remains the cryptocurrency market black market,  this is because through P2P in some cases the identity and trace of the main assets are unknown which make it the black market format of operations.

But if it is regulated then the SEC will have a role to play in the selling and buying of cryptocurrencies and the be subject to taxation,  and these taxes will become a burden to cryptocurrency traders and that way they bounce back to p2p as the only saviour to avoid taxes.

[EluguHcman]

That is 1 tin about Nigeria. The Govt will never admit any means that doesn't get under their control as a Major point to benefit them the govt leaders. Selfish governance system in the country.
The govt knows the citizens are making it big and finding crypto especially BTC trading as a lucrative investment so why them no fit just approve am a national use? Nigeria Govt will never be excited on what will enrich it's citizens if they don't get their own percentage out of the hustles of the people.
Crypto as a BTC is a decentralized currency, on that note, make e be as e be and as the co-founders program am.
Nigeria govt is in fund of watching it's citizens work like the elephants and get earned like the ants.

I am at the opinion that as long the currency remains a decentralized currency with nobody of its governing authorities right from its origin, let it remain like that.
What a heartless govt of Nigeria that always want to take part to cut its percentage for job way then no folo citizen do self oh 😏.

Gradually b4 u know they will start giving the coins investors their own rules and regulations way other nations never even apply on their own people all just to enrich themselves.

[Mr.suevie]

Apart from the obvious perk of being able to buy and sell bitcoin and other cryptocurrencies directly from your banks without the use of P2P service anymore, are there any other perks if bitcoin is regulated in Nigeria? Would anything change from the point of crypto holders? Please share what you think.

I am not from Nigeria, but I would like to take part on the discussion, because the idea of selling and buying bitcoins in banks looks weird for me.

You call this an "obvious perk". Why do you assess it so? If I had two options: exchange in bank or exchange via P2P, I would definitely prefer P2P, because banks always use their own indicative exchange rates, and their customers always lose money with such conversions. In P2P markets, it is easier to find or to offer a fair price.

That's true because before ever that this idea would have been taught of by banks, there is obviously a percentage that they plan on enjoying and like you, I will obviously prefer a P2P trade and it's really weird to even think of such thing happening in a country like Nigeria because their is always an extortion feeling attached to any government organisations that deals with the public and plus the fact that bitcoin acceptance is still looked with a keen eye in the country.

Although times don dey change but I still very much doubt this whole thing can possibly work out and more over I think people will actually choose a platform where they would be the one in control rather than use a centralized system like the bank to do their biddings.

[Cryptomultiplier]

I am not surprised of such a news bearing headings. It is expected even as England has had to regulate its own crypto currency market following King Charles' declaration.
At least it is a green light and right step in the right direction until we no longer need to regulate crypto currency, when more customers and users have understood its concept and can trade efficiently with it.

[nelson4lov]

I knew they'd want to regulate crypto at the end of the day because I see as them launch eNaira and most Nigerians no even take am serious so they approved blockchain adoption but not Crypto. So that's an important thing to keep in mind. I no go like if Government regulate crypto because na because of regulation most Nigerians no fit get access to cross border payment opportunities via paypal those days. Bitcoin solved all of that.