Cryptocurrency should be regulated not banned.

[Samlucky O]

My people ona good morning o. I no say dis news na old one but I say make we touchlight am small. Our x vice president professor yemi osibanjo on the 26 of February 2021 been say crypto currency no sopos ban for we country naija say we need to regulate am.

So now I come dey ask say if bitcoin get regulations for our country Naija, say we fit enjoy am as we dey enjoy like this?

 Or had it been say them regulate am instead of ban, them for gree make Bitcoin a means of transaction/payment?
Link===> "Osinbajo Bombs CBN, Says Cryptocurrency Should Be Regulated, Not Banned (Video)" https://www.naijanews.com/2021/02/26/osinbajo-bombs-cbn-says-cryptocurrency-should-be-regulated-not-banned-video/

[Charles-Tim]

My people ona good morning o. I no say dis news na old one but I say make we touchlight am small. Our x vice president professor yemi osibanjo on the 26 of February 2021 been say crypto currency no sopos ban for we country naija say we need to regulate am.

This reminded me that time and we discussed about it in economy section of this forum: Nigeria’s vice president, Yemi Osinbajo speech at economic summit on Friday

So now I come dey ask say if bitcoin get regulations for our country Naija, say we fit enjoy am as we dey enjoy like this?

It was an implicit ban, not a (total) ban. That is the benefit we are enjoying. This ban favours us for now because we are not taxed. Although, 10% capital gain tax was included in the present financial bill which was signed by the incumbent president. Which means federal government do not ban bitcoin and other cryptocurrencies. But if the regulation started effectively, many Nigerians will start paying tax. Some people will start to prefer to use a decentralized exchange.to evade this.

I will like tax to be enforced, especially on those crypto exchanges that are stealing from the government but the government failed to understand till today. Those exchanges supposed to have offices in Nigeria, employ Nigerians as workers and all of them supposed to be taxed just like banks.

Or had it been say them regulate am instead of ban, them for gree make Bitcoin a means of transaction/payment?

I have used bitcoin several times to pay for services online since 2020. I wish to be using it but most services are requiring fiat. I have also used bitcoin and stable coin like USDT to have deals with friends and some other people before, especially the ones on this forum which are Nigerians.

Know that it is highly not likely that Nigeria government can make bitcoin a legal tender or accept it as a means of payment. But we ourselves know the usefulness of bitcoin in P2P transactions.

[Kelward]

Nigeria, no ban cryptocurrency, na CBN  restrict banks to de facilitate crypto transactions. If our government ban crypto matter, dat one for mean say exchange transactions for de illegal, but no be so. So for di regulation matter, me I support am, e go de better say make our government de collect tax and make CBN free our banks to de facilitate crypto transactions. Anoda advantage of regulation be say e go put to rest dis misconception say Nigeria, ban cryptocurrency, and dat one go help to boost di adoption of bitcoin, for di country. Also di harassments wey our youth wey de into crypto business de face for di hands of our law enforcement, like say na yahoo dem de into go stop.

As charles-tim, talk, e go de good say make our country and our citizens de benefit from exchanges, because dem de make money from plenty crypto transactions inside Nigerians. So na through regulation all dis things go materialize.

[Antotena]

My people ona good morning o. I no say dis news na old one but I say make we touchlight am small. Our x vice president professor yemi osibanjo on the 26 of February 2021 been say crypto currency no sopos ban for we country naija say we need to regulate am.

So now I come dey ask say if bitcoin get regulations for our country Naija, say we fit enjoy am as we dey enjoy like this?

 Or had it been say them regulate am instead of ban, them for gree make Bitcoin a means of transaction/payment?
Link===> "Osinbajo Bombs CBN, Says Cryptocurrency Should Be Regulated, Not Banned (Video)" https://www.naijanews.com/2021/02/26/osinbajo-bombs-cbn-says-cryptocurrency-should-be-regulated-not-banned-video/

What you should understand about the ban about is that it wasn't a ban from the people but the central bank cut the relationship of people and the commercial banks. The Central bank put a stop on using banks to buy and sell digital cryptos, and since people use p2p to do all their transaction and the only way people can be free from that shadow ban is if the government want to allow regulation to play it effect.

I don't like regulation, ask me why. I prefer the current state of cryptocurrency in this country because the government doesn't interfere and neither do the people interfere with their affairs, all we ask from them is good governance. I can buy and sell without involving anybody but if they should regulate crypto today, be ready to pay tax and we know how wicked the government in other countries tax their citizens that are involved in crypto, can you pay 10% to 30% from your investment? because we are all enjoying now for free, if they should regulate it, it will take time before we adapt to the new system in the country.

The government may not allow regulation, because of political difference, the only party that want to even try is blockchain adoption they want to bring to the country and not crypto, they don't want to that because of what happened during the end Sarz protest that led to the death of many. Government fear people will have power over finance if crypto is allow in his country.

[Amphenomenon]

Like as Charles-Tim said this is would be actually the best for the government because the current restriction by the cbn is not really affecting us much while the 10% tax which shows more that the government is in support will also attract foreign investors, bring employment opportunities and other benefits to the economy. The first regulation which was a failed one when they created the eNaira, we know they would have thought about this also but they opt for the eNaira because that was an easy way for them to squander more money because they did little or nothing in making the public aware of it even during the cashless season this year and Thank God the fraud cbn governor is out. Though we know the eNaira could never have affected the adoption of Bitcoin in Nigeria.

Or had it been say them regulate am instead of ban, them for gree make Bitcoin a means of transaction/payment?

The fact is even in this current restriction by cbn, as long as the person you are doing the payment/transaction with agrees for you to pay them with bitcoin then you can, the government will not hold you and it does not matter if the person is a driver, market woman, barber or any other person as long as they accept it then you can.

Also di harassments wey our youth wey de into crypto business de face for di hands of our law enforcement, like say na yahoo dem de into go stop.

 We don't have to blame the law enforcement agency for this, we just have to be careful even after the regulation this will still continue as long as yahoo boys remain. That's why we have to be cautious of how we act and dress. CryptopreneurBrainboss address this issue one time here :

Commot all the formalities, we dey Nigeria and na we know how the matta be and if you haven't be harassed you no go understand the pressure wey you go dey feel at that very moment. Before using trading has always been the way out of this harassment but this days dat one no go sell again because every yahoo buy claims to be a bitcoin vendor or trader but when further investigation is been carried out, they'll later discover that he was lying as they find things that implicates him as a fraudster. Things like clients information in regards to their maga wey dem dey scam so using a trader can bring more aggression towards you and might make them beat you up.

The simplest thing to do na to tell them you be freelancer (or you work remotely online) to go further you fit tell them you're an online marketer because that's what most of us are that are enrolled in a signature campaign. This platforms dem wey they hire you make you advertise for them for the forum as you dey wear their ads so na marketing you dey do for them so you're an online marketer. Telling an authority officers that you write on a forum and get paid might sound like a lie and before you get the opportunity to explain further, slap fit dun land you for face and by that time to dey explain go just tire you. Use big worlds instead of trying to make them understand what you do, so them go give you the opportunity to explain.

[CryptoHeadlineNews]

I will like tax to be enforced, especially on those crypto exchanges that are stealing from the government but the government failed to understand till today. Those exchanges supposed to have offices in Nigeria, employ Nigerians as workers and all of them supposed to be taxed just like banks.

That's a really brilliant idea, and I think that's the area where the minister of finance would have focus his energy the more, most especially now that Nigeria is been ranked as the top country most interested in Bitcoin/cryptocurrency, to generate huge revenue for the country alone, because even thou the transaction fees on those exchanges would have been doubled, but at least the government stands to gain than now that no gain nothing from the crypto space. But however, I'm very much okay with the current state we are right now, whereby we can easily buy & sell Bitcoin through the help of p2p fast with the use of reputable exchanges such as Remitano, Binance and Luno.

[CryptopreneurBrainboss]

So now I come dey ask say if bitcoin get regulations for our country Naija, say we fit enjoy am as we dey enjoy like this?

We can't enjoy it the way we're enjoying it now wey be say na decentralized operation, Bitcoin go still be Bitcoin but Immediately Bitcoin get regulated e go lose most of its decentralized benefits for the country. We Nigerians know say we no like decentralization instead we sabi give power to a selected few. Reason am from the days of our local banking system (akawo) days to now wey people go prefer to pack billions go keep for bank they enrich the banks instead of using the money to do investment or storing dem in decentralized wey. The Nigeria governments want control and dem go do everything to get that control, if regulations enter the country other means of using Bitcoin will be suppressed but dem no go dey uccessful fully sha although they'll shift a larger share of the community to centralization. Already we're using mostly centralization things when e come to Bitcoin for the country so imagine wetin go happen when this companies begin dey get arrangements with our government on partnership and other things, dem go take over everything and everything will be centralized in the country.

Or had it been say them regulate am instead of ban, them for gree make Bitcoin a means of transaction/payment?

We dey 21st century, physical establishment aren't much of a hype anymore, exchange fit operates without owning physical building in the country. With or without the regulations dem fit still make Bitcoin a means of payment but dem no go do am because dey no get control over Bitcoin. See the way the government's dey influence the price of dollars and Naira anytime wey dem like. Na that kind thing wey the government like and not Bitcoin that dey won't have the highest say on what happen to the market. Na this same thing dey make world powers never dey reason Bitcoin. If to say dem get way to fit take over the control of Bitcoin dem for dun accept am as a currency but instead the government they shift our attention of Bitcoin been more of a speculative assets instead of accepting it as a cureency. Bitcoin can thrive with or without regulations but the fastest way for we to achieve that adoption na for the government's to come in and regulate the industry in the best way the feel possible but make we just get ready for what is ahead.

[Hatchy]

Also di harassments wey our youth wey de into crypto business de face for di hands of our law enforcement, like say na yahoo dem de into go stop.

that one na becos them they wan dey use bitcoin take cover up their evil deeds. if you wan know person wey get e money geniuely dem no dey show off say them get money even though say the money surplus. i no mean say you no fit buy better thing with your money, but youve got to stay on a low you know say them no dey use eye take look any young guy wey get funds so everything for this life na sense.

ok, back to the topic of dicussion. nija government no actually ban crytocurrency for nija, na cbn na e pass law say make bank dem stop any tansaction wey concern cryptocurrency for we country. but that one no stop we nigerians from using cryptocurrency atall. for long many people them don get the wrong idea about bitcoin and this one don cause the drawback of bitcoin adoption for we country. i no really know sha weather if them regulate bitcoin e go actually change anything. for me, nothing go still change.

[Zigabel]

Dem no actually ban the use of Bitcoin and cryptocurrency,  these digital currencies can not be banned them go only fit stop banks from facilitating the usage or Sales of the crypto which is what they actually do but then e no stop people from using it, till today most persons they use crypto transact, even some kind big traders dey accept crypto because they get idea about how e dey work.

The issues of regulation go really affect how well we dey use and enjoy this crypto currency, if they try regulate am now, many restrictions and policies go make am not easily av accessable and all that, as we dey pay only network fee to transact crypto now, if e dey regulated dem go dey task your transactions plus the one wey exchange the collect so e go become double tasking and cost of exchange go high, them go make everything look like bank and we all know wetin bank matter b for this naija, so make dem leave crypto alone and face other issues wey we country get.

[SmartGold01]

Hello Charles-Tim based in your comments concerning tasking exchanges.. If I am not mistakenly it was said that Nigerian has risen up to start tasking exchange especially exchange like Binance. I think there was a thread raised about this same taxation of exchange.

But anyhow, if you see some exchange like this wey dey operate for nigeria our country supposed charge them.

[Charles-Tim]

Hello Charles-Tim based in your comments concerning tasking exchanges.. If I am not mistakenly it was said that Nigerian has risen up to start tasking exchange especially exchange like Binance. I think there was a thread raised about this same taxation of exchange.

Only what happened was that SEC said Biannce is not registered in Nigeria. Binance called Binance Nigeria as a scam entity, that Binance do not have office in Nigeria.

But anyhow, if you see some exchange like this wey dey operate for nigeria our country supposed charge them.

The problem is that the exchanges do not have offices in Nigeria and this makes Nigeria not to tax them.

[Jegileman]

My people ona good morning o. I no say dis news na old one but I say make we touchlight am small. Our x vice president professor yemi osibanjo on the 26 of February 2021 been say crypto currency no sopos ban for we country naija say we need to regulate am.

So now I come dey ask say if bitcoin get regulations for our country Naija, say we fit enjoy am as we dey enjoy like this?

Me no reason am say we go enjoy am d way we take dey enjoy am now oo. We really want make government adopt dis bitcoin but d same time I no sure whether we fit dey follow the rules wey dem go set for am once dem approve am. You too you know say anything wey government don put mouth for, dem go want make dem get full control of am and make dem get d maximum benefit from the thing. The way I dey see am ba, government go wan make am a means of sourcing for major revenue for d country and dem go to impose tax for people wey dey use am, and if e dey like dat, e fit discourage us wey don dey use am and people wey never still join go just lose interest for the thing. I just dey hope say anoda way go dey wey dem go still approve dis thing without given d tin strict rule wey we no fit take.

Or had it been say them regulate am instead of ban, them for gree make Bitcoin a means of transaction/payment?

If dem don regulate am and dem no gree make dem use am as a means of transaction for d country, how dem wan take dey get their tax collect wey dem go impose on the use. Oda tins fit dey come with the regulations o, but wetin I see say go be their priority na dat tax aspect and for dem to make am achievable we suppose dey use d currency for transactions of a daily basis. All dis things ba, no be something wey go really give dem tough time to make am happen but dey gatz put some kind things down and into consideration wey go benefit both parties but theirs is of more priority. Just know say as bitcoin still remain decentralised, d tendency of government approving and making it a legal tender is still slim.

[EluguHcman]

Currently crypto as Bitcoin na still means of transactions but within the private sectors (individual) and not govt sectors so, we go really enjoy am more because most individuals don dey instigated fear on bcos them believe the Fed Govt grab something phishy about the currency b4 them suspend am so.
So if generally majorities don dey use the coin BTC for transactions, na booster to the BTC investors bcos wilder range of people go be beneficiary and many of us go dey opportuned to have BTC investment without excuses through transaction method of payments.

As for regulatory, that no fit happen BTC the legal tendered of BTC  remains decentralized and nobody fit govern am unless no be the same Satoshi's BTC way dey globally recognized and accepted.