As a crypto user isn't it sumtin to give a thought about?

[Lida93]

I dey sure say some of us don hear or know of John Odidi, the guy nah one popular social media influencer and motivational speaker for we Naija and below nah him thought of advise about the recent FX crisis wey federal gofment fit impose exercise tax on parallel market transactions.

 if you read through this article  you go get clear understanding of wetin John Obidi the try advise crypto users for the quote below to do think of a way out ahead of time make them be taken unaware wit strict regulatory measures we no fit bypass after now.

source:
Crypto will soon be ‘properly’ banned by this government.
Connect the dots.
The government is trying to get the Naira under control, and its current method of doing so is to control FX transactions.
It canceled BDCs and soon reinstated them.
It floated the Naira and quickly backpedaled on that as well.
Now, it’s trying to tax any FX transactions done outside its window.
Someone will tell them that crypto is included.
They will say “But Buhari banned crypto”
And they will answer “Yes he did.. but not entirely. Nigerians still use crypto exchanges to buy and sell dollar”
Point is… in order to be an elite Nigerian in these times, you must be 10 steps ahead.
Don’t wait until it happens and becomes a trending hashtag.
Design your response ahead of time.

If this tax reform is implemented in the manner the federal the try to do am e go affect we wey the use crypto in a very negative way becos the so-called reform is predicated on regulation of finance of Nigerians and not else.

So how unah reason this matta, make we tok of possible hints to use survive this plan.

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[Spaceman1000$]

I dey sure say some of us don hear or know of John Odidi, the guy nah one popular social media influencer and motivational speaker for we Naija and below nah him thought of advise about the recent FX crisis wey federal gofment fit impose exercise tax on parallel market transactions.

 if you read through this article  you go get clear understanding of wetin John Obidi the try advise crypto users for the quote below to do think of a way out ahead of time make them be taken unaware wit strict regulatory measures we no fit bypass after now.

source:
Crypto will soon be ‘properly’ banned by this government.
Connect the dots.
The government is trying to get the Naira under control, and its current method of doing so is to control FX transactions.
It canceled BDCs and soon reinstated them.
It floated the Naira and quickly backpedaled on that as well.
Now, it’s trying to tax any FX transactions done outside its window.
Someone will tell them that crypto is included.
They will say “But Buhari banned crypto”
And they will answer “Yes he did.. but not entirely. Nigerians still use crypto exchanges to buy and sell dollar”
Point is… in order to be an elite Nigerian in these times, you must be 10 steps ahead.
Don’t wait until it happens and becomes a trending hashtag.
Design your response ahead of time.

If this tax reform is implemented in the manner the federal the try to do am e go affect we wey the use crypto in a very negative way becos the so-called reform is predicated on regulation of finance of Nigerians and not else.

So how unah reason this matta, make we tok of possible hints to use survive this plan.

It will be a bit difficulty for them to initiate further restrictions on cryptocurrency, because the exchange system makes transactions on within the users anonymous. The P2P transaction on  cryptocurrency have been successfull because government cannot invade the system and it cannot be taxable by the government.
This is Nigeria, all of this hear say policies, cannot come into fruition, the other time, they said aboki FX, was the reason why there was high exchange rate, and the account of aboki FX was shutdown by the Nigerian government. As we speak, is the dollar rate still not going up trend.

[Amphenomenon]

The fact is this is not a big issue, the government will not entirely banned cryptocurrency because they know what they can earn from regulating it (maybe adding tax to exchanges) and NITDA Offered scholarship on Blockchain last year November, though they can be Blockchain that doesn't have a coin but its shows they acknowledged the technology which cryptocurrency are built on.

Even if they later decided to banned cryptocurrency in Nigeria entirely, Nigeria bitcoin and crypto adoption will continue to surge and this may make us all adopt the use of DEX and non-custodian wallet.
My reason for this is from the fact that cryptocurrency is totally banned in Morocco but they are among the top countries mining cryptocurrency, while mining consumes more energy than any other sector in the country and so the Morocco's government is working on proper regulation of crypto. Also this as become many Nigerian source of living and won't just stop because the government says so in fact more adopters are coming

[Mr.right85]

It can come to that (banning of crypto currencies) or it may not.
In either case, it wouldn’t be any different from the various existing names in nations like Bangladesh, India and the rest of them who still by some means, use cryptos up to this day. What government could regulate in actual is the exchanges but, it would push for the use of the various DEX we have out there and that even would be to the detriment of the government as, the window to any form of regulation would be completely closed to them.

It’s a fine thing they are doing these trier and errors, putting money where money need not be and even sharing the proceeds from a not even concluded project which I think, it’s what they should be looking at. I’m not worried about there plots, I just know as humans and as Nigerians, a window of operation will always be produced.

[Lida93]

The fact is this is not a big issue, the government will not entirely banned cryptocurrency because they know what they can earn from regulating it (maybe adding tax to exchanges) and NITDA Offered scholarship on Blockchain last year November, though they can be Blockchain that doesn't have a coin but its shows they acknowledged the technology which cryptocurrency are built on.

Even if they later decided to banned cryptocurrency in Nigeria entirely, Nigeria bitcoin and crypto adoption will continue to surge and this may make us all adopt the use of DEX and non-custodian wallet.
My reason for this is from the fact that cryptocurrency is totally banned in Morocco but they are among the top countries mining cryptocurrency, while mining consumes more energy than any other sector in the country and so the Morocco's government is working on proper regulation of crypto. Also this as become many Nigerian source of living and won't just stop because the government says so in fact more adopters are coming

I am impressed by the comments declaring similar views expressing how unperturbed we are towards cryptocurrency adoption no matter what regulating policies the government throws at us to kill our morale.

At best what the government can do not to lose  in their quest is to regulate and not think of banning crypto activities because even with their already placed restrictions the adoption is still thriving in the country of which many young Nigerians have taken the crypto industry as a career area. Nigeria recently was ranked among the top 10 countries in the world with highest number of cryptocurrency users, this can only send a strong signal to the government that ban is not the solution but regulation.

[CryptopreneurBrainboss]

Now, it’s trying to tax any FX transactions done outside its window.
Someone will tell them that crypto is included.
They will say “But Buhari banned crypto”
And they will answer “Yes he did.. but not entirely. Nigerians still use crypto exchanges to buy and sell dollar”
Point is… in order to be an elite Nigerian in these times, you must be 10 steps ahead.
Don’t wait until it happens and becomes a trending hashtag.
Design your response ahead of time.

The only way me I dey see say government fit tax crypto exchange na when dem get physical presence for Nigeria but if dem no get den all this tax discussion no get point because how you go tax wetin you no fit control. Binance no get any physical presence for the country to tax am and dem dun disassociate themselves from any institution wey dey claim to get affiliation with them (I remember them calling BinanceNG a scam). It isn't a lie dat the government get plans to do things wey go get negative impact to the crypto market for the country but if you dey use decentralized service you no get problem because nobody go know say you dey do cryptocurency unless na you open your own yansh. If you dey use DEX, government no go fit tax you and some CEX self no go gree unless dem begin block IP address as dem do with twitter. E just dey like Binance exchange now, dem get the popularity they need already in Nigeria and mightn't be interested in opening a physical headquarters here when dem fit do am for neighboring countries and still get big patronage from Nigeria.

Even if they later decided to banned cryptocurrency in Nigeria entirely, Nigeria bitcoin and crypto adoption will continue to surge and this may make us all adopt the use of DEX and non-custodian wallet.

This na wetin me I want, we're too backwards when it comes to decentralization in the country, the things wey we dey use dey think say we dey use decentralized platforms aren't even totally decentralized. Me I want make government make all the centralized services wey dey operate for the country unfriendly so our attention go shift go decentralization and we fit improve that sector better because e go favor many developers wey go launch their dApp and dem go get interested patronages from the citizens of the country and no be now wey na VC and big investors go determine if your project/company go do well based in funding wey you go fit use do marketing and sell your product to the masses.

[Kelward]

The fact is this is not a big issue, the government will not entirely banned cryptocurrency because they know what they can earn from regulating it (maybe adding tax to exchanges) and NITDA Offered scholarship on Blockchain last year November, though they can be Blockchain that doesn't have a coin but its shows they acknowledged the technology which cryptocurrency are built on.

Even if they later decided to banned cryptocurrency in Nigeria entirely, Nigeria bitcoin and crypto adoption will continue to surge and this may make us all adopt the use of DEX and non-custodian wallet.

Even if government decide to ban cryptocurrency for di country, e no go too disturb di adoption, because cryptocurrency like bitcoin, de originally designed to de decentralized. Di move go compel most of use to de use DEX instead of CEX, we go just de run p2p transactions through our non custodial wallets. Di curiosity of total ban sef go make many people especially di youths to wan know wetin de for crypto decentralization, and di adoption go increase.

I agree with Cryptopreneurbrainboss, say e go de better say make our government find way to make dis big exchanges like binance and remitano, to get physical office for Nigeria, dis exchanges de make plenty money for di country, na dem di government suppose put focus on. Because personally i no mind if our government de tax di exchanges because na lucrative business dem de do for di country. Dat one alone suppose make our government to de respect crypto users, na dem go be a source of  income generation.

[Samlucky O]

The only way me I dey see say government fit tax crypto exchange na when dem get physical presence for Nigeria but if dem no get den all this tax discussion no get point because how you go tax wetin you no fit control. Binance no get any physical presence for the country to tax am and dem dun disassociate themselves from any institution wey dey claim to get affiliation with them (I remember them calling BinanceNG a scam). It isn't a lie dat the government get plans to do things wey go get negative impact to the crypto market for the country but if you dey use decentralized service you no get problem because nobody go know say you dey do cryptocurency unless na you open your own yansh. If you dey use DEX, government no go fit tax you and some CEX self no go gree unless dem begin block IP address as dem do with twitter. E just dey like Binance exchange now, dem get the popularity they need already in Nigeria and mightn't be interested in opening a physical headquarters here when dem fit do am for neighboring countries and still get big patronage from Nigeria.

I like wetting you talk here. Why CBN partially ban crypto currency na because Dem no fit regulate am due to de decentralized nature. But if binance and other CEX exchange want to make government bring there mind for this thing, na just to open braches for the country just like banks. Because Nigeria na top 10 country wey dey adopt crypto currency according to news. and which any financial institution should be flexible, reliable and trustworthy. I believe if CEX exchanges open braches I believe all this matter no go dey like this. 

For the blocking of IP address that one na small thing na. online VPN them dey way no carry Naija location.

This na wetin me I want, we're too backwards when it comes to decentralization in the country, the things wey we dey use dey think say we dey use decentralized platforms aren't even totally decentralized. Me I want make government make all the centralized services wey dey operate for the country unfriendly so our attention go shift go decentralization and we fit improve that sector better because e go favor many developers wey go launch their dApp and dem go get interested patronages from the citizens of the country and no be now wey na VC and big investors go determine if your project/company go do well based in funding wey you go fit use do marketing and sell your product to the masses.

One of the problem wey make people no dey too dey use DEX exchanges na because e no dey provide merge for p2p transaction, on like CEX wey dey provide emediate merge for p2p and make trading fast and easy. But if Dex app wey ft do the work of Cex exchange fit come out by developers like you said I think mass adoption go dey and people self go dey happy to use such exchange.
Even say such exchange come out e go still dey centralized. Reason because for any exchange to be trust worthy for merging p2p, e go requires centralization.

[rachael9385]

Well, I done read something like this before outside this forum but me no take am call anything and I no even pit much interest because I no dey sure say FEDERAL GOVERNMENT (F.G) go fit tax any crypto exchange because from the beginning them no accept am and so no crypto currency exchange get office for anywhere for this we country, so e no go dey very much possible at all.

[Charles-Tim]

So how unah reason this matta, make we tok of possible hints to use survive this plan.

The crypto exchanges that have no offices in Nigeria. This is not possible for now unless Nigeria is ready to regulate crypto exchanges. They got a hint and declared Binance not registered in Nigeria. Binance replied and said Binance Nigeria is illegal, that Binance Nigeria is not Binance. What did Nigerian SEC said after? Nigeria SEC said Binance itself should not be trusted as the company is not registered in Nigeria. This was when Binance said they are ready to cooperate. Even though, Binance and other centralized exchanges that Nigerias are using their CEXP2P have no option than to cooperate with Nigeria government and regulators if they know what they are doing. The centralized exchanges are not even taxed, not to talk of taxing the citizens.

Well, I done read something like this before outside this forum but me no take am call anything and I no even pit much interest because I no dey sure say FEDERAL GOVERNMENT (F.G) go fit tax any crypto exchange because from the beginning them no accept am and so no crypto currency exchange get office for anywhere for this we country, so e no go dey very much possible at all.

That was Buhari time. But no regulation yet. In the Financial act, crypto tax was among and it is 10% capital gain tax.

https://pwcnigeria.typepad.com/files/2022-finance-bill_hor.pdf