CENTRAL BANK OF NIGERIA LIFT THE BAN ON CRYPTOCURRENCY IN NIGERIA

[criptoevangelista]

It is impossible to fight against bitcoin. No matter how hard governments try, it only makes bitcoin stronger and stronger because its fundamentals are solid and it gives people freedom.

I'm happy for the people of Nigeria because it's always good to be free to do whatever you want, including buying bitcoins.

[oktana]

But I thought someone made a post long ago saying that Nigerian government didn’t have issue with individuals buying or trading cryptocurrencies but with the banks doing so? Are you saying that regardless trading cryptocurrencies has been illegal in Nigeria until this news? Anyways, this is great news. I love to see when adoption happens. Maybe your country has finally seen the need for cryptocurrency in general and have regretted their earlier actions.

[Wiwo]

I guess it was this, that they realized that they were losing much more than they could gain from the ban.

There has been changes in government. New president was elected some months ago. 10% capital gain tax was included in 2023 Financial Act for cryptocurrencies which the incumbent president signed. The CBN governor that banned bitcoin and other cryptocurrencies was removed and replaced by his assistant before the present CBN governor was put there. The former CBN governor is illiterate to cryptocurrencies in regards to how it handle cryptocurrencies. It is not about them seeing that they are losing but there is a change in government.

The bottom line is that,  Nigeria have lose money from the action of the so-called CBN governor who is now in jail for fraud and other financial crimes, the just past cbn governor is the genesis of the Nigeria economic problem,  he is so uneducated and arrogant in his approach to issues as regards to the financial systems.

Since we have a President that knows what he want we are beginning to see changes and the lift of the ban on bank/crypto transaction is one of such even though it just a carry over from what the just past president signed before leaving office,  but since it happening in this time,  we have to give the credits to the present president since he is the one the ordered the arrest the CBN governor.

[Darker45]

This is a welcome development in the most populous country in the African region. There is a huge market in the country, and even a bigger potential in terms of further adoption. Bitcoin is now made more accessible with this update. Considering that the country has a high inflation rate, Bitcoin as an alternative way of saving is now made a lot easier for Nigerians.

The CBN has probably realized that if you can't beat them, join them. I believe this is a precursor for the banks to eventually be allowed to offer crypto custodial services, which is still prohibited under the new guidelines. Bitcoin is slowly but surely gaining grounds.

[moneystery]

this is positive news which can increase the adoption of bitcoin in nigeria and at the same time increase bitcoin capitalization globally.

and perhaps this is the first step before a much bigger action which could make bitcoin legal tender in nigeria, who knows what might happen? because we have seen several countries starting to be interested in making bitcoin legal tender in their countries, most recently we saw that el salvador was successful in doing this, then argentina has started to design a legal standing for it, and maybe other countries will follow this action.

[Kelward]

This is a great news for the Nigerian community, the ban has really hampered the growth of cryptocurrency in the country. Crypto enthusiasts can now interact with cryptocurrencies without the fear of the authorities breathing down their necks. Few hours following the lifting of the ban, there's another news making the rounds that some of the leading banks in the country are collaborating to launch a novel stablecoin cNGN that will be pegged against the Nigerian naira.

This lifting of ban is a welcomed development in the Nigerian crypto space, because it will pave the way for a wider adoption of Bitcoin in the country, because before now there had been mixed feelings about cryptocurrency in the country. People mistook the central bank (CBN) ban on banks not to facilitate cryptocurrency transactions to mean that Nigeria, has placed total ban on cryptocurrency usage, this misconception really affected the adoption in the country, because many Nigerians, saw Bitcoin as illegal in the country, and won't have anything to do with it.

The government through it's CBN lifting of the ban on banks to facilitate cryptocurrency transactions will now set the record straight that Bitcoin is not a scam, that it's a legitimate business that people can invest in and use as an alternative means of payments in the country.

[Z390]

But I thought someone made a post long ago saying that Nigerian government didn’t have issue with individuals buying or trading cryptocurrencies but with the banks doing so? Are you saying that regardless trading cryptocurrencies has been illegal in Nigeria until this news? Anyways, this is great news. I love to see when adoption happens. Maybe your country has finally seen the need for cryptocurrency in general and have regretted their earlier actions.

When crypto is banned in a country, it doesn't mean that every citizens who still use crypto will face a death penalty or go to prison, the ban means that the centralized country won't accept crypto as means of exchange in the country and that means cutting ties between banks and crypto holders or traders.

To me it's not that of a great news, because Nigeria is not a well established country, full of corruption so them lifting the ban on crypto is a sign that people can be robbed if they know that you are involved with crypto, there might be a way that the government will make people pay some tax on crypto.

I know the country too well, they only become friendly with something they can benefit from, there will come a time where those in power will make money from crypto adopters in the country.

[so98nn]

Indeed it is a piece of good news. I am giving it a nice perspective in terms of "high earning". As far as everyone knows NIARA does not have much value in the market OR it has a high conversion rate against USD. This means anyone earning money from an online source can be crazy rich locally. Just take an example of a Nigerian individual who is working on a forum under a signature campaign getting 60-100 bucks every week. The conversion of this comes to a whopping 55-90K Niara. I know I still have to consider the inflated rates of products and services but that much money can actually buy a whole lot of things within the country. Considering the fact that they working for a remotely-based company with their skills and earning more than 1000 USD per month can be 7-8 figures income for them.

Now, the channel is open for Nigerians as the central bank lifts the ban on Bitcoin. This is indicative that they would easily earn money in Bitcoin form, and trade is easy. If Bitcoin merchants are not available then they can also exchange the same locally and get things done. I think so far that's the perfect decision for them.

[Natsuu]

This is great because this event holds the promise of expanding the adoption of cryptocurrency in Nigeria and across Africa. It will also boost confidence and encourage more individuals to explore the benefits of digital assets. May this lifting of restrictions usher in a new era of growth and acceptance for cryptocurrency in Nigeria, contributing to the broader narrative of its positive impact on the global financial landscape.

[AmoreJaz]

This is great because this event holds the promise of expanding the adoption of cryptocurrency in Nigeria and across Africa. It will also boost confidence and encourage more individuals to explore the benefits of digital assets. May this lifting of restrictions usher in a new era of growth and acceptance for cryptocurrency in Nigeria, contributing to the broader narrative of its positive impact on the global financial landscape.

this event goes to show that a certain country which has very strict laws towards crypto market can still change their stance depending on the current developments within their political system. with the rising interest in crypto not only in btc, countries for sure are already looking at the opportunity on how not to miss the potential of this market to their economy.

i have strong feeling that some of the countries which banned btc in their financial circulation will change their mind very soon. as this market can continue without their approval, they have no full control of what's gonna happen for this market. it will continue to grow even without their help. as long as its people have their net connection, they can participate in this market in so many ways they can imagine.

more then likely, those countries that still have very strict approach on this market are already considering to be lenient on this. but we can understand if they will take time to announce its change to its people. after all, it is contradicting what they already said to its people, and that is like a slap in the face to their government.

[letteredhub]

Not to blow up good news but when did the ban ever stop Nigerians from using Bitcoin, just look at this very forum lol

I mean, I've been using it regardless legal or not, in fact kinda prefer it to not be clearly legal because it seems scams pop up when it's legal... leading to ppl losing money, and Bitcoin getting a bad name.

Remember, Bitcoin is freedom money

The ban was in the use of banks in executing cryptocurrencies p2p transactions, I don't have the data to show for now but from what I know there were many bank accounts that were freezed by the banks because they were used for crypto transaction deal at the time the ban was in place. So it's a goodnews to see that the banks can now be used for these same transactions now the ban is lifted and made legal.

You have been using it on exchange p2p and the fiat you receive as transfer from the trade are done in coded communication between buyer and seller  thatt it has no crypto related words for the banks not to have evidence to show for it , as far as I know that's how we have been doing it not until now the ban is lifted. As for giving crypto or bitcoina bad name, there's no good thing in this life that has been giving a bad name but those that knows it's genuineness always filter the noises.

[snipie]

This is great because this event holds the promise of expanding the adoption of cryptocurrency in Nigeria and across Africa. It will also boost confidence and encourage more individuals to explore the benefits of digital assets. May this lifting of restrictions usher in a new era of growth and acceptance for cryptocurrency in Nigeria, contributing to the broader narrative of its positive impact on the global financial landscape.

Bitcoin is largely unregulated in most countries even though some of them ban it or restricted it in a way or another. Some governments just noticed how much they can profit from it and decided to reverse the ban, others are trying to regulate it and so on.
I think Nigeria made a good decision to lift the ban and hopefully other countries will follow and reverse the nonsense they are doing.
These countries see Bitcoin as a threat to their banking system which is a lobbyist after all that seduce politicians to ban it for their pure interest and not people's one. You can change Bitcoin by anything banned in these countries and you will find the same situation where people interest are the last thing to take on consideration..

[GeorgeJohn]

This is a welcome development in the most populous country in the African region. There is a huge market in the country, and even a bigger potential in terms of further adoption. Bitcoin is now made more accessible with this update. Considering that the country has a high inflation rate, Bitcoin as an alternative way of saving is now made a lot easier for Nigerians.

The CBN has probably realized that if you can't beat them, join them. I believe this is a precursor for the banks to eventually be allowed to offer crypto custodial services, which is still prohibited under the new guidelines. Bitcoin is slowly but surely gaining grounds.

Actually in statistics of Africa continent Nigeria is the highest country in Africa that make use of bitcoin most, and if not the previous government of Nigerian by now bitcoin would have been a legal tender in Nigeria but the previous government was myopic of bitcoin and also unable to understand the important of bitcoin in future and that is while they restricted the uses of bitcoin, so right now a new president has emerged and also noticed important of bitcoin and it makes a bitcoin to be valued and recognised, so it's a really a welcomed development from my perspective.

[Mate2237]

It was a nice news to all the users in the cryptocurrency ecosystem world in the country and there was jubilations around the country though it is not yet legal tender but the government just redirect the CBN to lift the ban place on cryptocurrency in the year 2021. I think this will also help the country economy to grow but it will not grow when Bitcoin is officially adopted on the country and all the commercial shops can accept and use it for transactions. But the taxation will be there for everyone to pay. Though it is the Centralized Exchange platforms are the ones to pay the taxes direct to the government while in return we the customers to the exchange platforms or the users of cryptocurrency in the country are to pay for the tax through the transaction fee.

The tax is not a new thing to us because we have been paying tax since. And now that cryptocurrency is accepted in the commercial banks then the direct buying and selling will be nice. The vendors of this exchanges are something else.

[jrrsparkles]

Good news for the Nigerian fellas but I doubt it will affect or help increase the capitalization globally because if I am not wrong in the past Indian central bank has had similar restrictions but crypto is still not illegal in India later the lifted ban by their Supreme Court haven't contributed much in bringing more capitalization to bitcoin or correct me if I am wrong.

[oktana]

But I thought someone made a post long ago saying that Nigerian government didn’t have issue with individuals buying or trading cryptocurrencies but with the banks doing so? Are you saying that regardless trading cryptocurrencies has been illegal in Nigeria until this news? Anyways, this is great news. I love to see when adoption happens. Maybe your country has finally seen the need for cryptocurrency in general and have regretted their earlier actions.

When crypto is banned in a country, it doesn't mean that every citizens who still use crypto will face a death penalty or go to prison, the ban means that the centralized country won't accept crypto as means of exchange in the country and that means cutting ties between banks and crypto holders or traders.

To me it's not that of a great news, because Nigeria is not a well established country, full of corruption so them lifting the ban on crypto is a sign that people can be robbed if they know that you are involved with crypto, there might be a way that the government will make people pay some tax on crypto.

I know the country too well, they only become friendly with something they can benefit from, there will come a time where those in power will make money from crypto adopters in the country.

Of course I can say the ban wasn’t so deep to send one to death penalty (doesn’t mean a country can decide that). What I was saying was that someone once posted or said that the Nigerian government said they weren’t talking to individuals but to banks and something like that.

Anyways, I do not see why this isn’t great news. I’m sure that before now, the citizens of these country must have been doing their cryptocurrency transactions illegally (because it was banned), at least now they can do it legally and it’ll open room for new cryptocurrency innovation in their nation.

[slaman29]

Not to blow up good news but when did the ban ever stop Nigerians from using Bitcoin, just look at this very forum lol

The ban was in the use of banks in executing cryptocurrencies p2p transactions, I don't have the data to show for now but from what I know there were many bank accounts that were freezed by the banks because they were used for crypto transaction deal at the time the ban was in place. So it's a goodnews to see that the banks can now be used for these same transactions now the ban is lifted and made legal.

I don't have any data to show either but Nigerians on this forum would be making it very public if it happened to them but I haven't come across anything. I don't really understand how banks can monitor p2p but we're probably talking about huge volume traders who anyway must report txs because they do business on high volume but normal users like us never need worry.

Good news for business, nothing impactful for Bitcoin users.

[Youngkhngdiddy]

this is positive news which can increase the adoption of bitcoin in nigeria and at the same time increase bitcoin capitalization globally.

and perhaps this is the first step before a much bigger action which could make bitcoin legal tender in nigeria, who knows what might happen? because we have seen several countries starting to be interested in making bitcoin legal tender in their countries, most recently we saw that el salvador was successful in doing this, then argentina has started to design a legal standing for it, and maybe other countries will follow this action.

    The lifting of the crypto ban in Nigeria is a very good step towards the adoption of the cryptocurrency, Nigeria being one of the populous country in the world with youths full of zeal to work and looking for better ways to better their lives. It is not new that even while the ban was is imposed some people still uses crypto. With the  government of Nigeria giving their backings to cryptocurrency other countries too will want to adopt it as well.  Nigeria is one country that’s a lover of bitcoin and cryptocurrency as whole, they see the space as an opportunity couple with the current economy crisis in the country, a lot of the people in the country are senior crypto advocates and enthusiasts and being one of the fast growing technological country in web3 space and crypto. The adoption of bitcoin is just inevitable.
   This s a good news to Bitcoiner in the country, now people can now venture into crypto without fear of the government. And not only those it’s favored the people of Nigeria alone but the crypto space as a whole cause those who were scared of investing from the initial can now. Nigeria being one of the largest countries in Africa will  surely have huge influence in other African countries too. It a win win for crypto market for more people and countries to see the light in crypto.

[Franctoshi]

I see the CBN of being tired as the ban likely yielded no result, Therefore lifting of the ban or no lifting, crypto enthusiasts in the country are already good going since after that they placed the ban on cryptocurrency transactions, the only impact I see with the ban lifting is that we can now run our crypto transactions peacefully without any central bank or bank hurting of our business dealing with cryptos or in some cases get our bank account banned if they suspect your activities of dealing with cryptos, and furthermore there was this fear that they created initially as a result of the ban, which made some investors in Nigeria slack back in dealing with cryptos and right now, they have every reason to invest.

[gabbie2010]

Binance P2P was the most credible alternative for Bitcoin traders, hodlers and investors during the ban of cryptocurrencies by CBN, I think anonymous transaction between a seller and the buyer of crypto without any remark on the transaction had really helped in smooth transactions, now with the lifting of the ban a lot of crypto related business would begin operation and more jobs would be created, I think this is a welcome development by the government of Nigeria having known that majority of the youths are into crypto related stuffs and more income would be generated by the government in form of tax on crypto related business.