CBN lifts ban on cryptocurrency transactions

[Charles-Tim]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

[Dr.Bitcoin_Strange]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

I don't mean to sound rude sir, @Charles-Tim  but if you actually think the topic is really worth meriting, you being the first person to sight it, can drop your merit. 

It's really a great news tho.

[Charles-Tim]

I don't mean to sound rude sir, @Charles-Tim  but if you actually think the topic is really worth meriting, you being the first person to sight it, can drop your merit. 

It's really a great news tho.

Thanks for telling me your mind. Although, I wanted to merit the post, but I was still editing this thread's OP as you can see before you post.

Yes, it is a great news. There will be more ways to buy and sell cryptocurrencies again in Nigeria. Although, I like P2P but some people will definitely prefer other means.

[Y3shot]

This na better news wey good make the Nigeria you dey hear,  it is a very good development. So now it means bitcoin is not been restricted from using in Nigeria,  people can now use bitcoin without been harassed by security men. This is very impressive , atleast it will encourage young people to embrace bitcoin without any fear from the government.  Wit such news we are hoping that  one day the government will accept Bitcoin as alternative currency.

[Makus]

Ha oooo, make una come see oo, this is the best decision from our leaders this year, na wattin we want, I thank God say dem sef don dey see say crypto na one of the way forward, now no more threads about crypto restriction in Nigeria again, omor the thing just dey give me joy, I no lie you this na the best thing wey don come out from the government this year. Now person no go dey behave like thief for another man house, but that one no mean say make we no take cover oo. E just be like say na me happy pass. Before you go know now miners dem wey been dey hide ho come start to dey burst out one by one. . 

Thanks to the persons that made this possible.

[Samlucky O]

This is the best news that has happened to Nigeria this year. I thank God they have started seeing crypto currency from the brighter side. Who would have believed that Nigeria of all people would take this kind of decision so soon. I pray the next thing should be making it a legal tender. One thing I am not certain is if this is a trap, to see people who are doing crypto currency transactions since they where unable to track people down from binance.  But even if their intentions are genuine I think people should be carefull and watch how long this will last because Nigeria is not always serious. And let us not just start to rush into transaction but wait and see how long it last before we start.

[Uhwuchukwu53]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

Op the news is very good our heart flow with joy this are always our expectations from them we still believe that more of good decision to make Bitcoin function freely in the nation will come soon as no choice of better economy than this and following the moving train of other nations, only Bitcoin can reduce huge percentage of unemployed graduate youth of this Nation who are will to work in this platform by investing, selling what they means buying and selling is initiated, op once again thank for current update.

[Cryptomultiplier]

Am yet to get the full gist of this news because if there's one thing I know, it is that they would definitely find a way to tax and regulate crypto currency transaction in and from the country.
I like the development though because it was a part of BAT agenda made promises to the youths and I was expecting it in two years time, but with talks of the adoption of the YEN, am seeing a change happening in the Nigerian financial and economic sector.

[DubemIfedigbo001]

This is the best news that has happened to Nigeria this year. I thank God they have started seeing crypto currency from the brighter side. Who would have believed that Nigeria of all people would take this kind of decision so soon. I pray the next thing should be making it a legal tender. One thing I am not certain is if this is a trap, to see people who are doing crypto currency transactions since they where unable to track people down from binance.  But even if their intentions are genuine I think people should be carefull and watch how long this will last because Nigeria is not always serious. And let us not just start to rush into transaction but wait and see how long it last before we start.

I solidly support you sir, this leaders are more political than real, this might be bullet targeted at a see of people to victimize them at the long run. For me, I'm Not engaging my bank in any crypto transactions anytime soon,  I'll maintain privacy and anonymity for the main time. This is a good development, but person suppose no lose guard ooo because the matter fit cast anytime and lots of people will be victimized. This ban lifting to me is like ponzi scheme  launched by the federal government themselves to catch enough people this time around, as the earlier tao failed to catch so many people. I join your voice to advise people tho play very safe, maintain privacy at all costs and avoid any scheme to transact crypto locally which might come up any moment from now.

[Amphenomenon]

Yes, it is a great news. There will be more ways to buy and sell cryptocurrencies again in Nigeria. Although, I like P2P but some people will definitely prefer other means.

the first time I bought cryptocurrency was through bank transfer but now we have become accustomed to p2p but I think others will have to move to this again especially those who will be adopting bitcoin and crypto currency after this news since this is offer more surety that they won't be a victim of scam.

One thing I am not certain is if this is a trap, to see people who are doing crypto currency transactions since they where unable to track people down from binance.  But even if their intentions are genuine I think people should be carefull and watch how long this will last because Nigeria is not always serious. And let us not just start to rush into transaction but wait and see how long it last before we start.

I don't really think this is true because if they really want to get it from binance, they will follow some legal standards to get users information just how we recently saw here were individuals wallet address was red flag after being linked to sinbad mixer through binance. I think this is genuine and some proof is from the fact that they have added tax to it and so everyone is earning.

[Btcdeybodi]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

Honestly I believe that government doesn't put their hands where they will not benefit anything so for them to finally lift the ban placed on cryptocurrency means that they are really up to something as regulations and taxations will follow thus but regardless it is a good news to hear that the ban has been lifted. Cryptocurrency to the world

[Justbillywitt]

This our government can never be trusted, this government doesn't mean well for the masses. My advice is that everyone should continue using crypto currency the way we have been interacting with it after the ban was placed. The ban didn't really stop the use of crypto currency in the country. The question is what if this is a trap set by the government to fish out accounts that are associated with crypto currency trading? You know this government can also come up with another policy in the next one year or two years from now that will start witch-hunting accounts that has been associated with crypto currency trading. Yes you can pay any business that accept Bitcoin or any other alt coins directly from your wallet, but don't use the banks to buy crypto. Keep using the p2p platform it's more safer that way. We have to show our government that we are more smarter and wiser than they thought.

[Richbased]

Already despite the ban on cryptocurrency in the country, the government is still aware that their are individuals that are still involved in crypto related transactions so I just feel that this ban they've lifted is just so that they can also have their own share from the dividends that crypto enthusiasts within the country gets from crypto projects and other crypto engagements so inasmuch as it is a good news that the ban has been officially lifted I also see it as an avenue for the government to officially intrude into the system so "nothing goes for nothing".

[Mr.suevie]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

I understand that the uplifting of the ban is a good thing and so many people are thrilled that Bitcoin involvement wouldn't be looked at with a bad sense anymore in Nigeria but everyone knows how this country operates , I think even with this ban being uplifted it will still take some time before everything gets normalize.

Although am curious to know now  what will happen to all the banned account that was seized due to the ban on crypto because I can recall that so many commercial bank accounts were frozen and close down, I mean account that were fully involved in crypto transaction and I know of a friend who haven't yet gone to the bank since that time to even complain about the funds he had on his account due to fear during that period of the ban and everyone know how the police were operating if they actually know that you are somehow connected with Bitcoin transaction even if it's through a legit process.

[Manny@11111]

Is a welcoming idea and we are waiting for the government framework on it's regulations.

[Charles-Tim]

Although am curious to know now  what will happen to all the banned account that was seized due to the ban on crypto because I can recall that so many commercial bank accounts were frozen and close down, I mean account that were fully involved in crypto transaction and I know of a friend who haven't yet gone to the bank since that time to even complain about the funds he had on his account due to fear during that period of the ban and everyone know how the police were operating if they actually know that you are somehow connected with Bitcoin transaction even if it's through a legit process.

Although, I also heard of some banks account of people that were frozen, but no one on this forum among us complained that his or her bank account was frezon because of CBN ban on cryptocurrencies, neither do I know anyone that his or her bank account was frozen. There were certain people that were targeted at the time I guess, and also fintechs. Some fintechs won in court and their account was unfrozen.

Example is this: https://www.google.com/amp/s/nairametrics.com/2021/10/25/court-orders-banks-to-unfreeze-risevests-account-blocked-by-cbn/%3famp=1

If there are still organizations that their bank accounts were frozen because of the ban, it will be unfrozen definitely. But I do not know if there are still people and organizations that their accounts were still frozen up till now.

[Doan9269]

You can send the merits to https://bitcointalk.org/index.php?topic=5478992.msg63371202#msg63371202

https://punchng.com/breaking-cbn-lifts-ban-on-cryptocurrency/

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

This is not a goodnews yet to me since the banks were not allowed to engage in anything you that has to do with cryptocurrency, but we can day that the ban lift is just a partial one that only permit the people which are the interested citizens to freely engage in the use of bitcoin before they can know their own stand and wether to allow the banks or not, so i will adopt this as a way of warming us up for the future expectations, sometimes decision are not made at once, it's follows a gradual process before the full implementation comed in place.

[Miles2006]

This is the best news that has happened to Nigeria this year. I thank God they have started seeing crypto currency from the brighter side. Who would have believed that Nigeria of all people would take this kind of decision so soon. I pray the next thing should be making it a legal tender. One thing I am not certain is if this is a trap, to see people who are doing crypto currency transactions since they where unable to track people down from binance.  But even if their intentions are genuine I think people should be carefull and watch how long this will last because Nigeria is not always serious. And let us not just start to rush into transaction but wait and see how long it last before we start.

This is a good news and we should be happy concerning the news, I think what CNB did is just too good to be true and a call of growth in Nigeria, why will they want to track citizens who are involve in this act, I know Nigerians and they can't do such, they are also humans and they have seen the benefit of crypto even with the ban crypto adoption keep increasing in Nigeria so what's the point of deceiving citizens but am not sure people will get involve cause they can't even trust the system for example if everyone keep having same mindset like you how will is function.
We have been praying for this moment make we no use our hand spoil am and gradually the adoption go dey increase.

[Mayor of ogba]

This is not good news because we can not still buy and sell Bitcoin directly with our accounts. The government will never want you to do without their policies so they will not want to give you the opportunity that will give you an option not to do without their policies. The ban was only lifted for people to freely use Bitcoin not for them to transact Bitcoin with their accounts. They just want to fish out accounts that are converting Bitcoin to fiat with the help of P2P trading, remember they didn't direct commercial banks to reopen the accounts they closed that were transacting with Bitcoin. I will advise everyone to continue using P2P trading so we will not fall for this trap.

[Zanab247]

The ban has been lifted. But banks and other financial institutions in Nigeria are not allowed to hold, trade and/or transact in bitcoin and other cryptocurrencies.

I know it will take some times before banks and other financial institution will listen to the lift of the CBN governor on BTC and crypto in the country because, they will pretend as if they are not aware about the lift of BTC and crypto banned CBN governor pronounced few days ago because they were very happy when formal CBN governor banned BTC and crypto in the land.

In the 2023 Financial Act that 10% capital gain tax on virtual assets was included, we know this is coming. Although, we enjoy the CBN ban. Probably regulations and taxation are coming.

We know that regulation and taxation will surely come because, the government is looking for way to pay the debt they own other countries and  the current administration is trying to ensure they solve those things so that there will be positive changes in the government. Well, the taxations and the regulations is not the problem, if the banks and other financial institution will not make it difficult for cryptocurrency users in the country because they are against  cryptocurrency in the country and they will never encourage people to invest in cryptocurrency.