A call to fully regulate cryptocurrency for Naija.

[Lida93]

One man them call Owonibi wey be blockchain and digital forensic expert don talk put for the ears of Nigeria government say make them fully regulate all crypto activities unto say as federal government don through the  CBN  finally lift the ban wey stop banks from offering cryptocurrency services to people for we country.

Expert Calls for Full Cryptocurrency Regulation in Nigeria to Mitigate Digital Asset-Related Financial Crimes

According to this Owonibi, eim say this complete regulation go curb all financial crime activities wey them the use crypto do, eim come use terrorist as one of the people wey the use crypto the run transactions to fund their terrorist activities.  Say make banks get vetting with crypto exchanges so that users no go fit the run illegal transactions.

Finally, say as this regulation go take place make government also train and educate financial crime agencies make them know how to enforce this regulatory policies when them enact am.

My fear about this na the transparency of the regulators in the process of enforcing the regulatory laws if them finally enact. Because with the way this our Naija dey it no the hard them to just frame anybody make them use am clear road while the actual criminals the walka broad day light freely.

To get more detailed information just click this source link: https://news.bitcoin.com/expert-calls-for-full-cryptocurrency-regulation-in-nigeria-to-mitigate-digital-asset-related-financial-crimes/

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[Odohu]

This one na major cause of concern for we wey dey for cryptocurrency business because I know say this one will never help us in anyway, rather, e go make accessing and using cryptocurrency hard for us because the regulators go must put measures to take collect money from our hand. I dey talk as a Nigerian wey understand say our government policy no dey favour the ordinary people, rather na how to make things more difficult for people. Make them just comot hand for cryptocurrency because this regulation no go solve any problem but go create plenty problems.

I dey advice people to reason DEX in case this people succeed in their their regulation. Keep your coins in your private wallet to avoid had I know!

[Charles-Tim]

federal government don through the  CBN  finally lift the ban wey stop banks from offering cryptocurrency services to people for we country.

This is not understandable. It would be good if you explain better. I am not expecting you to mention federal government. Also that banks are still not allowed to be offering bitcoin and other cryptocurrency services in the country. Just the February 5th, 2021 CBN ban was lifted.

He, however, warned that banks and other financial institutions were still prohibited from holding, trading or transacting in cryptocurrencies on their own account. (NAN)

According to this Owonibi, eim say this complete regulation go curb all financial crime activities wey them the use crypto do, eim come use terrorist as one of the people wey the use crypto the run transactions to fund their terrorist activities.  Say make banks get vetting with crypto exchanges so that users no go fit the run illegal transactions.

When Boko Haram wanted to collect ransom from federal government, what was used? It was naira. Yet Bitcoin has been existing that time. What is used to fund bandits? It is naira. We see how people are kidnapped in Nigeria. What is used for the random? Naira. Although, regulation is good but we all know that all these bad activities are funded with naira, but the government can not ban naira notes. Also that we should know that some people are good in the public but funding terrorists and bandits.

My fear about this na the transparency of the regulators in the process of enforcing the regulatory laws if them finally enact. Because with the way this our Naija dey it no the hard them to just frame anybody make them use am clear road while the actual criminals the walka broad day light freely.

The regulators may try, but they all failed to make fiat not to be used in criminal activities. Most money used for criminals activities are still fiat.

[Lida93]

federal government don through the  CBN  finally lift the ban wey stop banks from offering cryptocurrency services to people for we country.

This is not understandable. It would be good if you explain better. I am not expecting you to mention federal government. Also that banks are still not allowed to be offering bitcoin and other cryptocurrency services in the country. Just the February 5th, 2021 CBN ban was lifted.

Nah me no understand you Tim. You cut story line from middle and due to that come get a different message,. So I for like if you reread from the beginning to end maybe it go dey understandable to you.

I no the talk about the recent lifting of the ban wey government been place on banks from rendering crypto services, I only use that as a means to an end in getting my story quite related to wetin propelled this man called Owonibi the ask the government to completely regulate crypto.

According to this Owonibi, eim say this complete regulation go curb all financial crime activities wey them the use crypto do, eim come use terrorist as one of the people wey the use crypto the run transactions to fund their terrorist activities.  Say make banks get vetting with crypto exchanges so that users no go fit the run illegal transactions.

When Boko Haram wanted to collect ransom from federal government, what was used? It was naira. Yet Bitcoin has been existing that time. What is used to fund bandits? It is naira. We see how people are kidnapped in Nigeria. What is used for the random? Naira. Although, regulation is good but we all know that all these bad activities are funded with naira, but the government can not ban naira notes. Also that we should know that some people are good in the public but funding terrorists and bandits.

It just be like say you dey my mind Oga Tim, because from all the small research I do I no see where either Boko Haram, kidnappers and even all these petty-petty cyber crime boys the demand for cryptocurrency as offer payments to all their illegitimate activities. If the government want to regulate crypto activities that one no be bad idea but it would have been much better say them inject that effort more into the regulation of fiat transactions cause nah that one nah the propagate financial crime transact pass for the country as crypto nah just about 1% in hundred cases. If they were regulating for the sole aim of collecting tax we for understand better.

My fear about this na the transparency of the regulators in the process of enforcing the regulatory laws if them finally enact. Because with the way this our Naija dey it no the hard them to just frame anybody make them use am clear road while the actual criminals the walka broad day light freely.

The regulators may try, but they all failed to make fiat not to be used in criminal activities. Most money used for criminals activities are still fiat.

So does it mean that as them the suffer failure in completely making success for fiat make criminal no use am the do illegal business, them still no go fit make success for crypto too? Cause the fiat wey dey under their full control them no fit stop criminals from using it to run illegal transactions how much cryptocurrencies wey the blockchain techs no dey under their control at all.

[Amphenomenon]

My fear about this na the transparency of the regulators in the process of enforcing the regulatory laws if them finally enact. Because with the way this our Naija dey it no the hard them to just frame anybody make them use am clear road while the actual criminals the walka broad day light freely.

The regulators may try, but they all failed to make fiat not to be used in criminal activities. Most money used for criminals activities are still fiat.

The fact is that Nigeria has not started having any issues of criminal and terrorism funding with Bitcoin or any cryptocurrency and if there is any illegal use of bitcoin in Nigeria, it will be by those fraudsters (yahoo boys and girls) which is still yet small comparing the amount of money they defraud from others through the victim fiat currency.
As it stands Nigeria has little stress in setting up a regulations for bitcoin and crypto currency as a whole while the toughest for them is being able to regulate how the naira currency has been used to aid almost every criminal and terrorist activity in the country.
Imagine the number of Kidnapping we have experienced this year and I believe all the Ransome would have been paid through our fiat currency.

Outside Nigeria, when comparing between fiat currency, digital currency and asset like gold, in which has been used more illegally fiat currency still sit at the top.

My fear about this na the transparency of the regulators in the process of enforcing the regulatory laws if them finally enact. Because with the way this our Naija dey it no the hard them to just frame anybody make them use am clear road while the actual criminals the walka broad day light freely.

The regulators may try, but they all failed to make fiat not to be used in criminal activities. Most money used for criminals activities are still fiat.

So does it mean that as them the suffer failure in completely making success for fiat make criminal no use am the do illegal business, them still no go fit make success for crypto too? Cause the fiat wey dey under their full control them no fit stop criminals from using it to run illegal transactions how much cryptocurrencies wey the blockchain techs no dey under their control at all.

the hard truth is that no matter the regulations set  weather in cryptocurrency or fiat currency in Nation, illegal use of it is still inevitable, people use this most times to critise cryptocurrency are hypocrites because even before bitcoin and crypto currency scam, fraud or any illegal activities has been existing and alot of money was stolen through fiat currency and even after the creation of cryptocurrency, illegal use of fiat currency still exists.

Even if there was no cryptocurrency, criminals and terrorist would definitely have find ways to keep their business going.

The only thing government all over the world can do is to minimise the rate of criminal and terrorist activities with both fiat and crypto currency. While the naira would be much easier for the Nigeria government to regulate than cryptocurrency and bitcoin since they have control of it but still yet can't is because they are among the key people using the naira for criminal activities.

[Charles-Tim]

So does it mean that as them the suffer failure in completely making success for fiat make criminal no use am the do illegal business, them still no go fit make success for crypto too? Cause the fiat wey dey under their full control them no fit stop criminals from using it to run illegal transactions how much cryptocurrencies wey the blockchain techs no dey under their control at all.

Regulations can help against online criminals, but not totally. Also if you take a look at what is going on in Nigeria, most of the exchanges are stringent with KYC. Example are Binance, Kucoin, Bybit, OKX, Paxful and many other exchanges that Nigerians are using, they are requiring KYC at certain level of deposit and withdrawal in a way that scammers have no option than to look for other alternatives like fake means of getting a verified account and the likes. I guess just little demand would be required from Nigeria regulators to those custodial platforms. Most of us are not using local exchanges while the foreign ones are well regulated. But despite the regulations, scammers are still having means to illicit their unlawful acts.

For a better discussion, let us discuss the exchanges that have offices in Nigeria, also registered with CAC and certified by SEC that do not make KYC mandatory. SEC that made a policy that any crypto platform that needs to be certified should have at least 500 million naira for startup is still part of the regulations. This was even in 2021 when CBN banned crypto transactions.

The regulation I am expecting is to make those foreign exchanges to have offices in Nigeria and they should be taxed like the banks because they are not different from banks as centralized as they are. But it is also true that the issue of making KYC compulsory is still part of it. They should leave no stone unturned.

As for criminal activities, the best is for people to learn how to avoid scammers and hackers by themselves. The ways are simple but ignored by many people until their coins have been stolen by hackers or given to scammers.

[nelson4lov]

We do not need regulation in crypto. Please hear me out:

1. It is inherently bad: It goes outside the original  vision of Bitcoin which is free and permissionless financial system. If Federal government opt to regulate crypto. Whenever Feds step into Crypto, the experience is not one to be enjoyed. For instance, Crypto users in US don't even enjoy crypto anymore because most services and products restrict US users from participating. If Federal government go on to do it, we might begin to lose access to key products and services we currently enjoy like Binance and other web3 services (recall FG ban of Twitter).

2. They don't care long term. They just want to milk off the possible tax money that they get from crypto users. They see that volume every day and wonder how much money banks would earn if the get that much liquidity and also the amount of money that they might get at tax.

I'll keep it short here. Regulation will also cause more problems and governments has no business meddling in Crypto affairs because they would always want to participate at the protocol level and censor the chains.

[Olatundespo]

This one na major cause of concern for we wey dey for cryptocurrency business because I know say this one will never help us in anyway, rather, e go make accessing and using cryptocurrency hard for us because the regulators go must put measures to take collect money from our hand. I dey talk as a Nigerian wey understand say our government policy no dey favour the ordinary people, rather na how to make things more difficult for people. Make them just comot hand for cryptocurrency because this regulation no go solve any problem but go create plenty problems.

I dey advice people to reason DEX in case this people succeed in their their regulation. Keep your coins in your private wallet to avoid had I know!

I gree wit your opinion say government policies sometimes no dey favor ordinary people and fit even make things hard pass. I gree wella with your talk. E clear say di recent regulation on cryptocurrency no be to solve any existing wahala but fit cause more kasala for individuals.

Make people consider to dey use decentralized exchanges DEX and keep their coins for private wallet na correct advice. By using DEX platforms individual fit get control over their assets without dey subject to centralized regulation wey fit no dey think of their own interest.

[Gozie51]

My fear about this na the transparency of the regulators in the process of enforcing the regulatory laws if them finally enact. Because with the way this our Naija dey it no the hard them to just frame anybody make them use am clear road while the actual criminals the walka broad day light freely.

No be lie wey you talk my brother. The fear to do the right thing dey everywhere. Law enforcers they collect more bribe on top people wey dey break the law with illegal activities but you wey no get money to bribe, na you commit the crime be that and you go see yourself for prison.

No be say Nigeria no get law against money laundering but people still dey launder money. So na the same thing go still dey happen and na innocent crypto users go still dey affected.

No need for regulation, it is against the spirit of cryptocurrency. Make them allow the space dey freely flow as we dey like am like that because na so some government agents go begin choke eyes and them go begin do all their different illegal deductions for one service or the other through the banks and before you know dem go begin introduce tax on crypto too.

[Loveday422]

This one na major cause of concern for we wey dey for cryptocurrency business because I know say this one will never help us in anyway, rather, e go make accessing and using cryptocurrency hard for us because the regulators go must put measures to take collect money from our hand. I dey talk as a Nigerian wey understand say our government policy no dey favour the ordinary people, rather na how to make things more difficult for people. Make them just comot hand for cryptocurrency because this regulation no go solve any problem but go create plenty problems.

I dey advice people to reason DEX in case this people succeed in their their regulation. Keep your coins in your private wallet to avoid had I know!

Bro good afternoon pls with due respect to me regulation of crypto will be good ,if you do make money with this platform and other platform of Bitcoin,and others do make too ,I think we the poor are in a saffer side because the so call FG and his subudinate will never help so if regulation of crypto is the best for others to benefit ,their nothing the FG can do ,after all not all the platform he can stop to operate like binance,so why are you scared of the regulation