Which country is wiser?

[Charles-Tim]

Nigeria or India?

Nigerian government blocked all exchanges website, went after Binance naira P2P, but left mobile app of the exchanges to be accessible. Binance officials came to Nigeria but they defend them. One escaped but they still want to make Binance pay fine.

India blocked the exchange websites. Later told Google and Apple to remove the exchanges from their app store. They have no one to arrest. Kucoin or so (please correct me if wrong) was given license. Recently Binance dialogued with them and wanted or maybe has paid 2 million fine.

Finance and many other exchanges can not afford to leave Nigeria also. According to Chainanalysis, Nigeria emerged as the number one in 2 trading all over the world and we adopt cryptocurrencies generally.

We are in 2024. There are ways to handle some cases without detention and lawsuit.

[Orpichukwu]

Indian is wiser, since everything relating to crypto exchange has been blocked for Nigeria to access through their website, but the app can still work in the country. Has there been any negative effect on the exchanges due to that? I will say no, but if they took the part that India did, by now those exchanges, as you have highlighted, would have come back looking for means to resolve and licence their platform to operate legally in the country.
 
Currently, what they did was just stop the web from working, but the app people have been trading on the exchanges without having any issues. Only those who are desktop users are the ones facing those issues, which they can still easily overcome by making use of VPN or by easily getting a mobile device just for the purpose of trading. Their is a speculating around X, a user who is also said to be a Nigerian trader lost over $1,000,000,000 on Binance future trading due to a lack of risk management.
 
Nigerians are still actively trading. The government is tackling this issue in the wrong direction; if they follow this with due legal process, they will enjoy and see what they are fighting for.

[promise444c5]

Both are so f*kng dump in the case of India wbt the other exchanges do they think they will absolutely  come back to get licenced?? and what's  the essence of blocking them out in the first place??just to fine them I just have a lot of question  to ask this s**kers.
Like you said

We are in 2024. There are ways to handle some cases without detention and lawsuit.

and I think this the main reason they are acting  dumb both country are still in their early 20s

[Frankolala]

Nigeria is not wise because they did not prevent crypto trading from their action, but wanted to act as if they have. As long as their apps are working and can be accessed in Nigeria whereby, you can trade your crypto for Naira and vice-versa or you can trade other cryptocurrency, then I will say that they are beating around the bush, because transactiona are ongoing behind them.

Nigeria government is still the tax from these exchanges because they are not wise, and want to do things by force forgetting that these people are not Nigerians and might not dance to their threat, because they know their rights and they are also still in business in Nigeria. Is it that this so call administration does not have someone with good understanding on cryptocurrency to advice them on how to handle issues like this. What do I expect from a country that the government was against crypto in the past.

[Gozie51]

Wetin my believe be say naija government be like persin wey dey drone for water and dem dey try hold anything within their reach to survive just as taking the Naira out from the shame wey e dey. So binance na their first point as dem begin look into binance dealings for Nigeria. No be say dem want ban the exchange itself and that na why dem just go deactivate their website and then the app dey accessible and dem also comot the Naira P2P. Regards to India, I no think say na for the purpose of their fallen rupee only but majorly for registration purpose and guildline.

[Bravut]

For me,no country is wiser in this case. Both simply act based on there financial policy if I have to say so. The fine Binance has to pay in Nigeria is much so they can't pay. 
Even India users will still devise means to use it through vpn or any other sites. Just like we use Telegram for Binance p2p now. So its wrong to judge in terms of how is wise or not. All of them understand this than us.

[sotelorene]

Well, if we want to generalise it I will say no country is wiser but in terms of cryptocurrence I will say Nigerian Government is just being selfish and I don't think being selfish is same thing as not being wise. However,  I don't really know much about Indian Government but I will say they are not as selfish as Nigerian Government.

[Cryptomultiplier]

Nigeria or India?

...

...We are in 2024. There are ways to handle some cases without detention and lawsuit.

Fortunately for us as Nigerians, we believe so much in dehumanizing anyone who fails to dance to the tune by locking them up and if they have no money or influence, such person might just be forgotten for good without proper justice melted out.

The Nigerian situation is just the government being careful because I suspect many government officials or their friends would be affected in some ways, if the centralized apps and exchanges are totally banned.
That's why they are just limiting some services so they can correct whatever error in the economy and bring things to normalcy.

[AVE5]

With the common saying "Mad people everywhere" at each time some indisciplinary or unprofessional thing happens in our society, Nigeria government are never exceptional.
That's why I'd have to say unprofessionalism in our government sectors is the architect and having partiality as instrument blindfolding their eyes from having that insight on the future which leads to the  ignoranr to consider if the impact was to provide positive or negative outcomes to the society.

Our leadership positions is occupied with sentimental hooligans. It's quite unfortunate that the present and future of the country lies in such hands.

[Marvelockg]

We are in 2024. There are ways to handle some cases without detention and lawsuit.

while I feel that the attack on binance is unnecessary and wouldn't help solve any problems, I don't see any big difference between what Nigerian federal government has done and what India has done. Understand that at the moment we don't know the extent the federal government will be willing to go on with this matter and it might get to a point where we can't access most of those exchanges on play store but understand that the technicality of Nigerians surpasses what you can hope to work past with just denying them access to apps on play store. There are somany website where by default we're not supposed to have access to buy you know that we still find a way to get access to such website through VPN and others sophisticated means and so I don't think that if at the end of the day the federal government makes such thing to happen that it will make any big difference.

The truth is that the federal government is fighting the wrong thing and regardless of what they are able to do in making life miserable for crypto users, it wouldn't change the fact that revamping the economic situation of the counter isn't just what fixing a sector of the economy can solve.

Until they are ready to talk about making our agricultural product to become more functional and ensuring that we depend more on locally made goods, we will still have issues with our exchange rate. They've seen that the economic situation is getting worse by the day and aren't thinking about reducing the amount that's paid to our senators and maybe use part of those unnecessary allowance to invest into the agricultural sector so as to create more job opportunities for citizens and thereby reduce the cost of living in the country. Curbing inflation is not just depending on what's happening at our foreign exchange and untill they wise up to look within regarding how to fix our internal issues, we will still continue comparing ourselves with other nations to look at who made the most foolish decision.

[Belarge]

Wetin my believe be say naija government be like persin wey dey drone for water and dem dey try hold anything within their reach to survive just as taking the Naira out from the shame wey e dey. So binance na their first point as dem begin look into binance dealings for Nigeria. No be say dem want ban the exchange itself and that na why dem just go deactivate their website and then the app dey accessible and dem also comot the Naira P2P. Regards to India, I no think say na for the purpose of their fallen rupee only but majorly for registration purpose and guildline.

The naira P2P is no longer accessible after Binance delists it from Nigerians and most P2P verified merchants that's based in Nigeria have lost their jobs and struggling for survival. There are important phases in the system, we just have to understand the basic information and followed them up. Nigeria just de rush take actions without actually calming down and ensuring to take strategic actions towards the market. There's always a good way to regulate the activities of crypto and it won't affects the smooth running patterns.

[Dailyscript]

Obviously Indian in this situation is wiser. The idea of being wise is not based on manipulation or logic but based on understanding and selflessness. The Indian government are more concerned by the need of the people and not themselves. All we have seen that the Nigerian government has done was to make more selfish decisions. Yes, the fine has been paid by Binance yet they wont let the issue go away because they are not satisfied by what they were given, they need to extort more from Binance.

I hate to believe the saying that when you give an African man chance he loves to take chances. I think this is what i am sleeping and i have to believe it now. The same government is still aware that no matter what they do they cant stop the use of P2P by Nigerian crypto enthusiast.

[Uhwuchukwu53]

With the common saying "Mad people everywhere" at each time some indisciplinary or unprofessional thing happens in our society, Nigeria government are never exceptional.
That's why I'd have to say unprofessionalism in our government sectors is the architect and having partiality as instrument blindfolding their eyes from having that insight on the future which leads to the  ignoranr to consider if the impact was to provide positive or negative outcomes to the society.

Our leadership positions is occupied with sentimental hooligans. It's quite unfortunate that the present and future of the country lies in such hands.

Yes I totally agree with you as it speak volume in me, before i furge ahead India is more wiser as OP seek to hear, but one problem of our people mostly our leaders is copying from other nations ways of action with implementing it right. Fighting what you don't know the origin is very hard to eliminate and what you can't build destroying it hard side effects hard it been our government due apply wisdom and follow things,  they would have stand the chance of making more benefits from this exchange by entering into negotiable deal where they can In plant their staff to work and monitor some activities since there reasons is hiking  dollar or exchange rate above the official requirements.

[Mate2237]

Nigeria or India?

Nigerian government blocked all exchanges website, went after Binance naira P2P, but left mobile app of the exchanges to be accessible. Binance officials came to Nigeria but they defend them. One escaped but they still want to make Binance pay fine.

India blocked the exchange websites. Later told Google and Apple to remove the exchanges from their app store. They have no one to arrest. Kucoin or so (please correct me if wrong) was given license. Recently Binance dialogued with them and wanted or maybe has paid 2 million fine.

Finance and many other exchanges can not afford to leave Nigeria also. According to Chainanalysis, Nigeria emerged as the number one in 2 trading all over the world and we adopt cryptocurrencies generally.

We are in 2024. There are ways to handle some cases without detention and lawsuit.

India is more wiser than Nigeria in dealing with international businesses and that is why they are producing things in India and sell back to Nigeria. Keke is o e of the product from India. As been dey tok since this not the way to handle this kind of issue but na policy dem go use nail am down. And make sure day the Economic Agencies should move around both offline and online to make sure dat everything is regulated and u der control but whereby di agencies are more corrupt than the government itself then this what will happen in any country.

And every meaningful bitcoinner that is in this forum will take India as the wiser among the two countries you have projected to k ow the wiser. Nigerian government, all there policies odd policies. How can someone came to increase everything in one months, govt, Startime, Cybersecurity Levy, fighting against the youth through cryptocurrency and others. Nigerian government is the worst.

[iBaba]

Nigeria or India?

Nigerian government blocked all exchanges website, went after Binance naira P2P, but left mobile app of the exchanges to be accessible. Binance officials came to Nigeria but they defend them. One escaped but they still want to make Binance pay fine.

India blocked the exchange websites. Later told Google and Apple to remove the exchanges from their app store. They have no one to arrest. Kucoin or so (please correct me if wrong) was given license. Recently Binance dialogued with them and wanted or maybe has paid 2 million fine.

Finance and many other exchanges can not afford to leave Nigeria also. According to Chainanalysis, Nigeria emerged as the number one in 2 trading all over the world and we adopt cryptocurrencies generally.

We are in 2024. There are ways to handle some cases without detention and lawsuit.

Wow. If Nigeria is really the number one in the P2p trading a over the world patronizing Binance, then I can first of all agree with you that India is wiser and smarter than the Nigerian government as well as Nigeria have been operating in a seemingly loose system of policy formulation or implementation. And of course, this wouldn't be the first time Nigeria have been losing funds, revenues and investment opportunities to such poor decision making aspect of the government.

You can't be making news with the detention of Binance staff or lawsuit of the company, when for goodness sake, the country can explore more productive and wiser options to better punish the company, further engage and maximize profits from the company. But I must also mention that this government is far better in terms of decision making process than the former government because this government have continuously tried to get hold of its economy reasonably.

If I was opportune to be in a position to advise the government, the first advice will actually be for the government to sanction them through a modified policy. Since, we are a new government, then was Binance must be forced to do is to firstly be informed about our newly modified policies on cryptocurrencies which must have indicted their operations especially if they've been flawting some or following through the back door all these while. Through this, they will be compeled to stop their business until they settle some fines which will be leveled against them already.

As a government, we will immediately set up a committee which will be saddled with the following responsibilities.
1. Will be to craft out incentives which will enable them to comply with the new policies and set up penalties for when they fail to comply with the regulations of the new policy.
2. I will bring out initiatives that will encourage Public Private Partnerships (PPPs) between the exchanges and the government, so they can also give back to the community when they already are enjoying their businesses here. An example can be through Corporate Social Responsibilities.

And many more.

[electronicash]

Nigeria too to go beyond the line already. if they could just come up with a reasonable fee i think Binance would not hold back and give them what they want. but if they are not releasing executives then maybe Binance will just find some other countries that are friendly to them. those people their government detained are just employees to binance.

CZ might just wash his hands for whatever is done to those employees and the Nigeria government will not find another exchange operating in their country because of this.

[DaNNy001]

Nigeria or India?

Nigerian government blocked all exchanges website, went after Binance naira P2P, but left mobile app of the exchanges to be accessible. Binance officials came to Nigeria but they defend them. One escaped but they still want to make Binance pay fine.

India blocked the exchange websites. Later told Google and Apple to remove the exchanges from their app store. They have no one to arrest. Kucoin or so (please correct me if wrong) was given license. Recently Binance dialogued with them and wanted or maybe has paid 2 million fine.

Finance and many other exchanges can not afford to leave Nigeria also. According to Chainanalysis, Nigeria emerged as the number one in 2 trading all over the world and we adopt cryptocurrencies generally.

We are in 2024. There are ways to handle some cases without detention and lawsuit.

Till date am still suprised to how Nigeria is actually handling the whole chain of events because they are other approach they would have taken that would have even yielded good results rather than going for the means they took. In a case like this I feel India is definitely the smarter one Nigeria because they had the open sight to understand the benefits that comes if there just follow the right path.

[Jegileman]

Nigeria or India?

Nigerian government blocked all exchanges website, went after Binance naira P2P, but left mobile app of the exchanges to be accessible. Binance officials came to Nigeria but they defend them. One escaped but they still want to make Binance pay fine.

India blocked the exchange websites. Later told Google and Apple to remove the exchanges from their app store. They have no one to arrest. Kucoin or so (please correct me if wrong) was given license. Recently Binance dialogued with them and wanted or maybe has paid 2 million fine.

Finance and many other exchanges can not afford to leave Nigeria also. According to Chainanalysis, Nigeria emerged as the number one in 2 trading all over the world and we adopt cryptocurrencies generally.

We are in 2024. There are ways to handle some cases without detention and lawsuit.

Maybe Nigeria have taken a strict rule by arresting the Binance officials instead of them to just ban the use of those exchanges in the country by not allowing citizens to have access to their websites as well as them not making the app available for them to download in the country. If they’ve done that and those exchanges saw the number of customers they’re about to lose or lost because of that which the government have put down, they can easily come to a compromise with them and dialogue things out and not making it look like they’re forcing the fines on them to pay. India might be wiser for following these steps but the Nigerian government are also not bad with the method they’ve used, in the end they’ll achieve the same result but through different ways. I saw in a notification today that Binance accused the Nigerian government of asking for bribe from them, I was shocked though but I can’t say about the authenticity of the news.

[AVE5]

Nigeria too to go beyond the line already. if they could just come up with a reasonable fee i think Binance would not hold back and give them what they want. but if they are not releasing executives then maybe Binance will just find some other countries that are friendly to them. those people their government detained are just employees to binance.

CZ might just wash his hands for whatever is done to those employees and the Nigeria government will not find another exchange operating in their country because of this.

Indeed, they really went beyond reasonability and one thing I know about our government is that they've always been fond of emulating foreign countries exhibitions that would always course the nation setbacks from progresses.
So if the government is asked why they took that action, don't be surprised that they'd refer some sorts of countries that has also undergone such principles but what our government has always failed to consider is what the Impacts would be to the country before keying in.

[DubemIfedigbo001]

For me,no country is wiser in this case. Both simply act based on there financial policy if I have to say so. The fine Binance has to pay in Nigeria is much so they can't pay. 
Even India users will still devise means to use it through vpn or any other sites.

VPN has been the way of survival for citizens in countries that place digital regulations at various levels of engagement.  Its more of a comfort zone for users especially in crypto and  gambling activities in countries with limited or no legal access to them. I think both Nigeria and India are not wise in their decisions. The government in these countries try to punish exchanges for their own mistakes. Exchanges didn't start today, although they played on the countries intelligence by not getting licenses earlier, for me the countries are 70% to be blamed for not enforcing it earlier, maybe they were not aware its necessary because of lack of information in the early days.

Now they're aware, they should've drafted a new rule of engagement going forward and ask of a minor settlement as compensation for past dealings. The future is brighter trust me and crypto space is expanding, so they've got very much to gain if they allow these exchanges to conduct their businesses legally because even in their assumed absences from the countries, the citizens still deal with them through other means, thereby giving them the patronage still, with nothing for the countries. These are foolish moves by the two countries from my opinion.

Just like we use Telegram for Binance p2p now. So its wrong to judge in terms of how is wise or not. All of them understand this than us.

I would love to know more on this telegram P2P and how safe it is. Could you consider creating a thread on that?. It will surely help