Banning of p2p on crypto apps in Nigeria

[Vickky Rae]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

[Ever-young]

Are you a Nigerian? If yes, your question will get a wider response from Nigerian citizens. We have a local board; you can just check the  bottom level of this thread and move it over there in the board section to search for Nigeria (Naija). 
 
The reason they are fighting P2P is simple: they believe and assume P2P traders are the ones manipulating the naira to dollar exchange rate, which is far from the truth. As they are trying to manipulate the market, forex and crypto traders are conducting their normal trade based on market demand, and I don't see any big effect on how such can contribute to the naira depreciation. 
 
 
They should focus more on tackling things that can boost the economy of the country, encourage high usage of locally made products, and reduce too much dependence on imported goods.

[Davidvictorson]

This is an attack on Bitcoin and other cryptocurrencies. This is their Anti- Bitcoin campaign. They keep blaming crypto exchanges for facilitating money laundering and manipulating the foreign exchange yet according to the report from their anti-graft agency 58 ex-governors had looted N2.187trn, did they do it via Bitcoin or through an exchange? No. Currently the Nigerian customs services charges clearance for goods at the port in US dollars. Is this supposed to be? Why did they abandon the nation's currency to use dollar. As you can see, they have no tangible reason. It's is their Anti- Bitcoin campaign and their next target is you, me, and the rest of Nigerians that have Bitcoin and cryptocurrency.

*Topic suited more for local board

[NotATether]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

I imagine P2P naira transactions also aid money laundering as well. (I am not Nigerian.)

[Spaceman1000$]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The Nigerian government always comes up with a lot of excuses just to undo the crypto community. Is Nigeria the only country in sub-saharan Africa to use P2P, why are other African countries not have the same issue. My own question is, how is P2P affecting the countries currency, does the value of the countries currency depend on P2p?, They should explain to us. How does P2P aid money laundering and why is the laundering happening only in Nigeria?

[Zlantann]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The government claims that the speculation of the Naira in these exchanges is the cause of the drop in the value of the currency. The litmus test for this claim is to check if the value of Naira will rise if Naira P2P is delisted from exchanges. Nigerian currency has kept losing value even before the popularity of cryptocurrencies in Nigeria, therefore I suspect that the sector is not the main problem of the Nigerian currency.
Regarding money laundering, fiat is the major means of carrying out criminal transactions in Nigeria. There have been situations where the Central Bank transfers funds to fraudulent accounts of government officials. One of the witnesses in the judicial trial of the former CBN governor testified of how physical fiat currency where moved from the bank to individuals. So the test for the claim is whether this move will reduce money laundering in Nigeria.

[Fortify]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

It's a very fine balancing act for these countries between getting everyone to pay their share of taxes, which keeps the country going and overstepping their boundaries to shake down people for additional funds. Whoever controls the money flow controls the people within that country, so the politicians at the top will be able to coerce and pressure anyone who doesn't agree with what they say. It's a very fine line between oppressive corruption and trying to monitor that everyone is contributing correctly. However this sort of action is just likely to push p2p further underground and the government will have no visibility of it whatsoever, because overseas companies are going to cooperate with them much less than local companies might.

[Reatim]

Different governments of different nations have different opinions and views on cryptocurrency. You should post this in your local board so you can talk about your government more intricately because a lot of us here do not have context regarding the Nigerian government. Our only reference would be our country thus we can not answer whether your government is doing the thing or not.

[Zaguru12]

I imagine P2P naira transactions also aid money laundering as well. (I am not Nigerian.)

That’s the way the government painted it, but the main reason why they are trying hard to bring every P2P platform down is because they see it as a place where manipulation of naira/usdt take place and to them it’s the main reason why the Naira currency is depreciating against the dollar. You ask me if they are right, my answer will be Same way other countries governments think bitcoin is the one aiding money laundering and neglecting other actual things leading to it is the same way Nigeria government are focused on the P2P.

Yes i wouldn’t say the P2P has a very large/rapid adoption rate because it is the easiest way that the citizens get hodl of the foreign currency but it definitely isn’t the manipulator here or result of money laundering. The government just wants to get hold of a thing to accuse and cryptocurrency came right into the equation for them

[Barikui1]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

It's very sad and pathetic  by the Nigerian government thinking that banning p2p transaction will strengthen the naira, because they have fail to understand that as it stands now, the country is doing more importation than exportation, even the least tooth pick is being imported, tell me why the naira wouldn't lose value?

Since they decided to be fighting cryptocurrency and the forex trading, what have they achieved? Has the naira gained value? No, they are doing the wrong thing over and over again thinking and be expecting a different result, am just curious to know how they want to go about it, because in Nigeria that am from, I know for a fact that we are crazy technologically, their is always a way to beat sanctions, let's just watch and see where this line of actions leads them too.

[EluguHcman]

There is an existing similar thread like this which I made couple of days now at the other board but was redirected meant to be in the local board which I did and fortunately we came from the same country Nigeria.
The fear of our Nigerian Fed. Govt. over Crytop transactions.

I will only say that the federal government is a confused one and the current government in power have been incompetent to carryout their civil and economical duties professionally.
They are failure to the masses because there had been no good record to be recommended ever since the present government assumed office. So literally they are cramping on what they give unnecessary excuse account of their inability to satisfied the nation with their necessary needs but meanwhile.... They(government) are the ones backwarding the growth of the economy and depriving their citizens from engaging on productive opportunities.

How can a country be in such odd financial regulatory staggers in facilitating transactions and undergoing unemployment challenges and its citizens were able to discover how helpful the Bitcoin and the Crypto industry as a whole could be profitable to fill those lapses of the federal government being unable to create job opportunities for their citizens which attracted them (citizens) to had adopted the digital and financial technology to venture in to earn income and also to facilitate on their financial transactions with the use of the crypto P2P with the fact that the centralized banks is not offering flexible services but yet the government is fighting against the treasury opportunity?

Currently as it is, the government has to an extend trying to disassociate the fiat naira (#) from every P2P platforms while majority has already been delisted living the citizens with their crypto holdings frustrated from trading their assets from the exchange platforms.

[sokani]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Of course what the Nigerian government doing is not right. On the issue of money laundering, people also launder money through naira, so why only looking at crypto? Cryptocurrency can be traced and that's why we've the blockchain analytic companies like Chainalysis, Elliptic, Ciphertrace etc. Also, currency speculators are not responsible for the fall of naira, the government is, with their half baked policies and they're actually looking for who to blame by going after BDE operators and crypto traders. Even if they succeed in delisting naira on all exchanges, it won't revive the naira and they'll miss out on an opportunity to tax users and crypto operators.

[Jegileman]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Haven’t you seen that this is just a misplacement of priority by the government. They neglect the basic solution and go after the secondary solution that won’t help solve the problem they’re facing forever. They banned Binance initially and if the result they get after banning Binance is not positive, why will they go after other exchanges? What can’t kill a man can’t kill it no matter how you try. Naira is falling and the main causes of it are known but due to government corrupt mindset and take away the eyes of the public on their corrupt practices, they’ve now blamed everything on cryptocurrency so that it can be viewed as a bad investment idea or initiative to ride on. Let them ban all p2p on exchanges, it can’t stop crypto and bitcoin from wide adoption and use, it can’t be stopped at this point again.

[kentrolla]

All these are lame excuses as government just wants to control everything and they are so corrupt and sadistic that they don't want anyone to prosper on life hence they are banning it though money laundering has been happening since ages and it irritates me to the core when they try acting like they really wanna fight illegal activities when they are the most corrupt establishment on earth. Same applies for Indian government.

[pinggoki]

I imagine P2P naira transactions also aid money laundering as well. (I am not Nigerian.)

But it won't stop the money laundering syndicate from doing this though, they will all end up just finding more craftier ways to circumvent the existing restriction and at the end of the day, the people that they're going to mess up good will be the ones that don't have anything to do with money laundering. So in short, the attempt to prevent money launderers from committing their crimes, they end up making them much more sneakier, they could've just kept P2P and those money launderers wouldn't be straying to new ways and their work would be much more easier.

[avikz]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

When you say "some crypto apps", does that mean some crypto apps are also running and continue facilitating P2P transactions? If yes, then it's probably a cleanup operation that the government has undertaken. If not, it's surely a blow on the crypto community.

May I ask, if these apps are all Nigeria based? Are international P2P crypto exchanges working in your country? Any government can choose to ban crypto exchanges but as logn as it is not a blanket ban, things should work!

[Gladitorcomeback]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Governments don't care about what citizens think about their decisions, they don't care whether it's the right thing to do or not, they make decisions that will benefit them or won't affect them having more power and control over their citizens, and to be precise, this is mostly happening in third-world or developing countries where governments aren't able to accept cryptocurrencies and they are always looking for excuses to keep them away from their countries.

This money laundering and criminal activities and stuff are nothing more than excuses they make to make people think that they are protecting them but the reality is different and those who are involved in cryptocurrencies and use them understand that they are trying to suppress them doing this.

[Faisal2202]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

This is not something new Russian government also did the same and they not only banned p2p but they have banned the crypto overall. Just because there financial advisor or relevant person said, it is devaluing the local currency. Speaking of your country, I won't say its a bad move but if they will be banning p2p services then how people will withdraw funds and how can they use their own money? This way the demand for there money will decrease as people won't be able to withdraw funds and to get more local fiat.

According to my knowledge, the demand for local currency should be high, and if foreign current is being earned by locals and then converted into local currency then it's a good thing for the country's economic state. And when more money comes more financial transactions will be made in local communities and money will flow as work will happen on the local level as with more money consumption increases thus production will increase too. However there is a bad side to it too. As a lot of supply of the local currency can also devalue it CMIIW. As there are many of the other possibilities exist too. But who knows the actual reason? Maybe these P2P platforms are not paying taxes to the government or what?

[Dunamisx]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The government in Nigeria is probably trying to fix up it dilapidating economy but using a wrong approach on that, maybe they should device on other means to use for such, if they are to continue in this regards, then they should be getting ready to ban as many as possible crypto trading platforms and exchanges and with that, they should still expect the economy to keep getting worse than before because that is not the effective approach to dealing with economy challenges.

[electronicash]

they were doing this by banning p2p on exchanges that were not within their jurisdiction afaik. i guess this is like controlling what they can only grasp and whats outside their reach is something to be banned. very reasonable i think, the ones that were banned were binance and OKX so far.

i'm just not sure if the information i saw was true because their government still allows p2p from Bitget and some other local crypto exchanges.