Banning of p2p on crypto apps 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.

These sorts of laws are a signal of a very weak and controlling government, which often indicates that the politicians themselves are screwing over their citizens at every opportunity with complete hypocrisy. Overseas banks don't like to hand over information to the Nigerian government necessarily, because it can be so petty and this is a prime example. Crypto has the opportunity to draw more money into the local economy, if it was just left alone, but instead the banking and currency exchange vultures throw their scraps to the politicians who in turn ban the competition against them. I imagine that lots of extra cash would flow in and be beneficial to the wider economy if this law was scrapped.

[odunybiz]

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.

In additive to this they should try to make most payment in naira. I don't see what stop our airport from collecting our naira as their payment method. If we can still to local products and make almost all transactions withon the country in naira, I believe this will reduce the demand for dollar within the nation and will help naira to appreciate.

[harapan]

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.

The quest and inability to haunt bitcoin is what's revealing and leading to this new improvement.The money laundering allegations are not caused by bitcoin or cryptocurrency.They just find it very difficult for bitcoin to operate freely and get accessible to all users.
Crypto has the opportunity to improve and increase the economical standards but in as much as the governments doesn't see it,there has to be another way out.
Bitcoin is not the problem where facing in the financial field,neither will this continous restrictions proffer any solutions as well.

[peter0425]

Crypto has the opportunity to improve and increase the economical standards but in as much as the governments doesn't see it,there has to be another way out.

I don't think the government does not see in what ways or how bitcoin can improve their economic status. Most likely they are just assessing whether the beneficial impacts can outweigh other 'negative' things they think are associated with bitcoin.

Bitcoin is not the problem where facing in the financial field,neither will this continous restrictions proffer any solutions as well.

There really is no problem so they shouldn't put in anyrestrictions or regulations to try and fix it. You know what they say... Don't fix what is not broken.

[tottong]

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 is too afraid of technological developments and this is the attack they are trying to carry out on cryptocurrencies and bitcoin.
The reasons they use make absolutely no sense because there are many countries out there that see this problem as another form that does not affect money laundering or their currency. If the banking sector can be blamed what about the crypto industry and I think your country has absolutely no intention of reaching this stage of technological progress.

If the state restricted this industry for reasons of money laundering, this would have happened long before using the same method using official currency. That is just the behavior of a few people and cannot be lumped together as your government understands.

[Yaqs15]

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.

These sorts of laws are a signal of a very weak and controlling government, which often indicates that the politicians themselves are screwing over their citizens at every opportunity with complete hypocrisy. Overseas banks don't like to hand over information to the Nigerian government necessarily, because it can be so petty and this is a prime example. Crypto has the opportunity to draw more money into the local economy, if it was just left alone, but instead the banking and currency exchange vultures throw their scraps to the politicians who in turn ban the competition against them. I imagine that lots of extra cash would flow in and be beneficial to the wider economy if this law was scrapped.

Do you really think banning of p2p can ever be possible especially in a country like Nigeria with low technological advancement? Nigeria is blessed with people with high talented IQs . These people can go to any length to escape any measure taken by the government to ban p2p.
They know that cryptocurrency transaction is not the real problem of Nigeria let me say they are just looking for excuses which are not really excuses i just see it as a form of hypocrisy and wickedness. The government don't even care about the wellbeing of their citizens. They know what they did to the dollar and naira but they are trying to deceive themselves.

[moneystery]

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.

they are just looking for reasons to ban crypto, because they think that crypto is the best place for money laundering. even though we all already know how money laundering is best done using fiat currency and banking assistance. what they are doing is quite stupid, because if they are smart then what they should be doing is not banning crypto, but taking care of their currency which is currently falling and their economy is getting worse.