Why is Nigeria government skeptical about legalizing crypto currency (Bitcoin)

[TEBTC]

Bitcoin which was launched something in 2009 has gone through different stages going up and down before getting to this present place and with crypto currency acceptance getting popular in the world which Bitcoin is the biggest crypto currency that has shown a steady upward movement making people to huy at home lower price which which they hold for the price to move up before selling some that they can make profit from it

All over the world and in the Internet Bitcoin trading has become a Big business with many leveraging on the growth rate of Bitcoin by investing into it infact there are countries today that has Bitcoin reserves as a country but in Nigeria the story is different because our government is still skeptical about Bitcoin and has refused to make it a legal venture as crypto currency related business especially Bitcoin is still seen by the government to be more of fraud and government has done everything with in their powers to make sure that Bitcoin is frustrated and doesn't see the light of the day in Nigeria it has demonstrated this when it band binance and there was even a time where all bank accounts  having links to Bitcoin was closed
So my question is why is our government so skeptical about Bitcoin is there something else that they are seeing in Bitcoin that others are not seeing that they consider not good for the country or it's a delibrate move to keep Nigerian from benefiting from what Bitcoin has for those who has interest in it but still yet many Nigeria are into Bitcoin despite all frustration by the government

[Charles-Tim]

Our government did not take any decision in the past and till now about bitcoin and cryptocurrencies. Only CBN banned cryptocurrencies during Buhari administration but the ban was lifted by the CBN governor that Tinubu put there.

The Central Bank of Nigeria (CBN) has lifted its ban on digital currency transactions. In February 2021 the CBN had barred financial institutions from crypto asset transactions.

What the regulators were after during their hostility during this Cardoso time is to fight what was causing the depreciation of naira.

[Africolo]

So my question is why is our government so skeptical about Bitcoin is there something else that they are seeing in Bitcoin that others are not seeing that they consider not good for the country or it's a delibrate move to keep Nigerian from benefiting from what Bitcoin has for those who has interest in it but still yet many Nigeria are into Bitcoin despite all frustration by the government

Bitcoin is legal in Nigeria and the citizens are not prohibit from buying and selling it at their own risk as the CBN only directed banks to stop dealing and receiving Crypto related Naira deposit, the CBN stance on crypto also prohibit the government form buying or having a Bitcoin reserve. ( Some of the countries we look up to are yet to adopt this too). Everyone is looking up to the US Govemment and their stance on Bitcoin reserves which has been in the news for.some time now.

[Richbased]

All over the world and in the Internet Bitcoin trading has become a Big business with many leveraging on the growth rate of Bitcoin by investing into it infact there are countries today that has Bitcoin reserves as a country but in Nigeria the story is different because our government is still skeptical about Bitcoin and has refused to make it a legal venture as crypto currency related business especially Bitcoin is still seen by the government to be more of fraud and government has done everything with in their powers to make sure that Bitcoin is frustrated and doesn't see the light of the day in Nigeria it has demonstrated this when it band binance and there was even a time where all bank accounts  having links to Bitcoin was closed

So my question is why is our government so skeptical about Bitcoin is there something else that they are seeing in Bitcoin that others are not seeing that they consider not good for the country or it's a delibrate move to keep Nigerian from benefiting from what Bitcoin has for those who has interest in it but still yet many Nigeria are into Bitcoin despite all frustration by the government

It is true that the Nigerian government have not openly given their stance on bitcoin in Nigeria but that doesn't mean that bitcoin is illegal in the country. And a point of correction, the Nigerian government do not take bitcoin as fraud, if they do they could have placed a ban on it. As most countries have been very upfront about their involvement in bitcoin and other cryptocurrency, there are also so many countries that are either not too involved in cryptocurrency or they haven't started crypto operations in their country so it is something that will take a lot of time to achieve Global adoption so it's not only Nigeria. Perhaps, even though Nigerian government has not given their say on cryptocurrency, so many Nigerians are still in the crypto industry performing crypto transactions without any challenges.

The only thing the Nigerian government was doing is clamping down on exchanges siting that they aided in manipulation of the naira and also breaching regulations. That was the reason they banned binance and some other exchange platforms. However, you can be involved in bitcoin and other cryptocurrency in the country but you shouldn't be too expository about your involvement in cryptocurrency.

[Lembo69]

Our Nigerian government thinks that cryptocurrency is a gamble that will lead people to decline, because the rate of financial demand in our country is very high. But there will come a time when all transactions will be through Bitcoin. As the world and people are upgrading over time, at some point the government will also upgrade and understand.

[nelson4lov]

If we get legalization of Bitcoin, we should be ready to get taxed. Knowing our country, I won't be surprised if they decide to tax unrealized gains too.

The reason I'm not looking forward to the legalization is that the revenue from taxes will still flow into the pockets of the politicians in charge of the legalization policies.

[Wiwo]

Our government did not take any decision in the past and till now about bitcoin and cryptocurrencies. Only CBN banned cryptocurrencies during Buhari administration but the ban was lifted by the CBN governor that Tinubu put there.

The Central Bank of Nigeria (CBN) has lifted its ban on digital currency transactions. In February 2021 the CBN had barred financial institutions from crypto asset transactions.

What the regulators were after during their hostility during this Cardoso time is to fight what was causing the depreciation of naira.

The value of the Naira was at a critical level at that time and $1 nearing almost 2k Naira made the CNB confused and desperate for solutions they were looking for any possible means to shift their blame and any business that had to do with the dollar at that time become an automatic any of the economy and Naira so cryptocurrency was one of those sectors targeted aside from local currency exchangers call Aboki and the black market exchangers.

But the real problem did not lie in both of the attacked sectors the problem was and is with the CBN itself at that time, our currency was in the hands of one of the worst criminals that the history of Nigeria ever recorded the CBN governor at that time, did a lot of fraud and even swapped the currency which is where the main crisis pf price skyrocketing and inflation began.

[odunybiz]

If we get legalization of Bitcoin, we should be ready to get taxed. Knowing our country, I won't be surprised if they decide to tax unrealized gains too.

The reason I'm not looking forward to the legalization is that the revenue from taxes will still flow into the pockets of the politicians in charge of the legalization policies.

You have really said it well. Nigeria will always be Nigeria. Legalization of Bitcoin has just limited opportunities for we masses while this our politicians will use the opportunity to still load their bags with money

[CryptSafe]

The last time I checked, the government did not ban bitcoin, they have not even made their decision known to her citizens if to continue or stop bitcoin but I can recall that the CBN sent a memo to all her financial institutions to stop trading or dealing with bitcoin transactions and since then, accounts with bitcoin transactions are flagged with reasons only best known to them.

One of the reasons why it seems the government is attacking crypto through exchanges is as a result of taxes. They believe that the exchanges are not giving them what is due them hence, they are at all costs ready to fight with any exchange they feel Nigerians are fully patronizing to ake out tax from them since they are benefiting from the Nigeria crypto market.

Another thing I could think of is the areas of currency devaluation, they feel that the exchanges are also involved in naira manipulation, and as such the clamp down on exchanges which in the real sense is not true, the naira devaluation rests on the outcome of our economy, the economy of every nation determines how weak or strong their currency would be. Imagine a country that virtually imports everything to the least toothpick what do you expect of their currency strength and value? all these are just among the numerous reasons why it seems the government is not ready to give crypto a second chance in the country. I just believe the people we have in power are just ignorant of the opportunities ahead of bitcoin adoption and for the fact that they are dirty in financial dealings hence their refusal to give bitcoin consent in the country so they would not be taken unawares of their shady acts.

[Charles-Tim]

If we get legalization of Bitcoin, we should be ready to get taxed. Knowing our country, I won't be surprised if they decide to tax unrealized gains too.

The reason I'm not looking forward to the legalization is that the revenue from taxes will still flow into the pockets of the politicians in charge of the legalization policies.

You have really said it well. Nigeria will always be Nigeria. Legalization of Bitcoin has just limited opportunities for we masses while this our politicians will use the opportunity to still load their bags with money

Cryptocurrencies are legal in Nigeria. Nigerians are subjected to 10% capital gain tax. The 10% capital gain tax was included in the 2023 financial bill. Just know that if any Nigerians does not pay the tax, they are evading it. But the government are not serious about it if it is not a crypto business.

[bestcandy]

Bitcoin which was launched something in 2009 has gone through different stages going up and down before getting to this present place and with crypto currency acceptance getting popular in the world which Bitcoin is the biggest crypto currency that has shown a steady upward movement making people to huy at home lower price which which they hold for the price to move up before selling some that they can make profit from it

All over the world and in the Internet Bitcoin trading has become a Big business with many leveraging on the growth rate of Bitcoin by investing into it infact there are countries today that has Bitcoin reserves as a country but in Nigeria the story is different because our government is still skeptical about Bitcoin and has refused to make it a legal venture as crypto currency related business especially Bitcoin is still seen by the government to be more of fraud and government has done everything with in their powers to make sure that Bitcoin is frustrated and doesn't see the light of the day in Nigeria it has demonstrated this when it band binance and there was even a time where all bank accounts  having links to Bitcoin was closed
So my question is why is our government so skeptical about Bitcoin is there something else that they are seeing in Bitcoin that others are not seeing that they consider not good for the country or it's a delibrate move to keep Nigerian from benefiting from what Bitcoin has for those who has interest in it but still yet many Nigeria are into Bitcoin despite all frustration by the government

Bitcoin is legalize in Nigeria and citizens are free to investment in Bitcoin without being interrupt by the government but just that the government did not institutionalize the use of Bitcoin as a tender because many people still see it like something that like the quality of money because it's not a liquid and centralize commodity.

[Promocodeudo]

Bitcoin which was launched something in 2009 has gone through different stages going up and down before getting to this present place and with crypto currency acceptance getting popular in the world which Bitcoin is the biggest crypto currency that has shown a steady upward movement making people to huy at home lower price which which they hold for the price to move up before selling some that they can make profit from it

All over the world and in the Internet Bitcoin trading has become a Big business with many leveraging on the growth rate of Bitcoin by investing into it infact there are countries today that has Bitcoin reserves as a country but in Nigeria the story is different because our government is still skeptical about Bitcoin and has refused to make it a legal venture as crypto currency related business especially Bitcoin is still seen by the government to be more of fraud and government has done everything with in their powers to make sure that Bitcoin is frustrated and doesn't see the light of the day in Nigeria it has demonstrated this when it band binance and there was even a time where all bank accounts  having links to Bitcoin was closed
So my question is why is our government so skeptical about Bitcoin is there something else that they are seeing in Bitcoin that others are not seeing that they consider not good for the country or it's a delibrate move to keep Nigerian from benefiting from what Bitcoin has for those who has interest in it but still yet many Nigeria are into Bitcoin despite all frustration by the government

I have always been on the criticizing part on this issue, there are things we don't expect to happen here easily because of the people in power, though some of them understand what cryptocurrency( Bitcoin) is all about but wouldn't want to go things that will benefit others because of their selfish reasons and gains, many countries are generating tax through this means but Nigeria case is different and the truth is even though they get the tax it will be relooted to individuala picket, so sometimes I don't even bother much about this stuffs, I come to understand that it is not fraud that made the government of this country not embrace Bitcoin fully, is just that they have not really seen a way it will benefit the political class if not they would've made a case for it in the national assembly, i must be sincere to you, i think this people know what they are doing.

They are skeptical because they've not device a means they can benefit from the said technology and because of that they don't find it necessary to pay attention to it, though on individual adoption Nigerians are doing Great but as for legalization I think Nigeria may be th last country to do that if such is been considered worldwide, though it all depends on the government in power, another government may come and develop interest in digital asset and find it necessary for Nigeria to have a Bitcoin reserve though time will tell.

[nelson4lov]

~Snipped

The reason I'm not looking forward to the legalization is that the revenue from taxes will still flow into the pockets of the politicians in charge of the legalization policies.

Cryptocurrencies are legal in Nigeria. Nigerians are subjected to 10% capital gain tax. The 10% capital gain tax was included in the 2023 financial bill. Just know that if any Nigerians does not pay the tax, they are evading it. But the government are not serious about it if it is not a crypto business.

I didn't know about any capital gain tax prior to making my reply hours ago but somehow I knew if they wanted to provide any sort of structure or legalization for crypto, it would be to tax it. My problem isn't really the tax, it's the fact that it is used to enrich the same politicians doing their best keep the line between the rich and poor as fine and huge as possible.

~Snipped

You have really said it well. Nigeria will always be Nigeria. Legalization of Bitcoin has just limited opportunities for we masses while this our politicians will use the opportunity to still load their bags with money

Yup. It wasn't surprising to hear Binance CEO say that the EFCC and the govt tried to extort them as that's what they do to innocent citizens they arrest on their many raids. Bail is free only on paper lol.

Any attempt to legalize Bitcoin for the masses is just another ploy to milk people off their gains.

[Charles-Tim]

I didn't know about any capital gain tax prior to making my reply hours ago but somehow I knew if they wanted to provide any sort of structure or legalization for crypto, it would be to tax it. My problem isn't really the tax, it's the fact that it is used to enrich the same politicians doing their best keep the line between the rich and poor as fine and huge as possible.

You can read about it here: https://bitcointalk.org/index.php?topic=5455943.msg62386833#msg62386833. You can download the PDF link but the important part about cryptocurrencies is the image on the post.

I am still surprised that some exchanges are providing P2P while others stopped P2P for Nigerian. It was kind of absurd and something inappropriate might be the reason.

[Africolo]

I didn't know about any capital gain tax prior to making my reply hours ago but somehow I knew if they wanted to provide any sort of structure or legalization for crypto, it would be to tax it. My problem isn't really the tax, it's the fact that it is used to enrich the same politicians doing their best keep the line between the rich and poor as fine and huge as possible.

You can read about it here: https://bitcointalk.org/index.php?topic=5455943.msg62386833#msg62386833. You can download the PDF link but the important part about cryptocurrencies is the image on the post.

I am still surprised that some exchanges are providing P2P while others stopped P2P for Nigerian. It was kind of absurd and something inappropriate might be the reason.

Potential unwarranted lawsuit by the Nigerian government and risk management concerns; not all exchanges are prepared to go through the illegal process that Binance did. I'm not sure if it's just me, but something tells me that Bybit and Bitget signed some sort of devil deal with the Nigerian government for user access authorisation because that was their initial request to Binance, OKX, and others, but they all turned it down and p2p was removed.

Now more than ever, I believe Bybit and Bitget took advantage of this to infiltrate the Nigerian market by gaining backend access to the CBN and EFCC.

[CryptoHeadlineNews]

I come to understand that it is not fraud that made the government of this country not embrace Bitcoin fully, is just that they have not really seen a way it will benefit the political class if not they would've made a case for it in the national assembly, i must be sincere to you, i think this people know what they are doing.

You actually just spoke the exact truth my friend, regarding the reason why our government hasn't fully implemented a defined rule or terms and conditions about cryptocurrency usage in this our country. Since we all know this politicians haven't figured out a way to directly benefit from Bitcoin just the same way they share money in the National and States assembly, hence, delaying to pass bills to law that will favour common Nigerians, than themselves. But on the contrary, I must confess I'm 100% satisfied with the current policy regarding Bitcoin and crypto transactions. Since we have got certain exchanges who offers direct buy and sell of Bitcoin with our Nigerian Naira fiat currency, who has been seamless and effective over the years. Because if we are to have an open regulated policy about Bitcoin transactions, we should be rest assured of been taxed heavily, most especially during this current Tinubu regime.

[Eltoncoin]

I don't think is crime investing in Bitcoin in nigeria at this point in time, because bitcoin have start being popular everyday in nigeria and is attracting many of us to come in, since the government has not come out to inform her citizens that anyone see investing in bitcoins Will be arrested that show it's legal,the only thing I see here is Nigeria government are trying to let us know the risk that's involved investing in any platform that you can't hold responsible if there's any problem,but it's left for individual to decide  where to make your investment ,I hope one day Nigeria government will publicly accept Bitcoin as alternative source of payment and exchange.

[Hardyrobust]

I don't think is crime investing in Bitcoin in nigeria at this point in time, because bitcoin have start being popular everyday in nigeria and is attracting many of us to come in, since the government has not come out to inform her citizens that anyone see investing in bitcoins Will be arrested that show it's legal,the only thing I see here is Nigeria government are trying to let us know the risk that's involved investing in any platform that you can't hold responsible if there's any problem,but it's left for individual to decide  where to make your investment ,I hope one day Nigeria government will publicly accept Bitcoin as alternative source of payment and exchange.

Crypto currency has not been legalized in Nigeria because if watch there are exchange you can't be able to do p2p if you are from Nigeria. Mostly one of the reasons why I feel they don't want to legalize crypto currency is of the high rate of curruption in the country and also since the government can't be able to control or regulate it. Though they are saying is devaluation of naira which I think is not the only reason for it.

[Spaceman1000$]

Our government did not take any decision in the past and till now about bitcoin and cryptocurrencies. Only CBN banned cryptocurrencies during Buhari administration but the ban was lifted by the CBN governor that Tinubu put there.

The Central Bank of Nigeria (CBN) has lifted its ban on digital currency transactions. In February 2021 the CBN had barred financial institutions from crypto asset transactions.

What the regulators were after during their hostility during this Cardoso time is to fight what was causing the depreciation of naira.

Which is why i always emphasize the fact that we are been governed by people that are moved by emotions instead of intelligence. We where all here when Cardoso the CBN governor went on a wild ghost chase, cracking down on Centralised exchange as if they where the direct cause of the Naira depreciation. Ever since they stopped Binance and exchanges on Naira P2P transactions, has it stopped the Naira from depreciating. Them just dey govern the people with trial and error methods, no clear cut plains oh how to tackle currency devaluation.

[Rockson1]

The government are not skeptical about Bitcoin investment they already know the truth that Bitcoin is a good store of value and they haven't said anything about Bitcoin yet. The CBN government are skeptical about bitcoin because they believe say if them allow Nigerians to deal in Bitcoin (crypto currency) many Nigerians no go dey use the commercial bank again and the money way CBN dey get from commercial banks customers go reduce. So they choose to flag every transactions that deals on crypto currency.