FG and Their Inconsistencies with Crypto in Nigeria

[Davidvictorson]

The Federal Government has expressed its continued openness to cryptocurrency companies, despite pursuing a lawsuit worth $80bn against Binance, the world’s largest crypto exchange.

Our country dey tire me sometimes. Make una help me answer this question how e be say FG dey talk say dem open to cryptocurrency companies yet, we nor fit do transactions directly with these companies to our banks unless we follow corner-corner (p2p)?

See wetin the Minister of Information and National Orientation, Mohammed Idris, talk for this interview:

In an interview with a news platform, Semafor, on Friday, the Minister of Information and National Orientation, Mohammed Idris, emphasised that the lawsuit worth $80bn against Binance was part of the government’s effort to strengthen regulations, not to target specific companies. “We are ensuring that no one comes and operates without regulation,” Idris said, noting that other crypto companies in Nigeria continue to operate without facing legal challenges. “There are other companies operating in the crypto sector in Nigeria, you don’t see them [facing charges],” he added.

Source

[Ever-young]

The government actually don license some local exchanges them way I no say I don come across such news before make them they carry out trade, but I no understand how those people carry they operate since eh be say you no fit run direct payment with your card, maybe those way them license they use their own business account way them fit authorize to carry they run deal with their users which I doubt how many people they use the exchange them, busha, Quidax downtown abi Watin them call them.

The government just they very confuse on watin them want, make we use for exchange during the first time way them been restrict banks from associating with any transaction way gat to do with crypto but when them ask them , same people still come out say crypto no they banned for the country.

[Marvelockg]

If not for the fact that our government is not always sincere about what they are working on, the issue with Binance is normal for any government that wants to monitor the extent of external business operations in its country. if you move across major cities, you will find so many local crypto firms that openly operate with big banners publicly hanging around their offices, if the government were completely against crypto firms or crypto transactions, such things wouldn't exist in the first place. the only outright law they have put in place is just relating to banking transactions.

as long as the p2p transaction remains effective and we have other exchanges that still allow the naira as one of the currencies on her exchange, Binance is just the scapegoat that is suffering from this issue. normally it is hard to deal with the FG when they feel they are not draining you down but if Binance opens up to pay them something close to their demands, they will change there stand on binance and p2p might even be back on Binance,

[Felicity_Tide]

I'm not really sure if the Government has finally come to a conclusion on Cryptocurrencies, exchanges and regulatory polices.
From watin i know, banks and other financial institutions were given the directive not to allow these transactions all in the name of the devaluation of the naira, so i don't think we have much business with whatever they say for the now. I have read few threads on this same board about those that were arrested. And what was their crime?, they labelled them as those involve in the devaluation of the Nigeria currency. So, whether they choose to issue any license to any exchange or not, their plans concerning cryptocurrency has not been stated yet, so we shouldn't fall victim for their tricks.

And chasing after an $80b lawsuit is quite amusing and unrealistic thing to do.
Even the US didn't fine binance such amount when the whole Anti-Money Laundering issue came up sometime last year.
 

[Tungbulu]

Normally everybody supposed know say our governments and regulatory bodies Dey only put body for Wetin fit benefit them, and if them request for their own cutting and you give them, even if Wetin you Dey do no too make sense, them go just allow you make you Dey run your shit, but if you no gree remit, them go also show you who be the landlords of the place.

Yes of a true, few other crypto exchanges and companies Dey actually Dey operate without government interference and these companies na the one’s wey don already or still Dey remit give out government. The reason why government been no put body at first be say, them been never realize how much Dey crypto, but when them finally realize, them come chook mouth make them fit collect their own choppings too, and e be like Wetin them bill binance too much for them so them disagree, na why them mount them that kyn pressure.

If you check for all these exchanges now, them don increase their transaction fees and some Dey even Dey collect p2p fee and other fees to fit Dey raise extra money to Dey remit give federal government.

Although, no be only for Naija na e these kind things Dey happen, even for US and some other countries self , them still Dey do am, the only problem we get with our own be say, the money wey Dey come out for our own Dey enter inside one person pocket instead of to go back to the people.

[DPHOR]

This is very tiring because sometimes we feels like are more involved in crypto while our government are on their own restricting people, sometimes we are rated the most cryptocurrency friendly countries but yet we can't still trade or transaction directly to our local Bank is this what they said they aren't restricting people?
In my own opinion if they feels like $80n lawsuit against Binance was for strengthening regulations then it's time Binance fall back to our country to resume their operations Even after dealing with their staffs there could be some adjustment where they can still operate.

[Obim34]

Much easy on us when we understand the motive of the government towards cryptocurrencies are not directed to how citizens can do well with it and enhance life appearance, the governments every step is aligned with personal thought of extracting money from companies. Binance suffered a lot in the hands of Nigerian government, it took them months of going to court just to finalize on demanding $80bn from Binance.

I checked, the Nigerian market using Binance are not generating $80bn in revenue, and was Binance really a cause to our economic crisis? From the look of things, this case might be taking an extended version because Binance won't be regarding paying such amount.

[adultcrypto]

Na person wey no sabi our government go believe anything them talk untop cryptocurrency because no be today them dey go back and forth with policy.  E get wetin them never put for cryptocurrency head? So tey them say na cryptocurrency and exchange them be the reason dollar dey rise against our Naira. Omo make everybody still dey use the corner coner wey dey use dey follow cryptocurrency for we country until we see say our government done come out with wetin them really want.

[Cryptohygenic]

E be like I don come across similar thread recently, so with all the talks about them dismissing the alleged lawsuit with the binance, dem fit come back to operate for our country again by listing back the p2p exchange feature,?
This news at least go attract enthusiasts to adopt cryptocurrency since governments news dey always influecne the adoption rates but make we just hope say our government no dey cool something way go indict us if not now but the future at the cause of using the centralized exchanges.

[Stable090]

Our country dey tire me sometimes. Make una help me answer this question how e be say FG dey talk say dem open to cryptocurrency companies yet, we nor fit do transactions directly with these companies to our banks unless we follow corner-corner (p2p)?

See wetin the Minister of Information and National Orientation, Mohammed Idris, talk for this interview:

Dis country matter self just get as e be, like say dem no even sabi Wetin dem want self. All dis one’s wey d government Dey talk na story, we fit wake up tomorrow now Dey hear another story from the government. We fit wake up now make the government wey talk say dem Dey open to cryptocurrency exchange companies start to Dey block accounts wey Don dey link to crypto transaction before. I no see dis new like any better thing self, all Wetin I know be say no matter how hard the government tries, dem no fit stop us from making use of crypto, if dem like make dem like make dem no Dey open to crypto companies, we go still access exchange, and we go do anything wey we wan do.

[Mr Reporter]

See guys one thing we should understand about this our FG be said them just get plenty mouth today them go talk another thing com still change mouth tomorrow, just imagine how our global reputation they spoiled for the cryptocurrency world all in the name of FG problems up and down, what the government should understand about Crypto in Nigeria cryptocurrency have the potential to enhance financial inclusion in Nigeria.

The problem of the FG inconsistent stances on cryptocurrency in Nigeria it has help create an increasingly.

[Agbamoni]

If not for the fact that our government is not always sincere about what they are working on, the issue with Binance is normal for any government that wants to monitor the extent of external business operations in its country. if you move across major cities, you will find so many local crypto firms that openly operate with big banners publicly hanging around their offices, if the government were completely against crypto firms or crypto transactions, such things wouldn't exist in the first place. the only outright law they have put in place is just relating to banking transactions.

Do you mean the government cannot regulate our fiat value without taking $80bn from Binance? Leave all of these lies coming from Mr Mohammded Idris. All they are looking for is to taste the slice of bread from big exchanges that does not operate in Nigeria. Binance has all the right to operate as much as they have settled the license agreement with CBN and have also paid the levy to trade the NGN. But what the FG is planning is to see how they can extort money from Binance. You will be surprised to see that if Binance pays the $80bn to the FG there still won't be any regulation of the fiat.

[Yucky]

If not for the fact that our government is not always sincere about what they are working on, the issue with Binance is normal for any government that wants to monitor the extent of external business operations in its country. if you move across major cities, you will find so many local crypto firms that openly operate with big banners publicly hanging around their offices, if the government were completely against crypto firms or crypto transactions, such things wouldn't exist in the first place. the only outright law they have put in place is just relating to banking transactions.

Do you mean the government cannot regulate our fiat value without taking $80bn from Binance? Leave all of these lies coming from Mr Mohammded Idris. All they are looking for is to taste the slice of bread from big exchanges that does not operate in Nigeria. Binance has all the right to operate as much as they have settled the license agreement with CBN and have also paid the levy to trade the NGN. But what the FG is planning is to see how they can extort money from Binance. You will be surprised to see that if Binance pays the $80bn to the FG there still won't be any regulation of the fiat.

True. The Nigerian government is looking for ways to rip brands off. They're looking to rip where they didn't sow and if given the leverage, they will suck you dry. That's why Binance had to move because you wouldn't tell me that they were giving fair business policies and they didn't stay back; they might have checked very well and seen that the conditions they were giving them were unfavorable. That's why they made the big decision to leave Nigeria.

The government newa, all these things it's not normal. It's not just today we've been hearing this in Nigeria. Today, you hear this one in the news; tomorrow, you hear that one in the news. For example, the minimum wage, they've been dragging it like starch. Up till today, they've still not paid corpers the N77,000 they promised.

So, it's not today format we've been hearing all these things in the news. It's just for social display, so people will say the government is doing this but when it comes to action, dead end. They're still limiting the crypto business in Nigeria one way or the other.

[Mate2237]

One thing with Nigeria politicians is that they play politics with everything including very important issues that will be of benefit to the country because we have been hearing some very encouraging news about crypto currency adoption in Nigeria over the news but we have not really seen it been translated into action, One thing that our politicians lack when it comes to crypto currency in Nigeria is the willingness to implementation because the key political actors has been indecisive concerning it



This has to do with the level of awareness and view that the political class has towards crypto currency especially Bitcoin because most people are indecisive and not shown enough commitment towards crypto currency because of the kind of information that they have concerning crypto currency, crypto inthusiast in the country should do more work by creating more awareness about crypto currency especially to the political class because they are the once with the responsibilities of actually creating the right environment for crypto currency to thrive in the country

[Agbamoni]

If not for the fact that our government is not always sincere about what they are working on, the issue with Binance is normal for any government that wants to monitor the extent of external business operations in its country. if you move across major cities, you will find so many local crypto firms that openly operate with big banners publicly hanging around their offices, if the government were completely against crypto firms or crypto transactions, such things wouldn't exist in the first place. the only outright law they have put in place is just relating to banking transactions.

Do you mean the government cannot regulate our fiat value without taking $80bn from Binance? Leave all of these lies coming from Mr Mohammded Idris. All they are looking for is to taste the slice of bread from big exchanges that does not operate in Nigeria. Binance has all the right to operate as much as they have settled the license agreement with CBN and have also paid the levy to trade the NGN. But what the FG is planning is to see how they can extort money from Binance. You will be surprised to see that if Binance pays the $80bn to the FG there still won't be any regulation of the fiat.

True. The Nigerian government is looking for ways to rip brands off. They're looking to rip where they didn't sow and if given the leverage, they will suck you dry. That's why Binance had to move because you wouldn't tell me that they were giving fair business policies and they didn't stay back; they might have checked very well and seen that the conditions they were giving them were unfavorable. That's why they made the big decision to leave Nigeria.

The government newa, all these things it's not normal. It's not just today we've been hearing this in Nigeria. Today, you hear this one in the news; tomorrow, you hear that one in the news. For example, the minimum wage, they've been dragging it like starch. Up till today, they've still not paid corpers the N77,000 they promised.

So, it's not today format we've been hearing all these things in the news. It's just for social display, so people will say the government is doing this but when it comes to action, dead end. They're still limiting the crypto business in Nigeria one way or the other.

You know sometimes we Nigerians we are so wise that we don't have to do things the right way. We let greed come in when we are making negotiations. I know there was a negotiation going on between the FG and Binance. What may have led to Binance not accepting the deal was because of greed in the deal. What has Nigeria contributed to the crypto market especially to Binance that they will request a fine of $10bn not naira. It's so inhumane because which brand will accept that kind of deal. Maybe in a kind of way they want the exchange to leave that is why they raised the amount so high.

[Ndabagi01]

If wetin the minister they too say some crypto companies they operate without regulations, then taken action to put them under regulation no be bad thing because other countries too na so dem they do. No country go was see where revenue go dey comot for them and no go take action as applicable by the law. Naija matter they controversial most of the times sha, but them dey open to crypto companies and them dey welcome them well for the country, them make them stop dey restrict banks from not allowing crypto transactions, that na the first step for me to take believe say them really wan make Naija a crypto friendly country.

[Josefjix]

I checked, the Nigerian market using Binance are not generating $80bn in revenue, and was Binance really a cause to our economic crisis? From the look of things, this case might be taking an extended version because Binance won't be regarding paying such amount.

Our government dey very confusing about the decision them dey take and them no really understand wetin them dey do, the media has been the number point of lies in the Nigeria sector because the government controls there for their own benefits by feeding the public whatever they want will favor them. Checking clearly, the hidden agenda behind this amount might be something else and not just the amount mentioned here, remember, government do not actually say the truth whenever they want to get something public isn't aware of. They manipulate the public making them feel like they are coming to solve problems whereby they are main killers.

[Davidvictorson]

I checked, the Nigerian market using Binance are not generating $80bn in revenue, and was Binance really a cause to our economic crisis? From the look of things, this case might be taking an extended version because Binance won't be regarding paying such amount.

You know when you are looking for who to blame for your problems instead of taking responsibility and fixing up anyone can be used as a scapegoat. Na wetin happen for Nigeria and Binance case be that. See eh e go hard for 1 naira to go below 1500 to a dollar. The way I see this whole thing be say Binance don already mess up for other countries and na why e been dey very easy for the FG to easily blame them and treat them anyhow. Las las na still FG lose.

[Cryptohygenic]

I checked, the Nigerian market using Binance are not generating $80bn in revenue, and was Binance really a cause to our economic crisis? From the look of things, this case might be taking an extended version because Binance won't be regarding paying such amount.

You know when you are looking for who to blame for your problems instead of taking responsibility and fixing up anyone can be used as a scapegoat. Na wetin happen for Nigeria and Binance case be that. See eh e go hard for 1 naira to go below 1500 to a dollar. The way I see this whole thing be say Binance don already mess up for other countries and na why e been dey very easy for the FG to easily blame them and treat them anyhow. Las las na still FG lose.

Life of a survival; as government no creat job opportunities for us, na so we youths jumped and involved for crypto were dey pay us for different ways were we dey trade and invest. Just of sudden we government come say na binance exchange dey cos why the country hard, we dey try tell Dem to live the exchange to operate in peace onto say dem dey give us services of where we dey earn from.
We government no gree hear, we say okay, if na for the exchange to go make things better maybe where we fit see better opportunities than crypto make the exchange go, las las the binance exchange go and nothing don still change for goode.
Naira value in foreign exchange remains zero and job opportunities remains zero. Na so so economy dey  to backwards instead of forward.

[Versatile_choice]

See guys one thing we should understand about this our FG be said them just get plenty mouth today them go talk another thing com still change mouth tomorrow, just imagine how our global reputation they spoiled for the cryptocurrency world all in the name of FG problems up and down,

The problem of the FG inconsistent stances on cryptocurrency in Nigeria it has help create an increasingly.

Our reputation no they spoil for glob, we get better reputation for cryptocurrency for the whole world, for Africa way we they like this I no sure say e get country way pass us for cryptocurrency, we done do am so teeh even some of our Papa they use am they save money way government done pay them, anything way the government they do for cryptocurrency they end for this country because na the Matter way concern only us, so make you no reason am say e get waiting our government done go talk for other countries concerning us for cryptocurrency.