How can crypto regulations in Nigeria be more Favourable??

[casey15]

Hello Bitcoin talkers..
  We all know that the regulatory body of crypto in Nigeria has been up and down.. today they are putting a ban, and  tomorrow they are lift ban just to oust a ban again...
 But recently we've have some major shift that most financial institutions can now work with some licences crypto currency firms.. this is proof that we can still grow and make progress in this crypto phase..

 However I really want to ask us  How do we think the crypto community in Nigeria can effectively advocate for more favourable Regulations concerning crypto currency in Nigeria...

Here is what I think.

1. We can support other crypto advocate like SiBAN(stakeholders in block chain technology association of Nigeria) and BICCoN(Block chain industry coordinating committee of Nigeria) because they are at the forefront of policy making.. we can become a member or donate towards their agender or just by following up recent activities...

2. We all know that the government main concern about crypto is the issue of fraud e.t.c. even if we know that they want to be in control of fiat... But still if we actively promote legit and strong practice in the use of crypto, we can build a more favorable environment for it to grow ...

3. I made a thread concerning block chain developers in Nigeria.... I feel that we as private individuals can support these startups and local project

I will like to know your thoughts and practical ideas that can be useful in making crypto regulation more favourable in Nigeria...

How can we really educate regulators and the public about the benefit of crypto??
How can we support the existing advocates in the country??

[Localhostspeed]

3. I made a thread concerning block chain developers in Nigeria.... I feel that we as private individuals can support these startups and local project

I will like to know your thoughts and practical ideas that can be useful in making crypto regulation more favourable in Nigeria...

How can we really educate regulators and the public about the benefit of crypto??
How can we support the existing advocates in the country??

I'm interested in this number 3. We have many Nigerians that are dominating other tech but crypto is one place that is left behind. We have many good developers on this crypto development but they can't come out public to say this is what they are doing, they are giving all their best to outsiders. They don't have the courage to stand alone and build something that other Nigerians will see and will be proud.

I have not seen any successful crypto project a Nigerian Ceo or co-founder has launch in the last 3 years that is trading on coin market cap with $1m trading volume, we need to motivate each other to do it. Look at the numbers of uses in crypto, we are one of the top countries but we don't have projects to call our own. Alwsys following what other people are building, that perception need to change.

[Odohu]

Bitcoin regulation in Nigeria have remained all talks and no action even up to this moment when different countries are already contemplating Bitcoin as an asset worthy of being kept as strategic reserve. Maybe our people will wake up when the world have already left us behind just like it has happened in science and technology, industrialization and engineering.

Assuming we have people leading us, now is the best time to have launched full regulation of Biitcoin, open up the industry and encourage people are businesses to integrate Bitcoin payment and you will see the level of revenue that will generate for the government in terms of taxes, bank charges and even VAT. I'm addition, this will create many employment opportunities and even encourage massive inflow of foreign investment into Nigeria. Regulation will indeed unlock a lot of areas that will have direct positive impact on our economy and give people the legal courage to venture into Bitcoin related businesses and not the hide and seek we are doing with Bitcoin at the moment.

[Zigabel]

How can we really educate regulators and the public about the benefit of crypto??
How can we support the existing advocates in the country??

One great concern the government of our country has always expressed about cryptocurrency bothers around regulations and another reason it appears it's not been possible to regulate the crypto space in our country is because they wan an absolute regulatory power over the space forgetting that cryptocurrency in its nature doesn't allow for that and you can't force it but to stay within the confines of regulations it avails you.

I don't know how much the bodies you mentioned earlier are putting into achieving a good regulatory framework but another way I think that can help is getting the finance regulatory bodies engaged and involved in the whole blockchain and cryptocurrency space so they will have a first hand experience that will get them to see and understand for them selves how effective it can be if they get this regulations in place and allow for other top industry player to join in because they may not have that experience since  they have not been directly involved with the crypto space and that could be affecting the way they see it and make concerns about it but a direct involvement may change the whole narrative.

[Gozie51]

Regulation of crypto space should not be a thing of secrecy or government trying to take all, like winner takes all. There should be gathering of like minds like town hall meeting for stakeholders and interested parties to try and hob a way forward. By this of course those that have good knowledge will offer themselves to be part of the movement that will ensure win win situation. At the moment, this group you mentioned have started a process but they need to loud their publicity more on radio and TV which is the fastest to reach out directly to people. They are majorly talking of Blockchain regulation because it is used for different data storage which is helpful for record keeping and business transaction security, transparent etc.

However, we need to bear in mind that what they are talking about is not majorly cryptocurrency, is not the mainstream regulation of cryptocurrency which is under the auspices of government directly except they begin to delegate such duty afterwards. But obviously, the group have started a process.

There are difference between Blockchain and cryptocurrency. Blockchain is technology that records crypto transaction on ledger just as it is also used for other data storage in health, finance, election etc which the groups might be of interest in.

what-is-the-difference-between-crypto-and-blockchain

What is Blockchain and its uses 

[Doan9269]

Had it been the government we have were sensitive enough, they should have seen the way of how the citizens have been involved in cryptocurrency and seeking for a way through the economic hardship from a decentralized digital network called bitcoin, which it takes them nothing to grant everyone the freedom of making use of bitcoin for payment at every nooks and crannies of the country economy and commercial activities.

If the support is not coming from them, then we should always expect a continuous attack, because they are also fighting for their own personal interest while leaving our own behind without considering the masses and their choice on the use of a decentralized economy, so tell me how the government are going to make a free and fair regulations on cryptocurrencies when they are not in full support of it.

[Agbamoni]

Bitcoin regulation in Nigeria have remained all talks and no action even up to this moment when different countries are already contemplating Bitcoin as an asset worthy of being kept as strategic reserve. Maybe our people will wake up when the world have already left us behind just like it has happened in science and technology, industrialization and engineering.

Deep down I dont anymore regulation in Nigeria. Just because other countries are taking Bitcoin as a reserve, we think their reasons will be the same reason why our government will take Bitcoin as reserve. The US hold Bitcoin as reserve after Gold because they want hold economic power for years, so in the moment when other countries will be suffering under debts and inflation, they will be the economic head. But in this our country, if its not about stealing huge funds in the name of reserve nothing else. A bitcoin reserve will just be another way of embezzling funds. Last last na we the citizens go suffer am.

[Hatchy]

How can we really educate regulators and the public about the benefit of crypto??
How can we support the existing advocates in the country??

Our government is strong headed.. they know what's best for the country so they just want to take it all away. The crypto space like we all know has existed in Nigeria for way long time, though not popular. That's because our government showed little or no interest to external bodies who brought early ideas on how to intigate crypto into our economy and make it a bit easier for the youths.

We saw how many times they placed certain regulations on crypto exchanges. They just didn't do that because they weren't interested but they wanted a certain percentage from the money being made in Nigeria crypto space.. it's quite understandable though but there are ways such thing are done.. and it all falls in the hands of the government..

[Dulen007]

Hello Bitcoin talkers..
  We all know that the regulatory body of crypto in Nigeria has been up and down.. today they are putting a ban, and  tomorrow they are lift ban just to oust a ban again...
 But recently we've have some major shift that most financial institutions can now work with some licences crypto currency firms.. this is proof that we can still grow and make progress in this crypto phase..

 However I really want to ask us  How do we think the crypto community in Nigeria can effectively advocate for more favourable Regulations concerning crypto currency in Nigeria...

Here is what I think.

1. We can support other crypto advocate like SiBAN(stakeholders in block chain technology association of Nigeria) and BICCoN(Block chain industry coordinating committee of Nigeria) because they are at the forefront of policy making.. we can become a member or donate towards their agender or just by following up recent activities...

2. We all know that the government main concern about crypto is the issue of fraud e.t.c. even if we know that they want to be in control of fiat... But still if we actively promote legit and strong practice in the use of crypto, we can build a more favorable environment for it to grow ...

3. I made a thread concerning block chain developers in Nigeria.... I feel that we as private individuals can support these startups and local project

I will like to know your thoughts and practical ideas that can be useful in making crypto regulation more favourable in Nigeria...

How can we really educate regulators and the public about the benefit of crypto??
How can we support the existing advocates in the country??

See eh, I honestly believe say one of  the best way to get better crypto regulation in Nigeria is for us to get more involved and show the positive side of crypto. If we keep using it for legit purposes and support local blockchain projects, one very good day the government will start seeing the real value, not just as fraud as some Nigerians already think that's what crypto (Bitcoin) is all about. At the same time, if we keep supporting groups like SiBAN and BICCoN, even if it’s just by following their activities it Will help, because they’re already trying to engage the government. In the end, the more we educate people and show real the use which is to send and receive store without the help of any bank or government in the middle, the harder it will be for the government to keep treating crypto like a threat.

[Antotena]

I'm of the opinion that we don't really need regulation because tell me what's there to regulate. Since the beginning of crypto adoption in Nigeria, the government has only be concerned about one things and that's Naira which they have failed to control. Anytime crypto is been mentioned, the next thing you hear from them is a threat to Naira, they believe crypto is the reason why their currency isn't growing meanwhile they created a wrong approach of monetary policies and high inflation.

Whether it's true or false, the crypto exchange is highly control in Nigeria. Look at the p2p market in Nigeria today, Binance was chased out, follow by Okx and then followed by Kucoin. The plan was to have a uniform p2p exchange where they can monitor all crypto transaction which is why they didn't ban their own p2p service. They may be working for the government lowkey else tell me why the government thinks other exchange are bad but Bybit is better.