A threat or good development?

[Y3shot]

I'm very interested in discussing this with my fellow countrymen because, as far as cryptocurrency is concerned, when we talk about adoption, Nigerians should be mentioned due to the high rate of engagement with cryptocurrency. I know the government hasn't come out openly to accept cryptocurrency or develop any Bitcoin reserve.

But if, in the future, the government accepts cryptocurrency as an alternative currency and there is a section for P2P exchange in our banking app, would you feel free to use the exchange, or would you continue with the normal exchange that you are accustomed to?

Is this even a good development, or will it expose people's financial activities related to cryptocurrency?

[CryptoHeadlineNews]

There are certain factors that will need to be put in place to motivate Bitcoin enthusiast like myself and others to want to use a p2p feature integrated on the banking app, if eventually such is implemented. Because infact both the crypto exchanges we use for p2p and our banks are all centralized, which means government has a little bit of control over it. And as such if the banking p2p could have these following features as stated below, then I won't mind using it;

1. If the fees on the banking p2p is not expensive compared to the current crypto p2p on crypto exchange e.g Bitget, Bybit

2. If the exchange rate of Naira to dollar on the bank p2p is not higher and expensive compared to the current rate on crypto exchange. (e.g if the bank app rate is 1500/$1 while crypto exchange rate is 1550/$1)

3. If the bank can offer a fast support system whereby complaint can be effectively handled within minutes just as it's been done on our current crypto exchange, unlike what we are currently facing here in Nigeria whereby a small transfer error fit take you days or weeks without it been resolved after stressing yourself on early morning bank queue.

Hence, if only our banks fit implement this, then me personally I won't mind doing it. But I dey sure they no go fit. But only Opay Online bank seems to have the capacity for this kind feature.

[Charles-Tim]

I will not.

But people will because many people do not care and some will think the bank is the best for them. But crypto existed without banks and they can still always exist without the banks

But I will say it will be a good development because many people are using centralized exchanges now after several warnings. The exchanges are not really different from the banksbin relation to centralization.

Also not a thread but a development.

[Promocodeudo]

I'm very interested in discussing this with my fellow countrymen because, as far as cryptocurrency is concerned, when we talk about adoption, Nigerians should be mentioned due to the high rate of engagement with cryptocurrency. I know the government hasn't come out openly to accept cryptocurrency or develop any Bitcoin reserve.

But if, in the future, the government accepts cryptocurrency as an alternative currency and there is a section for P2P exchange in our banking app, would you feel free to use the exchange, or would you continue with the normal exchange that you are accustomed to?

Is this even a good development, or will it expose people's financial activities related to cryptocurrency?

Hey man you ask a question and started answering the question to an extent, yes theres no way anyone will talk about cryptocurrency (Bitcoin) without calling out Nigerians because individual adoption is on the high side, since the government has been acting strange in things that relates to cryptocurrency (Bitcoin) in this country, we can't trust our government for now, our country is doomed with the kind of leaders we have, in some countries the have digital leaders that understand the important of having a Bitcoin reserve but just as we know, our government is also afraid of many things which left in their mind but their actions says it all.

If the government accept cryptocurrency (Bitcoin) as alternative currency just as you said, I will not be in a haste to use whatever p2p section if such is included in the banking app, just as I said the government can not be trusted so coming up with such idea later will scare me personally because you can be against me and all of a sudden you are for me, I will have to think twice before accepting knowing fully well that you might be up to something, infact I won't use such P2P for reason best known to me, many enthusiasts will never see such as a good development rather they will see it as a plan by the government to get some record about peoples cryptocurrency transactions to either victimize them or tax them to hell.

[Marykeller]

Before 2021, when the FG announced the cancellation of crypto-related matters with Nigerian banks, I believe Nigerians had been trading crypto with banks. They had no issues with that.

If it happens tomorrow that we can trade our crypto with banks, there's no issue with that. It's a welcome development. Nigerians will trade their crypto with the one more convenient with them "exchange P2P or bank'' it's a choice

[Y3shot]

2. If the exchange rate of Naira to dollar on the bank p2p is not higher and expensive compared to the current rate on crypto exchange. (e.g if the bank app rate is 1500/$1 while crypto exchange rate is 1550/$1)

I think because of low rate, this is what will attract so many people to use the bank exchange and if this happens in the future the bank will use this as an advantage too.

I will not.

But people will because many people do not care and some will think the bank is the best for them. But crypto existed without banks and they can still always exist without the banks

Many people will see it as nothing, because they have been doing without bank ever since

Before 2021, when the FG announced the cancellation of crypto-related matters with Nigerian banks, I believe Nigerians had been trading crypto with banks. They had no issues with that.

If it happens tomorrow that we can trade our crypto with banks, there's no issue with that. It's a welcome development. Nigerians will trade their crypto with the one more convenient with them "exchange P2P or bank'' it's a choice

For sure. People will make comparison and choose which is the best for them but if it happens now their is a big different between now and then when people go to the bank for exchange.  Now we have much population in the crypto industry and now now exchange will be on mobile.

[Rockson1]

Before 2021, when the FG announced the cancellation of crypto-related matters with Nigerian banks, I believe Nigerians had been trading crypto with banks. They had no issues with that.

If it happens tomorrow that we can trade our crypto with banks, there's no issue with that. It's a welcome development. Nigerians will trade their crypto with the one more convenient with them "exchange P2P or bank'' it's a choice

There might be issue because the trust is no longer there, Nigerians now understand the antics of there government which means if tradijg has to be initiated once more with bank, i don't think people will buy that idea, i have my reasons for my statement, the cancellation of crypto related matters by our government was a wrong step take by leaders that has short vision and from that time till now, Nigerians into cryptocurrency are more careful with the government than ever, however, you got the final point that's saying that the decision comsder trading with banks if what the op said happens is individual choice and nothing more.

[Antotena]

I'm very interested in discussing this with my fellow countrymen because, as far as cryptocurrency is concerned, when we talk about adoption, Nigerians should be mentioned due to the high rate of engagement with cryptocurrency. I know the government hasn't come out openly to accept cryptocurrency or develop any Bitcoin reserve.

But if, in the future, the government accepts cryptocurrency as an alternative currency and there is a section for P2P exchange in our banking app, would you feel free to use the exchange, or would you continue with the normal exchange that you are accustomed to?

Is this even a good development, or will it expose people's financial activities related to cryptocurrency?

I wouldn't like us to assume things because there are some things that are impossible in the first place. The affairs of monetary policy of the government is control by the central banks, I'm not sure if they are going to allow this for many reasons but let's say they allow it, we have to put so many things in place.

If we are going to be having p2p exchanges on our banking apps, I believe banks are going to be providing deposit addresses which means they are going to be the custodial exchange and with banks policy, there must be insurance on every account. The last time, each accounts in every commercial bank is insure with ₦5m incase there is bankruptcy by NDIC, the same insurance plan is going to be the same for Usdt or any other support crypto in the banks, the banks has to set up this insurance before they can begin operation.

Another thing to consider is Trust, the Nigeria banks are very brutal with their services. Many of us here don't use them most often like we used money operators like the Opay, monipoint, Kuda and the rest. I can't be going to bank every day and be fighting one staff because my transaction is pending.

How are we going to deal with issues of account frozen, this alone will kill it before it begins. They close normal bank account over small issues and we want to bring everything right to their door step, it's going to be a brutal ride if we get p2p on any Nigerian bank.

[kingstep]

Is this even a good development, or will it expose people's financial activities related to cryptocurrency?

We lack continuity as a nation so that's the first issue with choosing to use our banking system for P2P transaction if it gets approved. Government can just change and then everything change with a new administration being completely against crypto, what that will do generally is that it will place those using such exchanges at a risk of having Thier account frozen or in a worse of scenarios having them being called for questioning which is a major setback for most investor.

I will go for an exchange that has high reputation to one that's an homebase exchange. It might look like you're not supporting your local exchange but it generally will take time before a complete sense of trust will be there when it comes to being completely open while dealing with our local exchanges let alone the banks.

[promise444c5]

~

It’s a good development but we all know what government is all after, the sole purpose will be to fully control it and make it like a normal banking app feature if possible.
Will I use it? It depends on the policy behind  it , if not such different from a normal exchange then why not, it’s just what I need directly on my bank account , beyond that I rather stay off it..