tinubu Orders Tighter Surveillance Of Cryptocurrency Transactions.

[Agbamoni]

There is little they can do about cryptocurrency, na noise them dey make, them dey see the huge transactions way boys dey pull out with crypto, and e dey pain them say no be them dey in charge to control the process. They want to extend their tax collections to cryptocurrency, the one way them don dey collect since, watin them don carry am do. Cryptocurrency especially bitcoin cannot be controlled by them, so the surveillance wouldn't have any effect, so I believe this is just another news where the FG is just playing to the Gallery.

The government can damage what we are enjoying today with just one policy that will change everything, and you know that. We pray they dont get greedy to the extent of banning crypto. At the same time, I think they cannot. The digital system of banking, including crypto and microfinance banks, favors them as well. If they cut it out, they too will be affected by the change. However, they have thought about ways to fully gain huge revenue from centralized exchanges, which have left them with no success.

[ArabBTC]

President Bola Ahmed Tinubu has directed the Central Bank of Nigeria (CBN) and other financial regulators to intensify monitoring of cryptocurrency and digital payment activities, warning that the rapid migration of Nigerians to non-bank platforms poses risks to the economy. Link

The Nigeria government is already scared of the way people are now using cryptocurrencies rather than Banks, is it that they want to stop Nigeria citizens from using crypto because they believe that the more citizens use cryptocurrency for transactions, saving etc the more the Nigeria economy will go down, well I believe that the Nigeria government can use cryptocurrency to help grow there economy so there's no need stopping citizens from using cryptocurrency and they should not make it difficult for people to use.

One of the things I believe Nigerian government wants to achieve when it comes to cryptocurrency is tax, they just want exchange and people using cryptocurrency to always pay there tax, and yeah that is what they should look into and fight for because they can grow the Nigeria economy with that other countries are doing it.
The only reason migration of Nigerians to non-bank like cryptocurrency can poses risks to the economy is when they are not generating tax from it the way they do with Banks, if they can succeed in generating tax from exchange and people using cryptocurrency they won't bother anymore.

Sincerely sometimes i don’t know Tinubu issue🤣 must you tax everything and everyone, he acts at times as if he has one kind of big debts that he is trying to pay back, ever since he assumed office it has been one way or the other of trying to generate money right from removal of fuel subsidy to now high taxing systems up to involving France and also looking for a way now to tax cryptocurrencies.

Well taxation is not a bad thing, i know that why he is particular about cryptocurrency is because he knows the high profit margins involved and what he stands to gain if he can get crypto traders to be paying tax, trust me he will go to any length in ensuring that he gets tax from every trading transaction. My only issue with his this his new economic resolve of taxation is that after taxing the struggling masses it’s not as if the money generated will be used judiciously for useful projects that will benefit the masses, instead he will share that money amongst him and his cabals, the entire money he generated from subsidy where is it? So am certain even if every crypto trader pays tax per transaction he won’t still use it well, taxing crypto transactions won’t be easy though but with the help of France he will archive it with time, he will keep on surveying and probing into crypto activities because he knows what he stands to gain.

[Jubilee58]

Is obvious that the Nigerian government has not enthused the use of cryptocurrency, and is one of the challenges that investors are passing through presently. Before now, the federal government of Nigeria has been trying to disable any cryptocurrency exchange that is directly linked to bank, including P2P and all these effort are just disrupt bitcoin usage and transactions in Nigeria. We understand that Bitcoin itself is not regulated yet, and is also a new asset in the investment market compared to assets like stock and forex which I believe that with time regulation will be a sure but.

Nigeria is still a developing country, there are other developed countries that have accepted the use of bitcoin and do not try to hinder their citizens from using bitcoin. Bitcoin is a digital currency that is revolutionizing the world, it plays a significant role when it comes to stabilizing an economy. Therefore Nigeria government should only come up with a transparent idea on how to manage the use of bitcoin in Nigeria instead of trying to hinder citizens from using bitcoin.

[Futurexxx]

If the government can prove to us in 5 to 10 years that naira has gotten better, Nigerians will start having trust in naira.

This one na impossible target for this present administration because the only thing they care about is to enrich themselves, forgetting say if our naira dey reliable like other nations own, people for still they hold the bulk of their money in naira, besides, I no see how cryptocurrency become a threat to our economy, both of them fit still work for the betterment of the economy, just like other top nations around the world, why Nigeria own dy different?

I just feel say why them dy do all this things is that them dy fear say them no go get access to easily tax crypto transactions as them fit do for naira transactions.

[Charles-Tim]

I just feel say why them dy do all this things is that them dy fear say them no go get access to easily tax crypto transactions as them fit do for naira transactions.

Yes, no other main reasons more than looking for ways to effectively tax crypto businesses and users. We later know more after they proposed the capital gain tax which they have implemented already. So people earning money with cryptocurrencies should prepare to pay the 15 to 25% tax, which would begin in January.

[Deegodstime]

I just feel say why them dy do all this things is that them dy fear say them no go get access to easily tax crypto transactions as them fit do for naira transactions.

Yes, no other main reasons more than looking for ways to effectively tax crypto businesses and users. We later know more after they proposed the capital gain tax which they have implemented already. So people earning money with cryptocurrencies should prepare to pay the 15 to 25% tax, which would begin in January.

If i may ask, why is the Nigerian government always interested in working towards making life difficult for its citizens when other nations are relentlessly finding solutions to everything that may not be favourable to there citizens. The Nigerian traditional banking system is one of the weak system with poor networking and unstable network when it has to with emergency transactions with high charges per transaction that always makes life difficult for citizens but since the introduction of crypto transactions that operates in a decentralised form with fast and reliable transaction system compared to that of the traditional banking systems, they have never been happy and now they are working towards depriving citizens those little benefits, when will all thos stop