Use of Bitcoin in Nigeria, proceed with caution

[letteredhub]

There are no restrictions or ban of cryptocurrency in Nigeria, everyone is free to use cryptocurrency without fear of being questioned by any government authority so far as you did not get involved in any financial crime, nobody will interrogate you for no just reason. The reason why many people are afraid of doing crypto transactions openly is just because they lack the knowledge of the law and most people do not have lawyers to intercede for them when there is an issue.

Brother, I differ on this with all you said, it's kind of misleading for me because we are all aware that right untill now we risk losing our funds of any bank transactions that carries bears cryptocurrency or crypto related statement in the remark or description of the transaction, when doing P2P trading. The laws on cryptocurrency in Nigeria are not really clear to say that there's no restrictions even though we say there's no ban on it too, but banks do confiscate any accounts with crypto transactions till date. A recent example is the Fintech mobile banks who die to the directives given to them by the Nigeria government gave a warning notifications to all their customers against using their platform for crypto transactions. Do you claim not to be aware of this or what?

      Let it be known to you, the government knows about the crypto transactions in the country so whether you include cryptocurrency in your description when performing a p2p transaction or not, they are aware. As long as people do KYC on exchanges, your information can be leaked to the government otherwise that exchange can risk being banned by the government as they did to Binance and Kucoin. Remember that there was a time the Nigerian government demanded for the data of Nigerians who are using Binance for crypto transactions and they refused to give them the information which was also part of the reason why the government banned p2p transactions on their platform till date.

I agree that a CEX would have to work in hand with the government to have a smooth operation in their jurisdiction but still the situation with Nigeria laws in cryptocurrency doesn't make the use of it clearly out of risk of not being confiscated when the bank has it known it was a crypto  related transaction.

[Pablo-wood]

Fraud is one reason, but it is not the main reason. At that time, the sites were restricted, and P2P was stopped on popular exchanges like Binance it was as a result of regulation. The government wants to regulate by making those exchanges comply with its rules of operation in Nigeria. Ever since then, some exchanges have complied and can now carry out P2P operations, but the sites have been inaccessible to date.

The regulation compliance is to track fraud as well as other regulatory terms. Binance had complications with the Nigerian government, they accused them of exploitation, devaluation of our Naira and even money laundering. Remember when Bianace head of financial crime compliance was detained for almost eight months.

[Karl_3000]

Fraud is one reason, but it is not the main reason. At that time, the sites were restricted, and P2P was stopped on popular exchanges like Binance it was as a result of regulation. The government wants to regulate by making those exchanges comply with its rules of operation in Nigeria. Ever since then, some exchanges have complied and can now carry out P2P operations, but the sites have been inaccessible to date.

The regulation compliance is to track fraud as well as other regulatory terms. Binance had complications with the Nigerian government, they accused them of exploitation, devaluation of our Naira and even money laundering. Remember when Bianace head of financial crime compliance was detained for almost eight months.

Do not mind the government, Binance was not the reason naira was devaluing at the time, it was the government that do not know how economy should be and they used their poor approaches to devalue the naira themselves. Only what Binance was guilty of is exploitation because the exchange does not have licence in Nigeria and also not paying tax.

[Cryptoprincess101]

There are no restrictions or ban of cryptocurrency in Nigeria, everyone is free to use cryptocurrency without fear of being questioned by any government authority so far as you did not get involved in any financial crime, nobody will interrogate you for no just reason. The reason why many people are afraid of doing crypto transactions openly is just because they lack the knowledge of the law and most people do not have lawyers to intercede for them when there is an issue.

Brother, I differ on this with all you said, it's kind of misleading for me because we are all aware that right untill now we risk losing our funds of any bank transactions that carries bears cryptocurrency or crypto related statement in the remark or description of the transaction, when doing P2P trading. The laws on cryptocurrency in Nigeria are not really clear to say that there's no restrictions even though we say there's no ban on it too, but banks do confiscate any accounts with crypto transactions till date. A recent example is the Fintech mobile banks who die to the directives given to them by the Nigeria government gave a warning notifications to all their customers against using their platform for crypto transactions. Do you claim not to be aware of this or what?

I still stand to tell you that there is no clear restriction on cryptocurrency in Nigeria, all those guidelines given by CBN to FINTECH banks to confiscate any crypto transactions on their platforms were aimed at instilling fear on crypto traders and also to reduce the rate at which crypto enthusiasts use FINTECH banks, you can agree or not but that was basically their intention. I want you to know that the reason why it seems that the government are still frowning at crypto users in the country is because they are associating crypto transactions to frauds and funny enough we live in a country where the government don't even respect the laws if not a country that didn't ban cryptocurrency or should i say lifted the ban on cryptocurrency, do not have the right to interrogate anyone who is into cryptocurrency or freeze any account associated with cryptocurrency and i stand to correct you that what i said earlier was misleading, it isn't, if you really think about it from the angle of my explanation.
     Do you think that the Nigerian government don't know about the crypto transactions on exchanges? or if they want to gather the data of Nigerians who are using exchanges for crypto transactions do you think it will be difficult for them? they know but if you check some of the exchanges they are already paying tax to Nigerian government which is the reason why they are not issued restrictions on their p2p platforms as they did to Kucoin and Binance.

[hypernovafsk]

Yes you are right the use of btc in Nigeria is limited to the use of an ip address. When I have to create and account for my bitcoin I never know I have to use and Ip address to generate my profile. I just keep on trying but I can't get and access.

Slowly the country is getting to realize the use and lots of people now use it for saving. With time it will be legalize we pray
My question is as a new user can how long does it take me as a newbie to start getting merit.
Just like others who have been in the game for a while now

[letteredhub]

There are no restrictions or ban of cryptocurrency in Nigeria, everyone is free to use cryptocurrency without fear of being questioned by any government authority so far as you did not get involved in any financial crime, nobody will interrogate you for no just reason. The reason why many people are afraid of doing crypto transactions openly is just because they lack the knowledge of the law and most people do not have lawyers to intercede for them when there is an issue.

Brother, I differ on this with all you said, it's kind of misleading for me because we are all aware that right untill now we risk losing our funds of any bank transactions that carries bears cryptocurrency or crypto related statement in the remark or description of the transaction, when doing P2P trading. The laws on cryptocurrency in Nigeria are not really clear to say that there's no restrictions even though we say there's no ban on it too, but banks do confiscate any accounts with crypto transactions till date. A recent example is the Fintech mobile banks who die to the directives given to them by the Nigeria government gave a warning notifications to all their customers against using their platform for crypto transactions. Do you claim not to be aware of this or what?

I still stand to tell you that there is no clear restriction on cryptocurrency in Nigeria, all those guidelines given by CBN to FINTECH banks to confiscate any crypto transactions on their platforms were aimed at instilling fear on crypto traders and also to reduce the rate at which crypto enthusiasts use FINTECH banks, you can agree or not but that was basically their intention.

So you're telling me that the government jokingly gave an order to the residual banks and Fintech banks just to create fear on the citizens without actually meaning it. Like I don't understand you mate, government don't joke about financial guidelines both domestic or foreign. You can't tell the government intention as you weren't part of the team that gave those guidelines to the bank, so far as the law on cryptocurrency in the country isn't clearly stated whether we face risk of losing our funds legitimately or not because it's linked to crypto transactions the laws ain't clear on that. In Nigeria, crypto users are just floating at the mercy of these banks.

 

I want you to know that the reason why it seems that the government are still frowning at crypto users in the country is because they are associating crypto transactions to frauds and funny enough we live in a country where the government don't even respect the laws if not a country that didn't ban cryptocurrency or should i say lifted the ban on cryptocurrency, do not have the right to interrogate anyone who is into cryptocurrency or freeze any account associated with cryptocurrency and i stand to correct you that what i said earlier was misleading, it isn't, if you really think about it from the angle of my explanation.

That has being one of the excuses every other government that are against crypto employs to critic against it use by the citizens, Nigeria government excuse wouldn't be a surprise. When we talk about fraud and money laundering transactions we all know fiat is where the criminalities is embedded. For such a country which you're aware of the government officials not respecting the laws, yet you speak of no crypto restrictions and funds seizures by banks for funds suspected to be from crypto transactions, and you think there's a law against that?

 

     Do you think that the Nigerian government don't know about the crypto transactions on exchanges? or if they want to gather the data of Nigerians who are using exchanges for crypto transactions do you think it will be difficult for them? they know but if you check some of the exchanges they are already paying tax to Nigerian government which is the reason why they are not issued restrictions on their p2p platforms as they did to Kucoin and Binance.

No i don't think so, but that doesn't mean we should give them the ropes to bond us by we acting nonchalantly about what it is from what ought to be.

[Josefjix]

Yes you are right the use of btc in Nigeria is limited to the use of an ip address. When I have to create and account for my bitcoin I never know I have to use and Ip address to generate my profile. I just keep on trying but I can't get and access.

What IP address are you talking about?
Creating Bitcoin on any site never needs to know your IP address, or you are talking about an exchange? You can sign up and register on anything crypto without needing a VPN to divert an IP address.

Slowly the country is getting to realize the use and lots of people now use it for saving. With time it will be legalize we pray

Nigerian government already knows we are using Bitcoin for savings, but they'll never allow or adopt or approve it's usage to be widely accepted, instead, they'll sabotage more and more.

[Agbam]

I like the awareness Wey Dey for the OP, even if na Wetin some of us don know and some fit don forget because them Dey use apps Dey access this exchanges. Most of them still Dey restricted for the country and our government never free hand for cryptocurrency for the Country.

Wetin I no understand na why some persons wan Dey argue say bitcoin and other crypto related transactions Dey free for the country when me and you know say na lie.
If you believe say e Dey free Dey run your transactions Dey add crypto related things for narration make we see how long e go take before them com worry you.

Sometimes some people go Dey behave like say na another Nigeria for another Planet dem Dey.

[Zanab247]

Is no longer a new thing say our government hate BTC and users in d country. Wetin go make u tell person say u dey hodl BTC or u dey do BTC investment wen u no say government officials dey like to handle BTC or crypto users case well for their favour, because dey will collect everything u are using to gain access to those BTC in your wallet, and if u are not careful dey can charge you to court for terrorist sponsor, and it can make u to be sentence to life imprisonment.

As long u dey naija and u want to trade or sell BTC from person with fiat money, don't allow d person to include BTC in his payment, because bank will block your account immediately not to have access to d money, because is against d law of d land.