CNB's restrictions vs. reality, how Nigerians are still using Bitcoin

[Vompola]

I wanted to add to the headline what the government's plans are for these issues in the future.
For us Nigerians, the journey of using Bitcoin has never been easy. Despite the Central Bank ban and various warnings about using Bitcoin, we have been using Bitcoin. The Central Bank of Nigeria has already taken some steps to not use Bitcoin several times and they have banned Bitcoin transactions with banks. They have shown the argument that if cryptocurrency transactions are done directly through banks, the amount of terrorist activities will increase, the economic situation may be chaotic, and many other fraudulent activities including money laundering may occur. Although the Central Bank of Nigeria then issued some guidelines that were somewhat positive in favor of the use of cryptocurrency
*but still, Bitcoin transactions cannot be done directly with banks,
*Although a large population uses Bitcoin, Bitcoin has not yet been officially accepted. 
Now my question is, given the increasing number of Bitcoin users in Nigeria, how many years will it take for our government to legalize Bitcoin and how many days will it take for us to be able to transact Bitcoin with banks?
Now we should discuss what benefits will be available if the Nigerian government allows Bitcoin to be transacted directly with banks,
•First of all, there will be P2P transactions, this transaction is usually done by two parties through an exchange, it is relatively risky, if Nigerian citizens can transact through banks, they will not need to do P2P, which will also improve the country's financial sector.
•The second benefit will be for expatriates, expatriates who are involved in the use of Bitcoin will be able to send Bitcoin directly to their home country's bank as remittance, but this will enrich the country's reserve fund.
As a Nigerian, I would also like to know how you are using Bitcoin and how you would react if the government facilitated Bitcoin transactions with banks?

[ObaLabsX]

Before this can be realized, our government needs extensive preparation, regulations, control, and even needs to learn a lot from El Salvador. All banks must be aligned to support Bitcoin transactions, have licenses and internal standard operating procedures. Therefore, banks must be prepared to face changes in public behavior, where people store value in Bitcoin instead of in Naira. Currently the banks are focused on economic recovery and growth, especially since they have seen positive signs in controlling inflation.



ObaLabsX

[Joy_learns_crypto]

As a Nigerian, I would also like to know how you are using Bitcoin and how you would react if the government facilitated Bitcoin transactions with banks?

As a Nigerian e go be everybody wey Dey here go Dey use bitcoin whales fit Dey and those wey Dey DCA small small still Dey and as a Nigerian I leave bank enter bitcoin I no want make government facilitate bitcoin transaction with bank.

First of all, there will be P2P transactions, this transaction is usually done by two parties through an exchange, it is relatively risky, if Nigerian citizens can transact through banks, they will not need to do P2P, which will also improve the country's financial sector.

P2P transaction already Dey, and I no think say p2p transaction go improve the country financial sector, millions of bank transactions is happening and our financial sector never improve, we still Dey borrow and the debt is much.

[Churchillvv]

Your questions about how many years it will take out government to legalize the use of bitcoin but however you seem to be ignorant that bitcoin is not banned, its use is legal and you fit hold am Nigeria without any consequences stress, so them no need make am legal tender which I believe say na weytin u Dey talk about before we go use am to the fullest, after all we Dey use am without threat na only before wey them no Dey allow transaction wey be crypto related but people still use bitcoin, so government fit no invest in bitcoin or get anything to do with bitcoin, we must not copy everything.

[Justbillywitt]

Now my question is, given the increasing number of Bitcoin users in Nigeria, how many years will it take for our government to legalize Bitcoin

It will only take a government that's bitcoin friendly to legalize bitcoin, as long as we keep having government that are not bitcoin friendly in power, it will take a very long time before bitcoin can be legalize in this country. It could also be possible that bitcoin will not be legalize in this country because they see it as a threat since they can't control.

and how many days will it take for us to be able to transact Bitcoin with banks?

This your question is not really straightforward, but if it happens that bitcoin is legalized in this country someday and banks are allowed to facilitate bitcoin transactions, you will get your bitcoin immediately the transaction is approved, it won't take days for the transaction to be complete.

[EL MOHA]

Let me start with even if bitcoin and crypto currency at large is actually legalized (although it’s not even illegal im the first place) in Nigeria and banks are authorized to accept bitcoin transactions I might never involve or related my cryptocurrency transactions directly with my bank not that I am actually trying to hide anything but I think at a time when cryptocurrency transactions were banned those who were affected will actually tell you that it’s a mistake to do that.

Many will argue that even with centralized exchange ones transactions aren’t private or anonymous but I can bet and say that they are not far exposed to the government than direct transaction with banks.

Bitcoin is yet to be fully legalized in Nigeria because most top countries are still the mix with this digital country and one thing with Nigeria is they never take the lead in situations like this and only want to follow what others do, so until then I think it will be like this for a while

[Vompola]

Your questions about how many years it will take out government to legalize the use of bitcoin but however you seem to be ignorant that bitcoin is not banned, its use is legal and you fit hold am Nigeria without any consequences stress, so them no need make am legal tender which I believe say na weytin u Dey talk about before we go use am to the fullest, after all we Dey use am without threat na only before wey them no Dey allow transaction wey be crypto related but people still use bitcoin, so government fit no invest in bitcoin or get anything to do with bitcoin, we must not copy everything.

Now we have to do P2P through exchanges but if banks accepted Bitcoin then we would not have to use exchanges to do P2P and this would improve the economic condition of the country. Every issue has its pros and cons, where Nigerians do the maximum number of P2P transactions, the government of the country should take steps on these issues because I think facilitating transactions through banks will change the economic condition of the country a lot.

and how many days will it take for us to be able to transact Bitcoin with banks?

This your question is not really straightforward, but if it happens that bitcoin is legalized in this country someday and banks are allowed to facilitate bitcoin transactions, you will get your bitcoin immediately the transaction is approved, it won't take days for the transaction to be complete.

I tried to explain this way that after how long the government will approve Bitcoin transactions with banks. Yes, I also know that after the government approval, it will not take much time to go to the bank and make transactions.

[Boiboi20]

Let me start with even if bitcoin and crypto currency at large is actually legalized (although it’s not even illegal im the first place) in Nigeria and banks are authorized to accept bitcoin transactions I might never involve or related my cryptocurrency transactions directly with my bank not that I am actually trying to hide anything but I think at a time when cryptocurrency transactions were banned those who were affected will actually tell you that it’s a mistake to do that.

Many will argue that even with centralized exchange ones transactions aren’t private or anonymous but I can bet and say that they are not far exposed to the government than direct transaction with banks.

Bitcoin is yet to be fully legalized in Nigeria because most top countries are still the mix with this digital country and one thing with Nigeria is they never take the lead in situations like this and only want to follow what others do, so until then I think it will be like this for a while

Even if crypto and bitcoin eventually get fully legalized in Nigeria and bank start accepting crypto transactions I honestly still wouldn’t link my crypto directly to my bank not because I am doing anything wrong but because we have seen how fast policies can change anyone who was effected during the last ban knows it is better to be cautious.
However people will say transaction on centralized exchange are not really private and that is true to an extent but they are still not as directly exposed as moving funds straight through banks as for full legalization Nigeria usually does not take the lead on things like this we tend to wait and follow what bigger countries do until there’s clearer global direction I think things will stay like this for a while.

[Doan9269]

As Nigerians, we are only been lucky that the government does not make the use of bitcoin illegal and complete ban for the citizens, but in this case and as we already had it, the central bank only issue a warning and prevent their commercial banks from anything that has to do with crypto, so anyone that is interested in it should take the risk on his own and embrace the consequence by himself without the government being responsible, which they acted as exactly as we wanted, because of privacy and the way we wanted it decentralized as always expected.

[DubemIfedigbo001]

I wanted to add to the headline what the government's plans are for these issues in the future.
For us Nigerians, the journey of using Bitcoin has never been easy. Despite the Central Bank ban and various warnings about using Bitcoin, we have been using Bitcoin. The Central Bank of Nigeria has already taken some steps to not use Bitcoin several times and they have banned Bitcoin transactions with banks. They have shown the argument that if cryptocurrency transactions are done directly through banks, the amount of terrorist activities will increase, the economic situation may be chaotic, and many other fraudulent activities including money laundering may occur. Although the Central Bank of Nigeria then issued some guidelines that were somewhat positive in favor of the use of cryptocurrency
*but still, Bitcoin transactions cannot be done directly with banks,
*Although a large population uses Bitcoin, Bitcoin has not yet been officially accepted.  

The problem isn't that our government don't want to accept Bitcoin, the problem is that our government are greedy and do things that would only benefit their selfish interest, you can see from the time they feedback #10 billion from Binance. They've created E-Naira and Naira backed CBDC still no success as they thought the people would drift readily to it.

The highest fraud are done with Fiat, tagging crypto as a major means of money laundering is a big lie. That is their way of discouraging it's use since they cannot exert total control in it, especially Bitcoin.

Less than 1% of crypto transactions are illicit but 2-5% of global GDP is said to be laundered annually through tradfi systems

[Spaceman1000$]

The way bitcoin was designed, it has boycotted some of this hindrances that the government is likely to impose on financial transactions, so even when it takes forever for the government to fully accept Bitcoin and for bitcoin transaction so directly going to banks, it's still will not affect bitcoin adoption and transaction process. Bitcoin has made it possible for people not to rely on government institutions for financial activities, and it has shown in the attitude of government in some countries that they are against financial freedom of citizens and that is why you see the CBN of Nigeria creating this huddles.