How long shall we keep being afraid to express ourselves as crypto enthusiasts?

[Btcdeybodi]

This thought have been going through my mind for quite some time now, today i decided to make a post about it.

I came across a topic in the Economics board where a staff asked ''Are You Satisfied with Your Government's Stance on Bitcoin? and i saw many Nigerians replying that the government doesn't have a clear stance on cryptocurrencies in the country then i began to wonder if people don't read news anymore to stay updated in recent happenings within the country.

Anyways for those of you who may want to read about the government stance on cryptocurrency, here is the link: https://westafricatradehub.com/crypto/is-crypto-legal-in-nigeria/. President Bola Ahmed Tinubu has already signed the Investments and Securities Act (ISA) 2025 which gives securities to digital currencies.

Cryptocurrency is legal in Nigeria which means you can buy, trade and invest in cryptocurrency so do we still need any more news to know the stance of the government on cryptocurrency?

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

As far as a know, there are many Nigerians who are known and identified that they are into cryptocurrency which some of them include; Gaius Chibueze who is the first crypto enthusiast in Nigeria and Africa, we also have Linus Williams Ifejika (B-Lord) and many others. If these people are recognized bitcoin investors then why are we still hiding our identity as bitcoiners from security agencies like the EFCC and the Nigerian Police Force? Is it that we are just avoiding regulatory policies or we just want to keep operating in the digital space without a face.

It is obvious that we can't even escape being taxed anymore inasmuch as we convert our bitcoins to the Nigerian currency so why should we be afraid over an investment that we are being taxed of?. SEC already have strict regulatory framework and so also with the CBN.

My concern is that there are people who don't have other businesses that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government?

[ejikeme24]

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

There are several reasons why we need to keep that as a top secret, you know most of These security agencies are criminals in disguise. Although some may be different but it is very hard to find the real ones, so therefore I would rather tell them that I have a job or I'm into skill rather than telling them that I'm into cryptocurrency Because I feel that it is too risky for me to do that even though crypto investment is made legal here.

It is not about being bold enough to tell them that you're into cryptocurrency, my safety is more paramount . If you tell people that you're holding Bitcoin first there's this look they will give you, it might be a look of envy or a surprise but we really can't predict the look. So it is not a must to tell them that you're into cryptocurrency I believe you have other alternative like job or skill that you would use to cover up.

[Yablee0]

Cryptocurrency is legal in Nigeria which means you can buy, trade and invest in cryptocurrency so do we still need any more news to know the stance of the government on cryptocurrency?

Have gone through your link and have seen it all, even before now many dudes has been on the low doing their things ( crypto transactions) without any issues and I believe now that the government has now said it openly I believe it will encourage more investors to come in and invest. However we still need to be more careful about it because Nigerian government is very good in labeling the younger folks fruad in stuff's like this.
 

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

I think that's because of how our security agencies has been malfunctioning by harassing our youths lately, it doesn't cost them much before placing charges on you that you are Yahoo boy. And also since the government hasn't openly announced it, as in making it breaking news for everyone to know about it people will still be having that fear of defaulting and for them not to be arrested. However if truly that source is true with time crypto enthusiast will start coming out from their chell for a better experience.

My concern is that there are people who don't have other business that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government

Maybe such folks can hide under the shade of doing other things to survive like being a content creator or a online vendor or stuff like that, but for me I hate hiding my craft, my passion and my identity. Possible I will just blow it out when called upon that am a Bitcoin investor maybe our security forces will just want to show their self because that's what they are very good at extorting from people's swelt.

[PostQuantumBTC]

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

Some people do not like to say it because in the past, if you say it to someone, they will say that you are a Yahoo guy.

Another reason can be because of privacy.
Have you not read a police in India that kidnapped someone just because he wanted to steal the person's coins? As I do not trust people, I do not trust police officers, other paramilitaries and other security agencies.

Some people may not like to say it now because they might want to avoid tax.

[igebotz]

This thought have been going through my mind for quite some time now, today i decided to make a post about it.

I came across a topic in the Economics board where a staff asked ''Are You Satisfied with Your Government's Stance on Bitcoin? and i saw many Nigerians replying that the government doesn't have a clear stance on cryptocurrencies in the country then i began to wonder if people don't read news anymore to stay updated in recent happenings within the country.

Anyways for those of you who may want to read about the government stance on cryptocurrency, here is the link: https://westafricatradehub.com/crypto/is-crypto-legal-in-nigeria/. President Bola Ahmed Tinubu has already signed the Investments and Securities Act (ISA) 2025 which gives securities to digital currencies.

Has the thousands of bank accounts frozen by the CBN for cryptocurrency trading been unfrozen? And can we Nigerians now buy cryptocurrency straight with our bank cards or include crypto-word descriptions in our crypto-bank transactions? Nobody claimed that cryptocurrency was illegal or forbidden in Nigeria, but the government's pursuit of crypto dealers shows one thing: it is not banned, but it is frowned upon by the government.

You no fit expect people who lost their bank accounts with millions in it to be satisfied with the government on crypto. The right thing should be done first.

I don't see how the recent bills signed by the President has solved any of our pending problems and until those problems remains unsolved the citizens would continue to feel "unsatisfied"

[Jubilee58]

This thought have been going through my mind for quite some time now, today i decided to make a post about it.

I came across a topic in the Economics board where a staff asked ''Are You Satisfied with Your Government's Stance on Bitcoin? and i saw many Nigerians replying that the government doesn't have a clear stance on cryptocurrencies in the country then i began to wonder if people don't read news anymore to stay updated in recent happenings within the country.

Anyways for those of you who may want to read about the government stance on cryptocurrency, here is the link: https://westafricatradehub.com/crypto/is-crypto-legal-in-nigeria/. President Bola Ahmed Tinubu has already signed the Investments and Securities Act (ISA) 2025 which gives securities to digital currencies.

Cryptocurrency is legal in Nigeria which means you can buy, trade and invest in cryptocurrency so do we still need any more news to know the stance of the government on cryptocurrency?

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

As far as a know, there are many Nigerians who are known and identified that they are into cryptocurrency which some of them include; Gaius Chibueze who is the first crypto enthusiast in Nigeria and Africa, we also have Linus Williams Ifejika (B-Lord) and many others. If these people are recognized bitcoin investors then why are we still hiding our identity as bitcoiners from security agencies like the EFCC and the Nigerian Police Force? Is it that we are just avoiding regulatory policies or we just want to keep operating in the digital space without a face.

It is obvious that we can't even escape being taxed anymore inasmuch as we convert our bitcoins to the Nigerian currency so why should we be afraid over an investment that we are being taxed of?. SEC already have strict regulatory framework and so also with the CBN.

My concern is that there are people who don't have other businesses that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government?

You have made good points here, but remember, the signing of investment and security act (ISA) in 2025 by the federal government of Nigeria is just a recent development because I know is still in this Bola Ahmed Tinubu's government that Nigerians lost access to P2P in binance exchange. However is a welcomed development because it was not so before.

Considering this information, it is obvious that Bitcoin investment in Nigeria is a legal investment and therefore, investors should not be afraid of identifying themselves as cryptocurrency enthusiast any time any day if the need arises, and based on this, should any security or government agency try to question your right on bitcoin or try to attack you as a result of your investment in Bitcoin, I think you have the legal right to take up the matter, possibly take that person to the court.

[Charles-Tim]

I don't see how the recent bills signed by the President has solved any of our pending problems and until those problems remains unsolved the citizens would continue to feel "unsatisfied"

The bill will be indirectly more about how to collect tax as our government know already that they can receive much crypto tax from individuals and businesses. So it is about how they are showing more friendliness to cryptocurrencies users. CBN do not have the kind power they have before, although they still have power (that will not be beyond the banking sector), but not like going for crypto exchanges directly as they did with Binance, OKX and Kucoin. That should be the work of SEC.

You have made good points here, but remember, the signing of investment and security act (ISA) in 2025 by the federal government of Nigeria is just a recent development because I know is still in this Bola Ahmed Tinubu's government that Nigerians lost access to P2P in binance exchange. However is a welcomed development because it was not so before.

Yes, it is somehow new because it was updated in March 2025, since 2007. Now our SEC which were friendlier to bitcoin and other cryptocurrencies now have more power to regulate the cryptocurrency platforms.

[Bigjoe33]

This thought have been going through my mind for quite some time now, today i decided to make a post about it.

I came across a topic in the Economics board where a staff asked ''Are You Satisfied with Your Government's Stance on Bitcoin? and i saw many Nigerians replying that the government doesn't have a clear stance on cryptocurrencies in the country then i began to wonder if people don't read news anymore to stay updated in recent happenings within the country.

Anyways for those of you who may want to read about the government stance on cryptocurrency, here is the link: https://westafricatradehub.com/crypto/is-crypto-legal-in-nigeria/. President Bola Ahmed Tinubu has already signed the Investments and Securities Act (ISA) 2025 which gives securities to digital currencies.

Has the thousands of bank accounts frozen by the CBN for cryptocurrency trading been unfrozen? And can we Nigerians now buy cryptocurrency straight with our bank cards or include crypto-word descriptions in our crypto-bank transactions? Nobody claimed that cryptocurrency was illegal or forbidden in Nigeria, but the government's pursuit of crypto dealers shows one thing: it is not banned, but it is frowned upon by the government.

You no fit expect people who lost their bank accounts with millions in it to be satisfied with the government on crypto. The right thing should be done first.

I don't see how the recent bills signed by the President has solved any of our pending problems and until those problems remains unsolved the citizens would continue to feel "unsatisfied"

Of course, our problem here is the government, and you just nailed it, there is no confidence in the hearts of the youths or those involved in it. There is no enabling ground for all these to thrive smoothly, no better security network and all of that, and all these posses a threat.

My problem is how they seat in there offices, syphon the nations economy all to themselves, and then, once they notice someone else possess a bit huge capital or finance, boom! They are already at your door step, asking and wanting to know how you came about all those wealth, and at the end, you a picked and account frozen.
For Christ sake, Bitcoin and crypto is going global, and the earlier our government realises this and creates a well watered and conducive ground for citizens to freely get involved, the better for us all. I just keep wondering wether it is crime for citizens to have good sum of money in there accounts or live large in the country. Things really need to change

[Crypto_Timothy]

My concern is that there are people who don't have other businesses that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government?

It is still just fear holding everyone back if you ask me. I can remember even after the end Sars movement, young men even till now sef, boy still get harassed here and there, how much more a law that was just signed this year.

Alot of Nigerians will still prefer being in the dark about their activities in crypto mostly because they cant fully trust the government, policy changes like this will take time

[igebotz]

I don't see how the recent bills signed by the President has solved any of our pending problems and until those problems remains unsolved the citizens would continue to feel "unsatisfied"

The bill will be indirectly more about how to collect tax as our government know already that they can receive much crypto tax from individuals and businesses. So it is about how they are showing more friendliness to cryptocurrencies users. CBN do not have the kind power they have before, although they still have power (that will not be beyond the banking sector), but not like going for crypto exchanges directly as they did with Binance, OKX and Kucoin. That should be the work of SEC.

I didn't expect the bill to favour us more - the Govemment are only protecting themselves to collect tax.

The question is; would these exchanges agree to collect these tax for them after how they were treated? Remember the CBN wrote many times to Bybit in the past to discontinue Naira P2p and they didn't bow to the pressure like others so how do they plan to work with them now.

I wonder why Kucoin discontinued the illegal tax they were collecting for the NG last year.

[Akaenyi]

Thanks for sharing the link on the federal government stance on cryptocurrency but don't be deceived by all that charades, they are for tax purposes as far as I'm concerned. I still think that crypto holders in Nigeria, should always keep a low profile about their cryptocurrency for security purposes just like everywhere else in the world. Crypto holders have become targets of criminals, you can be robbed or kidnapped because the public knows that you have cryptocurrency.

From many reports that we have heard both within and outside this forum suggests that we should avoid making our cryptocurrency known to the public.  Crypto holders have been stolen from, killed and injured just because they have flaunted about their cryptocurrency. Marchants in CEX will tell still tell you as of today not to mention anything crypto related in your bank narration when you are doing bank transactions with them. It shows that your account can be flagged for suspicion. We have many reasons not to express ourselves as crypto enthusiasts to protect our safety and privacy.

[Btcdeybodi]

Has the thousands of bank accounts frozen by the CBN for cryptocurrency trading been unfrozen? And can we Nigerians now buy cryptocurrency straight with our bank cards or include crypto-word descriptions in our crypto-bank transactions? Nobody claimed that cryptocurrency was illegal or forbidden in Nigeria, but the government's pursuit of crypto dealers shows one thing: it is not banned, but it is frowned upon by the government.

I think all these happened before the ban on cryptocurrency was lifted but since then i haven't heard about any fresh confiscation or any bank account that got frozen. Maybe the reason why the Central Bank of Nigeria may not unfreeze those bank accounts could be that as at the time they were frozen, cryptocurrency was still illegal and didn't have any legal framework but now that the government has signed the ISA of 2025 into law, i don't think that there will be any further harassment of crypto enthusiasts in the country.

~snip~

This is not about exposing to anyone that you are into cryptocurrency, am talking in respect to those who are being interrogated by the security agencies. Initially, people who are into cryptocurrency used to be afraid of identifying themselves because security personnel view them as fraudsters but now that the ISA 2025 has been signed into law which means that bitcoin and other cryptocurrencies now has securities so there is no need to be afraid in such scenarios when interrogated.

[sokani]

Making crypto legal is one thing and allowing people to trade freely is another thing. I stand to be corrected, but I afar as I know, banks still dey freeze pipo account if dem add crypto related terms for their description. So tell me, why pipo go like wan boldly come out say dem dey involve in crypto?

Government wey really wan show say dem dey pro crypto suppose unfreeze all crypto users bank accounts wey dem freeze during ENDSARS, and also allow banks to dey process crypto related transactions.

[Yablee0]

I don't see how the recent bills signed by the President has solved any of our pending problems and until those problems remains unsolved the citizens would continue to feel "unsatisfied"

I know their was something that isn't normal about the government suddenly legalizing crypto currency into law,  perhaps they were more centred on the tax they intend collecting from cryptocurrency enthusiast in this new year.  However, regardless the current law guarding crypto currency the government still don't have crypto enthusiast interest at hand because if they do they would have thought of releasing all the frozen funds by the CBN to their respective owners at least to create a safety and conducive atmosphere for most investors that are still leaving in fear by the recent happenings.

Truth be told Tinubu government is bend on not leaving any stone on throw  they want to ensure they collect (tax ) from every sector and they know that for them to be able to achieve it is by legalizing it so as to able to monitor it closely than usual and do their dirty jobs.

[Uhwuchukwu53]

The truth remain that most laws passed by our leaders always have a target of their benefits where their agenda to the bill may be hidden, they do that to deceived guilible people or citizens, I may advice crypto enthusiast to be more care and which how the bill is showing more positive and safe guiding crypto investor before coming out openly to brag about one engagement. If government have the people at heart the first motivation is to release or unfrozen those accounts that were ceased or frozen,there will be no confidence to passed bill assuring that investor are safe when they are in pains course by the same government that their relief of their pains can still be done by that same government but refuse to do it.

[igebotz]

I think all these happened before the ban on cryptocurrency was lifted but since then i haven't heard about any fresh confiscation or any bank account that got frozen. Maybe the reason why the Central Bank of Nigeria may not unfreeze those bank accounts could be that as at the time they were frozen, cryptocurrency was still illegal and didn't have any legal framework but now that the government has signed the ISA of 2025 into law, i don't think that there will be any further harassment of crypto enthusiasts in the country.

If crypto bank transaction is not longer forbidden then there's absolutely no reason for the government to keep the bank of the victims frozen - this is like keeping someone in jail for smoking marijuana when it was illegal after it being legalized for public consumption.

If the Government want to make peace and tax crypto traders the first step would be to unfreeze those accounts to build positive relationships.

[sokani]

I know their was something that isn't normal about the government suddenly legalizing crypto currency into law,  perhaps they were more centred on the tax they intend collecting from cryptocurrency enthusiast in this new year.  However, regardless the current law guarding crypto currency the government still don't have crypto enthusiast interest at hand because if they do they would have thought of releasing all the frozen funds by the CBN to their respective owners at least to create a safety and conducive atmosphere for most investors that are still leaving in fear by the recent happenings.

Truth be told Tinubu government is bend on not leaving any stone on throw  they want to ensure they collect (tax ) from every sector and they know that for them to be able to achieve it is by legalizing it so as to able to monitor it closely than usual and do their dirty jobs.

I thank God say you know wetin dey sup. Awa government just dey put head for anything wey go bring money enter their pockets without taking a moment to see how their actions dey contradict each other. Dem wan to dey charge us capital gains of awa crypto earnings and at the same time, if you use your bank account process crypto related transactions, same government go flag and freeze your account. No be juju be that?

[Yablee0]

Dem wan to dey charge us capital gains of awa crypto earnings and at the same time, if you use your bank account process crypto related transactions, same government go flag and freeze your account. No be juju be that?

E no really make any sense to me because it's like reaping where they didn't saw, since the government has already made it clear by coming out fully to tap from the source as in they really want to leak the crypto oil they should show some level of humanity by doing the needful so that everybody will be happy, but in a situation were by they want to tap without letting the oil flow freely then their will certainly be a problem because crypto enthusiast are not cowards to fold their hands and watch the so called authorities play them for a fool.

[Versatile_choice]

It is still just fear holding everyone back if you ask me. I can remember even after the end Sars movement, young men even till now sef, boy still get harassed here and there, how much more a law that was just signed this year.

Yes this law is still new so we don't have to be in a hurry over telling people that we are into cryptocurrency, as a matter of fact some people is not aware of This information and even some of us here who are aware of this information might be scared to tell people about it not until we see people doing that.

I just feel that this might be a trap or a way to get what they want because they know that if they don't make crypto investment legal that there's no way they would succeed in this thier tax of a thing.

[Obim34]

If crypto bank transaction is not longer forbidden then there's absolutely no reason for the government to keep the bank of the victims frozen - this is like keeping someone in jail for smoking marijuana when it was illegal after it being legalized for public consumption.

If the Government want to make peace and tax crypto traders the first step would be to unfreeze those accounts to build positive relationships.

Has there been a case of frozen bank account due to government policy on link with crypto affairs? If the government wants to know bank accounts that carries crypto transactions, it would be much easier and millions of accounts will be frozen, on the P2P section of any exchange still offering P2P, many Nigerians have full details of their bank and account name, it could be done manually or authorized (partied) with the exchange if they truly want to stop cryptocurrency operation.

The government are interested in taxes, if the exchanges and government should come in conclusive settlement, everything goes back to usual, taxes are paid to the government, while they resume P2P.