what's the Nigeria government stands on crypto?

[Plutomanian]

I think we all know the fear of the government, they got scare when Bitcoin break it's ATH and skyrocket to the moon, they feared about Bitcoin surpassing and dropping the value of their fiat currency, naira. I would wished our government have look up to other countries like El Salvador that made Bitcoin their legal tender and today, they're enjoying every bit of their actions and keeping a well stable economy.

It always make me sad to see the government been one of the causes of the downgrade of the country. Do you know how frighten the whole structure of the government have been? It's really  a messy one especially when they thought they can manipulate and control Nigerians unknown to them that the young minds of the country have already dip deep into cryptocurrency. The intellectual citizens knows how the market operates and how they're able to make good use of this opportunity they have and they also do it within a safe precautionary space because they wouldn't want to get all caught up by the government. There's also one thing we should know, crypto is not for everyone and not mandatory one should go into the market because the margin of high losses that comes in, I'm not sure one would be able to handle when it's time for that.

However, there was this specific time the Nigeria government place a ban on crypto, where the CEO of binance back then, Changpeng Zhao was trying to resolve the whole issue but things blown out of proportion and the government prohibits the P2P feature where it invorle the direct deposit from banks to your crypto exchange. Although later they remove the ban and Nigerians are once again smiling.

So tell me, do you think the government just don't want to admit that crypto is good for the economy or they are just here to frustrate Nigerians who have made it to the top with crypto?

[Charles-Tim]

I think we all know the fear of the government, they got scare when Bitcoin break it's ATH and skyrocket to the moon, they feared about Bitcoin surpassing and dropping the value of their fiat currency, naira. I would wished our government have look up to other countries like El Salvador that made Bitcoin their legal tender and today, they're enjoying every bit of their actions and keeping a well stable economy.

Government are scared because bitcoin price go to ATH? Where did you see this false information?

El Salvador is a very friendly bitcoin country till now, but bitcoin is no more a legal tender in the country because of IMF. El Salvador needed loan, but IMF give the country the loan only after IMF told the country not to make bitcoin a legal tender in the country, that the law should be reversed.

So tell me, do you think the government just don't want to admit that crypto is good for the economy or they are just here to frustrate Nigerians who have made it to the top with crypto?

Crypto is legal in Nigeria.

[Mia Chloe]

~snip

well i merited this topic because i feel there is need to discuss the current stand of the government concerning crypto. One problem i see is it could just be by the books stress free for citizens but in reality they just proceed to make things unnecessarily difficult for the citizens. Another thing is most fraudsters are hiding under the crypto cloak too so that's also a thing of consideration.

~snip

I think the only major disadvantage bitcoin has over the government is that they are forced to cover up in fiat for every penny bitcoin appreciates by. However from a different perspective it's a plus for them if they adopt it.

[Doan9269]

Currently it is not illegal to use cryptocurrency in Nigeria, but just know this that any step you are taking is at your own risk because you are allowed to do so doesn't mean it is really saved or recommended by our government for you to do, that is why the allow anyone to do it at their own risk and prevent the banks from partaking in anything that has to do with cryptocurrency.

Secondly, that it is not illegal in Nigeria does not mean you should now make yourself open to the entire world that you are into cryptocurrency, because if government discover you are doing such the me on their own or through their agency is come after you, this is where issue with AML come in, demanding youth prove your source of income and how you are mass the asset you have, another challenge you may face at the EFCC, any government agency will put it a task to ensure the ruin your reputation and prove you or even seize any asset belong to you with all they have in power.

So if you are in Nigeria and into cryptocurrency, maintain privacy and avoid anything to do with government in identifying you are into Bitcoin, they will tell you it is legal to participate in Bitcoin but will also be the one to force mentioning you as a suspect when it comes to financial fraud or any illegal activities.

[Plutomanian]

~snip

well i merited this topic because i feel there is need to discuss the current stand of the government concerning crypto. One problem i see is it could just be by the books stress free for citizens but in reality they just proceed to make things unnecessarily difficult for the citizens. Another thing is most fraudsters are hiding under the crypto cloak too so that's also a thing of consideration.

Thank you @Mia Chloe. This forum would really need people like you to make the necessary moves like encouraging and meriting topics that are very valuable to discuss. Back to the trend, the government current stands on Bitcoin is sturdy and I do think the government accepted Bitcoin and cryptocurrency when they now understand the space and knew that their hands are tied when it comes to crypto, they can't do anything to jeopardize crypto because it's vast. Because why was the ban lifted in the first place? I could remember vividly that the Nigeria government knows exactly the grounds of crypto, they knew about fraudsters using this medium to carry out their actions to spurned on their preys which are the investors and traders. Perhaps the government just did it anyway because they thought the citizens would easily dissipated crypto simply because the orders came from above but news flash, that was the opposite thing that happen, the citizens embraced crypto even during ban.

Only then the government noticed that their plans didn't work, they got no options than to uplift whatever prohibiting measures they had executed on crypto in the country and generally allow citizens to participate in the process of trading crypto, I would say the government are a bit sketchy then and now because these scammers are still here in the crypto space which is a general knowledge for everyone including the government.

[Sammye3]

Would bitcoin as legal tender cause more harm than good? Yes..

Imagine a situation where business and companies use bitcoin to pay salaries, with bitcoin's volatility how do you think this would affect the situation in this case? Bitcoin is good as a payment means but as a legal tender is a little too far-fetched, the inflation is no where compared to the volatility of bitcoin. Bitcoin has its benefits but you could agree that its dangers as a legal tender outweighs the benefits, cases of scams and security breach are serious challenges.

[Hatchy]

So tell me, do you think the government just don't want to admit that crypto is good for the economy or they are just here to frustrate Nigerians who have made it to the top with crypto?

It's very simple. When the government sees an opportunity for the people to help themselves, they find ways to make it difficult for the average Nigerians. We saw what they did with centralized exchanges then, it didn't really show a good example as there are better ways of implementing some laws and not making a mess of everything. Crypto might not be illegal in Nigeria, but it just doesn't feel free while using them. They Nigerian government doesn't get see how it would benefit them, probably because of how volatile the market might be so theh may not be interested..

I think the only major disadvantage bitcoin has over the government is that they are forced to cover up in fiat for every penny bitcoin appreciates by. However from a different perspective it's a plus for them if they adopt it.

They might not want to use bitcoin because of how transparent the Blockchain might be. The government are very wise sometimes not to put out traces of their dirty doing in the public..

[Berry2d]

Nigeria is the only country where the leaders are only interested in causing harm than good to the loyal and innocent citizens of the country. I know many will be tempted to ask why I deviated from the take of Nigerian government in to bitcoin. But the truth is they will never accept the use of bitcoin in Nigeria because the know its important in transformation of lifes from worst to good.
Looking at the importance of bitcoin in Nigeria today, one can be able to say it is one of the most reliable asset when it has to do with rewriting the financial stories of people be it rich or poor people. As for the decision of Nigerian government,  all we should be expecting is a know because they can never do anything that will help provide liberation to the poor masses.

[Ambatman]

You know a thread made me check out Netherlands tax system that they plan on implementing
And I realised we don't know how lucky we are that our government are 'nonchalant' about Bitcoin.
Even the tax they plan on implementing is child's play to what other countries are implementing
I'm not saying Nigeria is the best
But there are certain things we can say we enjoying that many countries can't.

[Plutomanian]

You know a thread made me check out Netherlands tax system that they plan on implementing
And I realised we don't know how lucky we are that our government are 'nonchalant' about Bitcoin.
Even the tax they plan on implementing is child's play to what other countries are implementing
I'm not saying Nigeria is the best
But there are certain things we can say we enjoying that many countries can't.

I totally understand your point. Looking at the bright hand side, it shows we're lucky because where would Nigerians get the money from to pay tax? I do believe the tax policy is not effective in this country unlike other European countries that takes it very serious, while Nigerian are just relenting and got absolutely nothing to worry about because the governmental bodies are not just doing their work, they're up there bother with another pieces of challenges which wouldn't just add up.

[EluguHcman]

I think we all know the fear of the government, they got scare when Bitcoin break it's ATH and skyrocket to the moon, they feared about Bitcoin surpassing and dropping the value of their fiat currency, naira. I would wished our government have look up to other countries like El Salvador that made Bitcoin their legal tender and today, they're enjoying every bit of their actions and keeping a well stable economy.

Point of correction, the Bitcoin is either not competing with the fiats that may lead to the surpass of the naira value talk more that the Nigeria governments feared over the Bitcoin ATH.
The major interest or fear of the governments over Bitcoin is its regulatory resistance that they (government) can not get hold on and as a parliament that exercises her officiating influence on decision making, they just naturally don't want to embrace the financial technology.

Come to think the other way, we Bitcoin and crypto enthusiastics should for once appreciate the fact that our government only banned Bitcoin specifically on banks or any government institutions from facilitate on the Bitcoin or crypto transactions rather than pronouncing it illegal.

At least they do still gives individuals and private institutions to take their stance in the monetary system which is unlike other countries that Bitcoin or crypto is totally illegal with anyone caught with it being penalized lawfully.
They (government) must not adopt it before we can verify identify its true value.

[Odusko]

Nigeria is the only country where the leaders are only interested in causing harm than good to the loyal and innocent citizens of the country. I know many will be tempted to ask why I deviated from the take of Nigerian government in to bitcoin. But the truth is they will never accept the use of bitcoin in Nigeria because the know its important in transformation of lifes from worst to good.
Looking at the importance of bitcoin in Nigeria today, one can be able to say it is one of the most reliable asset when it has to do with rewriting the financial stories of people be it rich or poor people. As for the decision of Nigerian government,  all we should be expecting is a know because they can never do anything that will help provide liberation to the poor masses.

Your thoughts wanted to align well with me, but the only objection I have is that you said Nigeria government can never allow the use of bitcoin which is not so and not thebright phrase to use Because as it is, bitcoin is a legal in Nigeria and the law allows individuals to hold bitcoin as assets, all other things you said is right about government not really taking the right decisions as regards to bitcoin regulations In Nigeria which have been the major hindrance to crypto projects development in Nigeria.

[Olotu20]

Snip

Government are scared because bitcoin price go to ATH? Where did you see this false information?

El Salvador is a very friendly bitcoin country till now, but bitcoin is no more a legal tender in the country because of IMF. El Salvador needed loan, but IMF give the country the loan only after IMF told the country not to make bitcoin a legal tender in the country, that the law should be reversed.

Snip

don't know why the international monetary fund is afraid of the use of Bitcoin, especially by countries to make as their legal tender. This just go to show that the international monetary fund does not want the economic progress of country all over the world. Because they are using all these so called loans which is dangerous to these countries to make sure that they hold these countries by the throat and do their bidding. If any country is to be free economically then such a country should make sure that they don't have any dealing with the international monetary fund and even the world Bank because they work together.

[Charles-Tim]

don't know why the international monetary fund is afraid of the use of Bitcoin, especially by countries to make as their legal tender. This just go to show that the international monetary fund does not want the economic progress of country all over the world. Because they are using all these so called loans which is dangerous to these countries to make sure that they hold these countries by the throat and do their bidding.

This is true, but I think what they want is regulations and control. I always do not see a good reason they are called international monetary funds when what they deal with most is fiat and not money.

If any country is to be free economically then such a country should make sure that they don't have any dealing with the international monetary fund and even the world Bank because they work together.

Almost all the countries need loan, including the United States. I do not think they will want to avoid having deals with both IMF and world bank. Any country that will avoid them

[Kelward]

Cryptocurrency is not banned in Nigeria, neither is it encouraged by our government so wetin I go fit to talk about Nigeria, government stance on crypto matter be say dem de lukewarm about am. Dem no ban am and dem no get any feasible plans to give clear regulations so dat many Nigerians go get confidence say banks and law enforcements no go harass dem and freeze dem account because cryptocurrency appear for inside.

My advice for anybody wey de into cryptocurrency business and investment na to keep di information on a low key, aside from security matters because of hackers and attacks wey be global concern our government agencies and banks fit to take us shine. If our banks flag or freeze your account because dem de see crypto transactions e mean say you're on your own because I doubt say our government go fight for you. Remember di case of di two Binance executives wey dem arrest and detained in Nigeria, Tigran Gambaryan, wey suffer before im regain freedom and Nadeem Anjarwalla, wey escape prosecution in 2024. No take because Nigeria, no ban cryptocurrency make you go de flaunt your own because you go just attract unnecessary attentions to yourself from criminals, law enforcement and CBN.

[Doan9269]

Cryptocurrency is not banned in Nigeria, neither is it encouraged by our government so wetin I go fit to talk about Nigeria, government stance on crypto matter be say dem de lukewarm about am.

The government know that they cannot pronounce bitcoin as an illegal digital currency to adopt and that is why they are just being neutral about their decision on it, if we can also remember that sometimes back in the previous administrative of Nigerian government, the initially allowed banks to engage on cryptocurrency activities before the later stopped them from being engaged, this shows that they are not yet in full support of crypto even though it is not against the law in Nigeria to use crypto, but as I've said earlier that if you make yourself publicly known by government that you are into Bitcoin, then you may just have expose yourself to public and government to investigate more further about you and as well probe you unnecessarily.

[Gentle_Soul]

I think we all know the fear of the government, they got scare when Bitcoin break it's ATH and skyrocket to the moon, they feared about Bitcoin surpassing and dropping the value of their fiat currency, naira. I would wished our government have look up to other countries like El Salvador that made Bitcoin their legal tender and today, they're enjoying every bit of their actions and keeping a well stable economy.

It always make me sad to see the government been one of the causes of the downgrade of the country. Do you know how frighten the whole structure of the government have been? It's really  a messy one especially when they thought they can manipulate and control Nigerians unknown to them that the young minds of the country have already dip deep into cryptocurrency. The intellectual citizens knows how the market operates and how they're able to make good use of this opportunity they have and they also do it within a safe precautionary space because they wouldn't want to get all caught up by the government. There's also one thing we should know, crypto is not for everyone and not mandatory one should go into the market because the margin of high losses that comes in, I'm not sure one would be able to handle when it's time for that.

However, there was this specific time the Nigeria government place a ban on crypto, where the CEO of binance back then, Changpeng Zhao was trying to resolve the whole issue but things blown out of proportion and the government prohibits the P2P feature where it invorle the direct deposit from banks to your crypto exchange. Although later they remove the ban and Nigerians are once again smiling.

So tell me, do you think the government just don't want to admit that crypto is good for the economy or they are just here to frustrate Nigerians who have made it to the top with crypto?

For a country like Nigeria it will definitely be a very difficult task making Bitcoin a legal tender, the leaders who can facilitate that process will shy away from it because I wouldn't put all the funds in there selfish pocket, because they are always after the things that can make them embezzle funds and walk away without being punished or held accountable.
I wonder if they wouldn't want to introduce policies that will not be favourable for the people if they eventually make Bitcoin a legal tender in Nigeria.

[OsaiEmma]

I think we all know the fear of the government, they got scare when Bitcoin break it's ATH and skyrocket to the moon, they feared about Bitcoin surpassing and dropping the value of their fiat currency, naira. I would wished our government have look up to other countries like El Salvador that made Bitcoin their legal tender and today, they're enjoying every bit of their actions and keeping a well stable economy.

Government are scared because bitcoin price go to ATH? Where did you see this false information?

El Salvador is a very friendly bitcoin country till now, but bitcoin is no more a legal tender in the country because of IMF. El Salvador needed loan, but IMF give the country the loan only after IMF told the country not to make bitcoin a legal tender in the country, that the law should be reversed.

So tell me, do you think the government just don't want to admit that crypto is good for the economy or they are just here to frustrate Nigerians who have made it to the top with crypto?

Crypto is legal in Nigeria.

You actually just highlighted everything I had in mind to say. The government is no longer hostile towards Bitcoin

I made a post about it once (it was moved to politics board) and basically highlighted the stand of Nigerian government with Bitcoin.

Bitcoin is as legal as anything you can think of in Nigeria, but also regulated. There area no more ban or whatnot placed on Bitcoin by the government and CBN. So feel free to invest in it as much and as often as possible OP.

[New Judgement]

The Nigerian government know that bitcoin is good for the economy, but they don’t really know how it works, and they don’t just want to adopt something they know they can’t control. Their fear is that those they will entrust with the responsibility of handling it, will be stealing from them. And their other fear is that they don’t want the people to be free from a central authority.

[Promocodeudo]

For a country like Nigeria it will definitely be a very difficult task making Bitcoin a legal tender, the leaders who can facilitate that process will shy away from it because I wouldn't put all the funds in there selfish pocket, because they are always after the things that can make them embezzle funds and walk away without being punished or held accountable.
I wonder if they wouldn't want to introduce policies that will not be favourable for the people if they eventually make Bitcoin a legal tender in Nigeria.

I think you have a good point here and that's why Nigeria isn't growing in terms of technology, a country that lacks vision can never develop in technology.
People we have in government today don't have foresight so they won't see any good in things like Bitcoin but some of them also have in investment in Bitcoin maybe they reason why they don't want such technology to thrive here is because of the blockchain technology and it's decentralized nature, one thing that makes me me happy is that I can buy and hodl my Bitcoin as I like, so I don't care about what the government feels about it.