what's the Nigeria government stands on crypto?

[Plutomanian]

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.

The government knows exactly how Bitcoin operates, if you said this few years ago, I would have believe because Bitcoin was still new to Nigerians but this current state, everybody that's advanced knows how Bitcoin operates and they're doing everything within their reach to put their hands on Bitcoin. This is a solid project that will diversity development and growth if handled properly.

On the other hand one talked about the government losing power over people when it comes to central authority, 100% right because the government have subdued its citizens to work according to the laws enacted and they've also provided measures that will restrict individuals from reaching the very top.

[Dex_master25]

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.

The government knows exactly how Bitcoin operates, if you said this few years ago, I would have believe because Bitcoin was still new to Nigerians but this current state, everybody that's advanced knows how Bitcoin operates and they're doing everything within their reach to put their hands on Bitcoin. This is a solid project that will diversity development and growth if handled properly.

On the other hand one talked about the government losing power over people when it comes to central authority, 100% right because the government have subdued its citizens to work according to the laws enacted and they've also provided measures that will restrict individuals from reaching the very top.

The government think of control and power other than the warfare of the citizens and if we check very well these same government officials may own cryptocurrency because with the decentralized nature of cryptocurrency it is easier to hide looting and other sources of funds they don't want to put in the bank.
Cryptomultiplier is a thing in this country so far I know and the only thing besides the heavy fines Binance is that they can't stop it, but they watch it, I think you can also be allowed as a citizen to pay for your taxes and remittances in crypto currencies too.
More local exchanges are rising up every day and the government can't tell me they don't see it, because all they want to gain from it is revenue and that's their percentage cut.

The only disadvantage of cryptocurrency now is that it may be too complicated for old people to learn , mostly more complicated for those who did not go to school and do their business with cash. While we still see some local merchants accept just cash and don't like or accept transfers, do you think such a person is willing to take a risk on Bitcoin investment or accepting Bitcoin for payments by their Customers?

[Somto9Light]

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.

Right but that doesn't mean that fiat will stop existing entirely, its impossible because not everyone will really accept the use of Bitcoin despite its benefits there still people that won't adopt the idea of Bitcoin, as some people still believe that Bitcoin its not better than fiat due to its risks and how fluctuating it might be. Also, scammers use how beneficial and useful Bitcoin is to take money from innocent people, but  it can be better if Bitcoin and fiat coexist, as most people will buy the idea.

[Casper7]

It is not necessarily fear but precautions, cause BTC transactions can be easily used for fraudulent activities, money laundering e.t.c which is the current trend among youths these days. Hence the need to put a restriction to regulate or supervise bitcoin transactions. I still urge the government to lift the ban, cause in a good and stable economy the use of crypto (bitcoin) is needed for day to day transactions, if indeed we plan on getting to a better place as a country certainly they must see that the current ban or issues with bitcoin transactions be resolved.

[Yablee0]

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.

That's the part of all the make brain to me, the only thing you said that touch my soul. What's the whole stress all about when we can literally buy as much stash of Bitcoin as we damn want at any point in time and hold at our convenient without the intersection of any governmental body. Everything is practically done at your control, why worrying over government approval or consent. The bread is on the table looking at you and at the same time the knife is in your hand so automatically have everything to totally on your control.

[CryptoHeadlineNews]

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.

Where did you get that from at O.P? And who told you that adopting Bitcoin as a legal tender by a country automatically boast it's economy just as you mentioned about "El Salvador". Who told you that? Because I'm sorry to say that it doesn't work that way. Because despite the fact that Bitcoin was adopted in El Salvador, it's government had to venture into production and manufacturing, and likewise creating jobs for it's citizens. Which helped to boast it's economy. Moreover, Bitcoin was primarily seen as a means where people could reserved or invest their asset and be sure of not having it lose its value over time. And also the fastest means of sending and receiving payment internationally.

[Plutomanian]

It is not necessarily fear but precautions, cause BTC transactions can be easily used for fraudulent activities, money laundering e.t.c which is the current trend among youths these days. Hence the need to put a restriction to regulate or supervise bitcoin transactions. I still urge the government to lift the ban, cause in a good and stable economy the use of crypto (bitcoin) is needed for day to day transactions, if indeed we plan on getting to a better place as a country certainly they must see that the current ban or issues with bitcoin transactions be resolved.

Is there anything that doesn't involve fraud in the country? We know specifically what the government is all about and how it's been really challenging for most of us. The government have already lifted the ban on crypto but before that, Nigerians have already found a way where they get to trade Bitcoin and usdt in the market with absolutely no challenges at all. I don't think the government have to bother themselves because they got no clue about crypto and how it's been advanced in the country. Nigerians will always make themselves proud when it comes to crypto and they didn't hold back, and today they're enjoying the benefits that comes with crypto.

[God Tim]

‎In addition, the government is set up to understand the best or easy way of Bitcoin Their main point is to complete it over very controlled Nigeria crypto for taxes or consumers collected. In the way that Nigeria can be turned into Bitcoin is more important to get the easy global payment for international payments and also trade protection for scams and understand which is the best.

[CryptopreneurBrainboss]

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?

Let's be honest here most of the so-called crypto millionaires that have made it to the top are not clean, there wealth were not genuinely made through crypto investment instead they were made through money laundering, scams or any other illegal things you can think about. There are few that made it but the majority are the ones making it hard for the government to acknowledge this industry, you should also understand that the Nigerian government can't adopt when the rest part of the world have not because we are not as independent as we think but depend on our colonizers, Western influence and the rest part of the world.

Bitcoin/crypto can't do much good for the economy right now because we don't have things in place yet to leverage this industry. We have natural resources that we have not made good use of, we have the human population in regards to workforce that we have not taken full advantage of so how then do we think the government can make Bitcoin/crypto work good for the economy?

There is much more still needed to be done and we are far behind which if we want to get this country working, the government need to focus on creating jobs industrializing the country and also making good use of our human/natural resources so as to put the country on the world map before thinking about anything else.

[Itz-prisigold]

It is not necessarily fear but precautions, cause BTC transactions can be easily used for fraudulent activities, money laundering e.t.c which is the current trend among youths these days. Hence the need to put a restriction to regulate or supervise bitcoin transactions. I still urge the government to lift the ban, cause in a good and stable economy the use of crypto (bitcoin) is needed for day to day transactions, if indeed we plan on getting to a better place as a country certainly they must see that the current ban or issues with bitcoin transactions be resolved.

I believe a common error governments make is to think, "If criminals are using this technology then the technology is the problem.  Criminals also use cash, they use bank accounts, they use even mobile phones, but we don't ban them, because they have useful applications for millions of honest peoples.

It is the duty of the government to identify and prosecute criminals involved in criminal activities, and not creating hardship for the average Nigerians that is actually using Bitcoin for savings, remittance or for international transactions across.  Banning technology is not actually a good way to protect citizens, whereas a policy aimed at bad actors is more better without hindering innovation.

[Mr Reporter]

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.

The government knows exactly how Bitcoin operates, if you said this few years ago, I would have believe because Bitcoin was still new to Nigerians but this current state, everybody that's advanced knows how Bitcoin operates and they're doing everything within their reach to put their hands on Bitcoin. This is a solid project that will diversity development and growth if handled properly.

On the other hand one talked about the government losing power over people when it comes to central authority, 100% right because the government have subdued its citizens to work according to the laws enacted and they've also provided measures that will restrict individuals from reaching the very top.

The issue here it not really about government understanding Bitcoin or not, but what the role this governt want it be play in our financial system generally. Bitcoin decentralization really limits the control government have over it, so this shift their attention towards regulating exchange, rather then stopping Bitcoin.

Nigerians keeps adopting Bitcoin because it solves allot of problems, likes cross border payment. Giving people payment network. If the government like they should accept Bitcoin or not, people will keep using it as long as it give people value.

[Coyster]

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.

You must be joking right? El Salvador and stable economy should not be found in the same sentence. It is still a poor country, with poor economic growth. How do some of you think bitcoin would make a country's economy stable, in what way exactly? El Salvador even had to rescind their bitcoin legal tender status just to get a loan from the IMF, lol.

Right now, there is no country in the world where bitcoin is a legal tender, so this is not a Nigerian problem. Countries all over the world can accept bitcoin in one way or another, but they have no intention of making it a legal tender.

As for a clear crypto regulatory framework in Nigeria, i think that is well overdue, the market is already so large in Nigeria, and i am sure the government would also want a piece of the pie through taxation, the reason why they need a clear guidelines to follow.