Suddenly institutions and nations are making room for Bitcoin

[CTO114]

Standard Chattered has joined the trend, becoming the first international bank in the UAE to offer Bitcoin trading directly through eligible clients bank account i.e you can now buy Bitcoin directly from your bank in the UAE.

This move is more than just a banking announcement, it goes on to show that steadily, Bitcoin is begin to find its place within the traditional financial system.

When you think about it you'll see that banks that did everything to distance themselves from crypto are now looking for ways to give their customers access to Bitcoin, you can't help but ask, why the sudden change?
If more institutions follow, buying, holding and using Bitcoin could be come easier, and public confidence in it will eventually grow.

For our beloved Naija, this raises an important question; With inflation, the depreciating Naira, and growing need to explore alternative means to preserve wealth, could easier access to Bitcoin through regulated banks change how Nigerians invest and save?

Off course easier access to Bitcoin doesn't mean it would solve all our money problems, or guarantee profits. Bitcoin remains volatile,candy proper regulation and protection is essential.

Looking at this development we can see that the traditional financial system is final making room for Bitcoin all over the world, even in the African continent. As a country are we going to see something of

[Hypnotizer]

For our beloved Naija, this raises an important question; With inflation, the depreciating Naira, and growing need to explore alternative means to preserve wealth, could easier access to Bitcoin through regulated banks change how Nigerians invest and save?

I don’t think we’d like the outcome of a fully regulated crypto space in Nigeria especially involving banks. This will just introduce unnecessary taxation and whatnot.

The people that want to preserve their wealth have means they already consider, and easier access to buying bitcoin directly from banks would probably not change that. What they need is awareness about what distinguishes bitcoin and other cryptocurrencies because many people misunderstand the difference and they consider all cryptocurrencies the same..

[Creeper0]

Smart governments have already realized that they cannot control the use of Bitcoin by banning it. Instead, they are trying to collect taxes from those Bitcoins by legalizing Bitcoin. If this legalization had not been given? People would have bought Bitcoins through complications and kept money in Bitcoins, but the government would not have been able to collect any taxes. Even through this legalization, the government is creating a small opportunity to monitor the people's Bitcoins.

But you cannot expect such a smart decision from a corrupt government. They will not legalize it, but will promote Bitcoin negatively and try to harass Bitcoin users as much as possible. Still, I think that the users benefit more from not legalizing Bitcoin, no taxes have to be paid and we are still outside the surveillance. Even though there are legal complications, I think the users benefit more due to the lack of action.

[BIT-BENDER]

I will like to address the title of the post because I certainly disagree with in completely my friend.
What do you mean by "Suddenly........." Nothing about Bitcoin happened suddenly, everything Bitcoin is having, all the attention and adoption, none of that happened suddenly.
Bitcoin has passed through several phases and there were time many national leaders were against Bitcoin completely but Bitcoin quality and functionality was something that couldn't be ignored.

[Donneski]

For our beloved Naija, this raises an important question; With inflation, the depreciating Naira, and growing need to explore alternative means to preserve wealth, could easier access to Bitcoin through regulated banks change how Nigerians invest and save?

I don’t think we’d like the outcome of a fully regulated crypto space in Nigeria especially involving banks. This will just introduce unnecessary taxation and whatnot.

The people that want to preserve their wealth have means they already consider, and easier access to buying bitcoin directly from banks would probably not change that. What they need is awareness about what distinguishes bitcoin and other cryptocurrencies because many people misunderstand the difference and they consider all cryptocurrencies the same..

The truth is wether we like it or not the current adminstration are keen on fully regulating the crypto space in Nigeria, the bill has already been drafted and kept, if for any reason the current adminstration gets re-elected next year, I'm confident we'd be having a fully regulated crypto space before the end of next year.

Nigerians are becoming wiser by the day and now using Bitcoin as a hedge against the rising Naira inflation, the authorities are also aware, so in other not to also tax the crypto space, they're now coming up with policies that allows crypto usages so they'll have the legal ground to extend taxation to crypto.

[Frankolala]

Buying bitcoin from a bank directly isn't something new any more, it's just that we might see it as something new because of the country that we find ourselves. Fintech banks and this traditional banks have even threatened to freeze your account if it's crypto related and that's the order from CBN.

There's a bank in South Korea called Joenbuk bank that is accepting bitcoin a collateral to give out loans. Did you see how far South Korea have gone in appreciating the existence of bitcoin but it's not the same in our country because the government is confused.

[Charles-Tim]

Yes, this is very true. There has always been bitcoin adoption. But this is not something that is sudden, it has began since few years ago and it is happening gradually than to be called something that is happening suddenly.

But according to some people's post on this local board, I think they may prefer fiat collateralized stable coins. When bitcoin go 5x, they will understand how wrong they are.

[Alvin_talk]

I don’t think we’d like the outcome of a fully regulated crypto space in Nigeria especially involving banks. This will just introduce unnecessary taxation and whatnot.

IMO anything that will help boost the adoption and trust in Bitcoin is always a positive news for me. I know there might be some disadvantages for bitcoiners in this but there are also some advantages and in this sense the advantage outweighs the disadvantages. Let's be honest, even up till now, most of us rely on centralised exchanges like binance and so on to buy and trade Bitcoin, so I don't really see any difference between these two. So long as this will create more awareness and trust for Bitcoin, it is a welcome development.

[Somto9Light]

Banks is the major problems of the financial crisis we are facing, not only us but the world entirely and you think we will buy the idea of investing in bitcoin through regulated banks, who does that? Nobody or rather no bitcoin investor will appreciate any form of regulation of cryptocurrency, let alone banks regulation being involved. We want to remain the way we are, we don't want any banks regulation. Bitcoin and banks are not even supposed to have anything is common because bitcoin is decentralised while Banks operate under centralized authority.

[The Founding Titan]

Banks will have to become like centralized exchange so that they can be able to hold bitcoin the way they hold regular money which is something a lot of bitcoiners won't agree to, more adoption for bitcoin is a good thing but it will only be good as long people can decide to move their bitcoin to their wallets immediately after they buy it with the bank and I'm sure that's probably what the UAE will go for.

For our beloved Naija, this raises an important question; With inflation, the depreciating Naira, and growing need to explore alternative means to preserve wealth, could easier access to Bitcoin through regulated banks change how Nigerians invest and save?

I don’t think we’d like the outcome of a fully regulated crypto space in Nigeria especially involving banks. This will just introduce unnecessary taxation and whatnot.

The people that want to preserve their wealth have means they already consider, and easier access to buying bitcoin directly from banks would probably not change that. What they need is awareness about what distinguishes bitcoin and other cryptocurrencies because many people misunderstand the difference and they consider all cryptocurrencies the same..

Let's not treat tax like it's a bad thing, tax is how the country runs itself, it's sad that Nigeria isn't doing a good job in that regards but that doesn't automatically make tax a bad thing, we just need better taxing laws so that people don't get exploited by the government.