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.

[ZeroVinsonN]

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.

Systems that were initially thought to be incompatible with bitcoin and cryptocurrencies in general are now becoming modified to accommodate bitcoin (cryptocurrencies) and even with all these you will still find people who are busy telling themselves bitcoin won't be climbing higher again.

Evidence of further growth is already there, if it wasn't then banks wouldn't be trying to the buying and selling of bitcoin into their system, those that are still telling themselves that stablecoins are better will have only themselves to blame soon enough.

[Hypnotizer]

-snip

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.

Tax isn’t inherently a bad thing but Nigeria can still run itself without excessively taxing the low-medium income earners in the country if they really want to do it.

The current government introduced some additional taxes since when were elected and there’s no much changes in the lives of people paying taxes, we don’t have better electricity, better security or better education and healthcare. So I don’t see how more taxes is a good thing for Nigerians at this point.

[Charles-Tim]

Systems that were initially thought to be incompatible with bitcoin and cryptocurrencies in general are now becoming modified to accommodate bitcoin (cryptocurrencies) and even with all these you will still find people who are busy telling themselves bitcoin won't be climbing higher again.

Ignorance cause it at the time. Many of these people nthst we think are very knowledgeable are not really special in knowledge. Many of them are only lucky which let them get to the position they are. Some have the knowledge, but maybe they do not want to be named if anything happened, so they mute about bitcoin at the time. It was very clear that bitcoin and fiat still have different usefulness that will still make people prefer to use fiat for a lot of thing and limit the use of bitcoin to most holding and investment and not about competing with fiat. The banks and governments later know about this. I know bitcoin is also used for P2P, but not in a way it will be a threat to fiat.

[Gozie51]

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

Nothing happened with bitcoin that wasn't planned from the white book. The difference was lack of proper understanding on how to put bitcoin independent from fiat. Government that are now making effort to adopt bitcoin must have to make a centralized system for it so that they can monitor and tax users (nothing goes for nothing). However, it is few people that will follow the centralized system because it will reveal their identity.

Consequently, there is nothing new that will happen in Nigeria if the government decides to open a bitcoin payment system because Nigeria btc hodlers have already gone far ahead of the Nigerian government with P2P trading, buying and selling excluding those who are using exchanges. Nigeria is one of the biggest hodlers of bitcoin in the world. How did we arrive at the record? So this is to confirm to us that if our government adopts bitcoin now officially through the banks, it will make little or no impact as it stands now because it had already been used by Nigerians.

[Olotu20]

With the current developments and success that Bitcoin has, been able to gain in the  past , and with the purpolariry of Bitcoin as a technology everyone is currently looking at the way of Bitcoin. We should not be too surprised that we are seeing this type of news because, it said that success attract many people close to you this is the story of Bitcoin that we are seeing today. Many years ago banks were staying away from Bitcoin but , today the reverse is the case. Coming to Nigeria even though the mainstream banks are still weary of offering Bitcoin related services I see the situation changing gradually going forward.

[Sonia_123]

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?

The reason is time, only time causes the changes, I know that as time goes on gradually governments and institutions of various countries will accept bitcoin and that is why bitcoin does not need adverts to spread, grow and become successful, it is permission less, of for it is already having it's way in the globe, you can't force it instead Bitcoin gradually takes its places in you, it has now becomes a currency that everyone is willing to have and invest in without forcing anyone.

Our country finds it difficult to legalize because there is no third party that will help them achieve their goals, I still believe that as time goes on they will have no choice but make a room for Bitcoin and start making money from it through taxation.

[Agathamay]

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..

Firstly, I'm not surprised with seeing bigger institutions accepting and welcoming bitcoin because why not?
Secondly, I am seeing government involvement in cryptocurrency as not a very exciting thing and this is because, there might be some high rate of regulations that certainly wouldnt favour the regular holder and I believe taxation should even be the least we should be worried about if the government involves fully in bitcoin and cryptocurrency at large.

[ZeroVinsonN]

Systems that were initially thought to be incompatible with bitcoin and cryptocurrencies in general are now becoming modified to accommodate bitcoin (cryptocurrencies) and even with all these you will still find people who are busy telling themselves bitcoin won't be climbing higher again.

Ignorance cause it at the time. Many of these people nthst we think are very knowledgeable are not really special in knowledge. Many of them are only lucky which let them get to the position they are. Some have the knowledge, but maybe they do not want to be named if anything happened, so they mute about bitcoin at the time. It was very clear that bitcoin and fiat still have different usefulness that will still make people prefer to use fiat for a lot of thing and limit the use of bitcoin to most holding and investment and not about competing with fiat. The banks and governments later know about this. I know bitcoin is also used for P2P, but not in a way it will be a threat to fiat.

I've never been an advocate for replacing the fiat with bitcoin and I've also never seen how it would work so I don't fully understand why people are afraid that bitcoin will overtake their fiat, at the end of the day different countries will want to maintain their individuality so accepting bitcoin doesn't have to equal losing their fiat and they are seeing it now.
The countries that are making these decisions first will be better placed in the times to come (crypto wise) then those that still tell themselves crypto will destroy their fiat.

[Nasdel4]

That's a smart move, since they can't totally control the used they decide to legalize it so they can collect taxes on the bitcoin. In time more countries will have to accept the use of bitcoin as a means of exchange.
If Nigerian banks are to adopt this, I don't think it will make any difference because Nigerians have already found means to buy through P2P channels so they won't even want to associate their bitcoin custody with banks.

[Nathrixxx]

Is this all of a sudden? Or am I missing anything? I don't think there is a massive adoption rate with institutional bitcoin adoption with other countries concerned, will know that they have been more improvement but is not as noticeable as we think, which is why I see there is nothing sudden in this because so many countries have been considering for bitcoin adoption and making a friendly regulations to enable their citizens participate in using it, even though they are not adopting as a legal tender except for two countries that have done so, you cannot only deny the fact that there is a massive increase in adoption rate over the time but not all of a sudden.