Nigeria crypto ban

[Abubakar56]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

[Lutera94]

Please give some trusted statement otherwise we are getting confused a lot. Specially any negative news of crypto you need to ensure that topic.becouse this kind of topic very harmful for crypto market .

[masterrex]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

I have a strong feeling that the Nigerian government is trying to test the reaction of Nigerian crypto users on how they react to the ban implementation because if they dont do it for a reason I think they are just moving backward due to lack of innovation. But just in case the banned will be prolonged there will be another option and it was P2P or peer to peer which is offered by no other than Binance itself. Nigerian crypto users can still trade via the P2P option.

[vitek146]

It happens that the authorities do not like the uncontrolled circulation of money that they cannot track and this is dangerous for them. It remains only to look for sites that are not under their control and work there, also use vpn to access through other countries. Perhaps the authorities are afraid that with the help of cryptocurrencies illegal organizations can be financed, I do not know what the situation is in your country now.

[indexx]

This shouldn't really be too much of a bother, because there is much better information about monobanks that will be accepting Bitcoin soon. Of course, Nigeria's problem is not a barrier to progress.

[Freemind]

From what I have read in some articles the ban is nothing new. Anyway you cannot buy and sell by hand in Nigeria?. You can also use Paxful now that I remember it, it is a service that works very well, you can sell your crypto and receive your money at Bitcoin ATMs, checks and many other ways without the need for a bank account.

There are probably other methods, but I don't know what they can be, but I think using Paxful is the best option since you don't need any bank account to receive your money.

https://www.coindesk.com/nigerian-central-bank-says-its-ban-on-crypto-accounts-is-nothing-new

https://paxful.com/

[Sammy9ce]

Please give some trusted statement otherwise we are getting confused a lot. Specially any negative news of crypto you need to ensure that topic.becouse this kind of topic very harmful for crypto market .

Sorry to interrupt
But what he's saying is actually useful and correct
The CBN bans every transactions involving cryptocurrencies. We just don't understand the problem of the government if it's because they have no access to control our wallet. The topic is nice though
I also know we can make use of binance p2p to buy and sale.

[Freemind]

The government can do it for different reasons, but they can't stop cryptocurrencies and money from entering or leaving Nigeria anyway. As I said in my previous post, there are many ways to send and receive money through cryptocurrencies without the need for bank accounts and the government should be aware of it. So it makes me think that maybe it is to prevent the illegal sale of certain materials or substances or to have greater control over the population.

[Fakhrulenclix]

Please give some trusted statement otherwise we are getting confused a lot. Specially any negative news of crypto you need to ensure that topic.becouse this kind of topic very harmful for crypto market .

You can read this
https://www.cnn.com/2021/02/11/africa/nigeria-protests-acounts-unblocked-intl/index.html

Every government has a reason why they do it

[Sirait]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

^ you do not provide clear information about this. what the Nigerian government bans, whether it be exchanges or access to private crypto wallets. if yes then just wait for good news from the government there.

[Freemind]

It is very likely that they do it for AML, practically all governments do it today. I have tried to find more details on the Nigerian case, but I cannot find information on whether it is for AML or whether it is a complete ban for other matters, as I said before.

[Pheonyx]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

I have a strong feeling that the Nigerian government is trying to test the reaction of Nigerian crypto users on how they react to the ban implementation because if they dont do it for a reason I think they are just moving backward and lack innovation. But just in case the banned will be prolonged there will be another option and it was P2P or peer to peer which is offered by no other than Binance itself. Nigerian crypto users can still trade via the P2P option.

How about the other side reason that the government is trying to create something strong influence for their own crypto? Is there any possible in to it?

[Freemind]

@Pheonyx of course it is possible. Since yesterday a document is seen on the networks in which it says that Apple could be the king of the crypto exchanges if it entered the business, an Amazon project to launch a digital currency in Mexico was also confirmed, considering all this, it would not be strange if Nigeria wanted to have its own cryptocurrency.

[hushpupppy]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

The ban does not outrightly ban crypto currency activities; the thing it does is that it prevents citizens from doing banking transactions for crypto currency tokens. Which means bank are not allowed to let that happen. The solution is p2p and you can see that on binance, kucoin, okex.

[Bobcrypto]

There has been similar ban on cryptocurrecy with different reasons from different countries, but the Nigeria case is the same reason given by these counties that had ban crypto usage.
Intact, before the invention of crypto, these criminal activities like, money laundering, terrorist sponsorship, illegal fow of cash in and out etc; all these has been before crypto and will remain here despite any form of bans from different countries.
Let watch how this bans will play out in the coming months.