Nigeria SEC Freezes Crypto Proposals After CB Ruling

[Shahinaz]

The Nigerian Securities and Exchange Commission (SEC) announced on February 11 that it was suspending certain procedures until coordination with the Central Bank of Nigeria (CBN).

source: https://beincrypto.com/nigeria-sec-freezes-crypto-proposals-after-cb-ruling

Nigeria's SEC suspends crypto-related activities until cooperation with the Central Bank of Nigeria is finalized.

whether this situation will worsen crypto in one country or world ?

[TOP_ETH]

not necessarily also look at the opinions of other countries about crypto, yes maybe that country has its own reasons but yes in my opinion this is good for the future of financial freedom, yes, of course many people desire

[missbtc]

The state policy and legal regime of cryptocurrencies in different countries differ significantly - from being equated with a means of payment to a complete ban.  In a number of countries, operations with cryptocurrencies are officially allowed, and in some they are completely prohibited.  The situation with the adoption of cryptocurrencies will always depend on the political and economic situation in each country, but no one can ban cryptocurrency globally.

[tonymillions84]

i love how missbtc express her views on the sudden news of Nigerian's ban on crypto. May i also state that the ban does not prevent crypto activities in the current. Most crypto exchanges available in Nigeria has already launched p2p trading platforms where traders can buy and sell without depositing in the exchange rather send payments directly to the interested partners.

[TomPluz]

I am sure that the time is coming when Nigeria and its CBN will realize the big mistake of making a blanket ban on cryptocurrency trading with banks within the country. This decision can result into loss of revenues and can make many people resent the government. Eventually, they will see that they are losing possible tax because people are using P2P strategies bypassing the control of the government. Not unless, of course, they are planning to police every home and every person like assigning someone to follow all people suspecting of having involvement with cryptocurrency. Well, good luck to Nigerians and their government who has chosen to be stupid.

[Delgboke]

The truth here is that the Nigeria should not deny there citizen the opportunity of participating in cryptocurrency because that alone is a sign of backwardness there's no work in Nigeria and they are trying to people on what other conuntry are benefiting not to benefit there own country, the SEC should try and resolve this issue.

[TomPluz]

The truth here is that the Nigeria should not deny there citizen the opportunity of participating in cryptocurrency because that alone is a sign of backwardness there's no work in Nigeria and they are trying to people on what other conuntry are benefiting not to benefit there own country, the SEC should try and resolve this issue.

Imposing a ban on banks dealing with cryptocurrencies is not the best thing to do as this is never a win-win situation and will only   put their own people at the big disadvantages. I am sure that other African countries can be open to cryptocurrency and this means that Nigeria can be left out with this big trend. Indeed, this is a very backward decision that is not helping their own people. What they should impose is strict regulations especially affecting scams and funding on terrorism.

[Hope4life]

Cryptocurrency is a thing that I think overwhelmed banks. In fact, crypto managed to collect 40% of donations when there was police brutality protests in Nigeria in October 2020. And Nigeria is no.2 largest bitcoin market on Paxful which should be a great opportunity for the country. I think here the SEC is not solving any problem by simply freezing crypto proposals.

Source: https://qz.com/africa/1947769/nigeria-is-the-second-largest-bitcoin-market-after-the-us/

[masudginanjar]

If there is news like this, I can assure you that it is bad news for the Nigerian state against its crytpocurerncy policy.
I'm not sure this is going to end in good news because it's definitely terrible news to read.
Hopefully the Nigerian state does not arbitrarily create these rules because this is for the economic continuity of the country in the future.

[disconnectme]

any country that is pushing against Crypto just want to impoverish her citizens. Most of these people in Central Banks do not understand Crypto and some of them see it has away to push them away from their responsibility, whether they like it or not this is happening and their is nothing they can do to stop an idea that its time has come, just look at social media even Chinese officials are all on twitter but prevented their citizens from using it

[masterrex]

whether this situation will worsen crypto in one country or world ?
[/quote]

I believe there's nothing significant effect on the entirety, But it brings negative effect on the Nigerian crypto Users and Traders because it is already prohibited to use it, meaning it's already difficult to make NGNaira to crypto transactions via Banks. so the other option is to go the P2P or even going underground if they want. but that was the least thing to do. 

[lepbagong]

I believe there's nothing significant effect on the entirety, But it brings negative effect on the Nigerian crypto Users and Traders because it is already prohibited to use it, meaning it's already difficult to make NGNaira to crypto transactions via Banks. so the other option is to go the P2P or even going underground if they want. but that was the least thing to do. 

true, although maybe there are quite a lot of users there but if it affects significantly the entire crypto trading maybe very unlikely it seems very excessive. what is definitely very disadvantaged is clearly crypto users in these countrie.

but actually it can still be done by its citizens, but if it is regulated in a state regulation which might be considered dangerous to the state, then it is better to refrain, until the rules are made. because violating the rule of law, the consequence is that against the law of the country is self-defeating.

[Delgboke]

The sec have said their own mind concerning cryptocurrency in the country but that cannot stop individuals from trading crypto,that alone can only affects Banking sectors, we should worry less, maybe when this present government finished their tenour we wait for the next government that will come in, the crypto issue will normalize.

[Sammy9ce]

Closing accounts dealing with crypto currencies is very bad and the decision made by the central bank is not helping and will frustrate many. So many youths live daily by trading in crypto and now imposing ban on accounts thats dealing with crypto will make them lose

[Noverteno]

The sec have said their own mind concerning cryptocurrency in the country but that cannot stop individuals from trading crypto,that alone can only affects Banking sectors, we should worry less, maybe when this present government finished their tenour we wait for the next government that will come in, the crypto issue will normalize.

I certainly do not know the legislation of Nigeria. However, usually, the securities and exchange commissions do not have the authority to make such serious decisions as prohibiting people from using cryptocurrency. This should only be adopted at the legislative level. If the decisions of such a commission apply only to the banking system, then this is quite possible.
In this state, as in most others, the issues of regulating the circulation of cryptocurrency must first be resolved at the legislative level, then, on the basis of the adopted laws, specify the powers of state bodies.
We understand that such restrictions are temporary. Most likely, in the world, states will soon develop a unified approach to the regulation of cryptocurrency.