Nigeria Mulls Over Banning P2P Crypto Transactions

[sirty143]

Nigeria Mulls Over Banning P2P Crypto Transactions; Labels Crypto Trading as National Security Concern

Nigerian authorities are reportedly planning to prohibit financial institutions from facilitating peer-to-peer cryptocurrency transactions. According to a report, Nigeria’s Office of the National Security Adviser has... See more for yourself here.

Your opinion is greatly appreciated.

[Charles-Tim]

They are not planning to prohibit it but they have prohibited it already. The financial institutions are notifying their customers already that anyone they notice that is involved in crypto P2P will have his account freezed and be reported to the CBN.

How would they know P2P transactions? Nigerian traders are not labelling it as crypto or as anything that has to do with crypto.

[Rruchi man]

How would they know P2P transactions? Nigerian traders are not labelling it as crypto or as anything that has to do with crypto.

Some banks may actually know that the money they are receiving is from a P2P transaction but as long as the person did not include that in the description, they have the opportunity to deny it in the event that the CBN comes after them for ignoring the new regulations. They can claim ignorance simply because the transaction was not labelled or tagged as one originating from a crypto trade between two people.

[Aanuoluwatofunmi]

Nigeria Mulls Over Banning P2P Crypto Transactions; Labels Crypto Trading as National Security Concern

Nigerian authorities are reportedly planning to prohibit financial institutions from facilitating peer-to-peer cryptocurrency transactions. According to a report, Nigeria’s Office of the National Security Adviser has... See more for yourself here.

Your opinion is greatly appreciated.

The government is getting it all wrong, they have to focus on the way to use in building up the economy and not side attractions like the p2p networks in cryptocurrencies or how they trade, it has to be clear to them that trading has been something ongoing right from the onset, people need to trade with other currencies for both fiat and other forms of currencies including bitcoin in cryptocurrency, which i don't see as a reason why the economy there is on a retrogress.

[TomPluz]

This is just another sad development in Nigeria which is considered as one of the top countries in the African continent where more and more people are getting into the cryptocurrency business. Since the government has become a rabid enemy of cryptocurrency and with the recent actions against Binance executives who visited the country for possible talks but were instead arrested, things will only get a lot worse from here on. With this backdrop, I am suggesting that the government instead pass a law totally banning cryptocurrency for good just like China or totally regulate the industry dictating on what can be allowed and not allowed. Sadly, the government has been blinded with its assumption that cryptocurrency is an enemy and will not be contributing for the good of the country's economy and the people.

[Uruhara]

I have always really appreciated how crypto users in Nigeria have developed. So if the government there takes steps to ban P2P then it could be a bad thing for crypto users there. But fortunately that's just an issue. And hopefully that doesn't happen. But even if P2P is one day banned, Nigerian citizens can still carry out transactions in other ways.

[ABCbits]

National security? It's common and vague reason to ban something they don't like. Although it's not surprising since they detained 2 Binance executive some time ago as part of investigation.

How would they know P2P transactions? Nigerian traders are not labelling it as crypto or as anything that has to do with crypto.

They don't know for sure, unless the trader explicitly add note to the transfer or stating in his social media that he/she perform P2P crypto transaction.