Nigeria bank ban crypto how it affects us

[Maxwell99]

The decision taking by the central bank of Nigeria recently to ban crypto transactions through banks and financial institutions caused a lot of limitations In the country. This decision has made it difficult for Nigerians to buy and sell crypto, this as cause the reduction of value of crypto assets in Nigeria. Some citizens believes that the ban of cryptocurrency is the freedom of Nigeria to trade and Invest As they like, that it brings negative impact on Nigeria economy.One if the aims of bank ban of cryptocurrency is to drive the crypto market underground, making it difficult to assess and reduce the risk of fraud and scam.Do you think there is a way to regulate crypto without being banned entirely?

[electronicash]

they are on the way to regulating crypto. most countries are doing so. but i think the first plan is to ban crypto first and they started it with banning Binance in our country, maybe they will also ban custodial wallets soon and then next they will only allow exchanges that the government supports.  this is just a theory so play along with this tin foil hatter.

and when everything is under control where  users can only exchange cryptocurrency to fiat money using the government back 3rd party, then they can regulate the industry with their policies.

[Gideon99]

The decision taking by the central bank of Nigeria recently to ban crypto transactions through banks and financial institutions caused a lot of limitations In the country. This decision has made it difficult for Nigerians to buy and sell crypto, this as cause the reduction of value of crypto assets in Nigeria. Some citizens believes that the ban of cryptocurrency is the freedom of Nigeria to trade and Invest As they like, that it brings negative impact on Nigeria economy.One if the aims of bank ban of cryptocurrency is to drive the crypto market underground, making it difficult to assess and reduce the risk of fraud and scam.Do you think there is a way to regulate crypto without being banned entirely?

There are other ways to regulate crypto without ban. One, when people buy and sell crypto. This require exchange license , implementation of anti- money laundering and knowing your customers protocols and be vigilant in any activity.