Altcoins Talks - Cryptocurrency Forum
Local => Nigerian Languages => Topic started by: Smcchamp on July 03, 2024, 10:27:40 PM
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According to this article https://cointelegraph.com/news/kucoin-introduces-vat-nigeria .. KuCoin introduces VAT in Nigeria, KuCoin will start imposing a 7.5% VAT on transaction fees for Nigerian users from July 8th, 2024.
This move comes after the ban on P2P transactions, which leaves me wondering what's behind this decision. Is the government planning to lift the ban once they start collecting fees from KuCoin? What's your opinion on this? Is it a good move or one to raise concerns?
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This one na nice move, and this is what the government could've done since instead allowing Binance to escape with all the money made from Nigerians trading on their platforms, there is no doubt the fact that at least there is some form of regulations before the approval of such a tax.
I think after the whole thing, p2p will be reopen on Kucoin for Nigerians soon, at least alot of things is beginning to fall into place in a positive direction for the Nigerian cryptocurrency community and this in a way is another form of crypto adoption in Nigeria.
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I came across this news yesterday as well, and for me, I think it's one that totally calls for serious concerns amongst crypto investors.
Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
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According to this article https://cointelegraph.com/news/kucoin-introduces-vat-nigeria .. KuCoin introduces VAT in Nigeria, KuCoin will start imposing a 7.5% VAT on transaction fees for Nigerian users from July 8th, 2024.
This move comes after the ban on P2P transactions, which leaves me wondering what's behind this decision. Is the government planning to lift the ban once they start collecting fees from KuCoin? What's your opinion on this? Is it a good move or one to raise concerns?
Is the said rate in percentage not too much for them to pay per individual making use of the platform for exchanges or any for of transactions, i learnt that many companies and organizations were already leaving Nigeria all because of the tax inflation which becomes unbearable for many of the foreign companies to afford paying, i hope things does not keep getting worst henceforth from where it is currently.
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According to this article https://cointelegraph.com/news/kucoin-introduces-vat-nigeria .. KuCoin introduces VAT in Nigeria, KuCoin will start imposing a 7.5% VAT on transaction fees for Nigerian users from July 8th, 2024.
This move comes after the ban on P2P transactions, which leaves me wondering what's behind this decision. Is the government planning to lift the ban once they start collecting fees from KuCoin? What's your opinion on this? Is it a good move or one to raise concerns?
What do our government really use all these tax for because we are yet to see the effect. Things are not getting easier for people and the government is increasing taxation, refusing to set an appropriate new minimum wage, and they are still borrowing. So I ask, what are they using all these taxes for?
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Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
The thing is that, the government os playing all sort of games and at some point their seems to have lose focus onntheir war against cryptocurrency and digital assets, this is why you see them going back and forth without any tangible and notable success in their fight against cryptocurrency, what I think will be best for the government is to be more crypto friendly and instead of making their intentions about revenues and taxation known, it becomes easier to win the Nigerian crypto community trust if the government make more afforts to formally legalised cryptocurrency and then after their can talk of tax and other things, but just selecting kucoin to start remiting taxes is some what discouraging for traders and at such looking at DEX if they fine the right volume there will becomes the only option for those who doesn't want tax or being monitored.
My question now is that.
Will there return p2p trading on kucoin now that their want to start taking tax for the government from Nigerians cryptocurrency traders, this are what caught my attention the most, because until p2p return back to kucon there won't generate and traffic from Nigerians now.
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I came across this news yesterday as well, and for me, I think it's one that totally calls for serious concerns amongst crypto investors.
Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
That's what I expected though not this. I read alot of mixed feelings towards this. But as a Nigerian. I think I won't be happy paying more during crypto transactions. That's my opinion. So I'm glad other platforms like Bitget, bybit don't have these kinda stuffs and even have NGN P2P active...
Other question, will the Nigerian govt really utilize this tax for something good? Cos we all know how they operate.
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According to this article https://cointelegraph.com/news/kucoin-introduces-vat-nigeria .. KuCoin introduces VAT in Nigeria, KuCoin will start imposing a 7.5% VAT on transaction fees for Nigerian users from July 8th, 2024.
This move comes after the ban on P2P transactions, which leaves me wondering what's behind this decision. Is the government planning to lift the ban once they start collecting fees from KuCoin? What's your opinion on this? Is it a good move or one to raise concerns?
What do our government really use all these tax for because we are yet to see the effect. Things are not getting easier for people and the government is increasing taxation, refusing to set an appropriate new minimum wage, and they are still borrowing. So I ask, what are they using all these taxes for?
Very good question. This present administration seems to be trending for the wrong reasons.
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I came across this news yesterday as well, and for me, I think it's one that totally calls for serious concerns amongst crypto investors.
Think about this, crypto is banned in Nigeria, and without first lifting that ban, the Nigerian government wants to start collecting VAT from Nigerians, the same people they have banned from carrying out, or associating their bank accounts with crypto transactions, this clearly shows that we are being ruled by a government that doesn't even know what their priorities are, they are very confused and seem not to be able to differentiate their left from their right, if they wanted us to be happy with this new development, they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
I didn’t see that coming or even thought of that in the first instance. How can you be collecting tax from people when you’ve told them not to use the services of those things you’ll be collecting tax from them for. This is indeed a misplaced priority and Nigerians should be very careful more. You don’t want your citizens to use a service and now you want to tax them for using that service, where is the confusion coming from.
Or maybe, they’ve just released a news without the consent of the government which I strongly doubt too. I just hope they’re not in liason with the government ti give the name of users to them. After all, they’re exchanges and known for centralization so I won’t be surprised if they do that and if they actually did it, they should get ready for what is to come for them because they’ll lost all customers from Nigeria which I don’t think they will want it to happen.
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they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?
If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.
Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.
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they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?
If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.
Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.
I agree with you that Kucoin service is the worst and expensive of all. They are wxtorting customers of their funds. I will not bother to think about them at all and I have move over to another exchange that is not collecting VAT. Ah ha na them be the first to start to collect tax when them no dey offer p2p service. Kucoin have lost their Nigeria customers, I trust Nigeria. No benefits who dem help.
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they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?
If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.
Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.
I agree with you that Kucoin service is the worst and expensive of all. They are wxtorting customers of their funds. I will not bother to think about them at all and I have move over to another exchange that is not collecting VAT. Ah ha na them be the first to start to collect tax when them no dey offer p2p service. Kucoin have lost their Nigeria customers, I trust Nigeria. No benefits who dem help.
But as they are coming back they might do well because they are going to be strict about the rules. And they will be no manipulation of naira or dollar by the vendors. And trading will be interesting. I will like to see how things work first before using them.
I saw the news that they start the trading on the 8th of this month which will be on Monday next tomorrow.
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This VAT is useless because I don't see any reason to impose the on Nigerian users knowing that the main purpose of them using the exchange is because of p2p so no one will trade there if they don't offer p2p trade any.
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they should have first announced that Tha ban on crypto has been lifted in all levels, which also includes we being able to buy crypto with even our atm cards..
I guess it's time for us all to move to DEX.
If they don’t announce it or don’t remove the ban from exchanges where exactly will the exchange see money to pay for the newly added tax?
If they want this thing to work they should have made proper arrangements - if KuCoin goes on an add this fee do they think Nigerians will just keep quiet like dummy and let them suck their money away through the fee? I’m sure they’ll lose all their Nigerian users to other exchanges that haven’t been foolish enough to implement it blindly.
Honestly, I don’t have any business with KuCoin - to me it’s one of the worst exchanges out there, from their spots trading to their P2P is nosense.
I agree with you that Kucoin service is the worst and expensive of all. They are wxtorting customers of their funds. I will not bother to think about them at all and I have move over to another exchange that is not collecting VAT. Ah ha na them be the first to start to collect tax when them no dey offer p2p service. Kucoin have lost their Nigeria customers, I trust Nigeria. No benefits who dem help.
I suggest say make them improve their services, security framework, UI and trading etc like other platforms like BG dey do first before then think of tax. This na wrong move and users don da port to other places already.
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0.75% of transaction fee as VAT is very small. I am surprised that some people can against something like this among us.
This was how Kucoin make example of the VAT:
Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction: 998.925 USDT
If you trade $1000, Kucoin is deducting 1% which $1. While 0.75% of the $1 will go to the government as VAT which is just $0.075.
We should not be complaining about this because it is very low amount of money.
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I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.
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I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.
8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.
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I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.
8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.
If dem start VAT without p2p then na waste of time na. Me I no go even look their face. If they want Nigerians to use their services then they have to reopen the p2p for more active users. And even they bring back the p2p and because of the vat, many people would not come back again but at least they will gather small number of users. And if they don't bring back the p2p and only depending on the convert trade. Lolz they are just wasting their time. +1 for the information.
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Can't tell if the government are planning to remove the restriction or not but, this should have been their initial development instead of just cutting ties with Nigerian p2p trading. Though the government might have been the major cause to the delisting of NGN p2p trading pair. However this is a welcomed development and it would be much appreciated if they reconsider bringing back the p2p trading then can they regain few of their users from Nigeria because the delisting must have made several Nigerian to withdraw from their service.
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We should not be complaining about this because it is very low amount of money.
I had already made my first post before I went to read more about this VAT fee of a thing before I realized that it was not even something to talk about due the fact that it’s very low - but still my problem with the exchange is not even with the newly introduced fee but instead their shitty services, if they are doing something new they should also work on improving the quality of their exchange.
Before the removal of P2P from Kucoin, merchants were given the liberty to easily change the market price without sellers being notified [something you’ll never see in any other exchange] and yet despite all the feedbacks and reports that were made nothing was done even those accounts that cheated were not punished for attempting to do something of such nature - that’s what’s pissing me off about the exchange not the newly incorporated fee (I had an issue with it before checking the amount but now I’m not).
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Before the removal of P2P from Kucoin, merchants were given the liberty to easily change the market price without sellers being notified [something you’ll never see in any other exchange] and yet despite all the feedbacks and reports that were made nothing was done even those accounts that cheated were not punished for attempting to do something of such nature - that’s what’s pissing me off about the exchange not the newly incorporated fee (I had an issue with it before checking the amount but now I’m not).
I have not used P2P before on the exchange. If something like this was going on the exchange, people need not to use it when there are other better P2P exchanges. What pissed me off on the exchange is their high fee which is kind of extraordinary high. I want to use use bitcoin lightning network on the exchange and I saw $0.91 fee when the fee on other exchanges like Binance, OKX and others is not up to $0.07.
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I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.
8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.
Me no even dey after make p2p return back to the platform, as far as we have bybit, I am very OK, except anything go happen way fit make bybit close their doors to naira p2p, then definitely will be a problem.
But still, yawah no dey self, we go still look for another place, even telegram wallet get naira p2p inside the wallet, of which I Don use that p2p service for like three or four times now, the only downside for there be say the rates never too dey good, and they dey sometimes delay to pay as well - as in vendors dey always wait until the last minute before they pay, but I know say that one, including the not so good rates, na because p2p liquidity never enter there, once that enter, every thing go dey OK and even more convenient than those cex.
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I think say na on the 8th of July nai dem tok say dem go launched the p2p for Nigerians again and then started the VAT from that day but I no come see them again. I don check tire. Abi na me no get the information well. But I think say na weti I see for the email. Well whenever dem reopen it we go use am buy that vat wey dem dey tok go make plenty people no go use am again oh.
8th July na the date wey dem talk say that VAT go begin, them no talk for any of those email say p2p go resume for their platform. If you hear anything about p2p, na just people dey carry the matter waka for mouth around based on say if dem go dey collect percentage from them, them no go limit them to do some kind things with their services. No any news on p2p back on the platform, but make we dey wait sha, maybe something like that go come back soon again for the platform.
Me no even dey after make p2p return back to the platform, as far as we have bybit, I am very OK, except anything go happen way fit make bybit close their doors to naira p2p, then definitely will be a problem.
But still, yawah no dey self, we go still look for another place, even telegram wallet get naira p2p inside the wallet, of which I Don use that p2p service for like three or four times now, the only downside for there be say the rates never too dey good, and they dey sometimes delay to pay as well - as in vendors dey always wait until the last minute before they pay, but I know say that one, including the not so good rates, na because p2p liquidity never enter there, once that enter, every thing go dey OK and even more convenient than those cex.
Na so. ByBit and bitget dey do well for the p2p trading in the country and if you want to enjoy this services, just convert your coins to USDT, and sell am men, I never see any manipulation.from dat site but if you keep am for BTC even now the top 5 traders (buyers) na 419. Dem dey display an amount wey dem no dey buy show people and when your order under their ads, you go wait tire but dem no go pay. And at the end trade go cancel. But in USDT e no dey happen like that. The way I dey see sef Kucoin sef fit leave Nigeria di way OKX dey leave so. And if Kucoin leave sef e no concern me.if ByBit dey work. Then it is okay.
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But still, yawah no dey self, we go still look for another place, even telegram wallet get naira p2p inside the wallet, of which I Don use that p2p service for like three or four times now, the only downside for there be say the rates never too dey good, and they dey sometimes delay to pay as well - as in vendors dey always wait until the last minute before they pay, but I know say that one, including the not so good rates, na because p2p liquidity never enter there, once that enter, every thing go dey OK and even more convenient than those cex.
Wait ooh, he get watin I reason when I last go binance - I be Dey reason if we go fit just directly sell our coins to usd, I get chipper cash and some other dollar account (chipper nai most people know) and for there you nor need put your account number just your username - so if I decide to just sell my coin make dem pay the money to my chipper cash you sure say he nor go work?
I never really try am and I Dey fear make something nor come happen make dem seize my coin but as I reason am for my mind he suppose work sha.
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Wait ooh, he get watin I reason when I last go binance - I be Dey reason if we go fit just directly sell our coins to usd, I get chipper cash and some other dollar account (chipper nai most people know) and for there you nor need put your account number just your username - so if I decide to just sell my coin make dem pay the money to my chipper cash you sure say he nor go work?
I never really try am and I Dey fear make something nor come happen make dem seize my coin but as I reason am for my mind he suppose work sha.
Only what I saw on Chipper cash when I was using it was dollar and no cryptocurrency supported.
I have posted on the other forum before how those sites like Chipper cash can not advisable to go for. Dollar was around 845 to a naira that time I posted this below image on Bitcointalk
(https://www.talkimg.com/images/2023/07/28/Q1vQo.jpeg) (https://www.talkimg.com/images/2023/07/28/Q1YfT.jpeg)
You can see how the exchange rate is not favorable at all. It is better you use P2P exchange instead.
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These exchanges were being charged by the government to also pay high tax rate, what else do we expect from them if not to include all the expenses of these on their users, now we are beginning to see part of the reasons in which if some of them cant cope with all these, they have to leave, this kind of practice is not the best way of making business or neither does it encourages the people or these exchange to support what they are doing.
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These exchanges were being charged by the government to also pay high tax rate, what else do we expect from them if not to include all the expenses of these on their users, now we are beginning to see part of the reasons in which if some of them cant cope with all these, they have to leave, this kind of practice is not the best way of making business or neither does it encourages the people or these exchange to support what they are doing.
The amount that they are charging is not even something to bother about - when the thread was created we all thought it was something huge, something that will short us our money but after more calculations where don’t it was discovered to just be less than a dollar for a thousand dollar transaction.
If this is what they need to charge in other to keep providing services to Nigerians then it’s fine - although I don’t make use of the exchange.
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If this is what they need to charge in other to keep providing services to Nigerians then it’s fine - although I don’t make use of the exchange.
Nigerian government and regulators are very frustrating. I want to use Nigeria IP address to access Kucoin on the web but it was not working till now just like other exchanges. Also that naira P2P has not returned back to Kucoin. Those that are not paying the tax still have P2P, including Telegram. This country is fucked so much. Our leaders are corrupt. Although, you are correct that the tax is very small. But this country is somehow. See what Dangote is facing from the government because he constructed a refinery in Nigeria. I do not think our leaders want something good for this country.
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0.75% of transaction fee as VAT is very small. I am surprised that some people can against something like this among us.
This was how Kucoin make example of the VAT:
Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction: 998.925 USDT
If you trade $1000, Kucoin is deducting 1% which $1. While 0.75% of the $1 will go to the government as VAT which is just $0.075.
We should not be complaining about this because it is very low amount of money.
Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.
Imagine say Naija get like 1,000,000 person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.
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0.75% of transaction fee as VAT is very small. I am surprised that some people can against something like this among us.
This was how Kucoin make example of the VAT:
Transaction: Buy 1,000 USDT worth of BTC
Fee: 1 USDT (0.1% fee rate)
Tax: 0.075 USDT (7.5% of the fee)
Net Amount for Transaction: 998.925 USDT
If you trade $1000, Kucoin is deducting 1% which $1. While 0.75% of the $1 will go to the government as VAT which is just $0.075.
We should not be complaining about this because it is very low amount of money.
Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.
Imagine say Naija get like 1,000,000 person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.
Man, we know for sure say the tax matter be like making good money on auto-pilot for the federal government of Nigeria, but the real question should be, if this kucoin taxing Nigerians traders on the exchange is an official thing, because up and until now, me never still read any where or from any source where the government of Nigeria don come out to let the citizens of the country know say they don partner with kucoin to add value added tax to our billings and transactions on kucoin.
And amazingly self, the government never still lift the ban on crypto, how you go dey collect tax from people on something wey you ban, if no be juju be this, then tell me wetin e be abeg.
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According to this article https://cointelegraph.com/news/kucoin-introduces-vat-nigeria .. KuCoin introduces VAT in Nigeria, KuCoin will start imposing a 7.5% VAT on transaction fees for Nigerian users from July 8th, 2024.
This move comes after the ban on P2P transactions, which leaves me wondering what's behind this decision. Is the government planning to lift the ban once they start collecting fees from KuCoin? What's your opinion on this? Is it a good move or one to raise concerns?
You don't have to blame Kucoin on this increase, that was as a result of what they are facing from the government regulations, other exchanges or platforms who could not afford to make some changes and readjust base on the government directives, then they take their leave and go, all these that we are seeing them do is just bouncing back on us, the same people they fail to carter for.
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Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.
Imagine say Naija get like 1,000,000 person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.
Man, we know for sure say the tax matter be like making good money on auto-pilot for the federal government of Nigeria, but the real question should be, if this kucoin taxing Nigerians traders on the exchange is an official thing, because up and until now, me never still read any where or from any source where the government of Nigeria don come out to let the citizens of the country know say they don partner with kucoin to add value added tax to our billings and transactions on kucoin.
And amazingly self, the government never still lift the ban on crypto, how you go dey collect tax from people on something wey you ban, if no be juju be this, then tell me wetin e be abeg.
Big man you are making a good point here. Ever since kucoin announce about taxing Nigeria traders on their platform per transaction, me I don happy say Na good thing Isay our country go get back up based on budget expenditure from crypto but after the official announcement, I never see anywhere wey our government make public announcement with respect to that development and agreement between both parties. Nigeria government supposed come on air come announce am say dem don reach agreement with party x to dey collect tax on their citizens crypto transaction on their platform say this on Na extra revenue and e go add up to the budget expenditure. Till now nothing of that nature
This thing come.make me dey talk wether kucoin really reach agreement with our government or dem just dey do am like that and nobody don even ask question about the development. Me and you know say any thing wey government no come on air to announce like that na voicemail e dey enter so.
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Big man, I greet you specially. You see this tax matters, no be small money dey there so, you know say Nigerians dey deal.on Crypto wella so the market tax transaction fee deal go go well for federal government of Nigeria.
Imagine say Naija get like 1,000,000 person unto say Na traders them be but we all know say the population pass like that sef.
Sometimes the number of holders or traders might be much more than that given figure. If you calculate the figures them altogether, you will see that they are making money.
Man, we know for sure say the tax matter be like making good money on auto-pilot for the federal government of Nigeria, but the real question should be, if this kucoin taxing Nigerians traders on the exchange is an official thing, because up and until now, me never still read any where or from any source where the government of Nigeria don come out to let the citizens of the country know say they don partner with kucoin to add value added tax to our billings and transactions on kucoin.
And amazingly self, the government never still lift the ban on crypto, how you go dey collect tax from people on something wey you ban, if no be juju be this, then tell me wetin e be abeg.
Big man you are making a good point here. Ever since kucoin announce about taxing Nigeria traders on their platform per transaction, me I don happy say Na good thing Isay our country go get back up based on budget expenditure from crypto but after the official announcement, I never see anywhere wey our government make public announcement with respect to that development and agreement between both parties. Nigeria government supposed come on air come announce am say dem don reach agreement with party x to dey collect tax on their citizens crypto transaction on their platform say this on Na extra revenue and e go add up to the budget expenditure. Till now nothing of that nature
This thing come.make me dey talk wether kucoin really reach agreement with our government or dem just dey do am like that and nobody don even ask question about the development. Me and you know say any thing wey government no come on air to announce like that na voicemail e dey enter so.
I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.
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I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.
They really don’t need p2p for people to use it, there are traders out there that are making use of exchanges that don’t have p2p to still trade their future trades and spots - it’s just that majority of us here in this forum and also in bttk are often trading p2p that’s why we feel that’s the only thing exchanges are used for here in Nigeria.
And again this vat fee is not something that should drain our wallet, as long as kucoin will improve their service (because it’s shitty) I don’t have any issue with them adding the fee.
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I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.
They really don’t need p2p for people to use it, there are traders out there that are making use of exchanges that don’t have p2p to still trade their future trades and spots - it’s just that majority of us here in this forum and also in bttk are often trading p2p that’s why we feel that’s the only thing exchanges are used for here in Nigeria.
And again this vat fee is not something that should drain our wallet, as long as kucoin will improve their service (because it’s shitty) I don’t have any issue with them adding the fee.
In fact, many people are not using only P2P to transact as there are numerous traders still using the exchanges without involving features of P2P to trade futures as well as spot. However, given that we as most of the users present in this forum use P2P more frequently, it generates the feeling that that it is the latter that is primarily being focused on in Nigeria. Regarding the VAT fee, I do not think that it would be very much of a problem for us as long as we see more development out of services such as KuCoin. If service they provide is improved then it will also be easier to make sure that extra amount which we are charged is justified since we get a much better service.
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I dey feel say Kucoin don understand how things dey any how for Naija and na e make them dey do any how too. E fit be say them don get Nigeria person wey dey give them info on how to extort Nigerian traders wey dey use their platform. I no think say I don hear any news on this issue and for now make nobody use Kucoin becos them no even get naira p2p trade sef until you don confirm this information from we government. I dey use Kucoin but na Ton network make me dey use am because na free transfer fee.
They really don’t need p2p for people to use it, there are traders out there that are making use of exchanges that don’t have p2p to still trade their future trades and spots - it’s just that majority of us here in this forum and also in bttk are often trading p2p that’s why we feel that’s the only thing exchanges are used for here in Nigeria.
And again this vat fee is not something that should drain our wallet, as long as kucoin will improve their service (because it’s shitty) I don’t have any issue with them adding the fee.
In fact, many people are not using only P2P to transact as there are numerous traders still using the exchanges without involving features of P2P to trade futures as well as spot. However, given that we as most of the users present in this forum use P2P more frequently, it generates the feeling that that it is the latter that is primarily being focused on in Nigeria. Regarding the VAT fee, I do not think that it would be very much of a problem for us as long as we see more development out of services such as KuCoin. If service they provide is improved then it will also be easier to make sure that extra amount which we are charged is justified since we get a much better service.
Some of the trading platforms that are present to date are the P2P and exchange, and they do have flexibility that gives one an opportunity to select according to their desires. I am pretty sure everyone who frequently uses P2P does very well understand its real world usage of P2P, particularly in day-to-day transactions. But improving the services such as those provided by KuCoin is very useful for all of us because as the quality of the service keeps on rising, we can sense that additional costs pay the benefits. As more features for this platform are being built, we as users will get a better, safer, and more comfortable transaction experience so that our investments can keep on growing as optimally as possible.