Altcoins Talks - Cryptocurrency Forum
Local => Nigerian Languages => Topic started by: Stuart on February 02, 2025, 10:18:42 PM
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Over the years, the Nigerian Government has not allowed nor accepted the use of crypto currencies and Bitcoin mostly, even untill now, as (IMO) they see it as a means at which anyone who has the knowledge of crypto currencies and Bitcoin especially can easily escape the lock-up room of financial bondage, which they (to an extent) has put every citizens of Nigeria.
This is the only thing that has no restrictions and no one is able to tell what returns is being yielded. The government haven heard of the amount of money that can be obtainable, they desire to make a total end of the existence within the country and those using it in the country as well.
So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
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Cryptocurrency is not banned in Nigeria because Exchanges do collect VAT from Nigerians when using p2p trade. Crypto is legal but how the government will regulate it is what they don't know how to go about it. Those exchanges operating in Nigeria have accepted to the crypto policy from Nigeria government to operate in the country.
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Over the years, the Nigerian Government has not allowed nor accepted the use of crypto currencies and Bitcoin mostly, even untill now, as (IMO) they see it as a means at which anyone who has the knowledge of crypto currencies and Bitcoin especially can easily escape the lock-up room of financial bondage, which they (to an extent) has put every citizens of Nigeria.
This is the only thing that has no restrictions and no one is able to tell what returns is being yielded. The government haven heard of the amount of money that can be obtainable, they desire to make a total end of the existence within the country and those using it in the country as well.
So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
The Nigerian government are not showing interest in support for the use of cryptocurrency, but the people are not restricted to use it own their own and at their own risk, this is just the condition on ground, though they have once accepted for it use and later revoke on this, but for now, everyone into crypto in Nigeria is at their own risk, this same stand exist in many spheres as well as other countries.
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I think it will be a matter of time that the Nigerian government will realize and see the benefits that Bitcoin holds for a country like Nigeria that it's economy is currently not doing well I know that Nigeria is a country that due to lack of good governance the leaders that are in power has so monopolized the country that they regulate any thing that the ordinary citizens of the country will benefit from in a bind to controlling the society that they rule but with the coming in of the new inaugurated United States of America president Donald trump alot of changes has gradually taking place and different countries has started accepting Bitcoin so it will not be long when Bitcoin will be accepted in the country because by that time even the political class will see reason to invest into Bitcoin
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I think it will be a matter of time that the Nigerian government will realize and see the benefits that Bitcoin holds for a country like Nigeria that it's economy is currently not doing well I know that Nigeria is a country that due to lack of good governance the leaders that are in power has so monopolized the country that they regulate any thing that the ordinary citizens of the country will benefit from in a bind to controlling the society that they rule but with the coming in of the new inaugurated United States of America president Donald trump alot of changes has gradually taking place and different countries has started accepting Bitcoin so it will not be long when Bitcoin will be accepted in the country because by that time even the political class will see reason to invest into Bitcoin
The world is evolving and so is society. The majority of our leaders are unfamiliar with cryptocurrency, making it difficult for her to embrace it. However, this generation is gradually fading, and I am confident that the next generation will embrace cryptocurrency as awareness of bitcoin grows among this new generation.
Because of this awareness, if they advance to the point where they hold public office, they will undoubtedly introduce bitcoin into the system due to their thorough understanding of its benefits. Until then, individuals should be encouraged to begin gathering bitcoin knowledge.
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So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
I keep seeing similar questions here and the other forum too, I know the actions of the CBN and how they have acted probe to questions like this but I will explain it here again that Crypto is not prohibited in Nigeria, the only thing only thing that Was prohibited (https://www.reuters.com/article/world/africa/nigerias-banks-barred-from-cryptocurrency-transactions-central-bank-idUSL1N2KB1Q4/) is banks dealing in crypto transactions and the FG from owing a crypto but that ban that was lifted last year (https://www.reuters.com/world/africa/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23/#:~:text=Nigeria%27s%20central%20bank%20has%20lifted%20a%20ban%20on,activities%2C%20the%20bank%20said%20in%20its%20latest%20circular) - with the new regulations both banks and government can transact but with only CBN verified vendon.
The only problem is EFCC acting on their own terms and not taking order from CBN. A lawless country at best.
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So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
The Nigerin government is not just one set of people; they are transient, they can change, and the next set of individuals in power are crypto-friendly. Anything can happen; we just have to maintain an open mind.
As long as adoption continues in Nigeria, it is possible.
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I believe Nigeria government can do perfectly well with Crypto but the calibres of people we have in the helms of affairs are just the bottle neck we are facing in this country. With time, there would be a turning point in the governance and the right minds would take over to do the right things which ought to have been done and I'll know Crypto would also be integrated into the Nigeria economy.
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So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
The Nigerin government is not just one set of people; they are transient, they can change, and the next set of individuals in power are crypto-friendly. Anything can happen; we just have to maintain an open mind.
As long as adoption continues in Nigeria, it is possible.
It’s actually possible but i guess it would take a very long while mainly because of the age category of individuals dominating the Nigerian economy and that isn’t helping at all because their are mindset aren't fully equipped on the strength of crypto and its usefulness in regulating the country as their era wasn’t welcoming to ideas like this.
Anyways i think there is still hope however but it would take quite a long while..
Over the years, the Nigerian Government has not allowed nor accepted the use of crypto currencies and Bitcoin mostly, even untill now, as (IMO) they see it as a means at which anyone who has the knowledge of crypto currencies and Bitcoin especially can easily escape the lock-up room of financial bondage, which they (to an extent) has put every citizens of Nigeria.
This is the only thing that has no restrictions and no one is able to tell what returns is being yielded. The government haven heard of the amount of money that can be obtainable, they desire to make a total end of the existence within the country and those using it in the country as well.
So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
I think this is the most surreal thought i have seen.
We have had alot of arrests of individuals in Nigeria who participate in the crypto space mainly because they posses a certain amount of money that doesnt look normal to all these crime commissions and the rest of them.
And i ask;why can't the Nigeria government have trust on their citizens to aquite wealth peacefully.I still don’t get it because pf the crime communities we have in Nigeria.
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Over the years, the Nigerian Government has not allowed nor accepted the use of crypto currencies and Bitcoin mostly, even untill now, as (IMO) they see it as a means at which anyone who has the knowledge of crypto currencies and Bitcoin especially can easily escape the lock-up room of financial bondage, which they (to an extent) has put every citizens of Nigeria.
This is the only thing that has no restrictions and no one is able to tell what returns is being yielded. The government haven heard of the amount of money that can be obtainable, they desire to make a total end of the existence within the country and those using it in the country as well.
So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
Well I ont think the government will accept crypto currency and as such they banned it, but I think the ban was later lifted in 2023. Remember the CBN generated revenue for the FG, if the government allows cryptocurrency most of the mass will prefer investing in crypto than in their local banks and this may restrict the activities of the CBN which in turn may prevent the further generations of revenue for the government. Also the increasingly rise Cyber crime may make it impossible for the FG to back up the use of cryptocurrency, due to it being a decentralized system it may be difficult to trace or track any money lost to cybercrimes or mistake made by crypto user.
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So, I ask, can the Nigerian Government ever accept or allow the use of crypto currencies? Let's discuss
The Nigerin government is not just one set of people; they are transient, they can change, and the next set of individuals in power are crypto-friendly. Anything can happen; we just have to maintain an open mind.
As long as adoption continues in Nigeria, it is possible.
The Nigeria government are US puppet, we do whatever they tell us to do, the last US government was anti-crytpo and turned Nigeria government into crypto investor hunters, implemented strict anti- 'crypto regulations. now that we have some kind of crypto friendly US government I think Nigeria may as well edge towards that direction too.
Not expecting them to lift the ban on crypto transactions directly with the banks but I would expect the CBN and EFCC to stop the hunting against CEX p2p trading and allow NIG SEC to do their work and not leave under their shadows.
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The Nigeria government are US puppet, we do whatever they tell us to do, the last US government was anti-crytpo and turned Nigeria government into crypto investor hunters, implemented strict anti- 'crypto regulations. now that we have some kind of crypto friendly US government I think Nigeria may as well edge towards that direction too.
Not expecting them to lift the ban on crypto transactions directly with the banks but I would expect the CBN and EFCC to stop the hunting against CEX p2p trading and allow NIG SEC to do their work and not leave under their shadows.
I am also expecting that the Nigerian government will make some changes to their policies on cryptocurrencies since we now have a government in the US who is a crypto lover. Like you said, we are always following what the US government does, we are very close allies to them and we easily give in to support what they do even though not all. I’m expecting some changes to the regulations on cryptocurrencies in the country before the end of the year. Let them stop going after P2P exchanges, it’s really not a good one on us that use their services for exchange.