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.

[Agbe]

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?

I don't understand the governments fight against cryptocurrency, they claim to do it so they can stop fraudulent activities in the country but I don't that's their main agenda. We live in a digital age and things are advancing, bitcoin is being accepted in some countries to make transactions and some organisations accept it in Nigeria. They have tried to stop it but the spread and influence of cryptocurrency has increased even more, Airdrops has made both old and young to be actively involved in it, I don't think they can ban it successfully in Nigeria, They can only restrict you from using different exchanges but people will keep finding a way to do their transactions

[Cantsay]

They have tried to stop it but the spread and influence of cryptocurrency has increased even more, Airdrops has made both old and young to be actively involved in it, I don't think they can ban it successfully in Nigeria,

That’s what you get when a government that doesn’t know their right from their left is in power. If you ask most of the people in power they’ll tell you that crypto is not banned in Nigeria but still crypto transactions are made to look as if they are illegal transactions - nowadays you can’t even show your phone to a security if you have anything related to crypto in it they’ll treat you as if your phone contains an exhibit.

They can only restrict you from using different exchanges but people will keep finding a way to do their transactions

Merchants full everywhere - if them continue their nonsense play we go jejely just they run am locally as men take dey run am before.

[Hatchy]

The CBN banned crypto transactions through banks which made it harder for people to buy and sell crypto. This has hurt the value of crypto assets in the country and many Nigerians feel it limits their freedom to invest.

 Still though our government says the ban will help to stop fraud and scams but then pushing crypto underground can actually make it harder to track these risks.

Instead of banning crypto, our government could regulate it by setting rules to protect people from fraud while still allowing them to trade and invest safely. Because other countries have done this.

[Tribalchief]

The CBN banned crypto transactions through banks which made it harder for people to buy and sell crypto. This has hurt the value of crypto assets in the country and many Nigerians feel it limits their freedom to invest.

The ban has made it difficult, as we can't even Publicly specify that any funds we are receiving/sending is for crypto related purpose. They've pushed crypto users to performing their transactions secretly.

Still though our government says the ban will help to stop fraud and scams but then pushing crypto underground can actually make it harder to track these risks.

Instead of banning crypto, our government could regulate it by setting rules to protect people from fraud while still allowing them to trade and invest safely. Because other countries have done this.

Though, they are right about the fraud/scam purpose that some of the youths use it for, but the truth is, they didn't handle the issue with professionalism. Bitcoin exist on the internet, and the internet is still 100% accessible by the citizens, so there is no way they won't use Bitcoin even when it was publicly banned, morever, the government don't use our device with us.

Just as you've said, they should have done some regulation instead rather than just pretending to cut it out. But I fear that some of these exchanges might be compelled to submitting the data of every citizens that are registered, and all their transactions/balance, etc will be exposed to the government even though they ain't suspicious.

[The transformer]

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?

Such suspicious na something wey fit dey possible Sha (that is say them wan run am underground cuz na their way) . This kind ban I believe don make crypto business hard for youths in particular (as for youth, the resources hard but the interest high) . Las Las na bad idea to ban crypto.
E go hard dem to regulate am Sha, but e no means say total ban dey better. To accept limited and well established cryptos fit regulate sha.

[Cryptsafe]

The CBN banned crypto transactions through banks which made it harder for people to buy and sell crypto. This has hurt the value of crypto assets in the country and many Nigerians feel it limits their freedom to invest.

 Still though our government says the ban will help to stop fraud and scams but then pushing crypto underground can actually make it harder to track these risks.

Instead of banning crypto, our government could regulate it by setting rules to protect people from fraud while still allowing them to trade and invest safely. Because other countries have done this.

Yes of course banning is not the option, but policies and regulations could help put things in place to making sure it is efficient and effective in the society. If they claim of illicit activities better they get the equipments put in place for such exercise. Their ignorance is depriving the country revenues from the Crypto quarter and this could be of help in financing other government budget the needs funds. I remembered initially when there was no action against Crypto, banks were having huge records as it pertains to Crypto transactions and it was very encouraging but as a result of ignorance, they banned  Crypto transactions putting a halt to revenues from that quarters and also wanting to tackle agencies involved which is not a good idea. Till date the fight against Crypto in the government is still on and Crypto enthusiast  in the country should be careful.

[Celph]

Initially,
The idea of the central bank banning crypto as at of febuary 2021 was as a result of the use of cryptocurrencies in making fraudulent transactions and activities and also as  aresult of money laundeting among others.
Now going back to the matter on ground,if the Nigerian bank should put a ban on crypto,it would pose as an effect to us in various ways generally.One crucial way this would affect us is in the financial sector.
There would be limited access to global market.Since cryoto market basically serves as an avenue for Nigerians to participate in the global economy worldwide,a ban would hinder accees to financial market leading to the hindering of financial growth amongst others.

[Darker45]

Initially,
The idea of the central bank banning crypto as at of febuary 2021 was as a result of the use of cryptocurrencies in making fraudulent transactions and activities and also as  aresult of money laundeting among others.
Now going back to the matter on ground,if the Nigerian bank should put a ban on crypto,it would pose as an effect to us in various ways generally.One crucial way this would affect us is in the financial sector.
There would be limited access to global market.Since cryoto market basically serves as an avenue for Nigerians to participate in the global economy worldwide,a ban would hinder accees to financial market leading to the hindering of financial growth amongst others.

Having a crypto ban may severely hinder how we can join the global market, but there are perhaps far larger opportunities for us to proceed to continue looking for practical innovations within the financial business. We can proceed to add further depth to the domestic Fintech and physical layer for deepening financial accessibility and growing economic resilience. Besides, by forming partnerships between the banks and financial institutions and the government proper policies can be formulated alongside the crypto that still helps to ensure economic substitution is kept up. We can also enhance the domestic Fintech to provide sufficient services to all the classes for which the access to different types of investment and transactions should remain and remain open to all of us.

[bitebits]

Initially,
The idea of the central bank banning crypto as at of febuary 2021 was as a result of the use of cryptocurrencies in making fraudulent transactions and activities and also as  aresult of money laundeting among others.
Now going back to the matter on ground,if the Nigerian bank should put a ban on crypto,it would pose as an effect to us in various ways generally.One crucial way this would affect us is in the financial sector.
There would be limited access to global market.Since cryoto market basically serves as an avenue for Nigerians to participate in the global economy worldwide,a ban would hinder accees to financial market leading to the hindering of financial growth amongst others.

Having a crypto ban may severely hinder how we can join the global market, but there are perhaps far larger opportunities for us to proceed to continue looking for practical innovations within the financial business. We can proceed to add further depth to the domestic Fintech and physical layer for deepening financial accessibility and growing economic resilience. Besides, by forming partnerships between the banks and financial institutions and the government proper policies can be formulated alongside the crypto that still helps to ensure economic substitution is kept up. We can also enhance the domestic Fintech to provide sufficient services to all the classes for which the access to different types of investment and transactions should remain and remain open to all of us.

This gives us an opportunity to develop the financial sector through more practical innovations even though the crypto ban could greatly hinder our involvement in the world market. Instead of this, we could aim at enhancing a more refined homegrown Fintech and creating widespread financial inclusive platforms for every class of society. Therefore, only through joint efforts of banks, financial institutions and government, it is possible to develop and adopt the required policies for further economic development without destabilizing this process. It will enable us to keep on shifting the paradigm forward with a focus on financial inclusion that serves everyone’s interest.