Nigeria crypto ban

[bigcash2011]

Again it will remain limited to just an announcement because i have seen similar situation in more countries but the fact is that crypto trading carries on and there is no serious issue or hurdle where govt can forcefully stop to trade and profit from crypto market.

[Fivestar4everMVP]

The CBN crypto ban in Nigeria shouldnt be taken seriously most especially if you are already in the space, according to what i read, their reason for banning crypto is because too many scammers in the country now cash out through bitcoin or other form of crypto in other not to be traced, they forget that even before the emergence of bitcoin and crypto currencies in general, there have been scammers and they have been cashing out successfully without getting caught, now they want to ban crypto cause they think this will solve the problem.

[UNIVERSE]

Can you show the source link, please? AT this time, we know some countries still don't accept or legalize cryptocurrency. They may have their own reasons why. One of them is about the negative issues that are brought, unstable financial systems, and also other security reasons.

[Andruha1993]

You can get a link to a reliable source. I think the people of Nigeria will still trade on other exchanges and cash out crypto, because it is difficult to track.

[Freemind]

@Andruha1993 with the amount of options that Paxful offers (the link is in my previous post) they will have no problem using cash and crypto. They can send and receive payments in many ways and without the need for bank accounts, so the options are huge.

[Evgenklm]

I am sometimes surprised by the decision of some countries to ban cryptocurrency, at a time when many corporations around the world are planning to introduce bitcoin and cryptocurrency in payment for services, and in Nigeria it is all prohibited, maybe it is temporary and the decision will be made differently, it takes time.

[Paglamon]

Even if Nigeria bans cryptocurrency or Bitcoin, there will be no harm to the cryptocurrency market. Because this cryptocurrency of a huge community can never be suppressed. Cryptocurrency is not dependent on any country. Bitcoin is popular all over the world. It does not depend on the transactions of any country so the popularity of cryptocurrency does not depend on any particular country.

[wawan96]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

the best solution you can use a paypal account and change it to usd it is very safe if your country is currently banning cryptocurrency, the Nigerian government issued a very controversial decision to make the people suffer, even more, now it is quite worrying because many Nigerians use cryptocurrency to survive.

[Jaguar]

You can get a link to a reliable source. I think the people of Nigeria will still trade on other exchanges and cash out crypto, because it is difficult to track.

I think freemind provided the link about the news. I also know Nigeria prohibited cryptocurrency for a long time because they don't want it in their country. However, crypto is unstable because crypto enthusiasts will make away to access crypto and participate. Someday Nigerian will have a freedom to access crypto freely.

[Freemind]

Yes, and thanks @Jaguar, I provided the link in one of my previous posts. Anyway, I just read a new article published a few minutes ago that shows some news about Nigeria and cryptocurrencies, I leave you the link so you can read it if you want.

Nigeria’s Senate Summons Central Bank Chief to Explain Crypto Ban: https://www.coindesk.com/nigerias-senate-summons-central-bank-chief-to-explain-crypto-ban

They say that they are going to discuss the good and the bad of cryptocurrencies, so maybe all is not lost and Nigerian citizens and businesses can use cryptocurrencies without problems.

[nelson4lov]

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Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

I think the government stopped banks from transacting with any crypto exchange, so Nigerians can not transfer from their bank account to crypto exchanges anymore, also if you are found doing any crypto transaction your bank account will be closed, so right now the way to withdraw crypto or depositing into your wallet is by using binance P2P or local bitcoin etc

[Black ID]

Not only Nigeria, this crypto is still being opposed by several countries. But it looks like bad news like this will greatly affect crypto prices going forward.

[batishta10]

I see no reason to pay such attention to this news. If such a ban were made by China or the United States, then I would have paid attention. And not only me. This country does not affect the cryptocurrency market.

[MUGNIA]

every government must have a specific reason why it prohibits citizens from banking transactions for cryptocurrency tokens. This means that banks should not allow too many crypto transactions en masala. Many solutions are offered like p2p and you can also see them on Binance or other markets
and not only nigeria which is prohibited but my country also not 100% approve of crypto

[ife2020]

Why did Central Bank of Nigeria have to block all account related to cryptocurrency in Nigeria!!!  And what do you think will be the alternative which can be use for depositing and withdrawal.

I have no idea why there has to be a ban or close down on accounts that have traded or gotten involved with crypto currency; but i think the citizens has to brace up and work towards the alternatives the exchange platforms has provided which is p2p