Nigeria crypto ban

[Hope4life]

Cryptocurrency is often used to support illegal transactions such as fraud, drugs, and other illegal activities. I don't think the Nigerian government's actions are wrong here, and now there are solutions to problems like this like P2P in Binance. I hope the Nigerian government can see the positive side of cryptocurrency and unban.

[Freemind]

@Hope4life according to the latest news (on Coindesk they are the fastest to publish) the Nigerian government and the SEC are currently discussing the possibilities (good and bad) of cryptocurrencies in general to try to paralyze the ban. I think they are on time to solve it and not harm companies and citizens who want to use cryptocurrencies.

[TOP_ETH]

whether the news is true, yes that kind of thing must be thought twice to take the next step or action and provide a solution

[flyaccount]

With the news about Nigeria blocking Bitcoin, it did make the market slightly change, especially in price. Things like usual happen, so don't panic, everything will be better if this news is no longer popular.

[Freemind]

@flyaccount according to the latest news, Nigeria is not going to ban cryptocurrencies. The last thing they said is that the government was going to meet with banks to talk about the good and bad things about cryptocurrencies. Therefore, that ban remains up in the air for now. Hopefully they realize that cryptocurrencies are the future and do things right for the good of the population.

[IyemRoker]

For this matter I have never heard of it and it is really very heartbreaking because it is really not good for the cryptocurrency community in Nigeria.
But if there is good faith from the Nigerian state for the cryptocurrency community then the Bank block can be released or reopen cryptocurrency trading with full regulation which is good for a bright future.

[Freemind]

@IyemRoker I hope that both the Nigerian government and banks realize that they are missing a great opportunity if they ban cryptocurrencies in their country. I hope that the news that emerges after those meetings will be positive for the citizens and businesses of Nigeria and they can keep moving forward.

[mohdelayo]

I can't say its an outright ban, rather its a restriction that is placed on banks and other financial institution on aiding Bitcoin and Cryptocurrency related transactions. Those that will suffer thus wrath the most are the regulated exchanges that offer a Naira deposit and withdrawal gateway such ad Luno and Binance. But in all p2p market is always there to fill your position in either a long or short direction.

[vegasus]

I am pretty sure that Nigeria will unban crypto very soon. There are some countries that ever did the same way before. They all ban crypto because of certain reasons, but it won't last a long time. The governments of the countries unban again crypto, they know the potential and the importance of crypto. So, don't be so worry.

[Jaephoenix]

Easy.
Remember the EndSARS protest of October last year? Good! The government after freezing all bank accounts helping protests, was mad that the organizers of the protest received funding via bitcoin from Twitter CEO Jack Dorsey, and you know that protest hurt their reps. So to prevent further reoccurrence they banned all Cryptocurrency bank accounts

[mohdelayo]

I am pretty sure that Nigeria will unban crypto very soon. There are some countries that ever did the same way before. They all ban crypto because of certain reasons, but it won't last a long time. The governments of the countries unban again crypto, they know the potential and the importance of crypto. So, don't be so worry.

Very true mate, what i came to realize in the Nigerian government restriction is that they have already seen the potentials, hence there best of getting in and not just sitting on the sidelines is to start by placing a restriction. I believe they will eventually come around and then they will want to start taxing crypto traders and investors.

[mohdelayo]

Easy.
Remember the EndSARS protest of October last year? Good! The government after freezing all bank accounts helping protests, was mad that the organizers of the protest received funding via bitcoin from Twitter CEO Jack Dorsey, and you know that protest hurt their reps. So to prevent further reoccurrence they banned all Cryptocurrency bank accounts

The government can only hurt local banks and financial institutions but she cannot hurt the people that are holding and investing in cryptocurrencies.

[Mexite]

This ban is not well thought out before action was taken. It was not quite long that SEC announced that it wanted to chart out a crypto regulation in the country. Cryptocurrencies shouldn't be given a bad name just because a few bad elements use the avenue to perpetrate illegal things. More even happens under the nose of the government through banks.

However, one can still buy and sell crypto via the peer-to-peer market on trusted platforms. It's that simple.

[gunhell16]

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.

Your statement was not complete actually, can't you give any resource link about what you are talking about?
if the Central Bank of Nigeria blocked it, there must be a valid reason why they implemented that. Besides, We do nothing about it. Moreover, in terms of alternatives, I think there is another exchange in cryptocurrency accepting transfer from the exchange going to the bank card or ATM.

[ashraf786100]

It may be that the authorities do not like the money, which they cannot track, and this is dangerous for them. The only thing left to do is to search for sites that are not relevant to them and that work there, using other sources as well.