Nigeria crypto ban

[Nimix]

Maybe it's because they can't control it like the Nigeria Naira. No one should hear about crypto and dug it down. I believe they will still review it because I don't think they have concluded. But even if they conclude, there will definitely be other ways to it.

[Freemind]

@ashraf786100, @Nimix, that has always happened in many governments, they fear what they cannot control, what can change their power status. But it has not only happened to the Nigerian government, it has happened to many countries since the birth of Bitcoin and crypto. Most of those countries have rectified and seen the advantages of cryptocurrencies. I hope the Nigerian government can see the benefits of the crypto ecosystem.

[mohdelayo]

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.

After looking critically, i actually see no reason for the restriction of cryptocurrency in the country but in another way around, i see it there body movement to show they address actually interested in crypto and they want to start their usual job of tasking.

[sampoerna]

Did they ban crypto for all transactions? I mean as, in my country, crypto is not legal as payment. But this is legal for digital asset or investment, as a commodity.
However if they ban crypto for all, so sad to know it Nowadays, many countries welcome cryptocurrency

[zilzylian]

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.

Can you share the link regarding this news, make sure you choose Dex exchange and other decentralized exchanges such as Bancor and Uniswap, on Bancor exchange there is a fiat deposit option using a debit card and you can take that alternative.
There are many Dex exchanges and you don't need to worry if you can't make a withdrawal from the bank, maybe you can use Paypal and Payeer and make P2P exchanges from crypto users on centralized exchanges

[nicecrypto]

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.

That don't really affect whether cryptocurrency trading will slow down because I believe it wont regardless of CBNs/the Government's position because before the announcement, crypto traders where already involve in P2P trading in a lot of different crypto exchanges by choice only this time. that P2P seems to be the only means of withdrawing cash to you account which is still fine but just a but slower.

I hope they the Government will have a change of heart soonest as the Vice president put out this tweet yesterday and I believe most of them understands what crypto does for the youths but just want to clamp it down as a means to punish them hence they give all those useless negative excuses about cryptocurrency

https://twitter.com/ProfOsinbajo/status/1365300799535009793?s=20

[Delgboke]

To this matter of central bank banning crypto deposit and bank transfer to any crypto related account in the bank we are still believing that the issue will be resolved in the main time because the matter of fact crypto currency is what every body need at this time, Nigeria should not be left behind in the use of Cryptocurrency, but the same time I still recommend the P2p trading.

[Anonylz]

Quite frankly, is there any meaningful reason given by the Nigeria government on why they ban Banks from supporting crypto trading in the country? How much of crypto has been linked to fraud in the country? We hear Bandits and kidnapers demanding for ransom and those ransoms are being paid but none has been linked to cryptocurrency. This is the worst government in history that will deliberately put the youths in the most unpleasant situation by not only not been able to create jobs for the population but also doing everything within their power to make the youths suffer by trying to takeaway the next available source of earnings for them, well we ain't dead yet.

[pacar_tiri]

Maybe it's because they can't control it like the Nigeria Naira. No one should hear about crypto and dug it down. I believe they will still review it because I don't think they have concluded. But even if they conclude, there will definitely be other ways to it.

Of course, I think the reason why several countries have blocked crypto currency because The government cannot control crypto currency and they re worry crypto currency will be misused by illegal activities.

[pealr12]

@ashraf786100, @Nimix, that has always happened in many governments, they fear what they cannot control, what can change their power status. But it has not only happened to the Nigerian government, it has happened to many countries since the birth of Bitcoin and crypto. Most of those countries have rectified and seen the advantages of cryptocurrencies. I hope the Nigerian government can see the benefits of the crypto ecosystem.

Whatever have advantage also have a disadvantage,  perhaps tge Nigerian government haven't figured a way of handling the disadvantage is the reason for the ban, don't get me wrong,  am a crypto lover too but we can not ignore the fact that this space is to venerable and there are many naive investors coming into crypto everyday,  an easy target for scammers because truth be told crypto is full of scammers being an unregulated ecosystem makes it worse.

[Stuart]

To me, this is not much a serious thing. The Nigerian government won't say that they are blocking the use of bitcoin to bank transaction because of illegal money laundry. Everything illegal has been even before the internet came to existence and use. Countries that placed a ban on bitcoin is only within that country, it does not affect the internet neither does it affect bitcoins transactions in the crypto space. P2P transaction has been even before binance made their own development, and binance making their own development has made it safer. Therefore, anything country ban will only affect those who does not know of P2P.

[andrewBud]

I believe that all these bans are purely speculative.  It's just that governments also like to play on the course of cryptocurrencies, trying to influence them through government regulation.  It is enough just to observe their actions.

[Coin63@]

Nigeria a popular cryptocurrency friendly country in the cryptocurrencies market but recently they are blocking cryptocurrencies related accounts and stop to deposit and withdraw systems. Sorry to say that ban cryptocurrencies in nigeria a bad news for us.

[Jaephoenix]

Well, do you remember what happened in the EndSARS movement and how the Nigerian authorities were mad that Twitter's Jack Dorsey gave some bitcoin after the government blocked the protesters' account? Good. That could the the reason. Even Lai Mohammed the Information Minister threatened Dorsey with a lawsuit

[Jaephoenix]

Please give some trusted statement otherwise we are getting confused a lot. Specially any negative news of crypto you need to ensure that topic.becouse this kind of topic very harmful for crypto market .

No this is legit news. It was all over the world media, even BBC carried it. Unless you weren't paying attention to global crypto news. Its been 3 weeks or so, now. And there has been backlashes as expected