Nigeria crypto ban

[labonikhatun]

The reason nigeria is banning crypto is because it is having a negative impact on their country. The government has no control the delegation notes that the sanctions could face legal challenges as there is currently no law by the national assembly on the crime or illicit trade in cryptocurrency in nigeria.

[Freemind]

@labonikhatun it may be partly because of what you say. Anyway, if the Nigerian government, or any government, believes that cryptocurrencies are only for use in illegal matters, they demonstrate their ignorance and stupidity. There are numerous studies that show otherwise, what leads me to think is that if they finally decide to ban cryptocurrencies, they do it for fear of not being able to control what people do with their money.

[kulkhan]

Nigeria Ban Cryptocurrency it Is Normal Matter I Think. Crypto-currency Ban In Our Country From The Beguin. But Is It Stop? No I Think Not. It Is Running In Our Country. many People using Cryptocurrency. And Creating Their Business. I Think Nigeria will Continue Cryptocurrency Today or Tomorrow.

[Anonylz]

Nigeria Ban Cryptocurrency it Is Normal Matter I Think. Crypto-currency Ban In Our Country From The Beguin. But Is It Stop? No I Think Not. It Is Running In Our Country. many People using Cryptocurrency. And Creating Their Business. I Think Nigeria will Continue Cryptocurrency Today or Tomorrow.

It is not actually a total Ban for now and I hope it will never be a total Ban because that will be disastrous. It is just that, the government instructed the banks not to service and block any Account that has any crypyo related transactions in them so traders have resulted to P2P with out mentioning crypto trade in their transactions. 

[nicecrypto]

Nigeria Ban Cryptocurrency it Is Normal Matter I Think. Crypto-currency Ban In Our Country From The Beguin. But Is It Stop? No I Think Not. It Is Running In Our Country. many People using Cryptocurrency. And Creating Their Business. I Think Nigeria will Continue Cryptocurrency Today or Tomorrow.

It is not actually a total Ban for now and I hope it will never be a total Ban because that will be disastrous. It is just that, the government instructed the banks not to service and block any Account that has any crypyo related transactions in them so traders have resulted to P2P with out mentioning crypto trade in their transactions.

You are right. People keep saying that the federal government in Nigeria Ban crypto, I too believe if it were to be a Ban, can crypto still be traded without like VPN service? I believe the Government don't even know what there are doing cos if they do, they wouldn't have done what they did cos it didn't really change anything as people are still trading till tomorrow so their action don't make any difference to me.

[Freemind]

Yes @nicecrypto, there are many ways to avoid the prohibition of practically anything, as you say we can use VPN services, proxies, mirrors, there is a lot of variety. The problem is that not everyone has the necessary knowledge to do it, although it is actually easier than it seems. What I do believe is that the government is not going to close its mind about it, in any case there will always be ways to do it, with or without its consent.

[Jaephoenix]

Its simple. You can't control what you don't own. Crypto is out of their control, and it was used to support the EndSARS protest that rocked the country ending of last year. So all in all, it wasn't their favorite currency

[Galley]

In my opinion, the government will not achieve much with its ban. Yes, of course, this creates a lot more difficulties in work, but it is impossible to completely prohibit cryptography. There are many ways to avoid this. All of this can be learned if desired.

[shadowdio]

I guess you need to find an exchange that has supports sending money to the bank like paypal, perfectmoney, skrill, payza and etc.. that no related cryptocurrency.. this is only way to convert your cryptos into fiat money.

[Rehan Zakir]

There are many countries in the world where bitcoin currency is illegal. And i think Nigeria is one of them. But i think in future they will accept Bitcoin as a payment. Because developed countries in the world have adopt this currency. So, they also need to provide latest technology to their peoples.

[DAMKAR]

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  Nigeria will accept crypto currency at the coming future. I believe It will happen at the next several years again . Keep calm and believe crypto currency will be accepted at all of countries . Because crypto is the future technology

[innerpumper]

I think the solution is to use a VPN. Perhaps some projects also restrict investment from countries that prohibit the entry of bitcoin. However, there is always the best way to get into cryptocurrency. If the account requires KYC, you can ask the OTC telegram group and get an account that has KYC in their country by purchasing it. and you can continue trading and investing.

[Freemind]

@innerpumper using VPN services would be the easiest, but if any user wants to receive fiat money in their bank account after selling cryptocurrencies, they will still have the same problem, since the authorities can see activity with cryptocurrencies in the bank accounts of any user. I remain confident that the Nigerian government and banking authorities will allow the use of crypto without problems.

[jhm]

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.

Good question. An obvious part to bare in mind is poor banking. Banking is poor, cryptocurrency takes business away

[David0]

The ban does not outrightly ban crypto currency activities; the thing it does is that it prevents citizens from doing banking transactions for crypto currency tokens. Which means bank are not allowed to let that happen. The solution is p2p and you can see that on binance, kucoin, okex project.