Bitcoin and crypto currency ban in Nigeria

[Tinaconcept]

Honestly I was surprised at this rash decision, I mean out of the so many issues we have been facing in this country and so many bills to be passed since last year all not attended to but can you imagine banning cryptocurrency in the country within a twinkle of an eye, something so many countries are involved without problems

 

[Augusta]

Crypto ban in Nigeria was not able to influence bitcoin price and market in a negative way, however, when cryptocurrency transaction and bitcoin mining was banned in China, it came as a terrible blow for the bitcoin market. The price which was rallying around $60K started falling down and it halved. When bitcoin fell, all other currencies fell.

Yeah you are right I noticed that too. Because I follow the market trend almost daily when the ban on Nigeria came it didn't make much impact on the market because Nigerians were even trying to get into the system. But look at China own almost bringing the crypto currency world to it knee. But I'm sure there will be a drastic turnaround very soon. Let just be hopeful

 

[Mika]

Crypto ban in Nigeria was not able to influence bitcoin price and market in a negative way, however, when cryptocurrency transaction and bitcoin mining was banned in China, it came as a terrible blow for the bitcoin market. The price which was rallying around $60K started falling down and it halved. When bitcoin fell, all other currencies fell.

 

[Josemendez]

Cryptocurrency ban in the Nigeria came as a shock to many of us but the fact is that the ban has not prevented us from using cryptocurrency in the country. The ban was temporary pending when the government will finish their investigation on the effect of cryptocurrency in the economy of the country.

 

[Augusta]

The ban is taking much longer, however, I still believe they will lift up the ban eventually. But I concur, they are trying to make cryptocurrencies as a source of income for them, through tax. I think they are trying to tax cryptocurrencies in Nigeria, if the exchanges proposes to pay this politicians some money, I believe them will lift off the ban.

That's what they are up to,. Trying to make extra money into their pockets as it isn't forth coming, they have gone the harsh way of banning it. The truth is that they just want to be in. Control. But considering that this is decentralized it becomes a problem to them. So let wait it out

 

[Sherman198]

The ban is taking much longer, however, I still believe they will lift up the ban eventually. But I concur, they are trying to make cryptocurrencies as a source of income for them, through tax. I think they are trying to tax cryptocurrencies in Nigeria, if the exchanges proposes to pay this politicians some money, I believe them will lift off the ban.

 

[Augusta]

Thanks for raising this issue.
Looking at this from different point of view our so called leader are afraid of the unknown, they are afraid of what might be the outcome of the use of cryptocurrency by Nigerian and so they want to act fast before it's too late.

This has always being the fears of those in authority, this is why because the ban there was still the words on caution. That people in the country should apply caution and next thing came the ban. But they forget that everything in life is a risk but we just need to play to the rules

 

[Alexandoy]

Trading in crypto is different from being legal tender. You can trade a commodity like stocks which is the same with crypto coin and it will not be legal tender to mean considered as a currency. Anyway, maybe the ban is only in the use and not in the trading. But if trading is banned then the holders of crypto can divert their holdings via another country.

 

[OlaAdams]

The apex bank in Nigeria, the central bank of Nigeria has placed a ban on Bitcoin and crypto currency on all banks and other financial institutions. It has directed all accounts that were used for bitcoin and crypto currency trading in the country to be closed instantly. This debate of allowing Bitcoin or crypto currency to be used by the citizens have been ongoing since 2018, now the decision have been taken and it is a No no from them.

It was stated In their report yesterday that citizens should note that crypto currency isn't recognized by the country as a legal tender. So what is your thought on this? Is it that the government don't recognize the potential of Bitcoin and crypto currency yet?

Thanks for raising this issue.
Looking at this from different point of view our so called leader are afraid of the unknown, they are afraid of what might be the outcome of the use of cryptocurrency by Nigerian and so they want to act fast before it's too late.

 

[Adetayo100]

The ban on crypto currency hasn't really affected much because you can deposit and withdraw from your crypto wallet without hassle, the most trusted method now is to use p2p methods which means peer to peer methods, what this means is you buy from someone on the site and send payment to him or her and the wallet or site acts as escrow.

 

[Teatea]

Crypto currency was not banned, it is the crypto activities that was banned, activities like trading, exchanges, buy and selling. Although, it is a very hurtful development as so many people rely on it for income but when there is a will, there is a way. People will always find way to scale through and survive.

 

[Shigobad2020]

Crypto currency was ban in nigeria by CBN because they suspect that people are using it for money laundering and some are using it as an avenue to finance terrorism, they also say crypto currency is threatening the financial system of the country, So it was banned without prior notice and countries like India gave its citizens altimatum to cash out their coins.

 

[Augusta]

The apex bank in Nigeria, the central bank of Nigeria has placed a ban on Bitcoin and crypto currency on all banks and other financial institutions. It has directed all accounts that were used for bitcoin and crypto currency trading in the country to be closed instantly. This debate of allowing Bitcoin or crypto currency to be used by the citizens have been ongoing since 2018, now the decision have been taken and it is a No no from them.

It was stated In their report yesterday that citizens should note that crypto currency isn't recognized by the country as a legal tender. So what is your thought on this? Is it that the government don't recognize the potential of Bitcoin and crypto currency yet?

 

[kayode10]

Majority of those who are at the helms of affairs in the country are not acquainted with the potential of cryptocurrency. They have it in your mind that anything related to the internet is all about scamming. As a result of this, they did not see any bright future when it comes to cryptocurrency in the country. But one thing they don't know is that this cryptocurrency I've given some unemployed youth opportunities to remain engaged and avoid vices.

 

[Augusta]

The ban on Bitcoin and crypto currency as a legal tender in Nigeria is quite unfortunate. I see this policy as anti people and unwise. In fact, the government is taking such a critical decision in a time other countries of the world are embracing the new financial innovation.
At some point in the future, just like many other policies of government, I see a reversal of this policy. And I'm quite sure the government of Nigeria cannot be going backward when other countries of the world are moving.
On the whole, the ban on Bitcoin and crypto currency is quite unwise and anti people.

Definitely, it isn’t a wise decision by the led-government. I wonder what they meant by it being very risky and I wonder if life itself isn’t risky. Every good thing has a little amount of risk, so it is for one to apply caution and play by the rules to succeed. So their reason isn’t logical

 

[eojo2401]

What do you expect when we are being rule by analog brain leaders. They are so ignorant to understand the concept and ideology of cryptocurrency creator. This there useless police will add to unemployment rate and increase in crime rate because that policy has made some people lost their means of livelihood.

 

[Prettybabe]

Cryptocurrency has never been a legal tender in Nigeria. The thing is that while it was never a legal tender, it also not illegal in the country. The law has always been silence on it.

I guess the government's attention was drawn to cryptocurrency when they claimed to have had a dwindling economy.. and it was attributed to the fact that most persons now had their money stored as cryptocurrency, instead of being stored in the bank.

But the government have themselves to blame for whatever they see.

 

[Domsimon]

The ban on Bitcoin and crypto currency as a legal tender in Nigeria is quite unfortunate. I see this policy as anti people and unwise. In fact, the government is taking such a critical decision in a time other countries of the world are embracing the new financial innovation.
At some point in the future, just like many other policies of government, I see a reversal of this policy. And I'm quite sure the government of Nigeria cannot be going backward when other countries of the world are moving.
On the whole, the ban on Bitcoin and crypto currency is quite unwise and anti people.

 

[Augusta]

The news was indeed a rude shock to me I must. Nigerian government has never been considerate at least once in a life. The government has not been able to provide jobs for the teeming graduates on a monthly basis not to talk of millions of non graduate youth who roam about the street aimlessly without food or shelter.

Some people have taken their destinies in there hands by going out or coming online to hustle in order to fend for themselves and dependants yet the government is frustrating their efforts. What kind of callous government is this? Why this good for nothing policy? This is indeed pure wickedness of the highest order.

It is pathetic sometimes I don’t just understand our government, what with the ban; I’m wondering the sense in the ban. As you have rightly pointed out, this was an avenue for people to even make a living. Either trading or using it for one transaction or the other. I thihk those at the helm of affairs need to educate themselves and also move with the times. Bitcoin trading is just like any other risky business; those that can do it effectively should be allowed

 

[Thosynho]

The apex bank in Nigeria, the central bank of Nigeria has placed a ban on Bitcoin and crypto currency on all banks and other financial institutions. It has directed all accounts that were used for bitcoin and crypto currency trading in the country to be closed instantly. This debate of allowing Bitcoin or crypto currency to be used by the citizens have been ongoing since 2018, now the decision have been taken and it is a No no from them.

It was stated In their report yesterday that citizens should note that crypto currency isn't recognized by the country as a legal tender. So what is your thought on this? Is it that the government don't recognize the potential of Bitcoin and crypto currency yet?

The news was indeed a rude shock to me I must. Nigerian government has never been considerate at least once in a life. The government has not been able to provide jobs for the teeming graduates on a monthly basis not to talk of millions of non graduate youth who roam about the street aimlessly without food or shelter.

Some people have taken their destinies in there hands by going out or coming online to hustle in order to fend for themselves and dependants yet the government is frustrating their efforts. What kind of callous government is this? Why this good for nothing policy? This is indeed pure wickedness of the highest order.