Cryptocurrency ban - good or bad move?

[Deleted member 27126]

Despite the fact that the price of cryptocurrency keeps increasing, I think this is supposed to be a good news but I'm surprised why some governments (Nigerian and Indian) are banning it. What do you think about this ban on Cryptocurrency by these governments?

 

[Deleted member 27126]

Actually it is in very sad moment for most of the newbies who doesn't know much about cryptocurrencies and they are just into it especially people that are not using binance for their transaction otherwise the P2P activities or arrangements has really helped a lot of Binance users to think less of the ban

Yes, I am very well versed with the P2P transactions of Cryptocurrency being a buyer and seller of Bitcoin across Luno, Binance, Remitano, Quidax, and Paxful. But my concern is about people who are new into it like you just said and who are not yet experienced in the game. They are gonna he discouraged by that law enacted by the government and they'll be left with no choice than to remain jobless.

 

[wizyoung54]

It is good and at the same time bad. Let's take Nigeria for example, more people are investing in cryptocurency and transferring their capital from banks which does not boost economy making the ban a good move. Also bad, because it will only increase the unemployment percentage as many youths trade as a means of job

 

[Dorcey]

I don't see anything good in banning cryptocurrency or wise in doing such but all I sense is total wickedness and foolishness disturbing our leaders in Nigeria, they can't fix the country but they can turn it upside down and make things difficult for their citizens.

 

[Wisdom01]

To me is not a good move because despite the fact that many countries ban trading crypto currency it price keep appreciating this a lone can tell you that is not a good move to ban. And also looking at how it keep youth busy trading it it provide job that the government of many nation can not do more especially in African continent which is her to develop

True despite that crypto currency is still soaring higher and this alone shows that crypto currency can not be controled by only one country i think , because other country have to invest to able to control the price , i think if only one country fails to invest then it would not affect or determine the price of crypto currency

 

[eojo2401]

Banning of cryptocurrency in Nigeria is not only a bad news but a worst decision which the government will pay dearly for it in the future. Do you know that that were some guys that usually perpetrate evils to make money but repented from there evil ways and join cryptocurrency trading. They are making cool money in it and they are living fine but now that government in there foolishness wage war against cryptocurrency, where do you want the affected guys go to? Technically they will get back to their yahoo plus stuff. Who knows who will be there victims. With the banning on cryptocurrency, we are sitting on time bomb in Nigeria.

 

[Hena101]

To me is not a good move because despite the fact that many countries ban trading crypto currency it price keep appreciating this a lone can tell you that is not a good move to ban. And also looking at how it keep youth busy trading it it provide job that the government of many nation can not do more especially in African continent which is her to develop

 

[Wisdom01]

Its really a bad move because many countries are going to digital and we are making crypto currency been applicable in our every day life , so i see no reason they should be having issues with crypto currency , considering the employment rate it has generated over time for the youths i think , so crypto currency is really good i think

 

[Chibson]

Some of the countries that have banned cryptocurrency, has some reasons why they banned it. Nigeria for example say that it is affecting the naira and of course it is affecting the economy. This was the reason the government gave for banning cryptocurrency operation in Nigeria. India also banned cryptocurrency for some reasons best known to them.

 

[Highflyer]

The ban on cryptocurrency trading by the government is not a good move honestly, I'm yet to see any reason cogent enough to validate this decision. There are so many legal online businesses that pay via cryptocurrency but now we have been rendered almost helpless. The earlier the government understands that cryptocurrency is for our good, the better it would be. But I'm sure plans are going on to reverse the ban.

 

[Ahmedo24]

You have some points here, my brother. My only concern about the whole cryptocurrency ban saga is the way it has affected a lot of young and promising Nigerians who are into cryptocurrency trading and who are into the habit of making use of the apps like quidax, remitano, Binance, and Luno. Indeed, there is no job anywhere and they're now trying to render them more jobless.

Actually it is in very sad moment for most of the newbies who doesn't know much about cryptocurrencies and they are just into it especially people that are not using binance for their transaction otherwise the P2P activities or arrangements has really helped a lot of Binance users to think less of the ban

 

[Deleted member 27126]

Even the government of those countries understand that they have little or no power in banning the use of cryptocurrencies in their countries they can only succeed in discouraging users from using their platforms for outright payment of fiat currency. Nigerian government placed a ban on it as a result of the warning their received from FBI as regards some citizens who allegedly facilitated some fraud and received the payment in bitcoin. I believe in trying to appear in the good books of the FBI and of course the US government they were cowed to making this decision at the expense of their citizens who have courageously stood up against all odds to make a living leveraging on the economy provided by cryptocurrency by engaging in legitimate cryptocurrency trading.
But it is a matter of time, before the government will realize that cryptocurrency and BITCOIN indeed is a moving train that cannot be stopped.

You have some points here, my brother. My only concern about the whole cryptocurrency ban saga is the way it has affected a lot of young and promising Nigerians who are into cryptocurrency trading and who are into the habit of making use of the apps like quidax, remitano, Binance, and Luno. Indeed, there is no job anywhere and they're now trying to render them more jobless.

 

[Ahmedo24]

Even the government of those countries understand that they have little or no power in banning the use of cryptocurrencies in their countries they can only succeed in discouraging users from using their platforms for outright payment of fiat currency. Nigerian government placed a ban on it as a result of the warning their received from FBI as regards some citizens who allegedly facilitated some fraud and received the payment in bitcoin. I believe in trying to appear in the good books of the FBI and of course the US government they were cowed to making this decision at the expense of their citizens who have courageously stood up against all odds to make a living leveraging on the economy provided by cryptocurrency by engaging in legitimate cryptocurrency trading.
But it is a matter of time, before the government will realize that cryptocurrency and BITCOIN indeed is a moving train that cannot be stopped.

If they say your opinion is valid no they never mentioned it that they received any signal or warning from the US government nor. FBI but they are acted based on the insecurity challenges faced by the country and the possibility of using cryptocurrencies to fund banditry and other forms of insecurity. US government can send them a real Red alert because cryptocurrencies are actively used in the US.

 

[springtech]

Despite the fact that the price of cryptocurrency keeps increasing, I think this is supposed to be a good news but I'm surprised why some governments (Nigerian and Indian) are banning it. What do you think about this ban on Cryptocurrency by these governments?

Even the government of those countries understand that they have little or no power in banning the use of cryptocurrencies in their countries they can only succeed in discouraging users from using their platforms for outright payment of fiat currency. Nigerian government placed a ban on it as a result of the warning their received from FBI as regards some citizens who allegedly facilitated some fraud and received the payment in bitcoin. I believe in trying to appear in the good books of the FBI and of course the US government they were cowed to making this decision at the expense of their citizens who have courageously stood up against all odds to make a living leveraging on the economy provided by cryptocurrency by engaging in legitimate cryptocurrency trading.
But it is a matter of time, before the government will realize that cryptocurrency and BITCOIN indeed is a moving train that cannot be stopped.

 

[Ahmedo24]

There reasons why these countries have decided to ban cryptocurrencies of which to an extend some of their reasons are genuine but not to the extent of banning cryptocurrencies, they should have rather work hard to regulate it so that they can compete favourably with other countries that are actively using cryptocurrencies for the activities such as payments and lots of online transactions.

 

[Georgeadawara]

Looking at how crypto currencies keep making many people rich over the night. There are attempts by the countries government that see crypto currencies as thread to their economy to ban it's activities. The recent country to do that is Nigeria. But to banning it is not good because I short time it does what many government did not do. It provided income to many youth

 

[Prettybabe]

I don't see any wisdom in banning cryptocurrency. Seriously, I am yet to grasp my head around the fact why cryptocurrency should be banned.

Now take a look at those countries doing very well economically, they are the ones even embrasssing cryptocurrency with arms wide open. If cryptocurrency was a threat to their economy, I'm sure they'd have banned it.

So why should these other countries have a problem with cryptocurrency?

 

[Segat]

Cryptocurrency ban is a good news in one side and a bad news at the other side. To the developed world who believe in it, it is an advantage to them in such a way that the trader in a countries where it banned will have to change the cryptocurrency into their our currency before changing it to their own local currency and thereby boost their own economy.