Do you think Bitcoin can eventually be allowed back in nigeria

[Mandy96]

Despite the fact that btc was banned recently in nigeria, people are still doing the business without noticing any difference from when it was still legally valid. The thing about it is the fact that people have invested so much money in it than just to give up on it because of the ban placed on it, and after that, the government decided to come up with something that could possibly replace it, just like the way China did and USA having its own coin, they also launched a particular coin called e-naira lately this year and if you ask me about it, I do not think I have heard about anyone that has put in his or her own money on it, obviously the reason is because nigeria government is not really experienced in such business so they can’t be trusted with it.
Recently, I saw it on one particular social media saying that some crypto traders in this country are planning to hold a protest that the Nigerian government should lift the ban off Bitcoin, because the fact that they can’t use their various bank accounts to make purchase directly is affecting the profits they are supposed to be making from it, and I read that it is likely the banks would support them on this.

 

[Jamoflondon]

This poster is actually correct with this analysis, trust me, I know what I am talking about because I am a Nigerian and I am presently living there so I know what is really going on here, for some reasons that is unknown to the people, the government decided to ban Bitcoin which was very disheartening when they did it because a lot of people, especially youths, are earning money from it and the most painful part is that they could not give any tangible reason to back up their action, but there are other coins to invest in now and eventually they will rise like Bitcoin, maybe the government will also ban that one. The e-naira is the same rate with Nigerian currency which is one of the reason it is discouraging to put money in it.

 

[Good-Guy]

The cryptocurrency ban never had much affect on the traders in Nigeria and I think the Nigerian government should remove the ban on cryptocurrency. When the government bans cryptocurrency, it's their own loss. I believe that cryptocurrencies could benefit the economy of a state and if the state uses cryptocurrencies in a right manner, then they can also improve the situation of jobs in the country. I really do not know why they ban it, but I believe they ban it simply because they cannot control it. The government wants control over every thing.

 

[Deleted member 28127]

Predictions of the future aren't exact science so it is up to Nigeria laws update because the laws are updated periodically.

 

[Victorial]

I guess you meant they banned crypto and not Bitcoin perse. The government did not ban Bitcoin, they just made it Impossible to buy with our cards without being blocked. Many accounts have been blocked by the Central Bank of Nigeria over this issue. The launch of E-naira has failed before it began. The security of the app is questionable. I read that the governor of the bank was challenging yahoo boys that the app can't be hacked which I doubt seriously. We are not equipped to do that effectively

 

[uforwealth]

Despite the fact that btc was banned recently in nigeria, people are still doing the business without noticing any difference from when it was still legally valid. The thing about it is the fact that people have invested so much money in it than just to give up on it because of the ban placed on it, and after that, the government decided to come up with something that could possibly replace it, just like the way China did and USA having its own coin, they also launched a particular coin called e-naira lately this year and if you ask me about it, I do not think I have heard about anyone that has put in his or her own money on it, obviously the reason is because nigeria government is not really experienced in such business so they can’t be trusted with it.
Recently, I saw it on one particular social media saying that some crypto traders in this country are planning to hold a protest that the Nigerian government should lift the ban off Bitcoin, because the fact that they can’t use their various bank accounts to make purchase directly is affecting the profits they are supposed to be making from it, and I read that it is likely the banks would support them on this.

Bitcoin will surely be legally acceptable in Nigeria again. People who had made it through Bitcoin will never pray for it's extinction. So, the protest is certain in Nigeria if Nigerian government do not lift the ban

 

[btaliat]

Let me correct some wrong impression among crypto traders in Nigeria. Crypto is not banned in Nigeria. It is only regulated in such a way that buying and withdrawing using local banks are not allowed. But you can continue using peer to peer platform. I could remember the story I read yesterday when the inspector General of police asked the police to start investigation on some police that extorted ₦22 million worth of bitcoins from two Nigerians.
Snd about whether it can be allowed back, I am not sure this current government can allow that.

 

[Sherman198]

Well I don't think it will be allowed base on how Bitcoin is threatening the Banking industry. Even if the government is not willing to ban it, the Banking sector will drive all the move for the government to ban it. The only thing we can still continue to do is trading through peer to peer but anything above that, I don't think it's possible any time soon.

 

[btaliat]

Bitcoin will surely be legally acceptable in Nigeria again. People who had made it through Bitcoin will never pray for it's extinction. So, the protest is certain in Nigeria if Nigerian government do not lift the ban

It is even better for the crypto lovers to continue enjoy what they are enjoying now instead of protesting. Nigeria is one of the country that has lax rules against regulation of crypto. There are some countries that monitor how much their citizens trade with and they are not even allowed to use private wallet. The fact is that, I don't even see any effect of the regulation in Nigeria. The peer to peer platform has been a sooth to the injury.

 

[eldavis]

Honestly I am not even putting my hopes on these current government. Right now I do not think they have any plans of lifting the ban placed on crypto. Maybe in the future this might be possible, or when there is a totally different government , it could be possible.