Does government ban affect the use of cryptocurrency in Nigeria?

[Kennysplash]

On the first week of February the Nigerian government and CBN banned the use of cryptocurrency in Nigeria. Their reason is that it affects the local currency, naira in a negative way. But is the ban really effective? No. What they can ban is the transaction of cryptocurrency wallet to bank account. So you cannot perform this transaction without being caught. But transaction of cryptocurrency is still going on through peer to peer transactions. You sell your coins and you receive your payment via bank transfer
So no one knows what really went on. Therefore I can say that the ban has been rendered ineffective.

 

[Olajidey]

I wonder who the government adviser is, like how is the trading of cryptocurrency affect the economy. Recently there is a rise in bitcoin I was surprised, don't you think that the ban of bitcoin has made some people curious about it and wat to invest in it. I rather see the ban of bitcoin and a blessing to those trading bitcoin because it will keep rising.

 

[Daykas]

Have been wondering since that day how crpytocurrency has in anyway affected the economy of this nation call Nigeria.
But to my amazement I haven't see a way on how it affect the economy of this Nigeria.
I didn't even what come over our government in making such decisions. But one thing am quite certain about is that anything that the government of this nation can't control is the enemy.

 

[Samuel72]

According to my own point of view I believe those who really wants to invest in cryptocurrency will find other means to invest, it is very possible for you to invest and sell to someone in other countries, because right now there are new apps here in Nigeria which you can use to buy and sell cryptocurrency direct still to your account. But I believe that government Bond of cryptocurrency in Nigeria truly affect some investors here in Nigeria but I believe they are many way out if you really want to invest in cryptocurrency

 

[Kingsley]

The banning of cryptocurrency in Nigeria is a step once again in the wrong direction by a scrupulous set of government officials who do not have an idea of what the world is fast becoming, they have not come in touch with the reality of what the world is turning into. Crypto will become the live line of the whole world when the time comes.

 

[Ozigba Richard Lamai]

yes, government bond has affected the use and transaction of cryptocurrency because these days people are afraid to pay others to cryptocurrency and even others refuse payment to cryptocurrency because it is very difficult for you to exchange cryptocurrency to your country's currency, if it is been banned in your country because of this the transaction of cryptocurrency has now been very low in Nigeria and it has affected it negatively.