Nigeria government banned cryptocurrencies

[Doradorwa]

Just now I saw the news on Tv that the CBN(central bank of Nigeria) has ban the used of cryptocurrencies and the exchange of the two currency... Personally this is a big set back for me and most of the website I work for pay me with cryptocurrencies and I get my my money from that way... As a student and a business owner that is Nigerian that trade in cryptocurrencies how has this news affect you and pls what are the ways we can maneuver this move against the federal government.

 

[Good-Guy]

Well, I do not know about Nigeria. But I never used any bank or even any local service in here in Pakistan to cashout my cryptocurrency. Here is how I used to do it:-

I used to receive my cryptocurrency in my wallet and then use a reliable exchanger to exchange it to my Perfectmoney account. After receiving my hard earned money into my Perfectmoney account, I used a local exchanger to exchange my money to receive real cash. So it does not matter if cryptocurrency is banned in any country or not (atleast according to my experience). This is because I indirectly exchanged cryptocurrency in my country. The good thing about cryptocurrency is that you can sell cryptocurrency and receive payment through Western Union by using Localbitcoins service. You can even exchange cryptocurrency into PerfectMoney and then even withdraw it directly to your bank account, but I do not know how things work in Nigeria. There are many options with cryptocurrency and I consider it a blessing! I do not think that this Nigerian ban will affect cryptocurrency in any way because you can still recieve cryptocurrency in the form of cash by selling your cryptocurrency and receiving cash through Western Union or exchanging it using online payment processors.

 

[Maks25]

I have always said it that this government is run by insane people. How could you just wake up and make such a decision?

I won't blame them, next election, if you like collect 5000 you will get worse treatment.

Look at NIN, some idiot just woke up and made a decision without putting lots of things into consideration, so I arrive Nigeria now with no way to get a phone number. Many government decisions are never thought through.

We deserve better than what we are getting, Nigerians are smart people, we should never settle for less , mediocrity should not be an option when choosing leaders.

 

[IamDozzy]

When I heard the news I was sad and angry at the same time. The Nigerian government didn't give concrete for banning cryptocurrency and they know that this is what the youths of the country depends on to go about their normal activities. The are trying to discourage hard working youths by this policy they just made public. The things is that Nigerians would always find a way around it just like with PayPal that placed restrictions on Nigeria yet Nigerians still receive money using same PayPal albeit with tweaked VPNs. In all cryptocurrency has come to stay in this day and age of technology and there's nothing the Nigerian government can do about it.

 

[Tinaconcept]

Am still wondering why the Nigerian government have to ban cryptocurrency without any good reason. I mean things that need urgent attention are just too much in this country but they keep turning deaf ears and doing things which are not in any way relevant to what we are facing. What kind government is this?