The effect of government ban on cryptocurrency in Nigeria

[Kingsley]

Is no longer news that the federal government of Nigeria through the CBN (central bank of Nigeria ) has placed a ban on the use of cryptocurrency in Nigeria. Infact they ordered the commercial banks to block the account of those suspected to be trading in cryptocurrency. What are your view on this?

 

[Haypril]

Digital money or Crypto currency has been said to be the future of money. Sonic baffles me that so group of persons wakes up one cold morning and instead of taking hot tea, they decided to place a ban on money making machine of the youths. It has really been a bad way to go. Government should have considered the lazy youth of this country that now make thousands of naira over night just by trading in Crypto currencies.

 

[Wisdom01]

I think with the rate of unemployment in the country , its still a surprise to me on how the government still go ahead and ban the use of crypto currency , and i think the policies that are been made is suit them i think and not the citizens, so many people are now involved in p2p trading method i think and its due to that

 

[Daykas]

Though I know Nigeria government can be brutal when making some rules but I was shock when I heard the banning of crpytocurrency. It amazed me a lot and that has force most platforms to pay people through p2p nowadays.

 

[Maphalle]

Nigerian government enjoys to see people suffering. Rhis is not the time for any government to ban the crypto currency. They need to consider the number of jobless people within Nigeria, howmany young men and women have graduated yet without jobs. It is really a foolish act for the Nigerian government to ban what could alleviate poverty from people. Peer to peer trading method can be difficult for others.

 

[Victor001]

There is always a way when there seems to be no way,a deluded government who sees every opportunity to kick against his citizen is repulsive, the ban on crypto currency only gave more advantages to boost crypto trading,it avail people the opportunity to run p2p which is less stressful and more effective, this peer to peer cancels the transaction fees and unnecessary charges.

 

[Haypril]

There is always a way when there seems to be no way,a deluded government who sees every opportunity to kick against his citizen is repulsive, the ban on crypto currency only gave more advantages to boost crypto trading,it avail people the opportunity to run p2p which is less stressful and more effective, this peer to peer cancels the transaction fees and unnecessary charges.

I believe this digital money has been of negative effects of this country. Just that it has not been a public thing since its transactions are untraceable. Economically, Crypto currencies posses a negative effects on Nigeria economy. And again this so called coins will give long way hiding the dirt of our money looting leaders. It's just a matter of time before we start hearing the scores online.

 

[Timison]

Advanced cash or Crypto money has been supposed to be the eventual fate of cash. Sonic confounds me that so gathering of people gets up one cold morning and as opposed to taking warm tea, they chose to put a prohibition on lucrative machine of the adolescents. It has truly been a terrible approach. Government ought to have considered the sluggish young people of this country that currently make a huge number of naira over night just by exchanging Crypto monetary forms.

 

[eojo2401]

The government of Nigeria is only chasing shadow with her announcements to stop supporting cryptocurrency with banking services. The real cryptocurrency traders in Nigeria know how to play there games very well without stepping on government's traps. Sooner or later, the government officials will realize that they are just wasting their energy on mission to stop a moving train.

 

[Godslamp]

The CBN's directive on cryptocurrency transactions will understandably have an effect on the cryptocurrency market in Nigeria as it essentially prevents traders from buying cryptocurrencies with their credit/debit cards issued by Nigerian banks or receiving proceeds of cryptocurrency sales from exchanges which facilitate the buying and selling of cryptocurrency.

 

[Godslamp]

It appears However some exchanges have found a way around the restriction by switching to peer-to-peer trading which enables individuals buy or sell cryptocurrency from individual traders as opposed to the exchanges. In effect, this does away with the need for exchanges to operate settlement accounts in Nigerian banks.

 

[Godslamp]

The CBN's directive on cryptocurrency transactions will understandably have an effect on the cryptocurrency market in Nigeria as it essentially prevents traders from buying cryptocurrencies with their credit/debit cards issued by Nigerian banks or receiving proceeds of cryptocurrency sales from exchanges which facilitate the buying and selling of cryptocurrency. It appears However some exchanges have found a way around the restriction by switching to peer-to-peer trading which enables individuals buy or sell cryptocurrency from individual traders as opposed to the exchanges. In effect, this does away with the need for exchanges to operate settlement accounts in Nigerian banks.

 

[springtech]

Is no longer news that the federal government of Nigeria through the CBN (central bank of Nigeria ) has placed a ban on the use of cryptocurrency in Nigeria. Infact they ordered the commercial banks to block the account of those suspected to be trading in cryptocurrency. What are your view on this?

For me it's a bad move. When the whole world is embracing the adoption and use of cryptocurrencies, Nigeria is frustrating the adoption. World economy is seeing an undeniable revolution through the adoption of cryptocurrency but our government is saying NO to such great financial innovations.
What is the level of employment amongst the youths, what provision has the federal government make life better for her teeming youths. The cryptocurrency industry has bailed so many youths from abject poverty, thus making their lives better yet the government is against their self self efforts.
Anyways cryptocurrency is not an innovation that can be caged or banned by any government successfully, they can only frustrate the use like they are doing. But guess what, the youths are devising a means of boycotting the banks.