Can the government really ban crypto currency in Nigeria?

[Eodine]

I head the news that the Nigerian government has placed a restriction on crypto currency in Nigeria amidst this national identity card linking with sim cards which they recently just postponed,. Can the government really ban crypto and do they have the right?

 

[Suba]

Of course the Nigerian government has the right to block or prohibit the circulation of cryptocurrency in its country, but I believe, that this ban is only temporary, because crypto fans will still use vpn which is not controlled by the Nigerian government, and they crypto fans can make transactions or exchange cryptocurrency to fiat money abroad.

 

[Succjay]

Yes it is very possible for the government of a country to ban what they don't want. So the government has the right to ban crypto currency and it's likes. Just that there will always be a way out.

 

[Michaellee]

Nigerian government can only try but it can't be stopped. They don't like the fact that bitcoin is totally decentralized and can never be traced. There is a lot of embezzlement in Nigeria government so if bitcoin is adopted it will stop all that robbish.

Post automatically merged: Feb 6, 2021

Nigerian government can only try but it can't be stopped. They don't like the fact that bitcoin is totally decentralized and can never be traced. There is a lot of embezzlement in Nigeria government so if bitcoin is adopted it will stop all that robbish.

 

[ahmedo24]

Nigeria government can ban Crypto Currencies to fiat transactions via different interswitch platforms but they can't restrict Nigerians from trading because they don't have control over it . The ban can't last in my opinion.

 

[Psalmseen]

Well as regards this. The government of a country has the sovereign power.. The government of a country can place ban on whatsoever they don't like.. But i think placing ban on cryptocurrency would be the next thing to be done..there are lots to be focused on and be taken care of by the government.. But yes, they can na whatsoever they don't want

 

[Tariq Nazir]

Nigerian government can only try but it can't be stopped. Because government has right to do it. But it is now coming international currency and they can't stop it. They don't like the fact that bitcoin is totally decentralized and can never be traced. There is a lot of embezzlement in Nigeria government so if bitcoin is adopted it will stop all that robbish.

 

[Bkoks]

Well, I don't see reason why they want to ban crypto currency. I don't see them having control over that cause they are not the one that haa crypto currency.it won't last ,they will come around . Things they are suppose to ban they won't, it is crypto currency they are banning

 

[Niftyyem]

Every government has a right to remove anything it thinks may jeopardize the economy of its nation but I wonder why crypto is being categorized as such. There has been no reasons to support the ban, so it is more of assumptions here and there.

 

[Chibson]

Of course the Nigerian government have the right to ban cryptocurrency in the country. This came as a shock to some of us who depends on cryptocurrency for our daily bread. But there are still ways in which we can be trading it especially on binance P2P. Let us fold our hands and watch what the future really holds for cryptocurrency in Nigeria.

 

[tuna89]

The Government can actually ban crypto but only to some extent, the government can only clamp down on crypto holders who withdraw or buy crypto via their local bank cards, after this, there is nothing really they can do negatively about crypto, you can always buy and sell crypto via the various exchanges on the P2p levels, paypal is most likely to introduce crypto in the paypal as well.

 

[Davis]

We know the Government has the power to place ban on cryptocurrency but that's a bad decision.Even if it is baned,it will only be to some extent.
But I guess banning cryptocurrency will only prove the real reason for cryptocurrency (transaction will be limited to the wallet alone).

 

[Veetos12]

I head the news that the Nigerian government has placed a restriction on crypto currency in Nigeria amidst this national identity card linking with sim cards which they recently just postponed,. Can the government really ban crypto and do they have the right?

Government have the right to make rules when it comes to regulating currency exchange flow but that does not mean that Nigerian government should ban the transactions of crytocurrencies. To me I feel it is wrong for them to do that because they are trying to cripple the economy of the nation by preventing people to transact online.

 

[Mastercoded]

Yes they can but some people will find a way around it

 

[Halexcity]

Nigerian government are not predictable they may bring up any policy there will suit there own situation. But they can't ban everybody from doing crypto becuse so many people live on it.

 

[Adeyoola7]

One of the country that don't want progress for is people is where I'm born that is news all about government want to ban crypto currency since yesterday The CBN letter told local banking institutions that dealing in cryptocurrencie or facilitating payments for cryptocurrencie exchanges is prohibited under a 2017 circular stating Bitcoin (BTC) and other crypto currency are not legal tender in the country it was sad news to hear about

 

[Trojan8]

The government can actually ban the circulation of crypto. The problem here is that it won't be 100% effective neither will there be total compliance. That's why the Nigerian government took a different route by asking commercial banks to stop deposits. This way people won't have access to buy crypto assets thus affecting it circulation.

 

[Josemendez]

Nigeria government can ban Crypto Currencies to fiat transactions via different interswitch platforms but they can't restrict Nigerians from trading because they don't have control over it . The ban can't last in my opinion.

Exactly , even when they ban it , we can trade with it by buying electronic money like payeer ,Skrill a d then converting them to cryptocurrency . When we want to withdraw back , we can then convert back to payeer and withdraw . We will always find way around it

 

[Shivay]

They cannot ban the cryptocurrencies like that. First of all they will need government notice and filed case against the cryptocurrencies to ban it. In my country same things are going on with the bitcoin and we are supporting not to ban the cryptocurrencies.

 

[Kelly5]

I guess it is because of the ban that is why the value of the dollar on most cryptocurrency sites abd platforms Dr significantly. The rate was very high on binance yesterday morning, by evening it was so down