Can the government really ban crypto currency in Nigeria?

[Trexxxy]

Well the government have the power to do anything. They can certainly ban crypto the same way china did. That doesn't mean it won't be accessible to users in the country.

 

[Syldan]

Well the operation of crypto in Nigeria can be banned at anytime depending on the decision of the government. when ever it's seen as a treat to the nation economic or illegality in its operation it can be banned. alot of platform have been banned in Nigeria due to one reason or the other.

 

[Thinker009]

Crypto currency is really decentralized ,so it would be difficult for the government to just intiate a ban just like that , considering the fact that it's not controlled by them ,the banks are just the ones that could stop Working with crypto companies

 

[jeff87]

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?

It is so unfortunate for cryptocurrency enthusiasts in Nigeria because it is banned in their country. I am very thankful for our government because they are not banning cryptocurrency in our country. Actually slowly but surely cryptocurrency is getting famous here in our country. Thanks also to the billionaire Elon Musk for his very vocal support on cryptocurrency trading and investment. He is an avid promoter of dogecoin. His company Tesla has also bought Bitcoin.

 

[Sotherefore]

Crypto currency is really decentralized ,so it would be difficult for the government to just intiate a ban just like that , considering the fact that it's not controlled by them ,the banks are just the ones that could stop Working with crypto companies

The government have the right to ban cryptocurrency if they are really serious to do with, the Nigerian government are not giving a complete ban on cryptocurrency but they are making cryptocurrency to be dissociated from the financial institution.

 

[Thinker009]

The government have the right to ban cryptocurrency if they are really serious to do with, the Nigerian government are not giving a complete ban on cryptocurrency but they are making cryptocurrency to be dissociated from the financial institution.

I noticed that ,I think the government are probably not giving a full ban ,since they feel that they are going to come into power again ,so they want to just make the financial institution like banks ban it ,to promote their crypto Called enaira

 

[joy101]

I think it can be possible if actually Nigeria government wants to ban cryptocurrency in Nigeria, even if them ban cryptocurrency today there are another way to trade on it.

 

[kayode10]

At least cryptocurrency ban still have some effects in the country as people cannot engage in cryptocurrency Trading openly among one another. But people are still making use of peer-to-peer features on different wallet to invest, buy and sell cryptocurrency.

 

[eLdavis]

I think it can be possible if actually Nigeria government wants to ban cryptocurrency in Nigeria, even if them ban cryptocurrency today there are another way to trade on it.

They placed a restriction on crypto currency but we are still making use of it, through the help of the P2P system, it's impossible for them to completely stop people from making use of crypto currency.

 

[Dagm1]

Yes, a country's government has the power to prohibit anything it does not want. As a result, the government has the authority to prohibit the use of crypto money and similar technologies. Just remember that there is always a way out.

 

[Salimo]

I think it's immoral décision from government to close such opportunity for their citizens to earn some money , it's the same with surveys so money gov don't support them .

 

[Sotherefore]

I noticed that ,I think the government are probably not giving a full ban ,since they feel that they are going to come into power again ,so they want to just make the financial institution like banks ban it ,to promote their crypto Called enaira

Oh, this might have been the reason why they are advising the financial institution to dissociate themselves from cryptocurrency ? Well even though they are doing this Nigerians are still investing heavily in cryptocurrency without having any effect or hindrances.

 

[Laurentta]

The government have a right to place a ban on crypto currency if they feel it is affecting the economy negative. My problem is not with them banning crypto but with they rendering many youths unemployed without giving them something else to do.

 

[ganibade]

Crypocurrency cannot ban in Nigeria,because Nigeria have lauch there e-money application to work on behalf of cryptocurrency which will make them lift banned on cryptocurrency.without crypto there e-money can not function appropriately.