Can the government really ban crypto currency in Nigeria?

[Adedeji]

I don't believe that cryptocurrency can be eliminated in this nation because mostly 80% of Nigeria youths depend on it for leaving

 

[Sheun450]

Hell No, Nigeria can't stop crypto currency because crypto currency is not for Nigerian alone it is something that's is worldwide so they can't stop it neither can they stop the trading as well

 

[Bilal0087]

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?

Yes a government can Ban cryptocurrency in your country, because Government have authority to regulate the rules.
In the under developing countries, it is very difficult to implement the safe system of cryptocurrency because there are hackers and scammers who can causes serious destruction to economy of the country.

 

[Greatguy1]

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.

There would be reason for credible threats before the government will issue a decree as strong as this. The government cannot totally ban on cryptocurrencies from exchanging in the country; they can only country limits its inflow and curtail money laundering.

 

[Sotherefore]

The government of Nigeria is just afraid that cryptocurrency might actually have checked the economy of the country because they believe that very soon cryptocurrency will take over the banking system that people will know more save money in the bank, maybe that is why but I don't think they will ever banned cryptocurrency.

 

[Akinwale701]

It is not a matter of if they can because they already although Nigerians are still using it. Luno and Bundle are still working in Nigeria and people still make transactions. People still send, receive and withdraw various crypto currencies.

Yes, you are right,people still send and receive Cryptocurrency using Luno and some others apps but Luno has deactivated an option for depositing fiat currency which means it's only withdrawals that can be done on Luno not deposits again.

 

[Eodine]

Let me reiterate my stance on this issue. The government can not ban crypto currency directly. They can only restrict the means of transaction with bitcoin and other cryptos. They can regulate how bank account that is used to receive and send funds related to crypto currency but can not ban it on their online platforms. Remember, Bitcoin is a digital decentralized means of exchange. So it can not be banned itself.

On point! The crypto currency cannot be controlled which is why the government wants to take the issue serious but it's already out of hand, all they can do is to control their local bank to restrict crypto currency

 

[WhiteHouse]

I don't think so, since Bitcoin and crytpocurrencies are decentralised they can't completing ban it, but they can limit its use by telling banks to stop funding account with Cryptocurrencies, but still they are still ways you can transact Cryptocurrencies without the aid of banks.

 

[Josephjossy]

They can only try but can't stop it, crypto Currency have been a way of earn for a living for so many Nigerians. For government to do that it will be very hard , it have been a way of making international exchange so easy and secured

 

[Janita]

The government will try their best to banned it but people will not accept it they will take the help of vpn which is not in their control.
If the banned it so after some time it will reopen again because there are millions of fan of crypto currency investors.
They will definitely open it due to the follower increasing of this .
I also heard but they will take the stand for some time not for permanent.

 

[Prettybabe]

They can't ban cryptocurrency as a whole in the country because it's decentralized. The only thing the government can do is to stop people from using the bank to buy cryptocurrency which they have done already. But the good news is that people will still find a way out of this..

 

[Sucrelove]

I believe it's just temporary whether they ban it or not life still go on people will still continue with their crypto business our leaders don't know what they are doing

 

[Usman Sattar]

The wide spread in the acceptance of crypto currencies across the globe has over time projected certain ambiguities in areas surrounding its usage, operations and regulation. A peculiar feature of crypto currency transactions is that they are operated through the use of cryptography (secret codes). The regulation of crypto currency varies based on different countries, while its status remains unidentified in some jurisdictions, others attempt its regulation based on what they categorize crypto currencies to mean. Although, most countries do not make the usage of crypto currencies illegal, its status as currency.

 

[Kehinde]

The lack of a physical form and cryptography makes it difficult to confiscate. No one actually controls Bitcoin, so governments' only chance at stopping the rapidly expanding cryptocurrency network is to ban citizens from owning it. But as gold has proven, it doesn't work.

 

[Olahab]

Meaning all trading of cryptocurrency in Nigeria has been banned, as all Deposit Money Banks, Non-Bank Financial Institutions and Other Financial Institutions have been directed to identify persons and/or entities transacting in or operating cryptocurrency exchange within their systems and ensure that such accounts are closed immediately

 

[zenith]

US and Chinese government have tried it they did not succeed and they later came back and adopt it I even heard American government created their own coin.the world is going crypto but Nigeria on the other hand decide to go back to stone age.they are very funny.

 

[KvngMurphy]

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.

Exactly dear, the fact that it's totally decentralized and can't be traced is the major reason why they want to ban it in our country and not minding the fact that majority of them the law makers are also trading Bitcoin massivly and cashing out from it. I doubt if the ban will last for long because they're also at the verge of loosing alot of their funds

 

[idhans]

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?

What Nigerian government is doing is just an empty threat that can't hold any water. Even the world's governments can not ban cryptocurrency. Cryptocurrency is like water, it will always find its way in and out. There are other ways we can still fund our crypto wallet despite the fact that government is placing sanction on Banks.

 

[Jesuyemi 08]

No this is not possible.. The government has no right to ban or put an end to crypto currencies in Nigeria because it is not part of the currency made in Nigeria. It is a currency that is accepted in most of the foreign countries now..

 

[Abbeyola]

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?

I don't think Nigerian government can really ban crypto currency,I heard they have been delibrating on it for long before the recent update they came up with.
I heard a rumour they have revise the statement,I really know how true it is.