Can the government really ban crypto currency in Nigeria?

[BTCBEE]

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?

hello friend, yes government has right to ban anything in country because a country government need to rule what is legal and what is illegal . recently indian government also announce that they will ban all crypto because they r private

 

[Ehizzy1]

They can't ban crypto currency actually because its decentralised , they can only stop exchange sites from working with the country and i think due to that many would start making use of vpn for different crypto transactions they want to do i think, so they can't just ban like that

 

[Eodine]

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.

The Nigerian government can't do anything to crypto currency since crypto is decentralized but they can ban it's usage in their country which they have. Since they can not control the new form of money then why not control the people that make use of it.

Post automatically merged: Feb 7, 2021

hello friend, yes government has right to ban anything in country because a country government need to rule what is legal and what is illegal . recently indian government also announce that they will ban all crypto because they r private

Hi, thanks for the input. I think I understand now, that the Nigerian government through the Apex bank, central bank can control the usage of crypto currency since that have the legal right to determine legal tender in the country, why would India want to ban crypto?

 

[Dowenship]

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?

They are joking don't mind them they think banning crypto currency transaction will stop people from doing crypto currency there are other ways of receiving money without directing the payment to the bank. But banning crypto currency In Nigeria will become another endsars 2

 

[Setfragil]

The government of Nigeria has the legislative power to ban crypto currency if they tangible reasons for doing so but for how long will the ban exists before it citizens protest against the ban as many small and large Scale businesses now uses cryptocurrency as a means of payments of trade.

 

[Ralphjoe]

It will be impossible for any Government to ban the usage of cryptocurrencies. Most countries of the world have tried it in the past but they just can't ban it. What the Nigerian government is doing is just a waste of time and a bad way through which it's hurting it's own economy.

 

[Abisola]

Na on 14 September, 2020 Nigeria Security and Exchange Commission [SEC] decide to dey regulate digital assets like cryptocurrency for di west African nation. SEC say di move na because 'digital asset offerings' like "crypto-token or crypto-coin" dey provide anoda way wey pipo go fit invest or keep dia money as asset

 

[singlej007]

When it comes to exercising of right by the Nigerian government, they have the right to restrict her citizens from crypto because they may claim is not healthy or crypto is a scam and they don't want their citizens to be scam.

 

[Olubayo12]

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?

As far as policy making is concerned in this country, nothing is to be worried about. By the time people start to agitate against the so called nasty policy on the social media now, the unreasonable policy would be reverted and everything will be back to normal.

 

[IamDozzy]

I don't really know why the Nigerian government banned cryptocurrency but they just did and it's very sad. This ban is going to massively affect Nigerians working online whose only form of payment is through cryptocurrency as PayPal has banned Nigerians from carrying out withdrawal transactions on its platform... It's saddening.

Post automatically merged: Feb 8, 2021

I don't really know why the Nigerian government banned cryptocurrency but they just did and it's very sad. This ban is going to massively affect Nigerians working online whose only form of payment is through cryptocurrency as PayPal has banned Nigerians from carrying out withdrawal transactions on its platform... It's saddening.

 

[ossai]

The Nigerian Government, are bunch of old cargoes, whom just want to embezzle Nigerians fund, the cryptocurrency future is a treat to their ways of manipulative means, so they feel the best way is to ban the cryptocurrency, anyways there are plenties involve, let them like they should ban, as long as other countries are trading with it, it never stops anything, but it as really distrupt some online business, mad government.

 

[Victor001]

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?

They can only create imbalance in the crypto business,but can't stop it's operation. A developing economic system knows the important of crypto trading. By banning crypto they only open opportunities for expansion.

 

[Milz]

Yes the government have a right to ban what it feels is harmful to the economy. The government has issued a warning to banks to stop withdrawing and deposit on cryptocurrency platforms through through the local Banks. And this warning will be taken seriously.

 

[btaliat]

It can't be banned. It can only be regulated. Government doesn't have the right to tell the citizens how to use or what to use their money for. And no one can direct citizens where to put his money. They can only regulate the banking system.

 

[Johnbami]

Yes, the government of any country be it the USA can decide to ban any thing in it's country. And yes it is possible for Nigeria to ban cryptocurrency in its country . But I do know it won't really last long. The ban is only temporary

 

[Good-Person]

The government of any country can officially ban the usage of cryptocurrency; however, it cannot stop its citizens to use cryptocurrency. Since cryptocurrency is decentralized, it is not controlled by any organization. People of such countries can still buy or sell cryptocurrencies through third parties. I do not think that it is possible for any country to stop cryptocurrency. I personally think that people who live in such countries can still hold crypto in their wallets and do transactions but they cannot officially use cryptocurrencies in the territory of their country or use crypto to buy products in their country.

 

[GoldenLady]

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.

I also believe that it won't last long, but it will definitely leave it's mark on those who trade or invest in cryptocurrencies.

Traders especially will need to convert fiat to other currencies to enable them make purchases.

 

[nasiusman95]

Na on 14 September, 2020 Nigeria Security and Exchange Commission [SEC] decide to dey regulate digital assets like cryptocurrency for di west African nation. SEC say di move na because 'digital asset offerings' like "crypto-token or crypto-coin" dey provide anoda way wey pipo go fit invest or keep dia money as asset.

 

[Setho]

The government of the day has all within its limits to regulate or permanently ban all crypto related trading or activities. This is even more so that the currency cannot be controlled and there are stories that the central bank is loosing so much from diaspora remitances as many people now opt to use bit coin to send to their loved ones instead of the bank. I don't think this ban would stay long though.

 

[Muhammadawais]

Nigeria's central bank says banning crypto accounts is nothing new. The Central Bank of Nigeria (CBN) on Sunday issued a five-page statement explaining its stance on cryptocurrencies following a formal warning to local banking institutions on Friday. Send shocks.