Can the government really ban crypto currency in Nigeria?

[Akgreat82]

In my own opinion, Nigerian government may ban crypto currency but like a moving train they can stop it neither can they control and it won't last.

 

[Kelvin7656]

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. They can but dat won't stop crypto but it will only limit it in Nigeria.

 

[Emma Aneni]

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. The problem here is that it won't be 100% effective neither will there be total compliance.

 

[Kinglegend01]

Sure i think the Nigerian government can completely ban the use of cryptocurrencies in Nigeria to the best of my knowledge, I think it has already been implemented and is in action already, some of my friends are unable to make withdrawal from their cryptocurrency wallets and I think buying of cryptocurrencies is totally out of option ryt now.

 

[Ridwan Mohammed]

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.

I believe they can to certain extent. Nigerians however will find other alternative since we're strong minded.

 

[eenya00]

I honestly believe that no government in the whole wide world can fficiently ban the use of cryptocurrency like Bitcoin ethereum, litecoin, Doge coin etc. They can only regulate the use of it but it cannot be outrightly banned because it is a decentralized system of payment.

 

[Yaqoob Habib]

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

The Nigeria security and exchange commission decide to dey regulate digital assests like cryptocurrency for di west african nation.digital assests offerings'like crypto-token or crypto-coin.

 

[Maks25]

Yes government can ban it because they have all the full powers to be able to carry out such but I'm very sure people operating with cryptocurrency we find a whole lot of different ways to continue carry out their transactions like I can use middlemen or P2P

 

[Saba54]

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 I have also learnt about the restriction of the cryptocurrency in Nigeria but this is always same with other countries as well and one of them is Pakistan cryptocurrency mining investment business all are restricted and banned in Pakistan as yet on the other hand a case is filed in High Court to remove its restriction

 

[ahmedo24]

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.

it has already caused a kind of a setback to some people because most of the exchange platform has already disable their Naira deposits so lot of people cannot invest directly into cryptocurrency any longer though most of earning cryptocurrencies will not find it difficult to continue investing.

 

[Gilead]

Well they can actually ban the flow of cryptocurrency in their country if they want to for whatever reasons they want. But I think it will only be temporary and there are several other ways around it that people will use as alternative. Or what do you think @Yan

 

[Adebayonle7]

Well while the government is exercising all of its legislative and governmental powers, it can ban any kind of crypto , business entity, or investments. Although not fair enough because this action is only for their personal and individual gain and also to confine people to indigent states. Individuals who have crypto wallets and accounts linked to their bank accounts are the ones the ban affects directly.

 

[ahmedo24]

Well while the government is exercising all of its legislative and governmental powers, it can ban any kind of crypto , business entity, or investments. Although not fair enough because this action is only for their personal and individual gain and also to confine people to indigent states. Individuals who have crypto wallets and accounts linked to their bank accounts are the ones the ban affects directly.

honestly if they really want to trace bank accounts that have narrations as regards to receiving payments through cryptocurrency or from digital payment solution and that definitely lot of Nigerians bank accounts will be banned because lot of youths cryptocurrency trading cryptocurrency which is far better than cyber crime.

 

[Yan]

Well they can actually ban the flow of cryptocurrency in their country if they want to for whatever reasons they want. But I think it will only be temporary and there are several other ways around it that people will use as alternative. Or what do you think @Yan

Yeah, there's p2p (peer to peer) transactions which involves basic individuals transacting in cryptocurrency without the aid of a bank influenced intervention. And there are always loopholes in all this kind of policies and systems Which the people will exploit and I fear they might exploit it wrongfully.

 

[Onachukwu]

The ban comes as a shock to many, including those in the crypto industry. Sources within the industry say there was no communication beforehand. While many expected some kind of regulation in the future, the suddenness and seeming totality of it has deeply shaken the industry

 

[T-buck1]

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

There is nothing good to write about Nigeria a country where Mr president borrow to feed its family, a country where Mr president borrow to save for the raining days, a country were they give more value to cos than citizen,

 

[Bookwormlux]

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?

The government does not have the capacity to ban crypto currencies. What they did is stopping banks from facilitating deposit or withdrawal from crypto currency exchange platforms. This means only transactions have been stopped.

 

[Sheyemanu]

I woukd say that yes, the government can prohibit 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, the only thing they won't be able to do is change the currency through banks

 

[Briangsam]

Nigerian government just like every other governments of other countries have the right to ban cryptocurrency within the shores of the country. Whether it is the right thing to do or not is another debate. But I feel it was a needless move. Needless because people will always find a way around it.

 

[kayode10]

I also heard the news but I doubt if their are petition will work, even if they banned it one way close another one opens even without cryptocurrency there have been a lot of platform people have been using so you still like me I'm not afraid .

Well I am not afraid of the cbn policies about the cryptocurrency. those who invented cryptocurrency have something like this in mind which makes them to decentralize it. Which means no one has the capability to control the supply of cryptocurrency to the market. Another thing that makes cbn regulation less effective is the peer-to-peer features that is available on cryptocurrency wallet. This peer-to-peer make it easy to transact with cryptocurrency without any traces.