Can the government really ban crypto currency in Nigeria?

[Jomarie05]

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.

 

[Mastercoded]

YES THEY CAN. NO GOVERNMENT CAN SLEEP WELL AT NIGHT KNOWING THAT THEY CAN CONTROL THE INFLOW OR OUTFLOW OF THE MONEY THAT ENTERS AND GO OUT OF THE COUNTRY. THE NATURE OF CRYPTOCURRENCY MAKES IT HARD FOR THE GOVERNMENT TO TRACE QUESTIONABLE TRANSACTION. SOME DRUG DEALER, BANDIT, INTERNET SCAMMER, KIDNAPPER AND THE REST ALL USE IT HAS A MEDIUM OF EXCHANGE.

 

[BTCBEE]

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

yes you are right they cant ban it because its in free hand . they can ban to use it in your country but you can use it nothere where is bitcoin and other crypto is in use and people are buying and selling with bitcoin so dont worry and continue earning bitcoin and other coins

 

[zenith]

If almost 80 percent of the youth are involved in cryptcurrency then they most reverse that nonsense ban.they cannot create job for the youth and they failed to give money for people to start a business,they youth find a way around cryptcurrency and the next thing they ban.but I saw a news this afternoon that FG have reversed the ban but I have not confirmed it.

 

[Ehizzy1]

yes you are right they cant ban it because its in free hand . they can ban to use it in your country but you can use it nothere where is bitcoin and other crypto is in use and people are buying and selling with bitcoin so dont worry and continue earning bitcoin and other coins

Yeah i would continue to earn from it and even if they try their best to ban it , i think there are many ways to withdraw and deposit your crypto ,you could easily make use of peer2peer trading on different apps to actually trade i think

 

[BTCBEE]

Yeah i would continue to earn from it and even if they try their best to ban it , i think there are many ways to withdraw and deposit your crypto ,you could easily make use of peer2peer trading on different apps to actually trade i think

yes my friend i feel you are too smart and i want to ask you something ..can you tell me pls what is peer2peer trading? i really want to learn many things and i feel you are a good player in this cryptocurrencies earning

 

[Spicywilfred]

Nigeria government can definitely ban the use of crypto currency. They have the right to, but looking at how much the world has developed and still developing the government will not want to be the ones left out in this crypto trend. And besides we can still trade with it even if there is a ban.

 

[Ralphjoe]

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 totally agree with you because the government can actually bankrupt to currently usage in the banking sector but I don't think they can park it to currency as a whole in the web space because most of this cryptocurrency exchange platform and not in the country.

 

[eLdavis]

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.

Of cause you are right. And like you said, i agree with you that it is temporary. Currently, the government have started talking and looking for ways to create their own Crypto currency ( NIGCOIN) If the ban remains, how do we invest

 

[Shigobad2020]

Of cause you are right. And like you said, i agree with you that it is temporary. Currently, the government have started talking and looking for ways to create their own Crypto currency ( NIGCOIN) If the ban remains, how do we invest

Nigerian government has the right to ban any currency that can affect their economy, because that's what the government says that some people at using crypto currency to launder money in and out of the country.

 

[Kunkun]

Unfortunately these are the times we living now in Nigeria, I think it all boils down to the incompetence and cluelessness of this current administration, their priorities are misplaced

 

[Justin]

Our government has also banned crypto currency. I think government can ban any thing it once. Things will remain until the government is replaced by another government

 

[Nomad]

Not just in Nigeria, the government in any country can ban crypto currencies if it wants. For example, China has also banned crypto currencies. However, in democratic countries, government's decision can be challenged in court and the ban can be reserved, just like in India.

 

[Kaffyfolla]

It is never a doubt that the Cryptocurrency has been banned in Nigeria but the restrictions only placed on the banks and financial institutions but people are still make use of peer to peer transaction

 

[Seno inyang]

Yes but they can't place a ban on it because the top political leaders themselves are into it and they know the value of what they are benefitting from it.

 

[kayode10]

There is no way the government can ban cryptocurrency alt right from the country. People are still managing to invest in cryptocurrency using wallet that has peer-to-peer features.

 

[Senator]

The Nigerian government can ban anything they want because it is within their powers to so do. They have the constitutional right and authority to make that call as they seem fit and there is nothing we can do if that happens

 

[Ub40]

Even though the government of Nigeria has placed a ban on cryptocurrency in Nigeria, I don't see what difference it makes as people are still holding and trading crypto coins comfortably and withdrawing comfortably too through P2P method. It is just my opinion though.

 

[Bright7777]

Why can't they? Why are they did government? The government can do anything they like. In China I heard that they have ban cryptocurrencies so they can do it in Nigeria.

 

[HayKay]

They'll only try. People would always still come up with means to counter any decision the government wants to take. The earlier they realise that this currency is for the betterment of their citizens, the better for them because if they don't, they'll just be abeiting fraud