Can the government really ban crypto currency in Nigeria?

[sam386150]

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 .

 

[tublack]

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, they actually just did, i guess the government has the right to do anything they want if it seems like a form of security threat to them, even though the reason it was blocked is because of of the #ENDSARS protest. all funding was during the protest was through crypto.

 

[Blessedsam60]

It's not possible for Nigerian government to ban crytocurrency market or transactions in Nigeria because it's a block chain technology that is based on decentralized system and no government is in control of it.

 

[jimmann247]

The government can only try but I don't think they can really ban crypto, but they can ban their own banks from participating in cryptocurrency, but not the citizens of the country, because cryptocurrency is decentralized, and it move from hand to hand no one can control it.

 

[Eodine]

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 .

Don't you think something should be done, if crypto currency is fully banned now, what if the next available option is banned too? Since the government keeps looking for ways to be screwing it's citizens over.

 

[Shigobad2020]

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 am just hearing the news , but i think they (Nigerian government's ) put a ban restriction on crypto currency because of the NIMC card linking but since it has been postpone , the ban might have been lifted cos people are still trading at the present moment.

 

[Royalty]

The government can really banned the use of cryptocurrencies in Nigeria, they can only regulate the transaction of Nigeria institutions with cryptocurrencies.
The CBN letter told local banking institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited under a 2017 circular stating bitcoin (BTC) and other cryptocurrencies are not legal tender in the country

 

[Eodine]

The government can only try but I don't think they can really ban crypto, but they can ban their own banks from participating in cryptocurrency, but not the citizens of the country, because cryptocurrency is decentralized, and it move from hand to hand no one can control it.

It's true crypto currency is decentralized and the government knows that they can't shut down crypto so the best option is to allow banks limit the intake of crypto currency which is what they are doing

 

[Akinwale701]

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 do not think that the government has the right to place a ban on the trading of Cryptocurrency in Nigeria. the only thing the Central Bank of Nigeria issues a circular about was like a warning that whoever gets scammed through Cryptocurrency won't be attended to as such transactions can be traced.

 

[Ayokex]

I think they are already on it. I was amazed when I saw it in the news few days ago, I was like is this the thing they should focus on or how to improve the standard of living of the citizens? If they like let them continue to ban whatever they want to ban, I trust my Nigerian guys, we will surely find a way out. In fact solution has already been provided before it happened.

 

[Taimoor Jutt]

I heard before that, Nigeria is 2nd largest crypto currency investors. But now if govt is going to shut down crypto currency , then the main reason may be economy and jealousy, but this shouldn't be happen, it will ruin a lot of person's future.

 

[Nurudeen]

Definitely the government can ban crypto currency exchange Business in Nigeria and they have even issued directive to all finanacial Institution not to offer any naira sales to Investors who what to buy crypto currency at the moment. It's just that the Nigerian Government don't want the progress of the masses

 

[Donolatunji]

Of course it has the right to do that and that's why its called the government.
But to me I think it really haven't gotten to that existent in a developing country like ours.
Its one of those things that makes us grow as a country.. But because we have a bad and unvisioned leaders that's why we are doomed on this one.

 

[Jimmie150]

The government will only try to suppress those using it but I strongly believe in the long run it can not be ban. For any nation to grow in today's world then it needs to allow it's citizens to use cryptocurrency and not banning it at all.

 

[Nicklas22]

They have the Power to ban anything in Nigeria and you can't do anything about it
But I believe they will review this their action of banning Bitcoin
Some people will definitely lose and I believe some of them in the government also invest in Bitcoin

 

[Profuk57]

I do not think that the government has the right to place a ban on the trading of Cryptocurrency in Nigeria. the only thing the Central Bank of Nigeria issues a circular about was like a warning that whoever gets scammed through Cryptocurrency won't be attended to as such transactions can be traced.

No, I think the secular said that.
The government said that Any financial institution that is banks in Nigeria that opreate in cryptocurrency or allows anyone to operate cryptocurrency in its account. Will be heavily fined. It did not say crpto can't be traced.

 

[Salimo]

Unfortunately the gouvernements arround World have all right to do what they see suitable .
In dictatorship countries many decisions taken not in favor of citizens
Why do they ban the crypto ?

 

[Diddi01]

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.

 

[Jeremiah Trump]

Well I don't see why the Nigeria government just decided to ban crypto currency all of a sudden because before I knew I thought it is impossible to do that but hearing this I am totally shocked. But I believe it is temporary and the government also have some reason 1.is because this fraudulent fraudster has spoilt the good name and the so called efcc wouldn't be able because crypto currency will be hard to break the password or security by another person.

 

[Dubai]

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?

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.