I know they will lift the ban very soon because it could increase crime rate in the country, if people decided to go through legit means of making money from crytpo currencies at their own risk why will the government be discouraging them .
Central Bank of Nigeria bans banks from servicing crypto exchanges
- Thread starter Joshua Farrell
- Start date
Central Bank of Nigeria bans banks from servicing crypto exchanges
Nigeria's central bank has banned financial institutions from rendering services to crypto exchanges.cointelegraph.com
CBN instructs banks to close accounts related to Crypto
The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Cryptonairametrics.com
Has the above news affected any of our Nigerian Members? If so, I would imagine there are ways around this so to not have issues.
This is a must for them to accept. The circular has been brought down from their blog as I heard and now they are working on new strategy.
What happened is that the youth controls more than 50% of the volume in circulation and the internally generated revenue through banks has reduced since most people are keeping their money in crypto and other fintech company.
They need a way to redirect the masses back to using banks which is far from being achieved.
Because they have no government control, the government fears that they could be used for illicit trade, as well as funding terrorism.That is why in many countries of the world, corrupt currency has been declared illegal.
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This is the plan of the federal government to cause commotion and instability for we youths in Nigeria but they will fail woefully. Every part of the world is adopting crytocurrency and block chain technology but opposite is the experience for Nigerian government.
The tough stance of the Central Bank of Nigeria emerged after a mass protest occurred in October 2020 against police brutality known as the Special Anti-Robbery Squad (SARS). SARS is thought to have led organizers to accept Bitcoin for funding after the government blocked a local payment platform to collect donations. I wonder, with the Nigerian government, why to catch mice has to burn houses, How will the next life of cryptocurrency in Nigeria be?
I dont think it has taken effect until now cos a friend of mine still withdraw his bitcoin into our bank local currency today , but if that really happens, it will really affect almost 90% of people using crypto currency in nigeria.
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Central Bank of Nigeria bans banks from servicing crypto currency exchange. Well to me what the central Bank is doing is quite annoying. While will they ban the banks from servicing crypto currency exchange without giving a notice. Alot of people have invested alot of money and since there is the ban how do they withdraw their money.
It's a very bad news that the Nigerian government through it's Central Bank can ban the usage of cryptocurrency in the banking sector. They don't know that cryptocurrency has good impact on the economy because it has made a lot of youths to be able to make some money online trading cryptocurrencies.
Making decisions on banning crypto currency exchange in Nigeria without looking at the greater good it's doing in other countries, even the richest men in the world trade on the crypto. Central Bank needs to take a second look at this.
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Considering how elon musk is manipulating the market. Imagine what mafia can do. I think reasonable ban from the govt. You don't want people like elon to manuipulate your banks and the currency as well. So the ban is good just do the transactions anonymously like you used to when paypal was banned? do the same for crypto. hide your tracks.
What I know is that the Nigerian government is too small to stop the progress of cryptocurrency in the world. they might ban cryptocurrency but they'll never stop the growth of cryptocurrency, I wonder what cryptocurrency is doing to the economy of Nigeria
This very old news really and actually did cause a lot stare indeed to many cryptocurrency investors alike when it broke out. But all things been equal, people are doing their cryptocurrency transaction seamlesly now
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I don't think they are banning the usage of cryptocurrency but they are indirectly telling the bank that they should not partner with supporting cryptocurrency ,that is why we cannot withdraw it to our local bank from crypto exchanges.
I think that another concern that the governments have is that the cryptocurrency world is offering up a competition for their fiat currency and this can affect their economic position if people choose to use crypto over the fiat currency.
My country is completely funny when it comes to crypto and the public making money, in general, they start to act up and it is almost like my government wants the worst for the people, and with the current growth of the country, the people is almost the last thing on there mind and with the way they see and act they careless about the countries growth at large.
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I was devastated when I heard this and immediately I began thinking of means on which crypto traders Will survive with the latest developments
During the first week of the ban after it was announced it caused me sleepless nights cos I was thinking about how I'll transact crypto since crypto to naira exchange is limited. But I'm happy for Binance P2P that enabled me exchanging my coins to my local fiat currency.
I understand this submission that you have made that cryptocurrency is not banned in my country Nigeria but just that it has been banned in the banking system but we all know that most cryptocurrency transactions take place in the banking system so if the bands has been banned then it means that the cryptocurrency ownership business will become very difficult for people.
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I am from Nigeria and the only effect the ban has on me is not being able to convert my digital currency directly to fiat money and to my local bank account but not withstanding i make use of peer to peer medium.
Central Bank of Nigeria bans banks from servicing crypto exchanges
Nigeria's central bank has banned financial institutions from rendering services to crypto exchanges.
CBN instructs banks to close accounts related to Crypto
The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto
Has the above news affected any of our Nigerian Members? If so, I would imagine there are ways around this so to not have issues.
Seriously, the Nigerian government can be very annoying and frustrating at the same time with how they are working very hard to make things difficult for their masses.
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