Central Bank of Nigeria bans banks from servicing crypto exchanges

[Sotherefore]

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.

If they actually bann crypto currency as you said they could have punished all cryptocurrencies investors and sometimes cryptocurrency exchanges will not work in the country again, that is why I do not consider it as banning

 

[Ralphjoe]

If they actually bann crypto currency as you said they could have punished all cryptocurrencies investors and sometimes cryptocurrency exchanges will not work in the country again, that is why I do not consider it as banning

Yes I completely agree with you that they did not ban cryptocurrency in the country but what they actually did was to stop the uses of cryptocurrency in the banking system.

 

[Sotherefore]

Yes I completely agree with you that they did not ban cryptocurrency in the country but what they actually did was to stop the uses of cryptocurrency in the banking system.

Yes I believe what they are doing is just exactly what the Nigerian government is doing to cryptocurrency, but up till now I do not know the main reason why they are doing this because I do not see cryptocurrency as a bad technology.

 

[Yusuf]

The nigerian government are just bittered just because the youths in the society are making money from the crypto currency exchange Business in the country and nothing more. They don't have any justification to that ban

 

[eLdavis]

I do know that India reversed their ban on crypto, after a big push back from their people.

I just hope it does not stay like this in the long term.

I really hope it would not last long, as this ban does not actually make sense. The government is quit aware that there are no jobs out there and majority of us rely on crypto currency as a source of income. This is really not fair.

 

[Shigobad2020]

This is a bad step taken by the Nigerian Government as Nigeria is the second largest user of crypto currency in the world after United States of America. However, Different crypto currency exchange platform have issued out memo to Investors that they are still reviewing the situation so we are still awaiting their further action as regards the new policy from the government.

Nigerians is one of the highest users of crypto currency in Africa at large and the step taken by the Nigerian governments against using crypto currency for transaction with banks has affected many crypto currency users .

 

[Kelly5]

The federal government are just trying to frustrate the hustle of law abiding citizens of the country by banning bank cryptocurrency transactions. But that will not stop ever agile people of the country from making their cryptocurrency transaction

 

[Ralphjoe]

Yes I believe what they are doing is just exactly what the Nigerian government is doing to cryptocurrency, but up till now I do not know the main reason why they are doing this because I do not see cryptocurrency as a bad technology.

Cryptocurrency is definitely not a bad technology I believe that they think that cryptocurrency is mostly being used now for criminal activities as it has a lot of animosity to almost all the transactions that are being carried out with it.

 

[Kelly5]

Even with this van in place as we speak, some persons are still foolishly risking their accounts by transacting directly with cryptocurrency platforms with their bank cards

 

[Sotherefore]

Cryptocurrency is definitely not a bad technology I believe that they think that cryptocurrency is mostly being used now for criminal activities as it has a lot of animosity to almost all the transactions that are being carried out with it.

That is just the hindance in cryptocurrency why some government of some countries do not accept it, it is a new technology and the government of every country should look for a way they can trace criminal activities and not to blame it in crypto blockchain

 

[Senator]

We also have it on authority too that this same central bank of Nigeria is set to start its own cryptocurrency before the end of the year 2021. Let's see how it go with their ban that is still in place

 

[Shigobad2020]

Send information was on that was misunderstood or maybe wasn't party very well they just stopped Bank from taking active participation in 53 then I'm not individuals individuals can do with you can you can go ahead and participate 40 pounds

'The federal government of Nigeria giving the central bank of Nigerian a warning to ban the use of crypto currency exchange with banks , and banks has been closing down people that withdraw crypto currency into their bank account.

 

[akinlolu99]

This is a terrible advance taken by the Nigerian Government as Nigeria is the second-biggest client of cryptographic money on the planet after the United States of America. Nonetheless, Different digital currency trade stages have given out reminders to Investors that they are as yet looking into the circumstance so we are as yet anticipating their further activity with respect to the new approach from the public authority.

 

[Thinker009]

Banning crypto currency is not really good , because it would only affect and even increase the level of unemployment in the country , I really hope the government reconsider the ban

 

[kayode10]

The ban has not really affect us because Nigerian youth know ways out of the mess created by the old men in power. Most people are using wallets that has peer to peer. P2P makes it easy to seel assets without seeing the other partners.

 

[Nomad]

There are loopholes in the banking system. If they are not allowing crypto withdrawal, you can use online wallets or exchangers to convert cryptos to fiat and witdraw through banks.

 

[delnovem]

The CBN stated in the Press Release that crypto currencies are issued by unregulated and unlicensed entities and as such, the use of crypto currencies in Nigeria contravened existing law as they are not legal tender.

 

[Ralphjoe]

That is just the hindance in cryptocurrency why some government of some countries do not accept it, it is a new technology and the government of every country should look for a way they can trace criminal activities and not to blame it in crypto blockchain

Most government of all these countries that are banning cryptocurrency in their countries are just so being lazy to come up with and innovation to be able to track transactions in the blockchain technology that is associated with cryptocurrency.

 

[Grandeur]

I have been shying away from online tasks because u always thought that how would I get paid, that was the effect the ban had on me for months, but now I know better

 

[Tolumi]

Most government of all these countries that are banning cryptocurrency in their countries are just so being lazy to come up with and innovation to be able to track transactions in the blockchain technology that is associated with cryptocurrency.

Some are against cryptocurrencies because they can not control the inflow of money through crypto, they fear that a large percentage of their population is getting access to funds they neither have control on nor can influence.