That is what they should do, cryptocurrency is a new complicated technology and they should bring out a modern technology to make sure that they still trace a criminal activities, or possibly they can make cryptocurrency transaction to be traced.
Central Bank of Nigeria bans banks from servicing crypto exchanges
- Thread starter Joshua Farrell
- Start date
They reason that they pointed out as the cause of the ban has not really stopped after the ban. Insurgency, terrorism , money laundering didn't stop since the ban was established. This made the crypto investors choose peer-to-peer cryptocurrency trading.
Imagine a central bank that announced it banning of this very cryptocurrency in it's country is now planning on launching its own cryptocurrency by the last quarter of the year 2021. Let's see how that's going to be then
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I do not know why government would want to be controlling the amount of cash inflows that will be coming into a country and one thing that I should know is that the money that is coming into the country he is end by the owner so I do not think that the government or the cash regulators shouldn't be afraid of cryptocurrency.
All that the other countries are particular about is how the money will not be leaving the country but the reverse is the case for Nigeria government cos I don't understand how money entering your country should be a source of concern for you when the money is being spent in your country
It is true that money that are coming into your country should not be of major concern to the Nigerian government but what the Nigerian government are trying to reason is that this morning that are coming into the country they do not have control over them and so they feel that a lot of people can be doing some fraudulent transactions and perpetrating the money into the country.
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This may be true but still, in the economic sense of it, the government should be trying to stop money from leaving the country and not bother with a lot of money coming in regardless of how it is coming in. The Venezuelan president was surprised the Nigerian government is worried about why a lot of money enters the country through crypto.
The ban was something that is temporal but even if it becomes permanent , with peer to peer trading , Nigerians can still withdraw their funds. It was surprising to see the government ban what they do not understand
Unfortunately, that is what it does really seem like- lack of understanding. The government made that decision rashly and in the end they are the losers.
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The ban only affects banks and other financial institutions preventing them from participating in any cryptocurrency trading and investments. Individuals still carryout transactions through peer to peer.
Most of countries keep banning crypto so also is the government of Nigeria banning the currency. I don't know what is causing it and why there regulations is not supporting crypto yet, but I know that they have a good reason.
Many of the elites crpto traders in Nigeria are still managing their trades through p2p trading on binance network but it also involve some risk and the novice may find it difficult too.
So I would appreciate it if there is anyway easier than p2p
So I would appreciate it if there is anyway easier than p2p
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What these countries that are fighting against cryptocurrencies are trying to do is to set up their own cryptocurrency that will dominate the crypto-currency market for them.
Many months have passed now and I still do not know the exact reason why they put this back into place and I just hope that they will reverse it very soon.
Nigerian federal government bans the use of crypto for themself not for the citizens because everyone still goes around doing their trade as nothing happens at all. So the citizens don't give a dam about their government.
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.
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It's really sad that there's banning cryptocurrency in your country. I am grateful that our president is not banning Cryptocurrency. There are local exchanger that are regulated by central bank.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.
It's no longer a news that the country is looking out for how to frustrate every means of survival Nigeria youths have. How does this action of theirs solve the problem of cyber theft and so onCentral 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.
a country where a few greedy individuals has decided to plague the economy of the whole country to benefit their personal needs leaving the masses to suffer, now you can see the naira lossing value because of the bad economy.
i just hope oneday they look back into this and make a proper decision
i just hope oneday they look back into this and make a proper decision
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These are trying times I must say as a Nigerian because this set of government officials are clueless and have no way of taking the country forward too, just concerned about their pockets
About 5 years ago, central bank in my country banned bitcoin by a decree. The ban is still in place despite the public demanding that the government make it legal. However, this ban has not stopped people from investing.
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