You are right, Nigerla can neither ban Crypto Currencies nor the wallets it can only restrict the Crypto currency to fiat currencies transactions to her banks and other financial institutions under it jurisdiction which is what they had done recently.
All that I can think of with the government of Nigeria and Central Bank of Nigeria is trying to do is to have some kind of arrangement with all dealers in cryptocurrency for them to be taxed. Since they can't tax cryptocurrency with investors making millions of money every day, they are not completely satisfied with it.
I don't think that is the main issue I think the main issue in the banning of cryptocurrency transaction in Nigeria is that the Central Bank of Nigeria is afraid that cryptocurrency might take over the banking system of this country. That is why they are trying to stop it.
What the Nigerian government and central bank of Nigeria can only do would be to limit and cut off the use of cryptocurrencies in any business dealing within Nigeria. But as far as the internet and international community is involved, they can do their transactions.
Yes of course that's just it.
This is a childish trick that the government and the central bank of Nigeria are trying to play with investors and cryptocurrency traders but they are too foolish to go about it in the wrong way. They will still end up not getting anything from cryptocurrency investors and trading.
It's nothing new to them because they are in the position of power to do so and have the guts to come out publicly and say it's not a big deal or new thing. Well, let them keep watching and see the youths they are trying to fight and clamp down will rise.
I doubt if the government would bother about banning these exchange platforms. They have already succeeded in killing their market by stopping all forms of bank transactions so they don't need to ban them again.
For their peculiar case in Nigeria, they didn't ban the use of cryptocurrencies wallet but not allowing any banks under the jurisdictions of Central Bank of Nigeria to have any transactions linked to any of those cryptocurrencies wallet. They don't receive or send any money from it.
Exactly, I agree with you. They would not want to disturb themselves with that extreme task. An attempt to do that will be like trying to kill a fly with a sledge hammer, which doesn't make sense. The wallets will be mostly used now since banks have been eliminated from the financial transactions.
The problem right now is how to buy the crypto currencies. I learnt there is a peer to peer system on binance where you can purchase crypto currencies, I hope it becomes more Accessible though.
Yes, it's very well possible in Binance. After Coinbase, it's the next most realistic and reliable cryptocurrency wallet. They do peer to peer donations and trade. My friend who's a cryptocurrency trader is currently making use of it. You can also buy from cryptocurrency exchangers.
No my friend, they can't ban access to cryptocurrency wallet. As with the case to Nigeria with its government saying they banned cryptocurrency, they only restricted the use of such cryptocurrency wallet with any banks in the country. In essence what you can't do is transfer money into or out of your cryptocurrency wallet in Nigeria.
You are not absolutely sure about what you are saying about the use of the luno cryptocurrency wallet application for buying and selling cryptocurrencies in Nigeria. As it stands now, you can't fund your luno wallet using your bank card. It's impossible because the government have blocked it.
The Central Bank of Nigeria, by virtue of the Act establishing it, is only vested with the power to regulate all the legal tenders - money an the day to day activities of the commercial banks operating in the country, and crypto currency is not legal tender in Nigeria so, the central bank of Nigeria does not have the power to stop it. The only sanction they can impose on it's operation in the country is banning commercial banks in Nigeria from dealing in it.