Do You See The Nigerian Government Banning Use Crypto Wallets?

[Heatman]

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.

You are absolutely correct and that's exactly what it is the government of Nigeria and the Central Bank of Nigeria have done so far with respect to the dealing on cryptocurrencies in the country and in relation to the national banks in the country. If you have a foreign account linked to your cryptocurrency wallet, nothing stops you from trading every day.

 

[unhappy triad]

I think the initial unrest they have created already with their partial ban is enough for them. They wouldn't want to add more to the problems already. The nation is a volatile one. But still anything is possible

 

[solalal36]

Nigeria government is narrow minded same with Indian government honestly. But they can go as far as banning Crypto apps on our phones. Even if they do, we go and start trading on our browsers. Honestly, Cryptocurrency can't be fully banned, it's not like they can ban peer to peer trading

 

[Heatman]

I think the initial unrest they have created already with their partial ban is enough for them. They wouldn't want to add more to the problems already. The nation is a volatile one. But still anything is possible

Absolutely true, the government of Nigeria in connection with the Central Bank of Nigeria have indeed created mass panic among all investors and traders on cryptocurrencies in Nigeria with the restrictions to their bank accounts which have been linked to cryptocurrency. It's really a thing of shame that the government of the country is what's holding the country back from embracing technology and cryptocurrency.

 

[Erik4150]

I don't think they will be able to do that. Cryptocurrency wallets has nothing to do with why they banned cryptocurrency. And besides you cannot control how people use crypto wallets so it is pointless to try banning the usage of crypto wallets.

 

[Good-Person]

The Nigerian government can ban cryptocurrency apps and wallets on Google Playstore. However, many people will still be able to download and use cryptocurrency apps and wallets on their desktop computers and laptops using a VPN. I do not think that it is possible for a government to ban crytocurrency wallets. Many kinds of softwares are illegal in many countries but still many people download and use them. I do not think that it is possible for a government to stop people from using softwares and this includes cryptocurrency wallets. This is because crytocurrency wallets are also a kind of softwares. I advise Nigerian people to obey the law of their country.

 

[Ub40]

I strongly believe that they will not go any further than what they have done. And as stated earlier, some government officials are big investors in the crypto-currency platforms. So they may not allow the government to ban cryptocurrency wallets.

 

[Samzii]

Yes,i do .because you can't use cryptocurrency in your bank, the only place you can use it is your crypto wallet.so i see them banning it

 

[Heatman]

I don't think they will be able to do that. Cryptocurrency wallets has nothing to do with why they banned cryptocurrency. And besides you cannot control how people use crypto wallets so it is pointless to try banning the usage of crypto wallets.

It's a cold fact that no matter what the Nigerian government does with respect to cryptocurrency, they can never be able to ban the using of cryptocurrencies wallet applications. All they can do is limit the banks in Nigeria to not having any transactions with such cryptocurrency applications.

 

[Bookwormlux]

They cannot ban crypto currency applications. What they have done by banning crypto transactions is enough. I don't think they will still proceed with this option.

 

[Victor72]

Yes I actually see the Nigerian government banning the use of cryptocurrency wallet and I see this as a big mistake for the government and also a bad idea

 

[Kelly5]

I don't see them banning the use of cryptocurrency wallet in itself. They can only control the banks to banned transactions in cryptocurrencies but not the use of the currency itself

 

[Victor001]

This has already been implemented,and the adverse effect is done on us, we are left to crumble with our monetary expenses at the mercies of local banks.

 

[Good-Person]

I do not think that it is possible for the Nigerian government to ban the usage of cryptocurrency wallets outright. There are many countries that have banned the use of VPN bu tstill the software is being used all over the world. Banning a software is almost impossible for any country. There are many ways to download softwares, install them, and use them.

 

[Haveit]

I don't think that the Nigerian government can ban crypto wallet because they don't have access to it and you can't control what you don't own.

 

[Bookwormlux]

I don't think that the Nigerian government can ban crypto wallet because they don't have access to it and you can't control what you don't own.

They can tell service providers to disconnect any crypto currency wallet from their Network and this would make it impossible for you to use it.

 

[Haveit]

They can tell service providers to disconnect any crypto currency wallet from their Network and this would make it impossible for you to use it.

Service providers do not have total control over the sites we visit, it can just be restricted just like the twitter issue which can be bypassed with VPN.

 

[Heatman]

I don't think that the Nigerian government can ban crypto wallet because they don't have access to it and you can't control what you don't own.

Yes, it's not possible for the Nigerian government to ban any application completely. They may put up some restrictions just like they did with Twitter but it's not final.

 

[Bookwormlux]

Service providers do not have total control over the sites we visit, it can just be restricted just like the twitter issue which can be bypassed with VPN.

They stopped access to Twitter and they can also stop access to those vpns if they ever think there is a need to. We can't outsmart the government.

 

[Haveit]

Yes, it's not possible for the Nigerian government to ban any application completely. They may put up some restrictions just like they did with Twitter but it's not final.

That's what I think too, looking at most of the things the government has tried to restrict, it has only gotten more recognition and more ways to access them.