Do You See The Nigerian Government Banning Use Crypto Wallets?

[Hena101]

I don't think the Nigeria government has the right to ban the used of anything application used to trade crypto currency because it's none of their business the one they have right to ban is the one they ban and this effect only locals banks. So i don't think they have that right as a far as I'm concern.

 

[Josemendez]

Now that the Central Bank has recently asked Commercial Banks to close the accounts of all crypto currency related activities in their jurisdiction. Is there a likelihood that there may be a ban on the use of software apps that are majorly used for crptocurrency transactions? Do you a new rule that would impose a ban on the use of Apps like, Binance, Luno, Coinbase and other trading apps for buying and selling crypto? Remember they transWise has been banned in the Nigerian space.

Considering the current turn of events in the country , it might not be surprising if the government bans cryptocurrency wallets soon ,but we hope that they won't.

 

[Justin]

SInce my government has banned crypto currency, I am not surprised when I hear the news like government banning crypto currencies or mining operations.

 

[Setho]

Just few months after this post was made and it actually happened. I think that they do not need to ban wallets but they have banned financial institution.

 

[Bookwormlux]

I am just grateful that they have never considered stopping our access to top wallets like binance the way they did to Twitter after suspending it.

 

[kay169]

I think it’s a bad think to do because they Are making it hard for crypto traders to do their work and earn money to fend for themselves but their is always an alternative I advice P2P !

 

[Lens]

I have asked myself similar question but I seem not to get an answer to this. But from the look of things, it seems the Nigerian government would not be looking in that direction because most of us still use these exchange wallets.

 

[Omotayo]

What the government have done is ban the channel to receive payment for crypto or easy access to purchase crypto using your local banks. You can still trade crypto using the p2p feature on binance.

 

[Mayox25]

There is no way they can ban cryptocurrency in the country the highest they can go Is to restrict cryptocurrency transaction through the banks which they've already done,even accounts that have been frozen by the banks on the directive of the cbn the court has ruled in judment against cbn that they don't have the power to freeze such account and that such accounts should be unfrozen immediately.

 

[HayKay]

They've clamped down even harder and that's the reason why peer to peer trading is on the increase on popular exchanges just like Binance.
Most governments have done this because they want to develop their own currencies as well.

 

[joy101]

I don't think Nigeria government has the any right to ban cryptocurrency, even they they try to do that so them be another way to trade on cryptocurrency.

 

[Setho]

There has been an existing ban on commercial banks in evolving into cryptocurrency in order to protect the value of the naira. That particular step has not worked because it has depreciated a lot since then but I do not think that the government is going to go as far as banning cryptocurrency applications or wallets

 

[Adasun]

I don't think that Nigeria government can do that,the best they could do is to regulate it.government normally hates what they can't control.the way crypto empower the youth scare them.but they can't banned it outrightly.

 

[Busybee]

Nigeria has many big Bitcoin Mining pools in the world. So, I think it would be unwise for the government to introduce a ban on crypto wallets. Technology is inevitable, we should have good policies around this to empower people and prevent fraud. Other than that governments should not impose their will on free networks.

 

[Lens]

Cryptocurrency as been banned in Nigeria because they believed that the insurgents are sponsored via cryptocurrency and it will remain unknown. This is best way to go about it.

 

[Sincerem]

I don't think they will be able to ban crypto currency in Nigeria. But the central bank are only concerned about the fraudulent activities that are carried out conspicuously using the crypto currency.

 

[Bookwormlux]

The Nigerian government cannot just wake up and decide to ban the use of cryptocurrencies wallets , because this is something that is going to be almost impossible for them to ever get to do at all .

 

[Ononivami]

The nation government already banned cryptocurrency but what I'm surprised that most of the cryptocurrency exchange database in Nigeria example of such cryptocurrency exchanges is binance.

 

[Setho]

The Nigerian government has emphasized so many times that they do not have anything to do with cryptocurrency at the moment and I do not think that is going to change anytime soon.

 

[Honny143]

I don't think Nigerian government have the right to ban the use of applications used for trading crytocurrencies. The worse they can do is to prevent people from depositing in crytocurrency wallets through Nigerian banks.

Well I don't think any country have rights to ban crypto internationally, they only orders their local banks to control these type transactions, now my country also applied some rules & regulations when we buy are sell crypto coins through banks.