Do You See The Nigerian Government Banning Use Crypto Wallets?

[Dubai]

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.

 

[Veetos12]

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.

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.

 

[abubakar3141]

The CBN letter advised local banking institutions that, under a 2017 circular stating bitcoin (BTC), trading in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited and other cryptocurrencies are not legal tender in the nation.

 

[OderuMiracle]

Listen before you talk information is power. There did not ban the use of crypto currency (bitcoin) and so on, which there confirmed with their month there can not ban it. There only ban the use of bitcoin in their banks

 

[zenith]

First of all is there no way they can regulate this thing Instead of ban?I just wonder how educated people in that cbn behaving like illiterate.this is another avenue where they can make billions in tax but they failed to see it.i just can't wait for this government to finish their tenure and go.

 

[Seun4luv]

The CBN letter told local banking institutions that dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited under a 2017 circular stating Bitcoin(BTC) and other Cryptocurrency are not legal tender in the country.

 

[idhans]

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.

What Nigerian government is doing can never hold water for people like me. Cryptocurrency is like water and it can always find it without irrespective of the blockade. Nigeria is not yet a country. If advanced countries are embracing cryptocurrency, Nigeria has no reason to ban cryptocurrency.

 

[solomonmali]

Nigerian government the only thing they are good at is preventing development,the worst they can do is noting l, they don’t have the right to band any app, I think the Nigerian government needs to be visited by the popular movement call ENDSARS. Because it’s seems that’s the only language the government understands.

 

[Trojan8]

They don't have the access to wallets so banning it is impossible. The only thing the Nigerian government can do is what they have done ie stopping deposits. For them to close down wallet would be also impossible because most apps are not even Nigerian apps. I feel this issue would be resolved soonest, it just a case of clash of conflicts.

 

[Keibah]

I think it is in fact shameful to even try that which they have. This is something very centralized. I don't think they understand the liberty that comes with dealing with cryptocurrency. You can literally trade with someone in another continent and get a western transfer. I don't think they are capable of banning the applications.

 

[Achawaskey]

I don't think that will be possible, because the ban did not cover cryptocurrency wallet, and those wallet are app own by a company, the only connection is transferring money from your local bank account to the wallet.

 

[Royalty]

When i saw the news i was shock instead of them to embrace the new technology that has come and since is been a means of livelihood for many.
They sanctioning a ban , well they can't stop it is here to stay.

 

[Donolatunji]

It wasnt a ban but still it was uncalled for,Nigerian government has always been hard to please and a place where investor with no African experience rush to.
How can you ban the use of crypto in banks when some countries have started having the automatic dispense machine gan sef.

 

[Nurudeen]

The truth is if the government wants to ban it they will definitely do it since they are the one giving the finanacial Institution the things to do and no Investor can invest in the crypto currency exchange Business without the use of the financial institution it's just that the government are not serious at all

 

[Kingsley]

The Nigerian government made the announcement of banning the cryptocurrencies in Nigeria, reasons best know to them, but something seems more obvious that they can't stop Nigerians from participating in the world global currency they are just wasting their time, and more so why are they sad about Nigerians trying to get a livelihood from bitcoin when they didn't provide anything for the youths and citizens of the country.

 

[MarieArie]

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.

It was a shocking news to every Nigerian. I wonder why they would pass that law in a country with laws and order. Funnily enough, when they commit atrocities in other Countries with Nigeria money, no one hold them to ransom. Why on earth would they be concerned that commercial banks are not thriving well at a time like this.

 

[Heatman]

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.

All I can say is that the Nigerian Government can try every rubbish they have in their pocket to fight against the freedom and liberation of their citizens towards getting financial freedom by trying to cripple the use of cryptocurrencies but they are already set up to fail because they are not the first government to try it.

 

[Luckboy]

I don't think Nigeria government can ban crypto currency they can alone ban us to buy from local bank but they can ban us for making trade on it like what luno say yesterday it say it never confirmed that from any bank yet but that withdraw at unaffected Nigeria government don't want progress for there people they only want to make us all there slave

 

[Ehizzy1]

I dont think they can actually ban crypto currency ,because they actually know that its impossible to do so ,since crypto currency is decentralized,so it would be really impossible for them to just ban crypto currency just like that i think, its only depositing in naira that would be banned

 

[Nicklas22]

I don't think so, I believe they wouldn't do such a thing
I believe some people in the government are also using this application and they won't allow it
The government has Don enough and they won't try anything stupid again