Do You See The Nigerian Government Banning Use Crypto Wallets?

[Segshowee]

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.

Nigerian government has know power over cryptocurrency, it is digital currency that is highly decentralized and not under the control and grip of any government. For any government to ban cryptocurrency and all that is related to it, it must first ban the internet.

 

[tuna89]

They are not likely to ban the use of wallets, the restriction they would give to them would prevent people from buying or withdrawing crypto from their local bank accounts, this would enable some of the wallets to adopt deposit via paypal or withdrawal via paypal, therefore, the wallets would continue to exist but with a different operation.

 

[Thosynho]

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 do not see Nigerian government banning the use of crypto currency wallet. How is that possible? Will the government go in search of her citizens phone and be looking for people with crypto wallet?

 

[Michaellee]

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.

Yes I do see them banning cryptocurrency wallet because they know that people will stop keeping money in banks anymore. Wallets are safer than banks and there is enough guarantee that it will increase in the wallet instead of decreasing in the bank

 

[Pousinha]

I really hope to not happen such an event. As I know Nigeria is not a Paypal listed country, cryptocurrencies are the only payment method for Nigerians working online. How could Nigerians be paid if government bans crypto-wallets use?

 

[Diddi01]

I don't even know what to think of it. A lot of Nigerians use crypto currencies and a lot of Nigerians have a sum of money stacked up in some wallet. So what would happen to people's money now. Have they lost it or can they still have access to it?

 

[Chibson]

I don't see that happening probably, cryptocurrency is decentralized so there is no way they can just ban it like that. The government warned banks to stop transacting with anything related to cryptocurrency in the country. This is definitely a huge blow to some of us who deal in cryptocurrency on daily basis.

 

[Kelly5]

You have taken this too far. The government ban on cryptocurrency yesterday does not stop the use and transactions on cryptocurrency. You'll see the difference in the coming weeks. Transactions will continue as normal

 

[Heatman]

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

You know just like the United Nations impose sanctions on other countries when they breach international rules, it's the only thing that the Nigerian government can do with the use of cryptocurrencies in the country. Also I think that it's the current administration that has something against the citizens.

 

[Eodine]

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.

The government just do what they seem fit. Just think of what is affecting them and place a ban on it without even thinking! Look at this issue of sim now it has been postponed again, but know the ban can only be effective on depositing through Nigerian banks

 

[ahmedo24]

You know just like the United Nations impose sanctions on other countries when they breach international rules, it's the only thing that the Nigerian government can do with the use of cryptocurrencies in the country. Also I think that it's the current administration that has something against the citizens.

You don't the blame the government directly in my opinion but those who call themselves economist that should advise the government on how to go about Crypto currencies except they did and the government didn't listen.

 

[Heatman]

You don't the blame the government directly in my opinion but those who call themselves economist that should advise the government on how to go about Crypto currencies except they did and the government didn't listen.

The question is whether the government stand anything to gain from implementing that policy of stopping the use of cryptocurrencies in Nigeria? The answer is yes, they are trying really hard to frustrate the hard working citizens that are trying hard to make money for themselves.

 

[Ridorz]

Nigeria government can not ban Bitcoin or cryptocorrency, they just announced that all the bank in Nigeria should block their Link of transaction from any crypto wallet in which to prevent the buy and selling of cryptocorrency from bank account. But I know that they will soon think wise.

 

[Ehizzy1]

You know just like the United Nations impose sanctions on other countries when they breach international rules, it's the only thing that the Nigerian government can do with the use of cryptocurrencies in the country. Also I think that it's the current administration that has something against the citizens.

Yeah true if they dont actually have something against their citizen, they would not just ban it like that , i just hope the citizens could get another alternative to make use of i think , since the government have blocked the method many use for buying crypto currency i think,and its not good

 

[Heatman]

Nigeria government can not ban Bitcoin or cryptocorrency, they just announced that all the bank in Nigeria should block their Link of transaction from any crypto wallet in which to prevent the buy and selling of cryptocorrency from bank account. But I know that they will soon think wise.

Well, from my experience with what happened in India when their government tried to ban the use of cryptocurrencies, it only took 3 years and the decision was reversed. Nigerian Government is only messing around, in few months time, they will drop their act.

 

[Ridorz]

Well, from my experience with what happened in India when their government tried to ban the use of cryptocurrencies, it only took 3 years and the decision was reversed. Nigerian Government is only messing around, in few months time, they will drop their act.

I believe that Nigeria government will reannounce of allow a Banks to be link to cryptocorrency again very soon, because I know that citizen will not be sitting and keep looking what make any action on it. Nigeria government will redebate on it.

 

[GIFTMICHAEL]

It is saddening that a whole government that is supposed to adopt the cryptocurrency as a legitimate digital currency that can be use to send and receive Money they are trying to ban it. CBN was directed to ban any cryptocurrency deposit related account in the bank. Well this is too bad but i don't think the use of cryptocurrency wallet will be banned.

 

[Sake]

I've been seeing this news a lot on Facebook. My question is can this affect the prices of Cryptocurrencies? As well all know Nigeria is like one of the nation that has a high usage of Cryptocurrency. So i was wondering if them being banned will have an effect for Crypto world.

 

[Chumzy]

I think what they have done so far is the worst they can actually do. If they could do more then they would have gladly done it. They have reasons and excuses but it all doesn't add up to the decision.

 

[Heatman]

I believe that Nigeria government will reannounce of allow a Banks to be link to cryptocorrency again very soon, because I know that citizen will not be sitting and keep looking what make any action on it. Nigeria government will redebate on it.

The cold truth is that they don't have a choice but to reverse their rubbish policy. I wonder who gives the Nigerian government economical advice on what to do and what not to do? They simply don't have any good agenda for the people of the country.