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Do You See The Nigerian Government Banning Use Crypto Wallets?

  • Thread starter Thread starter Dubai
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I don't think the government have the right to ban the usage of cryptocurrency wallet in the country because this applications does not require the permission of the government to use them. Even if they are able to ban this application, we Nigerians will be able to circumnavigate around this ban and still use this application, so there's nothing to be afraid of.
 
Most decision taken by the Nigerian government are always in hope to see radicalise the general public... I don't think they have no reason not to ban the use of the mentioned app in their cyber space... After all they are government and they can do what they want.
 
Dis na another virtual wallet option wey you fit use as plastic prepaid debit card and you can fit fund am wit .
 
It is laughable because in Nigeria, the government makes rules on paper but nothing ever happens eventually. Funny how it is the youths of the country that are targeted by this and the same government can't provide jobs.
 
zenith said:
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.
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effect I think it will be readjusted later
 
Ralphjoe said:
I don't think the government have the right to ban the usage of cryptocurrency wallet in the country because this applications does not require the permission of the government to use them. Even if they are able to ban this application, we Nigerians will be able to circumnavigate around this ban and still use this application, so there's nothing to be afraid of.
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Don't say that the government does not have the right to do so because in all honesty, they can and there is absolutely nothing anyone can do about it. Remember when the former USA 🇺🇸 president Trump banned Tik-tok app?
 
Well the news was a shocking news to many Nigerians especially the youths that trades and earn there living through the use of crypto currency.
The government cannot be predicted again, they can do and undo, if they ban crypto in the country there is nothing anybody can do.
 
Binance has temporarily suspended deposits in Nigerian naira – the country’s local fiat currency – in response to a Friday letter from Nigeria’s central bank (CBN) instructing local banks to identify and close all accounts tied to cryptocurrency platforms or operations.

The CBN letter told local banking institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited under a 2017 circular stating bitcoin (BTC) and other cryptocurrencies are not legal tender in the country. While the move might impact fiat on- and off-ramps, most of the nation’s crypto trading occurs on peer-to-peer platforms and remains unaffected, according to sources in Nigeria.
 
Dubai said:
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.
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Nigeria my country is moving backward instead of forward. They always like their subject crawling back to them for help, they don't want our financial freedom. This can explain the reason of banning banks from carrying out crypto related transactions. I wipe for this zoo called country.
 
Dubai said:
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.
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I don't think that would ever happene, Nigeria should be thinking of how to utilize the use of crypto to it advantage, instead of thinking of baning the use of crypto in the country.
 
Blue house said:
Well the news was a shocking news to many Nigerians especially the youths that trades and earn there living through the use of crypto currency.
The government cannot be predicted again, they can do and undo, if they ban crypto in the country there is nothing anybody can do.
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It's really disheartening that all the government has to been doing for the past years now is to only fight against the financial breakthrough of her citizens especially the youths instead of supporting them. Well, I trust how resourceful we can be, we are going to beat them at it.
 
I feel the Nigerian government is a very irresponsible government and can go through any lengths to make sure they block every thing pertaining to crypto in Nigeria but what is not certain is banning crypto apps.
 
They felt they have had made the right decision not knowing it will affect the economy growth in one way or the other. Its a good innovation they were suppose to embrace and deploy in other to make financial transaction in the nation more risk free and to be made in secured and seamless way. They never wanted the economy grow and embrace the old system of running finances in the country. I hope they get to see lift the ban and go for the necessity.
 
Bazikd said:
I feel the Nigerian government is a very irresponsible government and can go through any lengths to make sure they block every thing pertaining to crypto in Nigeria but what is not certain is banning crypto apps.
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Seriously they are more than a bunch of irresponsible old folks who are too myopic to understand that all their actions can never get them anywhere. They literally exposed themselves by letting the world know that they are very selfish and don't want her citizens to be successful.
 
It is really inappropriate to ban cryptocurrency in Nigeria because this is livelihood for many youth of this country but I still believe that it is going to be reverse with agitation of the youth against the policy.
 
Robrown83 said:
It is really inappropriate to ban cryptocurrency in Nigeria because this is livelihood for many youth of this country but I still believe that it is going to be reverse with agitation of the youth against the policy.
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Exactly, with the high rate of unemployment especially among the youths who now resort to taking risks on their own by trading on cryptocurrencies to make both ends meet. But the government is now jealous of their efforts and success by trying to shut them down.
 
Heatman said:
Exactly, with the high rate of unemployment especially among the youths who now resort to taking risks on their own by trading on cryptocurrencies to make both ends meet. But the government is now jealous of their efforts and success by trying to shut them down.
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This is a wicked government I have ever seen in my life. How can you ban the means that many unemplyed even employed youth are using to make money. There is no power supply to use for your offline business even if you wish to start one.
 
This government can do anything without thinking in the best of her citizens. Blocking of cryptocurrency can only bring more hardship on those who are struggling to meet earn meets. The government should better find way to regulate the use of cryptocurrency than blocking it
 
Nigeria's central bank says banning crypto accounts is nothing new. The Central Bank of Nigeria (CBN) on Sunday issued a five-page statement explaining its stance on cryptocurrencies following a formal warning to local banking institutions on Friday, which sent shockwaves through social media. Sent
 
Binance has temporarily suspended deposits in Nigerian naira – the country’s local fiat currency – in response to a Friday letter from Nigeria’s central bank (CBN) instructing local banks to identify and close all accounts tied to cryptocurrency platforms or operations.

The CBN letter told local banking institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited under a 2017 circular stating bitcoin (BTC) and other cryptocurrencies are not legal tender in the country. While the move might impact fiat on- and off-ramps, most of the nation’s crypto trading occurs on peer-to-peer platforms and remains unaffected, according to sources in Nigeria.
 
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