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Do You See The Nigerian Government Banning Use Crypto Wallets?

  • Thread starter Thread starter Dubai
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I heard a talk some days ago that Nigerian government is going to ban Crypto currency. So this thing was sad for me. But government takes this step to support their own currencies so they do this. And if they are going to do so then they will ban wallets as well
 
Robrown83 said:
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.
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My dear, talking about no power supply is nothing special again because it's a common thing in my location. We hardly see electricity from month to month but we pay electricity bills every month. What's the government doing about this, absolutely nothing but they are after collecting taxes and banning cryptocurrency.
 
Government has used up their jurisdictions. They only have power over the banks. They can only direct and regulate citizens behavior, they can't dictate for them. So it is not possible for government to exempt or ban citizens from using applications they wish to use.
 
I don't think that it can happen because they have no control over that. They can't tell Nigerians not to use wallets and they can't stop us. Banning exchanges is only possible because we exchange their naira.
 
Nigerian have not banned her people not to transact cryptocurrency they only banned commercial bank not to get involved in doing the transaction and anyone who has an account with the commercial bank also not receive or send all in the name of cryptocurrency. So I don't see that Nigeria will even try in banning Luno, Binance, Roqqu etc from transactions.
 
Nigerian government don't have the right to ban any app that doesn't violates any law, such they can ban the use of crypto wallets in the country. Furthermore we can use web pages to trade crypto if they try it.
 
I don't know why this is happening why Nigeria government will fund cryptocurrency wallet link to Nigeria account banking
 
Any thing can happen in this our Nigeria but I don't see them ban crypto currency they can ban the exchange of the crypto currency from deposit into local bank but they can baned it completely because most of them also are into it
 
why would Nigeria bank cryptocurrency in Nigeria is cryptocurrency has been the links of people getting more money from their investment and yet in Nigeria we don't have job provision for while the government is doing this to us I don't actually know they said because of scammers they don't want them to be getting money anymore
 
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.
 
It is not good at all to ban crypto currency an wallets for nothing. A lot of people earni from crypto currency and enjoying. But government is looking to ban this is sad news for Nigerians. May be govt ban them because they already thinking about banning crypto currency now they are going to ban wallets.
 
i dont think nigeria has any right to do that. they are running a democratic system, that alone limits them in how they can control the people. If they should do that, it goes against the right to owned property, tho it cannot be seen but the app is on your phone which is your property
 
btaliat said:
Government has used up their jurisdictions. They only have power over the banks. They can only direct and regulate citizens behavior, they can't dictate for them. So it is not possible for government to exempt or ban citizens from using applications they wish to use.
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You haven't really come across government when they want to stick it to you on what to do and what not to do, what to use and what not to use in terms of applications. Google about Donald Trump banning the use of the Chinese application called Tik-tok because of USA conflict with China.
 
Heatman said:
You haven't really come across government when they want to stick it to you on what to do and what not to do, what to use and what not to use in terms of applications. Google about Donald Trump banning the use of the Chinese application called Tik-tok because of USA conflict with China.
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Does that stop Americans from using tiktok? Banning of applications or limiting citizens right to some freedom can only be done in a communist or totalitarian states and not democratic. Government of China ban using of Facebook because it is a communist state.
 
In Nigeria everything is possible so I will not be surprised if they ban crypto wallet alongside cryptocurrency he should be brought to your notice that a former deputy governor of Central Bank of Nigeria have strongly come against the ban on cryptocurrency and I believe that in days to come that's such archaic law will be reverse
 
The truth is that cryptocurrency cannot be banned in Nigeria. They only stopped people from depositing money into their wallet through bank transfer. I heard one card still deposit through card payment. But I haven't confirmed it yet.

The government is so shameless...
 
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.
 
btaliat said:
Does that stop Americans from using tiktok? Banning of applications or limiting citizens right to some freedom can only be done in a communist or totalitarian states and not democratic. Government of China ban using of Facebook because it is a communist state.
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When the ban on the use of Tik-tok by the USA president (former) was active, the application never worked in US till the ban was lifted. Government can almost do just about anything they want and it's going to stand. No one can fight them from doing anything that they feel like doing for the reasons best known to them.
 
Government can only ban local exchanger from exchanging cryptocurrency to the local Fiat money to the uses of apps. That's why cryptocurrency wallet like Luno no longer sells and deposit money into local account. Desu created bitcoin as envisaged something like this that's why they decentralized it. So far there's peer-to-peer features on every wallet no government in the world can ban Bitcoin.
 
In fact, I find it shameful to even attempt what they have. That's a consolidated thing. I don't think they appreciate the freedom to deal with crypto-monetary problems. You can deal with someone else literally and then get a west move. I don't believe they're willing to block the software.
 
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