Do You See The Nigerian Government Banning Use Crypto Wallets?

[Rainlover207]

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.

 

[Abisola]

Trading in crypto currency don dey harder for Nigerians as di Central Bank of Nigeria on Friday order all financial institutions for di kontri to comot dia hand from dealing wit crypto currency.

CBN say until dem regulate crypto trading, e dey prohibited for institutions to deal in di digital currency.

Dis new order don set panic for di digital money market in Nigeria as pipo no too dey sure of wetin go happun next to dia investment.

For those wey dey think of how to convert dia Bitcoin, Dogecoin and oda digital currencies to cash,yougo need some Apps wey you fit download for your phone or check online.

 

[Setfragil]

There is nothing the Nigerian government can do that will surprise me again, most of their policies were not usually well thought of before passing it to law. They claimed the purchase of crypto was banned commercial banks to prevent fraudulent activities. There is no means of exchange that people cannot perpetrate frauds.

 

[gbadebo9]

The Nigeria government has proscribed having an account in commercial bank in order to discouraged people from using cryptocurency because they said people are using it medium to money laundering and support terrorism . we need to tell the government to change the way they are going because it will affect us at the comity of nation

 

[WhiteHouse]

No I don't think so, and the federal government has even come out and said they aren't Totally banning crytpocurrencies or bitcoin they are just not allowing you using the naira to purchase crytpocurrencies but any other transactions you can still do.

 

[Raymohney]

I don't think Nigerian government can place a ban of crypto wallet because everyone has a unique address which are domicile in different app. Such method can't make it easy for government to place a ban on it, we sit back and observe.

 

[Yewande]

And if it gets too that point which I know it won't get to, there are several ways around it. Most cryptocurrency applications have website which can do the same as the application. Unless the government want to start chasing shadow, it can't happen

 

[Heatman]

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.

Exactly, there is no way the ban will automatically end the use of cryptocurrencies or its trade. As I'm speaking to you now, trade are being carried on cryptocurrencies. I have had some trades with BNB now and it's massively increasing from $51 to $91. Let our government keep acting without vision.

 

[Onachukwu]

The ban comes as a shock to many, including those in the crypto industry. Sources within the industry say there was no communication beforehand. While many expected some kind of regulation in the future, the suddenness and seeming totality of it has deeply shaken the industry

 

[Abdul Naveed]

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. Send shocks.

 

[Josephjossy]

The way things are going in Nigeria now, I think they may ban crypto wallet one day. They recently other Banks to close any account that is transacting in crypto currency. I think that they many do something like that in near future. No body knows

 

[Abisola]

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.

 

[Irfanali]

Nigeria's central bank says banning cryptocurrencies 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. Send Shock Views via

 

[Heatman]

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. Send shocks.

Yes, the Central Bank of Nigeria is a big joke to me as long as I'm concerned. All they are doing is showing the world how weak they are in terms of boosting the economy through the use of cryptocurrencies but they choose to be clamping the economy.

 

[George10640]

That could be so hard instead legalizing it so as people can enjoy cryptocurrencies services they are banning. That's so bad and I think the government will come up with a solution to solve this and bring more ways to deal with any fraud involving cryptocurrencies in the near future. Cryptocurrencies is what should be embraced now .

 

[Abisola]

The outright ban of Naira-backed cryptocurrency trading significantly restricts the potential growth of Nigeria’s burgeoning cryptocurrency industry, which accounts for the world’s second-largest Bitcoin trading volume and the 8th country with the highest adoption of cryptocurrency in the world.

Taking the cue, some cryptocurrency exchanges have begun consideration of the migration of their companies to other crypto-friendly jurisdictions. In the meantime, they have deactivated Naira deposits and Naira withdrawals from the exchanges

 

[Sotherefore]

I understand they're trying to bank cryptocurrency and transaction with cryptocurrency so that everyone will concentrate on physical cash but before they even started doing that they have fail woefully because the Nigerian government can never stop cryptocurrency in this world.

 

[Dylinks]

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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.

Infact this government is clueless about the significance of cryptocurrency in the world. Most countries has embraced Bitcoin but here they are making life miserable for the populace. Infact I knew someone that his account was frozen because of trading on binance. They are afraid that there is no control over Bitcoin, therefore their activities will be exposed.

 

[Olubayo12]

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.

Well, it depends on the way people respond to the so-called law that was passed by the Central Bank of Nigeria. We should remember that this same law was already passed in 2017 without any effect, so its nothing new here to us

 

[BuchiBankz]

Cryptocurrencies is not run by the Nigerian government nor the CBN so I don't think this is possible or can be achieved

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.

Cryptocurrencies is not run by the Nigerian government nor the CBN so I don't think this is possible or can be achieved