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How will cryto currency ban in Nigeria affect you?

  • Thread starter Thread starter Ayokex
  • Start date Start date
It is going to affect me negatively because most of the online investment platform requires such kind of platform to receive your payment. Now for instance the bizdustry forum do not pay us directly into our bank account or through other means other than Bitcoin or PayPal account. What if you don't have this payment platform or it is banned in your country.
 
There is no outright crypto ban in Nigeria what is happening is cbn ban the the banks in approving any crypto related transactions, you can still trade crypto by using p2p methods and most wallet still process payment in naira.
 
Nigerian cryptocurrency ban wey Central Bank of Nigeria [CBN] announce to stop trading in Crypto [Dogecoin, Bitcoin, Ethereum] no dey new. Yes! e don happun before for oda big kontris around di world.
Nigeria Central Bank on Friday stop banks and financial institutions for di west African nation from dealing in Cryptocurrency or facilitating payment for Cryptocurrency exchange - weda na Crypto coin or Crypto token.
 
Ayokex said:
The sudden ban of crypto currency in Nigeria may likely affect every internet entrepreneur for a particular period of time until we start to find solutions to it gradually. Most of our transactions online are performed through the crypto currency but the ban will make it a bit difficult for the time being.
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Definately, this sudden ban will affect all crypto currency users especially those with online business that have now accepted Bitcoin or other crypto coins as means of exchange, but what method of withdrawal and deposit can they make use of now?
 
Ltherman said:
Aside the fact that i usually prefer buying my crypto directly from the exchange by depositing naira and being credited the equivalent in Bitcoin. I had always preferred them over peer to peer bit it seems peer to peer is the only option right now.
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Ltherman said:
Aside the fact that i usually prefer buying my crypto directly from the exchange by depositing naira and being credited the equivalent in Bitcoin. I had always preferred them over peer to peer bit it seems peer to peer is the only option right now.
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I pray this cryptocurrency ban in Nigeria does not last long but it's collapsing different aspects of some Nigerian online business. I'm already becoming a victim of this ban because most of my online investment in cryptocurrency are not stuck, their is no way to get them in my local currency.
 
It doesn't have any direct effect on me because im not from Nigeria, but it might have an effect in overall Cryptocurrency market because Nigerians is one of the top users of Cryptocurrencies in the world so if they can't freely use exchangers for Cryptocurrency it may have a negative effect on the market too.
 
Concerning your question on hiw the cryptocurrency ban will afeect me, It will affect me because I can no longer use my bank account to buy cryptocurrency again. But I have looked for another option and found binance peer to peer transaction which I can use to bypass the ban by the Nigerian government and I also have friends who are merchants that can change the money into my local currency
 
Yes I think it is 100% possible that cryptocurrency can replace the usual currency that we are so used to. To be perfectly honest, I am almost looking forward to these happening.
 
The ban placed on crypto currencies gave it more popularity and I also observed that prices skyrocketed since then and have not dropped again.
 
The ban had almost no effect on day to day trading of crypto currency. One can still fund wallet by peer to peer. Same can be done for withdrawal as well
 
The only effect of the cryptocurrency ban in Nigeria on me is that I will no longer be able to withdraw and get my cryptocurrency payment directly from the exchange as usual anymore
 
I am not affected by such policies in Nigeria because I believe is for their self gain and those affected there will definitely a way out to solve their problems.
 
It has affected me badly to be sincere. The p2p means of buying and selling cryptocurrencies coins ain't favorable to me. They buy my coins at cheaper rate which is affecting me.
 
Am a Nigerian and cryptocurrency ban has effects on cryptocurrencies transactions but it doesn't affect me because i have other means of going about my transactions.
 
Cryptocurrencies does not affects me much as there are many ways around it to carry-on my cryptocurrencies transactions. I used peer to peer for my cryptos exchanges and to buy and sell cryptocurrencies. The ban only limits the amounts of daily transactions but not totally affects the business.
 
The peer-to-peer over by a lot of cryptocurrency platforms didn't allow the ban to affect Nigerians in carrying out cryptocurrency transactions in fact the trading volume has been on the rise since then.
 
Ayokex said:
Recently I saw a new released by the central bank of Nigeria that cryptocurrency have been paced on ban that no band should accept any transaction that involves it. I WS first troubled when I read this news because many of my online investment are through cryptocurrency but later I had a deed sigh of relief because I know that it is very difficult for anybody to lock Nigerians out of a system without finding a solution. It's a matter of time.
Now my concern is this, what if the CBN decision is fully implemented and there is no way to go around it, how will it affect your online business?
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Crypto currency ban in nigeria is really affecting me to the point that , i keep getting decrease in my coin due to charges upon charges, before we can withdraw directly into your local bank but now you have to keep transferring to someone outside to get money and it attracts charges.
 
The ban of cryptocurrency is already affecting me as It's difficult to sell and buy my cryptocurrency right now. The only way that I have relied to sell off my cryptocurrency earnings is through Binance P2P platform.
 
At the initial stage of the crypto ban in Nigeria I was a bit disturbed because I thought that may be the end of everything but there's something about Nigerian youths. To every problem we encounter solution is not far fetched.
 
It will affect a lot of people because many local start up crypto companies might no longer operate. Till the government reconsiders them operating i think and remove the ban
 
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