Is there a respite to CBN's policy on crypto withdrawals?

[MarieArie]

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

 

[Kayzzy3]

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

Yes there is indeed, first being that no government lasts forever, so well will be patient.

Moreover there other ways to exchange you crypto to Fiat of other currencies and transfer to you account.

Then for those of us who are Hodl, we will will wait for as long as possible because brains are at work to device another means.

 

[Sibel]

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.

 

[Joseph555]

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

Look I will be very blunt with my attention this afternoon government government has no power to ban or block cryptocurrency because it has not threaten the the FG in anyway.
Mind you crypto currency is a decentralized currency that is not control by anyone

 

[Mahnoor]

Di CBN mention say some oda kontries like China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia, don also ban cryptocurrenecy trading sake of say dem fit dey use am for financing terrorist, launder money and do some kain bad things.

 

[Erik4150]

The ban on cryptocurrency by CBN presents a very difficult situation for many of us. For now, I'm using binance peer to peer transactions to buy and sell cryptocurrency. The transactions are safe and cannot be detected by the CBN.

 

[Ezzyoj]

It has really been hard to make withdrawal, though I initiated a withdrawal that same day and I was paid the following day. I hope my account won't be blocked. But they have suspended all withdrawal for now. Till further notice

 

[Chumzy]

CBNs policy covers both deposits and then it Also clearly covers withdrawal. The most important thing is that one should be careful in dealings. Because once an account is blocked it would be a miracle to get it back.

 

[Dubai]

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

Most probably, there will be a remedy to the new rules of the CBN but this might not happen until a change of government takes place. Secondly, for the mean time you can withdraw your money earn in crypto wallet through peer to peer transactions. This would prevent your bank from blocking your account.

 

[Henrywrites]

Yes there is indeed, first being that no government lasts forever, so well will be patient.

Moreover there other ways to exchange you crypto to Fiat of other currencies and transfer to you account.

Then for those of us who are Hodl, we will will wait for as long as possible because brains are at work to device another means.

I am keen to see what is going to happen very soon. The situation with what is happening around crypto currencies in Nigeria is something that I am really tired about. I still don't understand why the government made the move to make most of Nigerians suffer with this kind of policy. I hope this government just phase out as soon as possible.

 

[Donkiz]

It's just a matter of time, the perfect means to withdraw money from crypto wallets will emerge, although there are options that people are currently using, but they are yet to be perfected. The option that looks more seamless is the P2P method, which is not free from scam. Currently banks are one rampage, closing people's accounts with reckless abandon, soon they will get tired and everything will be back to normal.

 

[Royalty]

The CBN sent a letter to local financial institutions on Friday, ordering them to shut down all bank accounts associated with cryptocurrency trading platforms. In response to the letter, crypto trading platform Binance and local electronic payment apps like Bundle halted deposits.

 

[Segshowee]

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

I would say there is a respite to crypto currency withdrawal to bank despite federal government ban on money deposits banks to desist from entertaining any transactions relating to cryptocurrency. You can make use of peer to peer when making withdrawal.

 

[Irfanali]

How To Make Money With Scriptocurrency: Consider Six Strategies

investment. Investing is usually about buying and selling assets over a long period of time. ... cryptocurrency trading for profit. ... stacking and debt ... crypto social media ... mining. ... aviators and hooks
[automerge]1613056604[/automerge]
How To Make Money With Scriptocurrency: Consider Six Strategies

investment. Investing is usually about buying and selling assets over a long period of time. ... cryptocurrency trading for profit. ... stacking and debt ... crypto social media ... mining. ... aviators and hooks

 

[idhans]

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

You are not the only one battling this situation as it affects every

I have been battling with questions such as: "How will I get my money from cryptocurrency?"
"What if I have totally relied on the money to get something urgent done?"
"Will my financial bank account really be blocked if I initiate withdrawal?"

Could it be perhaps I am the only one asking the W&H questions?

you are not the only one battling this situation as it affects every cryptocurrency investor in Nigeria right now. Irrespective of the order by the Central Bank of Nigeria banning local banks from transacting with exchange platforms, there are other ways you can still go about your crypto investment without having to pass through Banks.

 

[Muhammadawais]

The easiest way to avoid paying tax on bitcoin is to buy your Individual Retirement Account (IRA). Traditional IRAs allow investors to defer tax on profits until you start distributing. However, if you are eligible for Ruth Era, the money you pay is tax-free.

 

[Rimsha kanwal]

The cryptocurrency industry has grown substantially since Satoshi Nakamoto published the original Bitcoin whitepaper in 2008. More than a decade later, most people are aware of the terms “Bitcoin” and “cryptocurrency”.

 

[Ayokex]

This development will affect so many Nigerian youths especially those who depend solely on the income they generate from their online business. Sometimes government will just make decisions considering one side of the coin but leaving the other side.

 

[Ehizzy1]

I think the CBN policy on crypto withdrawal might not be fully effective in all aspect and it would only cover the deposit aspect , because most people still make use of crypto currency to withdraw their funds , and i am still making use of it to withdraw my funds to naira , i think only the deposit function that was affected

 

[Prettybabe]

I have not initiated withdrawal since the ban by the federal government. So I don't know if one can be paid when you try to withdraw. But I heard that there is peer to peer method. One has to be careful with that.