• Please note to have a link in an article you must first request permission from the administrator and pay a fee. You can read more information here.

The Nigerian Government bans Crytpocurrency.

  • Thread starter Thread starter WhiteHouse
  • Start date Start date
WhiteHouse said:
The Central Bank of Nigeria just directed all Financial Institutions to close the accounts of those dealing with crypto transactions.

The apex bank threatened extreme regulatory sanctions on organizations that may break its order.
This new development has received alot of negative backlash from Nigerians.

I am 100% Against this motive, I know crytpocurrencies may be affecting our economy negatively but there are better and more strategic ways to deal with it and not outright ban.

What do you think of this new development?
Click to expand...
This is not and never a development at all, it's rather a blind policy designed to put the masses in extreme poverty more and more. You do not provide jobs for people, yet their source of living, you block it all in the name of passing a useless law. Some government don't actually get it right.
 
Hmmm, bad news, bad news, bad news that was what I shouted when I head about the ban by cbn of Nigeria. I am just surprise why our government chose to be going back why other nation are striving in technology, it is actually a sad one.
 
Nigeria government can only stop the transaction of banks with crypto currency but they can't stop the use of crypto currency in Nigeria. Crypto was originally designed as a peer to peer something. Therefore the market continues to forge ahead.
[automerge]1612624758[/automerge]
Nigeria government can only stop the transaction of banks with crypto currency but they can't stop the use of crypto currency in Nigeria. Crypto was originally designed as a peer to peer something. Therefore the market continues to forge ahead.
 
Nigerian government placing a ban on crypto currency is uncalled for. Although, there has been some negative issues with crypto currency but this man's of exchange has been serving a lot of purposes for a while the government should consider these options before placing a ban.
 
The most wicked and irresponsible government have ever seen is Nigeria government. You failed to provide job for your citizens and they find way to get job for themselves you still wage war against them. Boko Haram is there killing innocent people you don't do anything about it, bandits are killing and kidnapping people, that one is not are of interest to you but you derived joy in rendering youth jobless, just be preparing for increase in crime rate. I come in peace.
 
WhiteHouse said:
The Central Bank of Nigeria just directed all Financial Institutions to close the accounts of those dealing with crypto transactions.

The apex bank threatened extreme regulatory sanctions on organizations that may break its order.
This new development has received alot of negative backlash from Nigerians.

I am 100% Against this motive, I know crytpocurrencies may be affecting our economy negatively but there are better and more strategic ways to deal with it and not outright ban.

What do you think of this new development?
Click to expand...
Cryptocurrency is not affecting our economy in any way or in any form. Nigeria should tackle the issues of unemployment, issues of corruption, and issues of diversification in the country, and stop blaming cryptocurrency from its backwardness. We can still buy and sell our cryptocurrencies from third-party without Banks.
 
The ban on cryptocurrency by Nigerian government is a very bad thing. Nigeria is currently the second largest user of cryptocurrency in the world.
I believe the ban is just to prevent banks from having any dealings with cryptocurrency.
Individuals can still trade cryptocurrency through peer to peer transactions.
 
Concerning your question, I really don't think they can actually ban cryptocurrency, because they know that it is not possible to do so , it would be really impossible for them to just ban crypto currency just like that i think, its only depositing in naira that would be banned. And also withdrawing in Naira, but crypto experts in Nigeria have told people to not panic, as they can use P2P
 
This is very bad news for Nigerians. Those who have made a good foundation of investing in cryptocurrencies and are earning well from it are going to be affected so badly. The government should find other means of securing economy instead of banning cryptocurrencies. I hope it does not happen that way in my country.
 
WhiteHouse said:
The Central Bank of Nigeria just directed all Financial Institutions to close the accounts of those dealing with crypto transactions.

The apex bank threatened extreme regulatory sanctions on organizations that may break its order.
This new development has received alot of negative backlash from Nigerians.

I am 100% Against this motive, I know crytpocurrencies may be affecting our economy negatively but there are better and more strategic ways to deal with it and not outright ban.

What do you think of this new development?
  • Cash
  • Earn money online fast
Click to expand...
This is nothing compared to development, it is in fact a regression in the administration of a country for such country to say no to Cryptocurrency. The impact of Cryptocurrency in the world is of great importance and any country saying no to Cryptocurrency is only drawing herself back.
 
This is not a good news for anybody in the country, and it is a bad move for the nation. Banning of crypto currency has no positive effect on the country, in fact it has a big side effect because many unemployed youth are making a living out of crypto currency, and by banning it they Just make the business more stressful for people in it.
 
I was honestly confused about this news,i thought nigeria is in support of Cryptocurrency and will be the one of the first nation to completely adapt the use Cryptocurrency then they just banned it. There's a lot of nigerians that i saw that turn to Cryptocurrency to earn for a living that the government couldn't provide them now they do this.
 
The Nigerian government is one of the two failed government in the world. They're very inconsistent, wicked and careless. They don't have the interest of the citizens at heart. Banning cryptocurrency just shows how evil they are.
 
I think this is very appalling and rash. It's just not fair, did they bother to think what will happen to those who owns crypto assets in Nigeria, why would they close it down with immediate effect, without giving people the chance to withdraw their assets???
 
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.
 
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
[automerge]1612869724[/automerge]
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
 
The Central Bank of Nigeria (CBN) issued a five-page statement Sunday clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions on Friday sent shockwaves through social media.
In Sunday’s statement, the CBN said Friday’s letter was only a reminder that cryptocurrencies were not legal tender in Nigeria and was reiterating a position the bank has held since 2017, not imposing new restrictions on the industry.
[automerge]1612870157[/automerge]
The Central Bank of Nigeria (CBN) issued a five-page statement Sunday clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions on Friday sent shockwaves through social media.
In Sunday’s statement, the CBN said Friday’s letter was only a reminder that cryptocurrencies were not legal tender in Nigeria and was reiterating a position the bank has held since 2017, not imposing new restrictions on the industry.
 
According to my on point of view I can't really say what's wrong with Nigeria government but the fact is that Nigeria government has banded cryptocurrency here in Nigeria but it still possible for you to use your app to buy sell and invest in cryptocurrency up like Luno are still active
 
It wasn't actually banned. They only prohibited financial institutions like the commercial banks from engaging in cryptocurrency transactions. According to the information made known by government sources, cryptocurrency is used by criminals and the corrupt to transfer large sum of money which cannot be traced by security agencies since cryptocurrency is decentralised.
 
About ten days ago, when the Nigerian government banned cryptocurrency, I was wondering where the country is going towards to. I felt there should at least give reasons.
Few days later, they gave incoherent and absolutely useless reasons like saying Crypto is affecting the economy. Then, a week ago India banned Crypto too. Who else noticed that only underdeveloped and poor countries have been banning crypto
 
You must log in or register to reply here.
Back
Top