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What does the future holds for cryptocurrency in your own country??

  • Thread starter Thread starter Sincerem
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Aaron625 said:
In our country there has been dilemma from 2018 regarding cryptocurrency ban. But now there is some clarity that they wont ban bitcoin completely.
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Which country are you coming from?? And what is the reason behind your country's government banning Cryptocurrency in the country?
 
I am really not sure what will be the future of cryptocurrencies in my country because most of the people are not aware of cryptocurrencuies due to a lack of awareness and knowledge. I live in a Tier 3 country and in here even Paypal is not supported so I doubt if cryptos will be widely used here. Thank God cryptocurrencies are not limited to specific countries. :)
 
Sincerem said:
Which country are you coming from?? And what is the reason behind your country's government banning Cryptocurrency in the country?
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I am from India. They have not banned cryptocurrency legally , but there is always a confusion because of media and other reports. But our government is against cryptocurrency because they believe bitcoin can be used for illegal activities like drugs and such things. Still , people in our country use bitcoin in large volumes , thats the positive thing which proves bitcoin isnt banned legally here.
 
Sincerem said:
Sometimes my own country makes some unfavorable decisions that is unpleasant to its people without reasoning the future implications. stopping the banks to trade Cryptos on their own, and stopping them from accepting deposit of cryptos from online merchants isn't the right choice at all. Only the future will tell where this will lead to. I believe that no matter the dreaded circumstances that fazed crypto at the moment in my country. I believe that it will still grow both in my country and worldwide.

Have your country adopted wide usage of Cryptocurrency? Or still doubting it like my own country??
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I will basically answer the question ⁉️
I see a bright future for cryptocurrencies in Nigeria, it's going to make much more sense possessing cryptocurrencies in future than it is now.
And the government would have no choice but to accept it.
 
Sincerem said:
Yes, of should be based on the profit level, and the charges shouldn't be higher than 0.1% for every trader. And not exacting exorbitant charges that will discourage people going into crypto investment.
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I think that 0.1% is a low tax rate and i highly doubt that anything like that will actually be implemented because then there will be minimal benefit to teh government. I think that perhaps it will be something along the lines of 20-30%.
 
BrolySSJ said:
I think that 0.1% is a low tax rate and i highly doubt that anything like that will actually be implemented because then there will be minimal benefit to teh government. I think that perhaps it will be something along the lines of 20-30%.
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Hmm, still 20-30% tax charges will be detrimental to those traders, I don't think they will be happy at that, with 0.1% they'll be comfortable, that's exactly what binance charges when converting to other coins.
 
Sincerem said:
Hmm, still 20-30% tax charges will be detrimental to those traders, I don't think they will be happy at that, with 0.1% they'll be comfortable, that's exactly what binance charges when converting to other coins.
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I don't think that they will be happy with it as well, however i am basing this on the current tax that is paid on the salaries in my country. I think that teh rate that we have at the moment is around 40% of our salary which goes to tax. Which is a lot.
 
Kayzzy3 said:
I will basically answer the question ⁉️
I see a bright future for cryptocurrencies in Nigeria, it's going to make much more sense possessing cryptocurrencies in future than it is now.
And the government would have no choice but to accept it.
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If the government of Nigeria will accept or adopt the cryptocurrencies into its financial system, do you think the possibility of arbitrage people enjoy now will ever exist again?
 
BrolySSJ said:
I don't think that they will be happy with it as well, however i am basing this on the current tax that is paid on the salaries in my country. I think that teh rate that we have at the moment is around 40% of our salary which goes to tax. Which is a lot.
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Hmm, your country's government over charge civil service workers with such an exorbitant charges as tax. Here in my country where the salaries of the civil servants are very low, which can't do a family man to train his family of 4 to the highest. Such can't happen, cos everyone will go to war for it, it will mean hell fire to us.
 
Eodine said:
Seems we're in the same country, I wish that the government would just wise up to see the benefits of crypto currency so that we can all benefit from all the things crypto offers
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which currency does not have a future in my country because it has been banned by the Federal government of the country not to be used.
 
Richard92 said:
which currency does not have a future in my country because it has been banned by the Federal government of the country not to be used.
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The ban on crypto currency is not permanent as China and India have relived their restrictions on crypto currency before in time past so this current ban might be lifted in years to come.
 
Yes, the ban isn't permanent, that's something that will stay a little longer and those countries who banned it will come to realise its future benefits, they won't have any option but to unban it.
 
Sincerem said:
Hmm, your country's government over charge civil service workers with such an exorbitant charges as tax. Here in my country where the salaries of the civil servants are very low, which can't do a family man to train his family of 4 to the highest. Such can't happen, cos everyone will go to war for it, it will mean hell fire to us.
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I agree with you that it is very high, and this is apart form other taxes that we pay on each item such as vat and even on teh road taxes and so forth, so tax makes up a large portion of expenditure for us.
 
Kelly5 said:
If the government of Nigeria will accept or adopt the cryptocurrencies into its financial system, do you think the possibility of arbitrage people enjoy now will ever exist again?
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That is something we will come to understand and see when we all get to that bridge I guess. Let the government first of all allow and make this thing legal first then we'll know how things turns out
 
BrolySSJ said:
I agree with you that it is very high, and this is apart form other taxes that we pay on each item such as vat and even on teh road taxes and so forth, so tax makes up a large portion of expenditure for us.
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Hmm, that means your country government gains more than half its income through multiple taxations?? Here in my country the unemployed isn't taxed just the government employed workers and some big private workers pay tax.
 
In my home country, crypto currencies are not considered legal. You cannot trade, invest, buy, sell, or hold crypto currencies. You cannot invest through banks or withdraw through banks
 
In my country more young people have realised that crypto currency is a good way to make money, so it means more will accept it in the future.
 
Yes, a lot of persons have made profits from trading cryptocurrency in Nigeria despite the ban on it by the Nigerian government. The ban even further propelled those who weren't interested in cryptocurrency to invest in it. The future of cryptocurrency in Nigeria is indeed bright.
 
It is partially banned here in my country, i just hope the ongoing discussion around the federal government and the CBN committee members go as planned and they lift the ban so we'll go back to normalcy transacting around crypto.
 
the government of my country Is just trying to make things difficult for crypto investors because they have bann direct deposit of money into the the trading system, I just believe that they will accept cryptocurrency in few years time
 
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