When will the CBN lift the ban on crypto currency in Nigeria?

[Stylex]

Well seeing the fact they don't really bother about the achievement of the country on cryptocurrency I don't think if they will easily lift the ban.

 

[Jlife]

Not their own selfish Interest, what an individual look in to most times is the positive aspect of cryptocurrencies but as a country and as a government they give indebt analysis to both angles before taking decision.

Why is the United States of America not doing the same, most Western countries do not see anything wrong with cryptocurrency, I think all African country do not also see anything wrong with cryptocurrency, if that is what we wanted they should have leave it for us.

 

[ahmedo24]

Why is the United States of America not doing the same, most Western countries do not see anything wrong with cryptocurrency, I think all African country do not also see anything wrong with cryptocurrency, if that is what we wanted they should have leave it for us.

You can't compare the United States of America to Nigerla when it comes to.ecomomic advancement, their are countries that has also ban cryptocurrency for their own reasons.

 

[Ub40]

I will say that it is rather unfortunate that CBN decided to take such decision concerning crypto thereby making it hard for people to fund or withdraw through their bank account. Just as mentioned above, non p2p function on luno is affecting me too because I have bitcoin there which I am still not able to withdraw till now. It has just been there since this problem started. But I believe things will return normal again some day.

 

[Jlife]

You can't compare the United States of America to Nigerla when it comes to.ecomomic advancement, their are countries that has also ban cryptocurrency for their own reasons.

okay you think that it is because of the economy of this country that has made a Federal Government of Nigeria to ban direct deposit of cryptocurrency to exchanges ? if you think so then how does depositing of naira into crypto exchanges affect the economy of a country.

 

[ahmedo24]

okay you think that it is because of the economy of this country that has made a Federal Government of Nigeria to ban direct deposit of cryptocurrency to exchanges ? if you think so then how does depositing of naira into crypto exchanges affect the economy of a country.

I think you should be very positive about your country first regardless the challenges. Did you know people were already using cryptocurrencies for money laundering which was why SEC wanted to regulate the activities of cryptocurrencies?
Did you know that people were already asking for ransom for kidnapping in cryptocurrencies?

 

[Jlife]

I think you should be very positive about your country first regardless the challenges. Did you know people were already using cryptocurrencies for money laundering which was why SEC wanted to regulate the activities of cryptocurrencies?
Did you know that people were already asking for ransom for kidnapping in cryptocurrencies?

If so then what was the function of the police ? And what is also the function of the efcc ? They are the one that should take care of that issue and they should leave an ordinary citizen alone to concentrate in the business that is profitable to them.

 

[Prettyjanie]

There are some indications that the Nigerian government will soon lift the ban on cryptocurrency transactions in the banking sector as the Nigerian securities and exchange commission are already making a framework to be regulating the cryptocurrency world.

That would be cool. If it's true though because the present government do not have that as a priority as they are very much aware that a lot of youths are into cryptocurrency. Since the world is gradually adopting cryptocurrency, I hope we as a country will adopt same.

 

[Shigobad2020]

I do not think there is planned yet by the federal government to lift the ban on cryptocurrency. The government of Nigeria do not have a solid reason for the ban of cryptocurrency, it was done as a result of some personal interest to some group of people.

Nigerian government is still faced with issues more pressing and needed an urgent solution for now, so I don think the government has plan to lift the ban on crypto currency for now.

 

[Ralphjoe]

That would be cool. If it's true though because the present government do not have that as a priority as they are very much aware that a lot of youths are into cryptocurrency. Since the world is gradually adopting cryptocurrency, I hope we as a country will adopt same.

I do not think how soon it will be when the government will start regulating the cryptocurrency market but going by what the securities and exchange commission chairman has been saying that they have drafted a proposal on how to regulate the cryptocurrency market so we do not know when it will be approved and when it will be implemented.

 

[Shigobad2020]

That would be cool. If it's true though because the present government do not have that as a priority as they are very much aware that a lot of youths are into cryptocurrency. Since the world is gradually adopting cryptocurrency, I hope we as a country will adopt same.

Like you said and i will also add a little information, I think 80% of the government administration didn't take crypto currency transaction as a priority but sees it as something that will hinder their government.

 

[Oluwasube]

A lot of us have already moved on and the peer to peer market place has made everything completely fine for all of us. I don't think I need the CBN to lift the ban on crypto currencies again.

That is the right thing to be done. Not time to be crying over a spilt milk. Moving on has made another way of trading crytocurrency for most of us in Nigeria. So if they like, they should not lift it.

 

[Jlife]

I believe it is possible that they will lift the ban on cryptocurrency since they are also trying to create their own cryptocurrency themself, this is a good news for us because this is an opportunity for them to withdraw their banning of cryptocurrency.

 

[Prettyjanie]

Like you said and i will also add a little information, I think 80% of the government administration didn't take crypto currency transaction as a priority but sees it as something that will hinder their government.

You are absolutely correct in fact you have put it the exact way it. The government are more comfortable seeing the masses suffer so anything that will be a form of respite to the masses they are not interested in it.

 

[eLdavis]

I believe it is possible that they will lift the ban on cryptocurrency since they are also trying to create their own cryptocurrency themself, this is a good news for us because this is an opportunity for them to withdraw their banning of cryptocurrency.

This is true, but the question is would they be true to their words? I have heard them talk about wanting to create their own crypto and how it would affect the naira, but the Nigerian government has been known for their talks and no actions. I just pray they stick to their words this time around.

 

[Jlife]

This is true, but the question is would they be true to their words? I have heard them talk about wanting to create their own crypto and how it would affect the naira, but the Nigerian government has been known for their talks and no actions. I just pray they stick to their words this time around.

whatever they like to do is none of my business because the banning of deposit of cryptocurrency into the binance does not affect me in any way, but the government should not try to make the citizen of the country to suffer because of bad laws and regulation.

 

[Prettyjanie]

I do not think how soon it will be when the government will start regulating the cryptocurrency market but going by what the securities and exchange commission chairman has been saying that they have drafted a proposal on how to regulate the cryptocurrency market so we do not know when it will be approved and when it will be implemented.

Well, while it looks like a great step in the right direction, I hope and pray that the government will consider the chairman's proposal. So fingers crossed.

 

[ahmedo24]

I am optimistic that if there is positive development in the cryptocurrency Market before the end of he year the CBN will lift the ban and launch digital stables coins.

 

[Richard92]

I don't see the current Nigerian government reversing that policy. I think a change in cbn leadership or in government will see the reverse of the crypto ban.

We do not really know when CBN will lift the band on cryptocurrency but we are very sure that very soon the Nigerian government might consider cryptocurrency when it has gone viral.

 

[Trexxxy]

We do not know when CBN will lift the band on cryptocurrency but we are very sure that very soon the Nigerian government might consider cryptocurrency when it has gone viral.

Ooh ok. But I honestly don't think the Nigerian government is thinking about moving the country forward, I think they would rather remain on the past that benefits their interest, than enact policies that will better the people's lives.