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

[eLdavis]

I believe the CBN would lift the ban very soon, currently they are making plans of creating their own crypto currency that would serve as a stable coin to help boost the value of the naira

 

[Ltherman]

Seeing the slow nature of our institutions to accept and adopt changes especially monetary changes in the global stage, i highly doubt how soon they will reverse that policy. The world has moved on and a lot of talent pool that the industry would have attracted to Nigeria if they had gone on to stimulate that sector still beats my imagination.

 

[eLdavis]

Seeing the slow nature of our institutions to accept and adopt changes especially monetary changes in the global stage, i highly doubt how soon they will reverse that policy. The world has moved on and a lot of talent pool that the industry would have attracted to Nigeria if they had gone on to stimulate that sector still beats my imagination.

True, this is another weakness that Nigeria has. Even when they know they are wrong on it needs to be changed. They still take time in making these changes.

 

[GIFTMICHAEL]

Offcourse the government would have to regulate the activities and also ensure the exchange platforms are registered and kyc is enforce to avoid money laundering.

Yes, if the government will come in regulate it by ensuring all exchange platforms use the KYC only to accept users. Without it, they shouldn't accept any new user.

 

[eLdavis]

Yes, if the government will come in regulate it by ensuring all exchange platforms use the KYC only to accept users. Without it, they shouldn't accept any new user.

This might actually work if the government knows what their doing, with the recent events going right now i begin to have second thought on the decisions made by the government.

 

[GIFTMICHAEL]

This might actually work if the government knows what their doing, with the recent events going right now i begin to have second thought on the decisions made by the government.

I heard that the CBN government is considering to lift the ban posed on Cryptocurrency around the country in order to allow traders to begin normal activities. They want to prioritize crypto just like El-salvador govt have done.

 

[ahmedo24]

I heard that the CBN government is considering to lift the ban posed on Cryptocurrency around the country in order to allow traders to begin normal activities. They want to prioritize crypto just like El-salvador govt have done.

The El-Salvador was a great move that most countries should emulate, I believe if the CBN eventually legalize cryptocurrencies it could boost the price of Bitcoin because Nigerians also has significant trading volume.

 

[Kayzzy3]

Offcourse the government would have to regulate the activities and also ensure the exchange platforms are registered and kyc is enforce to avoid money laundering.

Although that is good if people don't get duped, but that is just an excuse to stop people from doing cryptos.

The Nigerian situation is very peculiar because the CBN Governor while making the pronouncement showed great ineptitude and gross ignorance about cryptocurrencies, but I'm glad he is coming around and soon they are going to retract their stance.

 

[ahmedo24]

Although that is good if people don't get duped, but that is just an excuse to stop people from doing cryptos.

The Nigerian situation is very peculiar because the CBN Governor while making the pronouncement showed great ineptitude and gross ignorance about cryptocurrencies, but I'm glad he is coming around and soon they are going to retract their stance.

As a central bank governor he has wealth of experience in financial management and Crypto Currency is a volatile market that people don't rush into , the reasons for ban or suspension were genuine and after they have researched about it they are making positive move in the direction.

 

[Shigobad2020]

Offcourse the government would have to regulate the activities and also ensure the exchange platforms are registered and kyc is enforce to avoid money laundering.

Regulating the activities in the country concerning the use of crypto currency is the first thing the government must do before restoring the use of crypto currency for transaction.

 

[ahmedo24]

Regulating the activities in the country concerning the use of crypto currency is the first thing the government must do before restoring the use of crypto currency for transaction.

Offcourse they must the parameters in place for regulations and possibly test run them before formally legalizing the activities of cryptocurrencies in the country.

 

[Shigobad2020]

Offcourse they must the parameters in place for regulations and possibly test run them before formally legalizing the activities of cryptocurrencies in the country.

Putting ban on crypto currency in nigeria has been hindering the business of some people who are working hard to earn a living online through the investment of crypto currency.

 

[ahmedo24]

Putting ban on crypto currency in nigeria has been hindering the business of some people who are working hard to earn a living online through the investment of crypto currency.

They have to find alternative since we are govern by law , Nigerla is not the first country to ban it , you should understand that Nigerla is faced with insecurity challenges and the economy is not advance yet.

 

[GIFTMICHAEL]

The El-Salvador was a great move that most countries should emulate, I believe if the CBN eventually legalize cryptocurrencies it could boost the price of Bitcoin because Nigerians also has significant trading volume.

El-salvador govt have really shown example how a country should act when something promising showcases itself. Others got mixed intentions around crypto but El-salvador's govt got clear view around its potency in the future to effect their economy positively.

 

[ahmedo24]

El-salvador govt have really shown example how a country should act when something promising showcases itself. Others got mixed intentions around crypto but El-salvador's govt got clear view around its potency in the future to effect their economy positively.

It is actually a risk worth taking by the El-Salvador though personally I don't know how stable, advance and promising their economy has been.

 

[Dowenship]

With the ban placed on the transactions on crypto currency in Nigeria by the CBN it became difficult for Nigerians to access their funds in their wallet, so novice needs to higher to people to help them withdraw through the p2p system because they have no idea of how the p2p works.

Some exchange platform like Luno doesn't seem to have that feature making it very difficult for people using such platform because they will need to first transfer their coin to a platform where p2p is functional and this comes with an additional cost.

Again I noticed that the exchange rate varies on several platforms in some platforms just like the Luno platform the dollar to naira exchange rate is far higher than the regular exchange rate on other platforms, if the ban is lifted people trading on Luno can withdraw directly and make the additional advantage on the Luno platform rather than losing it by using the p2p.

What is your take on this?

I never noticed this recently, I know the rate must have happened recently due to the fact that you can't withdraw directly to your bank account, but I think I will rather stick with binance.

 

[Prettyjanie]

I don't see CBN coming out to publicly lift the ban on cryptocurrency. We just have to come up with modalities regarding how to trade without any interference. Because as for me crypto it is, no going back.

 

[eLdavis]

I don't see CBN coming out to publicly lift the ban on cryptocurrency. We just have to come up with modalities regarding how to trade without any interference. Because as for me crypto it is, no going back.

Indeed, right now anything relating to Nigeria and its government is just confusing, cause the government are confused. So like you said we would just have to find our way around it for now till they are ready. And i believe most people are already doing that right now.

 

[Niftyyem]

I don't see CBN coming out to publicly lift the ban on cryptocurrency. We just have to come up with modalities regarding how to trade without any interference. Because as for me crypto it is, no going back.

Well, last update from Luno stated that they were in talks with the bodies involved and this included some other stakeholders. Luno seems to be optimistic about the lifting of the ban although no time has been stated yet.

 

[Trexxxy]

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.