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

[akinlolu99]

With the boycott set on the exchanges on digital currency in Nigeria by the CBN it got hard for Nigerians to get to their assets in their wallet, so fledgling requirements to higher to individuals to assist them with pulling out the p2p framework since they have no clue about how the p2p functions.

Some trade stage like Luno doesn't appear to have that component making it hard for individuals utilizing such stage since they should initially move their coin to a stage where p2p is utilitarian and this accompanies an extra expense.

Again I saw that the conversion standard shifts on a few stages in certain stages very much like the Luno stage the dollar to naira swapping scale is far higher than the customary conversion standard on different stages, if the boycott is lifted individuals exchanging on Luno can pull out straightforwardly and make the extra benefit on the Luno stage instead of losing it by utilizing the p2p.

 

[Ralphjoe]

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.

For the fact that the government are trying to create your own cryptocurrency does not mean that the government will soon lift up its ban on cryptocurrency transaction in the banking sector.

 

[Shigobad2020]

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.

They are indeed all targeting their pocket and all they think is theirselves and they don't even care about the interest of the citizen of the country, lifting the ban will help so many people.

 

[Jlife]

For the fact that the government are trying to create your own cryptocurrency does not mean that the government will soon lift up its ban on cryptocurrency transaction in the banking sector.

okay if they do not allowed us to transfer money to invest in the cryptocurrency they are about to create then how do you think we will be able to buy it ? I want to see how they will succeed in creating a cryptocurrency without a buyer.

 

[Bookwormlux]

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.

I also do not even care about them anymore. They just do not want us to enjoy using crypto currencies to make money. It is good that binance has made things easy.

 

[GIFTMICHAEL]

Hmm, their is no signs for it happening at the moment but maybe in the near future based on the information gathered that the CBN govt is planning on building their own digital currency. With that, they can look into lifting the ban.

 

[Ralphjoe]

okay if they do not allowed us to transfer money to invest in the cryptocurrency they are about to create then how do you think we will be able to buy it ? I want to see how they will succeed in creating a cryptocurrency without a buyer.

I think the way that we are planning to handle this their digital currency is a situation whereby people are able to use Fiat currency to buy the digital currency.

 

[Jlife]

We cannot see if they are going to lift the ban on cryptocurrency or not because you don't know what they are trying to do,sometimes I do believe that it is possible that they will lift the ban on cryptocurrency in the future when a lot of people have adopted to cryptocurrency.

 

[Alexandoy]

I have

Hmm, their is no signs for it happening at the moment but maybe in the near future based on the information gathered that the CBN govt is planning on building their own digital currency. With that, they can look into lifting the ban.

I have been reading a lot of posts on the speculation that a country that is restricting the crypto has plans of coming up with its own crypto coin. The China ban also elicited similar comments. Crypto fans are surely encouraging themselves in the positive comments but has no proof to show.

 

[GIFTMICHAEL]

I have

I have been reading a lot of posts on the speculation that a country that is restricting the crypto has plans of coming up with its own crypto coin. The China ban also elicited similar comments. Crypto fans are surely encouraging themselves in the positive comments but has no proof to show.

They have proof cos they got the news from the right source and not just from social media posts. If they didn't get such information they wouldn't have shared it.

 

[ahmedo24]

The CBN is coming up with central bank digital coin very soon which many as a way to lift the ban on cryptocurrencies so let be calm and watch how the situation unfold.

 

[Destinyfejiro]

That's true apps like quidax and roqqu too dollar rates are higher than normal which would lead to huge profit when the ban is uplifted ....well the government certainly have much on their hands to think about crypto currency right now ..hopefully by next year everything would be perfectly okay for the crpyto community

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?

 

[Lens]

The CBN has not lifted the ban presently due to some factors that are reasonable. The corrupt politicians use the bitcoin to steal public funds with no trace and the insurgents received payment from foreign sponsors via the bitcoin. These are the major factors but talks is ongoing to resolve this issue.

 

[Shigobad2020]

The CBN is coming up with central bank digital coin very soon which many as a way to lift the ban on cryptocurrencies so let be calm and watch how the situation unfold.

I don't quite understand the meaning of your comment, are you trying to say the central bank of Nigeria are trying to have their own personal digital coin before they lift the ban on the use of crypto currency?

 

[Setfragil]

The CBN has not lifted the ban presently due to some factors that are reasonable. The corrupt politicians use the bitcoin to steal public funds with no trace and the insurgents received payment from foreign sponsors via the bitcoin. These are the major factors but talks is ongoing to resolve this issue.

The government of Nigeria and the CBN are very confused on the next actions to take on cryptocurrencies. Nothing reasonable has been heard from them concerning the lifting of the ban than they are working to come up with something better for everyone.

 

[Haveit]

Based on history, Nigeria will most likely not lift the ban on crypto currency anytime soon. Nigeria is known for lazy lawmakers who keep pending decisions.

 

[ahmedo24]

Based on history, Nigeria will most likely not lift the ban on crypto currency anytime soon. Nigeria is known for lazy lawmakers who keep pending decisions.

Law makers are not the ones to lift the ban on cryptocurrencies, get the right information before sharing your opinion , CBN is to that because it is the head of financial institutions in the country.

 

[Haveit]

Law makers are not the ones to lift the ban on cryptocurrencies, get the right information before sharing your opinion , CBN is to that because it is the head of financial institutions in the country.

If we are to talk about information and opinions then you should kñow that not all law makers sit down to discuss politics or are necessarily in the national assembly, CBN would definately have its own law making representative.

 

[Sotherefore]

I just believe it is going to take a very long time before the Central Bank of Nigeria will lift the ban on cryptocurrency, it'll be faster only when they
Create their own cryptocurrency, that is the only way they will do it faster.

 

[akinlolu99]

Reverse kea. They will not oh because on the thing for such is crypto lightened the line btw government peanut they give youth or nigerias generally and what they can make on there own plus the gov just wants to hold down people to be giving them peanut so for sure I doubt they will