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❕NEWS Nigeria's Central bank agrees with apex bank over cryptocurrencies

AudraMiller

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Recently there was a ban that was placed on cryptocurrencies from Nigeria, in which all the Nigerians are no longer allowed to transact in cryptocurrencies. This means that those that were previously active on crypto sites and were being paid out to their bank account, were unable to do so and this posed a major problem for them. In a recent article, the Central bank of Nigeria has actually agreed with the decision, even going so far as to say that the crypto is not considered to be 'legitimate money'. What do you think about this stance that the Nigerian government has taken? With so many countries considering legalizing crypto, do you think that this decision is justified?
 
The Central Bank of Nigeria Governor, appeared before the Senate panel yesterday and he stated that most Nigerlans were ok with the ban which is not the truth only those who claimed to be victim of Paying ransom through bitcoin for kidnapping , the Governor claimed it unsafe especially with the high level of insecurity in the country at the moment.
 
The Central Bank of Nigeria Governor, appeared before the Senate panel yesterday and he stated that most Nigerlans were ok with the ban which is not the truth only those who claimed to be victim of Paying ransom through bitcoin for kidnapping , the Governor claimed it unsafe especially with the high level of insecurity in the country at the moment.
government banning cryptocurrencies while so many people have invested already. the government could stop people before investing or why banks allowed people to invest in crypto. many people wud be disagreed wid this dicision
 
government banning cryptocurrencies while so many people have invested already. the government could stop people before investing or why banks allowed people to invest in crypto. many people wud be disagreed wid this dicision
Infact it has not reduced the level of investment more people are still Investing because of lots of reliable Exchange platforms like Binance and other escrow groups for P2P.
 
in my eyes, everything that peoples agree got value and trading with is money. Countries that dont allow crypto for example dont have freedom and shouldnt even try to say they do.
 
I really wait for a time when the Nigerian government would make major decisions while putting the interest of the people first without any political undertone.
The cbn governor said he acted on the interest of many Nigerians and actually some Nigerians are against it probably because the first victim of losing from the investment or like paying ransom two kidnappers or criminals through the use of cryptocurrencies.
 
The cbn governor said he acted on the interest of many Nigerians and actually some Nigerians are against it probably because the first victim of losing from the investment or like paying ransom two kidnappers or criminals through the use of cryptocurrencies.
I guess that was the opinion of the regular people on the streets who don't really know what crypto is about. In taking such decisions, there should have been a stakeholders meeting where people who knew what it was all about could have attended and given their opinions.
 
Sometimes I wonder what's my country problem. Always dragging the country backward. Nothing to justify this action at all by my own views. They should allow each individual take this risk that's all
 
The Nigerian government are biased and these days dictative without having genuine concern for the interests of citizens and residents. Thanks to p2p trade though Nigerians are still going strong using cryptocurrency.
 
The Nigerian government are biased and these days dictative without having genuine concern for the interests of citizens and residents. Thanks to p2p trade though Nigerians are still going strong using cryptocurrency.
Yeah 8 think the effect is mostly for those that were using the local banks for their transactions but online it is business as usual and they can't do nada about it
 
Concerning Nigeria's central bank agrees with apex bank over cryptocurrency. I feel the call to ban cryptocurrency all of a sudden by the Nigerian government is very wrong and inappropriate. Many have invested into it and their excuses are not really worth banning
the government should find another way to adjust all things while many many people have already invested in bitcoin and other cryptos. it will big loss for people and government take action inappropriate.
 
They just have to very gradual how about the process so I hope they are able to work together to come up with a regulatory framework that will be better for both the crypto enthusiast and the country at large.
 
the government should find another way to adjust all things while many many people have already invested in bitcoin and other cryptos. it will big loss for people and government take action inappropriate.
Sometimes I believe it always the fault of their advisers because they themselves do t know better so whatever they are told whether appropriate or not will be carried out
 
Recently there was a ban that was placed on cryptocurrencies from Nigeria, in which all the Nigerians are no longer allowed to transact in cryptocurrencies. This means that those that were previously active on crypto sites and were being paid out to their bank account, were unable to do so and this posed a major problem for them. In a recent article, the Central bank of Nigeria has actually agreed with the decision, even going so far as to say that the crypto is not considered to be 'legitimate money'. What do you think about this stance that the Nigerian government has taken? With so many countries considering legalizing crypto, do you think that this decision is justified?
The fact is very clear , they do not understand cryptocurrency ,yet bans it for the sack of security ,when the security level in the country is not far from zero .
 
I think the ban will not last long, because they are working on modalities on how control the cryptocurrency by liaison with local banks. I hope it comes to pass.
 
I think the ban will not last long, because they are working on modalities on how control the cryptocurrency by liaison with local banks. I hope it comes to pass.
Sure ,but believe me , the outcome of their meeting and regulation policy will not real be favourable to Nigerians at all .
 
With what the central bank as said i am not sure if the use of crypto currency would be considered again , unless there is a change in government
Actually it can still be considered again , the only issue is that they will have to make rules that will guide cryptocurrency usage in the country.
 
If its the rules are not delayed it would be better because many citizens of the country might want to trade , but can't due to the delay of rules
I believe that Nigerians are ready for them . If their policy is not favourable , there will be another Nationwide protest in the country
 
They just have to very gradual how about the process so I hope they are able to work together to come up with a regulatory framework that will be better for both the crypto enthusiast and the country at large.
yes, i agree with you. it will be good for all. the government has to maintain all things because people have invested large money and it cant be left behind because the government wants to ban cryptos.
 

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