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[AudraMiller]

The number of people that transfer money in the non-commercial manner, especially when it comes to foreigners, was noted as being 2.5 billion dollars at the start of last year. However, with the introduction of cryptocurrency this saw a massive decline, dropping to 55 million dollars in September of last year. This is a major drop, and is largely being attributed to cryptocurrency usage within the country. Do you think that this is a good thing or a bad thing for the crypto market in this country?

 

[Niftyicon]

I think this is one of the issues considered by the federal government before placing the ban on Cryptos. I think foreign remmitances have greatly dipped and that concerned the government.

 

[Wisdom01]

think when the government banned crypto currency it increase the popularity of it , and many people had to have more Interest in crypto and it affected the non commercial transfer

 

[GoldenLady]

The number of people that transfer money in the non-commercial manner, especially when it comes to foreigners, was noted as being 2.5 billion dollars at the start of last year. However, with the introduction of cryptocurrency this saw a massive decline, dropping to 55 million dollars in September of last year. This is a major drop, and is largely being attributed to cryptocurrency usage within the country. Do you think that this is a good thing or a bad thing for the crypto market in this country?

For the country, it's bad for business. However the charges placed on such transfers by financial institutions in the country do not encourage people to go that route

 

[AudraMiller]

For the country, it's bad for business. However the charges placed on such transfers by financial institutions in the country do not encourage people to go that route

This is true and financial institutions to charge quite a bit in order to make transactions through these channels however I think that cryptocurrency also experience with the same problem given the fact that transactions can be quite expensive if the value of the coin is high or if there's a lot of traffic on the market at any given time.

 

[ElPaule]

The number of people that transfer money in the non-commercial manner, especially when it comes to foreigners, was noted as being 2.5 billion dollars at the start of last year. However, with the introduction of cryptocurrency this saw a massive decline, dropping to 55 million dollars in September of last year. This is a major drop, and is largely being attributed to cryptocurrency usage within the country. Do you think that this is a good thing or a bad thing for the crypto market in this country?

would be interesting to see if the crypto will be converted into fiat again in Nigeria. To see if the drop of fiat transfers has been replaced by crypto transfers or if there are also other causes, like COVID-caused lower amount of transfers. One measurement point is before Covid the other is in the middle of the pandemic. I would be very surprised if the global pandemic - the worst worldwide crisis in over 50 years - did not have an impact on transfer volumes

 

[AudraMiller]

would be interesting to see if the crypto will be converted into fiat again in Nigeria. To see if the drop of fiat transfers has been replaced by crypto transfers or if there are also other causes, like COVID-caused lower amount of transfers. One measurement point is before Covid the other is in the middle of the pandemic. I would be very surprised if the global pandemic - the worst worldwide crisis in over 50 years - did not have an impact on transfer volumes

I am sure that the pandemic also had a major impact on the number of financial transactions that were happening especially because many people actually lost their employment opportunity and so they currently do not have a stable financial position which will of course lead to lower transaction volumes.

 

[GoldenLady]

This is true and financial institutions to charge quite a bit in order to make transactions through these channels however I think that cryptocurrency also experience with the same problem given the fact that transactions can be quite expensive if the value of the coin is high or if there's a lot of traffic on the market at any given time.

But you can bypass those charges by transferring during some hours of the day with less congestion, or using coins with low transaction fees like Tron. This is not possible with the financial institutions.

 

[AudraMiller]

But you can bypass those charges by transferring during some hours of the day with less congestion, or using coins with low transaction fees like Tron. This is not possible with the financial institutions.

This is true. However if you think about coins such as bitcoin, these coins have high fees throughout the day and this cannot be changed, and slow transaction times. Changing coins is similar to changing banks.

 

[CyberPreNurse]

I think this is one of the issues considered by the federal government before placing the ban on Cryptos. I think foreign remmitances have greatly dipped and that concerned the government.

Despite this, citizens should have been allowed to still receive Crypto Currencies payments as not everyone of us uses those popular payment gateways like PayPal. The government were responsible for low foreign remittance too.

 

[Niftyicon]

Despite this, citizens should have been allowed to still receive Crypto Currencies payments as not everyone of us uses those popular payment gateways like PayPal. The government were responsible for low foreign remittance too.

I wouldn't disagree with your point, however, the government of the day functions quite differently and to be honest, the approach to crypto by them shouldn't be too shocking.

 

[CyberPreNurse]

I wouldn't disagree with your point, however, the government of the day functions quite differently and to be honest, the approach to crypto by them shouldn't be too shocking.

it seems to me that they are always against anything that will help the masses and Young ones especially to make some money and sustain themselves.

 

[AudraMiller]

Obviously, it's a development in the crypto market. Since Nigerian government took an aggressive stance against cryptocurrency, all the crypto investors have resort to peer-to-peer transactions.

This is true and this can be a concern as well for the government because now there is no way for them to track crypto users. I think that it is best to accept it and regulate it rather than have people use it under the radar.

 

[Niftyicon]

This is true and this can be a concern as well for the government because now there is no way for them to track crypto users. I think that it is best to accept it and regulate it rather than have people use it under the radar.

This shows that the ban wasn't a well throughout plan. Regulations to keep exchanges in check and also monitor its use would have indeed being the better option.

 

[LutherKing]

It is Indeed A Competition For The Local Currency Because Crypto Is Always Going To Stipulate The Markets To Be Honest Actually In My Opinion. ..

 

[Mariappa45]

Yes, very much attributed to the usage of cryptocurrency, they've seen reasons with cryptocurrency decided to get into it, that's why the normal commercial money transfer is on reduction.