Long term effects on cryptocurrency bank in Nigeria

eojo2401

Verified member
Just of recent a witch-hunting signal came from our almighty and unquestionable federal government that mandated all banks and financial institutions in the country to close the accounts of any cryptocurrency traders or dealers. To me I see this move as persecution and a misplaced priority. One of the things that reduces crimes rate among the youth is digital currency trading. Even some repented internet fraudster popularly known as "yahoo yahoo" now prefer to go into cryptocurrency rather than being a fraudsters. Cryptocurrency also reduces unemployment rate in the society because most of the major crypto dealer have offices and numerous employees. But with this new directive some of the has released there staffs to go back to overcrowded labour market. I am afraid this will leads to series of criminal activities on the long run like kidnapping, banditry, robbery and so on. Do you think the idle hands will not be the devil workshops? May God give our leaders understand, knowledge and wisdom to lead us right.
 

Haypril

Verified member
The effects will surely be a long term effects and it is not just for Nigerians but to the world at large. With deep findings I believe the so called banks has device a means of reducing such negative effects on the business. Why could Guarantee trust bank comes out with their own coin and bonus giving platforms to earn such coin. More commercial banks must have had plans for creating, if not already created their own coin before the ban was placed. And I so much believe that this banks contributed in the ban of Crypto currency.
 
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Ozigba Richard Lamai

Verified member
Is large effect of bank in cryptocurrency activities in my country Nigeria the government need to reverse their band on cryptocurrency or is it will cause a lot of damage to those who are dealing on cryptocurrency all those who have made it their livelihood all source of funds.this have really affects many people who are dealing in cryptocurrency in Nigeria because they don't really know how to survive based on this government policy.
 
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Ahmedo24

Valued Contributor
It affected laptop exchange platforms in the country such as buycoin and topupgold.com, these are wonderful Exchange platforms in the country that were doing great they employed people to work for them which is another source of employment to the youths. It rather unfortunate but I hope the central bank of Nigerla give their decision a second thought and legalize the Crypto to fiat transactions fully in the country.
 
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Akinwale701

Verified member
Just of recent a witch-hunting signal came from our almighty and unquestionable federal government that mandated all banks and financial institutions in the country to close the accounts of any cryptocurrency traders or dealers. To me I see this move as persecution and a misplaced priority. One of the things that reduces crimes rate among the youth is digital currency trading. Even some repented internet fraudster popularly known as "yahoo yahoo" now prefer to go into cryptocurrency rather than being a fraudsters. Cryptocurrency also reduces unemployment rate in the society because most of the major crypto dealer have offices and numerous employees. But with this new directive some of the has released there staffs to go back to overcrowded labour market. I am afraid this will leads to series of criminal activities on the long run like kidnapping, banditry, robbery and so on. Do you think the idle hands will not be the devil workshops? May God give our leaders understand, knowledge and wisdom to lead us right.
I love this thread because it addresses the currently pressing issue that we cryptocurrency merchants are battling in Nigeria. The decision to hamper cryptocurrency business in Nigeria is very unreasonable and very annoying, a lot of people who are earning legitimate living from this business will be forced to become jobless and will be faced with no choice but to look at other ways of making a living, these ways may now turn outright to be fraudulent and there will be increase in crime rate if care is not taken.
 
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Daykas

Verified member
Just of recent a witch-hunting signal came from our almighty and unquestionable federal government that mandated all banks and financial institutions in the country to close the accounts of any cryptocurrency traders or dealers. To me I see this move as persecution and a misplaced priority. One of the things that reduces crimes rate among the youth is digital currency trading. Even some repented internet fraudster popularly known as "yahoo yahoo" now prefer to go into cryptocurrency rather than being a fraudsters. Cryptocurrency also reduces unemployment rate in the society because most of the major crypto dealer have offices and numerous employees. But with this new directive some of the has released there staffs to go back to overcrowded labour market. I am afraid this will leads to series of criminal activities on the long run like kidnapping, banditry, robbery and so on. Do you think the idle hands will not be the devil workshops? May God give our leaders understand, knowledge and wisdom to lead us right.
Lol this question gat me on my knees because so far so good Nigeria has been like this.
From my own angles I believe that anything that is out of reach for the Federal Government to control or have full Acess to it is there enemies.
The fact is that this ban can not last for long because most of bank in Nigeria indulge in crpytocurrency trading and even most of our politicians, investors and so on and so fort.
I even see this has an awareness to people who hasn't know much about crpytocurrency before.
The banning of a things is just to create public awareness for the people, anyway that my own thought for now
 
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Chommyluv

Active member
Just of recent a witch-hunting signal came from our almighty and unquestionable federal government that mandated all banks and financial institutions in the country to close the accounts of any cryptocurrency traders or dealers. To me I see this move as persecution and a misplaced priority. One of the things that reduces crimes rate among the youth is digital currency trading. Even some repented internet fraudster popularly known as "yahoo yahoo" now prefer to go into cryptocurrency rather than being a fraudsters. Cryptocurrency also reduces unemployment rate in the society because most of the major crypto dealer have offices and numerous employees. But with this new directive some of the has released there staffs to go back to overcrowded labour market. I am afraid this will leads to series of criminal activities on the long run like kidnapping, banditry, robbery and so on. Do you think the idle hands will not be the devil workshops? May God give our leaders understand, knowledge and wisdom to lead us right.
I don't know the reason (s) why our government don't want the financial freedom of their masses, they want us to crawling back to them for financial help which they are not even ready to obliged. Cryptocurrencies has been a blessing to all and sundry since it came to be and will still be but all i know is that there must be a way out of this, its high time we act as a youth, they can't be blocking any move the youth take for their financial freedom.
 
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wizyoung54

New member
Honestly, the losers after this ban will eventually be the Central Bank of Nigeria. Reason because most crypto traders have taken solace in peer to peer trading and transferring proceeds to foreign bank accounts. If this continues, less people will patronise local banks and Value Added Tax cant be deducted by the central bank.
 
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eojo2401

Verified member
Honestly, the losers after this ban will eventually be the Central Bank of Nigeria. Reason because most crypto traders have taken solace in peer to peer trading and transferring proceeds to foreign bank accounts. If this continues, less people will patronise local banks and Value Added Tax cant be deducted by the central bank.
You are right, but the policy still affects numerous cryptocurrency traders who doesn't operate foreign accounts, some don't even know or have information on the mode of opening or running foreign account. Those that usually operate foreign accounts are major cryptocurrency traders or dealers but not the newbies.
 
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eojo2401

Verified member
I don't know the reason (s) why our government don't want the financial freedom of their masses, they want us to crawling back to them for financial help which they are not even ready to obliged. Cryptocurrencies has been a blessing to all and sundry since it came to be and will still be but all i know is that there must be a way out of this, its high time we act as a youth, they can't be blocking any move the youth take for their financial freedom.
You speaks my mind, the percentage of youth in this country is more than enough to make the change we want. Our power is in our fingers, and we can used it every four years but it's a pity that those that will be used to obstruct the good youth agenda are still the youths.
 
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wizyoung54

New member
It doesn't affect newbies and small-time traders either. Register on Binance and use the peer to peer wallet. Transfer your coin from spot wallet to p2p wallet. Then look for buyers of the coin you want to sell and your money will be transferred to you. Good thing is you can also fund your account using the newly introduced NGN fiat
 
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Ahmedo24

Valued Contributor
It doesn't affect newbies and small-time traders either. Register on Binance and use the peer to peer wallet. Transfer your coin from spot wallet to p2p wallet. Then look for buyers of the coin you want to sell and your money will be transferred to you. Good thing is you can also fund your account using the newly introduced NGN fiat
I have not noticed the new NGN fiat introduce by Binance, I am always appreciating Binance for coming to the aid of many countries with challenges of the Crypto currency ban , the Binance P2P is so secure that it will be difficult for the bad eggs to tempered with the system and I believe some scammers will be frustrated by now.
 
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eojo2401

Verified member
It doesn't affect newbies and small-time traders either. Register on Binance and use the peer to peer wallet. Transfer your coin from spot wallet to p2p wallet. Then look for buyers of the coin you want to sell and your money will be transferred to you. Good thing is you can also fund your account using the newly introduced NGN fiat
Really? With NGN fiat, the problem of funding wallet is solved. But the area that is creating fear in my mind is aspects of looking for who will buy cryptocurrency (peer to peer). It may give room for scamming people. Remember nobody is to be trusted when you are in money deal. Some that have a good deal with you today may become a scammer tomorrow.
 
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