Nigerians banned from funding crypto accounts

[btaliat]

As a result of the news from government yesterday, some trading and exchanging wallets have started to abide by the rules circulated from the Nigerian government. This is not the first time Nigerian government will make a rule that will affect international payment platform or cryptocurrencies wallet. Last year, they regulated the cryptocurrencies by asking mastercard not to fund the Nigerians cryptocurrencies wallet. Early this year, the Nigerian government also banned some international market from sending currency equivalent to naira to Nigerians. That is, they should be sending in their currency, this made Nigerians without domicillary accounts to receive fund from abroad.
Luno, one of the foremost and the most used cryptocurrencies platform, just denied Nigerians access to fund their accounts.
What do you think will be the implications of all these moves.?

 

[Thosynho]

That's is true, finding that online crypto merchant to sell the crypto to, is some how hard but possible but the value might not be the same again. The merchant will like to make his or her own gain in order to process your transaction and pay into your Nigerian bank account through his or her own bank account or any payment method. But i think some local exchange platforms in Nigeria can serve as a third party in order to buy your coins send to you from online websites you earned it from. Local exchange platforms like Luno, Roqqu, Bundle Africa etc. Can help you do that asap without any hassle.

It is more obvious that Nigerian government is wicked than the masses thought. The government finds it so easy to execute bills or policies that are not masses friendly but whatever that will affect the few elites in the society will take them forever to pass the bill if at all they will pass it.

There are lots of challenges confronting the nation which includes insecurity, lack of basic amenities and poor economy. All these have not received any serious attention but banning exchange of crypto currency to naira. What a nation.

 

[Bookwormlux]

The ban is going to affect a lot of people, but personally I'm not in anyway bothered. I have some cryptocurrency in my wallets, but I'm not going to withdraw them until I have a need to do so.

If the policy is not reversed and banks go ahead to enforce it, then crypto exchange platforms will have no option than to disable direct withdrawal into Nigeria bank accounts on their platforms.

But we are Nigerians, we always find solutions to any problem no matter how hard and this won't be different. If by the time I'm ready to withdraw it turns out that the option has been disabled, I won't use any escrow to avoid stories that touch, rather I will look for betting sites that accepts transactions from crypto wallets, send the money there and withdraw it to my bank account from the site.

Are there such betting sites that accept crypto currencies Payment? I do not think so though. Ordinarily I was thinking of how Nigerians would resort to using virtual account numbers provided by providus bank to make their Payments, but it is unfortunate to see that CBN also stopped providus bank from providing virtual account numbers. It is indeed a great plan to make sure we do not find any other alternative.

 

[gochenko8]

I agree with you that the decision have left a soured taste on my mind right now. I know other Cryptocurrency enthusiasts in our country will feel so perplexed about the latest development in our country. That decision seems very unfavorable, and the one the citizens who deals on Cryptocurrency wouldn't like at all. Not depositing naira into the wallet seems uneasy at the moment we are subjected to relying on online merchants to transfer us coins and not paying with naira to buy crypto online again. For those who wanna invest heavily using naira method is saddened deeply about this one, I don't just like such ideas at all.

 

[Ahmedo24]

The ban is going to affect a lot of people, but personally I'm not in anyway bothered. I have some cryptocurrency in my wallets, but I'm not going to withdraw them until I have a need to do so.

If the policy is not reversed and banks go ahead to enforce it, then crypto exchange platforms will have no option than to disable direct withdrawal into Nigeria bank accounts on their platforms.

But we are Nigerians, we always find solutions to any problem no matter how hard and this won't be different. If by the time I'm ready to withdraw it turns out that the option has been disabled, I won't use any escrow to avoid stories that touch, rather I will look for betting sites that accepts transactions from crypto wallets, send the money there and withdraw it to my bank account from the site.

This is another good option to make withdrawal though you need to do research about the betting site you will be using to avoid scam., though I am very confident that Binance P2P , local bitcoin P2P will still very active for people to transact safely because some lazy and wicked Nigerians will looking for ways to defraud people of their money this period of trials and tribulations. I am still very confident that soonest this policy will be swept under the carpet and activities continue.

 

[Aniwhyte]

I was really so down and dumbfounded when I saw the news yesterday, how could the Nigerian government be so wicked and heartless, this Buhari government is the most wicked government that I have ever witnessed, all the policies they are made are always anti people's policies, there are not jobs anywhere and the little way that we found for ourselves to make money they are blocking it, most painful thing is that this government still has 3 more years to go, I prays they have a total change of heart and reverse this decision.

 

[btaliat]

The ban is going to affect a lot of people, but personally I'm not in anyway bothered. I have some cryptocurrency in my wallets, but I'm not going to withdraw them until I have a need to do so.

If the policy is not reversed and banks go ahead to enforce it, then crypto exchange platforms will have no option than to disable direct withdrawal into Nigeria bank accounts on their platforms.

But we are Nigerians, we always find solutions to any problem no matter how hard and this won't be different. If by the time I'm ready to withdraw it turns out that the option has been disabled, I won't use any escrow to avoid stories that touch, rather I will look for betting sites that accepts transactions from crypto wallets, send the money there and withdraw it to my bank account from the site.

That's the plan of people but I don't know how feasible this plan is and I don't know whether these betting sites won't see this as opportunity as well. You know Nigerians like using every hole as selfish opportunity without minding how many people they are hurting. And again, are you sure this won't promote or encourage betting especially in people who detest betting. Now the government has made Nigerians to be between two devils. We will win for sure.

 

[Divinechidera]

This has got to be the saddest news yet. The government refused to create jobs, the youths then decided to find other sources of income without the help of the government),crypto-currency being one of them. Anyways, I'm sure Nigerians will find a way to tweak it and still trade.

 

[sincerem]

It is more obvious that Nigerian government is wicked than the masses thought. The government finds it so easy to execute bills or policies that are not masses friendly but whatever that will affect the few elites in the society will take them forever to pass the bill if at all they will pass it.

There are lots of challenges confronting the nation which includes insecurity, lack of basic amenities and poor economy. All these have not received any serious attention but banning exchange of crypto currency to naira. What a nation.

I am saddened my that news update that emerged yesterday, and i saw it yesterday night. I was embroiled so perplexed to be receiving such news. That's a very great loss to our country if they implement such law on Cryptocurrency. Stopping crypto payment with naira will stop our own forex traders from using naira to fund their own wallet and trade to make money online. All our country want is subduing people to abject poverty and increasing crime rate. That is very bad of country, it is very lawless, those old folks ruling us are not worthy at all to be leaders.

 

[Sammyesx]

This is a very wrong move from the Nigerian government, I don't think It was a carefully analyze decision, but not with standing, there will always be an alternative method, if using the bank will not be possible, it can lead to the introduction of a third party system where the money goes through before it get to the bank through crypto currency exchanger or vise versa. Nigerian are the second largest investors of bitcoin, if restrictions like these continue, I believe it might have effect on the crypto market.

 

[Donkiz]

The ban is going to affect a lot of people, but personally I'm not in anyway bothered. I have some cryptocurrency in my wallets, but I'm not going to withdraw them until I have a need to do so.

If the policy is not reversed and banks go ahead to enforce it, then crypto exchange platforms will have no option than to disable direct withdrawal into Nigeria bank accounts on their platforms.

But we are Nigerians, we always find solutions to any problem no matter how hard and this won't be different. If by the time I'm ready to withdraw it turns out that the option has been disabled, I won't use any escrow to avoid stories that touch, rather I will look for betting sites that accepts transactions from crypto wallets, send the money there and withdraw it to my bank account from the site.

 

[Ahmedo24]

The government is filled with people that has selfish mindset they don't care about Nigerians but their pockets, it is very possible that those who invested in gold heavily are not making the much needed gain because see Crypto currencies to be more rewarding so they Invest more in it than gold, most of the rich people in CBN engage in gold trading so they will want to make sure people turn back to gold. They don't know that people will rather find alternative through P2P to run their transactions safely. We will triumph over them God's willing.

 

[btaliat]

This is completely bad and it is really devastating. I do not know why our leaders do not have any concerns about our own welfare, we work every now and then to make ends meet, but they will still come up with strict policies that would frustrate our efforts. This is not good at all.
With the high rate if unemployment, a lot of us have made so much money from trading crypto currencies than even what the government would have offered to pay us.
I hope that very soon there would be a reversal or a review of this order because it is definitely not the best thing that we are experiencing right now.
It's bad.

Don't even think of them reversing it. To be frank, we are being ruled by an archaic leader. Almost 6 banks have been allowed to trade in cryptocurrency in the US and their government is even looking for a way of taxing cryptocurrencies users invariably cryptocurrencies will soon be legalized there. In the early December, they make laws in Nigeria as well banning international platforms from sending foreign currency in naira equivalent. I think their best approach to issue is jusy to cause another problem while finding solution to the existing problem.

 

[Ahmedo24]

Another user @Kennysplash made another discussion that Crypto is not banned in Nigeria HERE.
However Social media platforms are making it a battlefield between Govt of Nigeria and people of the country.
It is good that many people like @Ahmedo24 are not panicked.
By the way it is better to go to Supreme court and challenge the decision; world is changing, and there is no need to remain in technology of 20th century when we are in 21st, other countries are progressing by accepting blockchain under a limit.

I am very optimistic that decision will either be reversed through court processes or it will just exist on paper because good number of Nigerlans are involved in Crypto currencies with huge amount of money that they can't spare, the trend of Crypto currencies has seriously reduced crime rate in Nigeria because youth are engaged online. I won't be surprise if people go out on street very soon if they eventually enforce the ban fully though some Exchange platforms has suspend Naira deposit for now. The government is not serious.

 

[Bookwormlux]

As a result of the news from government yesterday, some trading and exchanging wallets have started to abide by the rules circulated from the Nigerian government. This is not the first time Nigerian government will make a rule that will affect international payment platform or cryptocurrencies wallet. Last year, they regulated the cryptocurrencies by asking mastercard not to fund the Nigerians cryptocurrencies wallet. Early this year, the Nigerian government also banned some international market from sending currency equivalent to naira to Nigerians. That is, they should be sending in their currency, this made Nigerians without domicillary accounts to receive fund from abroad.
Luno, one of the foremost and the most used cryptocurrencies platform, just denied Nigerians access to fund their accounts.
What do you think will be the implications of all these moves.?

This is completely bad and it is really devastating. I do not know why our leaders do not have any concerns about our own welfare, we work every now and then to make ends meet, but they will still come up with strict policies that would frustrate our efforts. This is not good at all.
With the high rate if unemployment, a lot of us have made so much money from trading crypto currencies than even what the government would have offered to pay us.
I hope that very soon there would be a reversal or a review of this order because it is definitely not the best thing that we are experiencing right now.
It's bad.

 

[Yugocean]

Another user @Kennysplash made another discussion that Crypto is not banned in Nigeria HERE.
However Social media platforms are making it a battlefield between Govt of Nigeria and people of the country.
It is good that many people like @Ahmedo24 are not panicked.
By the way it is better to go to Supreme court and challenge the decision; world is changing, and there is no need to remain in technology of 20th century when we are in 21st, other countries are progressing by accepting blockchain under a limit.

 

[Kennysplash]

This is all a misunderstanding. CBN did not ban crypto currency in Nigeria, it banned banks from trading crypto currencies. This morning I have sold and withdrawn from luno and my account was credited immediately. You can receive crypto, sell it and withdraw to your bank account. What the government prohibit is banks investing in luno, any bank caught doing that now will face the penalty. Do you know how much Nigerians have as crypto currency? How will they ban it with all their money hanging? It is not possible, it is just banks not general public.

 

[Ahmedo24]

I am not disturbed as such because this similar ban notice came arround 2017 and after a while the government didn't enforce it , it is actually unfortunate that the government try any time to discourage it citizens from legit ways of earning thereby pushing them to illegal means. The central bank couldn't give any justifiable reasons for such ban but personally I think they are not happy with the way money no longer stay long in the deposit banks for them to get more interest. I am very optimistic we will find a way out in this and do better in Crypto currencies because they have come to stay.

 

[sincerem]

My only fear and trouble right now is that it will be difficult or not impossible to find trusted and verified online merchant to be dealing with. And if found, the escrow money will reduce the gain interning to earn on the transaction. Decision will let the cryptocurrencies users go back to the earliest stage which is fraught with scammers and untrusted clients. I wish the decision doesn't last it solution should be provided. I have known some couple of solutions but I haven't tried them because I know they may not work.

That's is true, finding that online crypto merchant to sell the crypto to, is some how hard but possible but the value might not be the same again. The merchant will like to make his or her own gain in order to process your transaction and pay into your Nigerian bank account through his or her own bank account or any payment method. But i think some local exchange platforms in Nigeria can serve as a third party in order to buy your coins send to you from online websites you earned it from. Local exchange platforms like Luno, Roqqu, Bundle Africa etc. Can help you do that asap without any hassle.

 

[btaliat]

The decision have left a soured taste on my mind right now. I know other Cryptocurrency enthusiasts in our country will feel so perplexed about the latest development in our country. That decision seems very unfavorable, and the one the citizens who deals on Cryptocurrency wouldn't like at all. Not depositing naira into the wallet seems uneasy at the moment we are subjected to relying on online merchants to transfer us coins and not paying with naira to buy crypto online again. For those who wanna invest heavily using naira method is saddened deeply about this one, I don't just like such ideas at all.

My only fear and trouble right now is that it will be difficult or not impossible to find trusted and verified online merchant to be dealing with. And if found, the escrow money will reduce the gain interning to earn on the transaction. Decision will let the cryptocurrencies users go back to the earliest stage which is fraught with scammers and untrusted clients. I wish the decision doesn't last it solution should be provided. I have known some couple of solutions but I haven't tried them because I know they may not work.