Why did Nigerian government banned the use crypto currency?

[Georgeadawara]

The Nigerian government banned the use of crypto currency without a standard reason why. The crypto currency business is one of the business that has taken a lot Nigerian youth and provide the With an employment. And many have make the advantage of the crypto currency to be a millionaire to day.

A friend of my buy the Bitcoin when it was at a lest price. That time the Bitcoin was not up to 20k he buy 5 Bitcoin and now he a molting millionaires .

So the the government say that the use the crypto currency to funds the Boko Haram account or to sponsor them though the use of Bitcoin but it is very hard to banned the is of crypto currency I the country just like that they are supposed to find another way to people to to continue with the crypto business not to stop people's business.

 

[Good-Guy]

There might be various reasosn for why the Nigerian government may have banned cryptocurrency and there is no one reason for that. It should be noted that Nigeria is not the only country that has banned the cryptocurrency. In fact, cryptocurrency has been banned in many countries. Usually, the government bans the cryptocurrency because it never wants its citizens to send money outside of their country. They want to keep record of what their citizens are doing and keep the track of all the financial activity. Cryptocurrency makes this impossible because cryptocurrencies are untraceable. I think I might have given a good explanation but there are many other reasons for why any country might ban the cryptocurrencies.

 

[wizyoung54]

Hello, use word count to correct your spelling errors. I need to let we Nigerian understand the terms of the ban of cryptocurrency in Nigeria.
CBN regulates the activities of commercial banks and banned them from taking part in cryptocurrency. However, CBN decision doesn't mean that cryptocurrency is illegal.
Only the legislative arm of government can make that decision and is currently a topic of debate at the senate house

 

[eojo2401]

Hello, use word count to correct your spelling errors. I need to let we Nigerian understand the terms of the ban of cryptocurrency in Nigeria.
CBN regulates the activities of commercial banks and banned them from taking part in cryptocurrency. However, CBN decision doesn't mean that cryptocurrency is illegal.
Only the legislative arm of government can make that decision and is currently a topic of debate at the senate house

Being the topic of debate in the hallow chamber is nothing to me. The dog with teeth, is that one a dog? If they even pass bill to legalize cryptocurrency in Nigeria. Do you think the cabals in aso villa will allowed Mr President to sign the bill to law. Remember this same Senate has passed several resolution which executive arm of government fails to implement.

 

[Meenah45]

It might be for so many reasons known to them. The cbn should have found a way to regulate it just like what other top countries did. Cryptocurrency is one for the future.

 

[Hena101]

Nigeria been the latex country to ban crypto currencies and enter among the countries that ban any transactions with crypto currencies. Even though there is no specific reason for that action at the time they ban the use of crypto currencies. But later that said terrorism is sponsored in this country through crypto currencies because the promoter are been paid with crypto currencies even though their claim is not justifiable but that is what they said as the reason its was banned

 

[Samuel72]

according to my own point of view the Nigerian government how is no strong reason why the bond cryptocurrency but I believe the main purpose why cryptocurrency was banned in Nigeria it is because the Nigerian government believe cryptocurrency to be a form of scam, cryptocurrency is somehow secret this is because a wallet ID can never be tracked. And if anyone eventually take away your cryptocurrency you will never be able to trace that person or catch that very person it is gone and gone for good

 

[Ozigba Richard Lamai]

The Nigerian government banned the use of cryptocurrency in Nigeria and because of the thinking that people may use it for fraud and also use it as a medium I'm taking advantage of people who don't really know how the cryptocurrency operate. However when we are thinking about a particular issue we are not supposed to always look at the negative side we should also look at the positive side because cryptocurrency has come to stay and it is the generation of currency and we cannot be left out.

 

[Victor001]

The use of crypto currency in their own perspective have limit their control on the flow of funds in various part of the country, they feel banning crypto currency can give value to the Nigerian currency,but this notion is really low thinking and in the real sense,have really promote the use of crypto more than before,as Peer to peer is even more profitable to use.

 

[Simplyniyi]

I think the government took the decision for selfish reasons. If they are the one in charge of cryptocurrency would they have taking such decision? The rich want to get richer and want the poor to continue languishing in poverty. If they want to regulate it no problem, but Nigerian government usually take decision that favour those in power, not the interest of the populace,