Will Nigerians stop cryptocurrencies?

[btaliat]

Today will be a day to remember for Nigerians. A day their hope on cryptocurrencies want to be dimmed by their government. They woke up to resd the news that the Nigerian government has banned cryptocurrencies. Although, government failed in giving reasons for this singular action, they threatened any bank that carried out transactions that is related to cryptocurrencies and even vowed to block any account that involved in such a situation.

It may not surprise you that Nigeria is not the first country to issue such a warning. India and some other countries have also tried. Now, a sort of relieve came immediately from luno, it claimed that it will continue to be transacting in it until tells otherwise.

As a Nigerian cryptocurrencies user, how did you react to this news and in case it is implemented, which alternative you have in tramsacting in cryptocurrency? Will Nigerians stop cryptocurrency?

 

[Maks25]

Likely reason:

1. They are trying to frustrate one A-list politician who is intending to sell his crypto currencies to fund 2023 campaign.
2. They want to monopolize the crypto market as they did to the dollars.
3. The brain behind this ban is either daft or he/she is a stark illiterate.
4. They want to render a section of the country financially powerless.

Either ways, this government is bent on destroying all contemporary advancement that we toiled hard to acquire.

 

[btaliat]

Likely reason:

1. They are trying to frustrate one A-list politician who is intending to sell his crypto currencies to fund 2023 campaign.
2. They want to monopolize the crypto market as they did to the dollars.
3. The brain behind this ban is either daft or he/she is a stark illiterate.
4. They want to render a section of the country financially powerless.

Either ways, this government is bent on destroying all contemporary advancement that we toiled hard to acquire.

The fact is that a real cryptocurrencies trader or investor won't be moved with this news because it is not only dead on arrival but also mission impossible. Cryptocurrencies cannot be stopped by any government and cannot even be regulated. Initially cryptocurrencies were designed as peer to peer where you have to sell to a trusted vendor who will inturn send you your money in equivalent to your coins. This was the tradition until some applications came to solve the issue of looking for vendor or dealing with scammers. This means Nigerians still have options of going back to the traditional way.

 

[IamDozzy]

When I heard the news of the Nigerian government banning Crypto currency I was very angry and sad at the same time. People work hard online to earn money, PayPal has restrictions on Nigerians while crypto came to the rescue of Nigerians. The government woke up one morning and decided to ban it. It very very annoying I must tell you but we are Nigerians, we'll still find a way around it. Cryptocurrency has come to stay and there's no going back on it. You are right, most of us would very much have to revert to the traditional method of buying and selling crypto currency but we will be left open to online scammers who'll be joyful at this news. It's just so saddening.

 

[Ralphjoe]

It was with a sad heart that I received this news of the Nigerian government banning the use of cryptocurrencies in the country. This is a very bad policy from the country's Apex bank and they don't know the benefits to which the operation of cryptocurrency has brought to the country's economy. I am deeply contended that this decision or policy will be contended in the court and it will definitely be overturned by the law court. As for now I will never abandon cryptocurrency as I will always use it, thankfully, the cryptocurrency exchange platform that I use which is Luno did not ban it. They will still be operating cryptocurrency in my country Nigeria.

 

[Sammyesx]

I think this is a very wrong move from the Nigeria government, the decision was not property thought through, cryptocurrency has help so many Nigerians, banning was not the best option, if they had any issues with crypto, they should have called Stakeholders in crypto currency and look for a sag to resolve it instead of banning making such Declaration. Trust Nigerians they will definitely look for a way around it, though it might involve using a third party system, which might increase charge and other related deduction, but there will definitely be another option.

 

[Kennysplash]

In fact the news came as a shock to me. What were they thinking? This shows that the government does not have our best interest at heart. All my online gigs, I receive payment for them through cryptocurrency. What will happen now? But I believe there is a way around every restriction, they cannot ban peer to peer transactions can they? No matter how much they try crypto currency will continue to be used in Nigeria. Many countries are already using it to better their investments and to generate more income. But Nigeria chooses to be going backward. So sad.