What is the legal status of cryptocurrency in your country?
- Thread starter Niyi Briggs
- Start date
Would there be any legal consequences in the event that they discover that a person from your country may be interacting with cryptocurrencies by the government or something like that?
Yes there are consequences. However the law is controversial as the central bank banned crypto not the government. Security operatives do harass people in possession of crypto tokens. One would need the law courts to go free.
Okay I understand, I guess the bank banned cryptocurrencies for fear of losing power over the control of the currency in the country, this should not happen, but well we already know in the world in which we are, I also think that the naira is very weak lately.
- Thread starter
- #47
In my country Nigeria, cryptocurrency is completely banned and remains illegal. Banks caught engaging in any transaction with cryptocurrencies would be sanctioned heavily.
They do not want to adopt cryptocurrency because it could cannot be controlled by them.
Very true. That's one thing that's the main reason and it's very valid. It's very challenging to control crytpcurrency as it is not centralised. And moreover, there are so many coins coming each day.. And it's quite a possibility that it can be used for illegal activities and even for funding terrorism. The fear of government around globe is justified.
It's very difficult for the government to have control over bitcoin and that is why they have been engaging in cryptocurrency regulations.
Crypto has been accused of sabotaging the economy of my country and Killing the local currency. It remains banned in my country.
Crypto is illegal and exchange platforms can't even be accessed in the internet space in my country.
They were tracked based on their bank transactions that they used for trading and investment. They sold for bank payment and they bought with bank's money.
