The Central Bank of Nigeria (CBN) banned cryptocurrency transactions in Nigeria in February 2021 due to concerns over illegal activities such as money laundering and terrorism financing that could be facilitated by cryptocurrencies.
Why is Crypto Banned?
- Thread starter Suba
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I don't know if I should say in my country we a slowly recognising it or they are slowly trying to block it's arrival. It's a bit confusing. Theres conflicting narratives. In the other hand we have people's accounts being frozen because if it then on the other hand we have people prospering because of it
Most of the government and financial institutions ( central banks) around the globe are wary of cryptos. They have no clarity over it and they try to either ban it or discourage it. India too follows the same...there is no legal status to cryptos and a very high tax on crypto related activities.
I wonder what's even the problem. They should rather regulate than ban it
I think that sometimes it is so difficult for them to regulate something like cryptocurrencies that due to ignorance they prefer to ban them, which is a mistake.
I believe this is the problem with my country. They do the banning out of ignorance
It is definitely something that should be prevented from happening if a black market is not always formed, there are several countries where it is happening, I think yours is one of them.
Yeah mine is one of it . I hope the government would have a change of heart soon about this ban which I don't see a sense in it
In my country crypto is banned, but people make use of P2P to buy and sell crypto, and while sending your transaction description you dare not add any crypto related word, else your bank account will be banned.
It is this bad thstd why everyone trading crypto should be very careful to avoid complicating issues for self
True, we earn higher with cryptocurrency compared to when we earn in naira and sometimes even dollars.
Cryptocurrency is actually tormenting government and financial institutions. Cryptocurrency is revolutionizing financial transactions around the world. Many countries are afraid of what tomorrow hold because of cryptocurrency.
Yes a lot of youth in Nigeria make good money from cryptocurrency
Cryptocurrency is not universally banned, however, some countries have imposed restrictions on its use due to various reasons such as concerns over money laundering, financing of illegal activities, lack of consumer protections, price volatility, and the challenge it poses to their monetary policy. Additionally, there may be concerns about the potential for cryptocurrency to undermine their national currency. Each country has its own set of regulations and it's important to be aware of the specific laws and regulations in your jurisdiction.
Yeah I agree with you. So I don't understand the ban instead of regulating it for us.
It's quite evident that crypto ban has not worked in any of the countries so far. Government bans it fearing that it's being used for nefarious illegal activities. But then still people are involved in it through some othe means. It would be better for government to bring rules and regulations around it. But that would definitely be a tricky and challenging task. It's a huge market with no central authority. Bringing it under regulations would be challenging.
