Nigeria Lifts Ban On Crypto..... Thoughts?
So it's alleged that the central bank of Nigeria has lifted the ban on crypto transactions through the commercial banks. I didn't see this, probably because I've been away, trying to fix my health and life, and most surprisingly I didn't see it trending on Twitter. If it didn't trend on Twitter, then? But of course, I checked reputable websites and I found out that it was indeed true.
I guess it didn't trend because it wasn't going to make a difference, people already found ways to trade without "needing" the commercial banks as a middleman, and the government probably knows this.
The Nigerian SEC is not sophisticated enough, and this is because of their limited knowledge of crypto, and since the ban hasn't really affected crypto transactions, they might as well lift it, so that the commercial bank will continue to enjoy the revenue that comes from trading.
To be honest, I don't know who pushed for this ban to be lifted, however since the previous regime is no longer in place, I guess the new regime might as well want to try something different, and if this ban is truly going to be lifted and transactions will be functional, then it'll the only good thing this regime will ever do.
Of course, the commercial banks were restricted from being a sort of exchange, they were only allowed to trade, and not hold, I guess this is because they don't want the local bank to be some sort of cartel or pro-crypto and ignore the growth of the naira, but since crypto isn't really affecting the plummeting of naira, maybe the government wants to give crypto a shot to see the immediate impact.
To be honest, we might still see stronger regulations, especially because making crypto trading official will open the floodgates, some people are billionaires in crypto, and these people might begin to run their stuff through the commercial banks again. However, if this unban is truly going to take shape, then the government must have understood that crypto isn't the problem of Nigeria, secondly, people already found ways to trade anyways, and three, they're doing so to allow the commercial banks to continue enjoying the magic money that comes with moving crypto.
So what does this mean?
Nothing much Crypto will only continue to gain ground in Nigeria, just like it's still doing. There will be more official crypto adverts on national television and not just on cable TV. More celebrities will pop up to join the trend. More crypto academies will be opened, and owning or having crypto apps will no longer be considered to be a crime. Although people have ways of hiding their apps, I just feel like this move is mainly to allow the commercial banks to enjoy the magic Money of moving the coins, and there really won't be many changes to how people buy and sell.
Although, the timing is primed.
why? It's close to a period where the bear market is ended, which means more unintentional money will be thrown into all forms and types of assets, and more noobs will begin to invest foolishly into foolish projects as well. Will this affect anything in the grand scheme of things? Not really, why? The Nigerian populace is not big enough to impact on price, but it's all part of the process. Maybe other stubborn African countries like South Africa might take a cue as well.
That said, I like to see apps that shut down due to the Nigerian Central Banks ban in 2021 pop up again, in conjunction with the central banks, who knows, more Fintech apps might begin diverse collaboration with the local banks.
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Good development, isn’t it? Heard the news these days too 🇳🇬👍🏻
Well, let's wait and see
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This is great news for Nigeria! As far as I know, the Ghanaian government has not exactly declared their stand on what we consider crypto as. I do know though that Service Providers are weary of transactions that mention crypto or in particular, BTC. I hope our Government comes out to officially declare its acceptance of crypto.
On another topic, how have you been, man? I hope your health is improving.
I know the Ghanian government is skeptical as well, but the skepticism is bad for the economy, but I think they'll take a cue from Nigeria, as the crypto enthusiasts might begin to push the motion and the Ghanian government might notice.
As for my health, I've not gotten the treatment I should, I need a therapy to at least stop the ongoing issues, the disease is something I do not even want to begin to talk, but I'll definitely have to take matters into my own hands now. I'm just resting and trying to build up my PCV.
Yeah I hope they do and I hope they do it sooner rather than later.
I remember you were telling me about leaving Nigeria to seek treatment a while back. Is that option still explorable?
Well, I don't know what to do at the moment, leaving Nigeria won't be possible, as the resources I have won't be enough at the moment, so I just have to try one more option.
Good to see the news, not that anybody would probably save in the fiat currency there unless they want to lose all its value! I hope you are starting to feel better. I wish you a good Christmas and time to relax and recover.
People would only see this as an adoption opportunity. There's a population that thinks that because the government banned it in the first place, that it's definitely bad news, I think they'll begin to think again.
Yeah, hopefully it hasnt scared everyone off!
It hasn't, not Nigerians, some of them already knows how these things are.
Despite the ban, Nigeria has had one of the highest crypto adoption rates.
It's a big thing and I'm happy for you guys... these bans on crypto doesn't make sense but lack of knowledge and old mindset leading country always make decisions like ban instead of coming with some real regulations or rules.
Anyways, our gov still have no plans to unban but still crypto is working and no one can do anything about it.
Hopefully new people in regime will make things even more better for you, take care of health man.
Well, the ban wasn't holding on enough, I think Nigerians still found ways to trade and all that, but this isn't going to make a lot of difference
Lifting up crypto ban is remarkable decision by nigerian govt but she will have to look on pros and cons asssociated with crypto.
Bull season is on and big whales may bribe countries as well to play their role in making them more and more money by just letting common man invest in crypto.
Looking forward to see this decision brings some incredible results for my Nigerian fraternity
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Best news for all concerned. Huge market.
Perhaps, the ban wasn't making much difference anyway so they decided to lift it and turn pro-crypto. I think generally it's a good news, especially with the aspect of crypto adoption. I think more people will be open to try it out, test the waters and test out the expanded options that are available.
Yes, the ban wasn't making much of a difference, so I guess why have it in the first place? Plus I guess it'll favor the commercial banks as well, so it wasn't completely from the goodness of their heart.
Right, they'll benefit from it as much(if not more) as the general populace will benefit from the lifted ban. I think commercial banks will capitalize on it, potentially opening a new revenue stream that may become more profitable than other revenue streams that they already have.
Well-detailed article, bro. Nice one out there; your points are clear enough. How i wish they really understand that crypto isn't one of Nigerians problems at as such make way for it be seen.
They understand
Lol these ones are unserious but I think they already realized how valuable cryptocurrency is. I don’t think they will later place a ban on it sha. That’s just my feeling though
It's very encouraging, it's most certainly going to benefit the country.
How are you feeling today?
!DHEDGE
It definitely will, but I don't see much impact.
Well, I'm here, as always, snapped out of my anxiety to make this post. I hope for January soon so that I can know what to really do from here, because for now, I don't know what to really do.
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Oh wow bro, absolutely wonderful write up. Banning crypto is like telling people not to breath while air is available and abundant. Of course they will breath and that is what we are seeing right now with adoption of cryptos and btc. It is unstoppable and bound to exceed the value of any known asset. Merry Xmas to you too :}
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It's a nice thing to see but we still need to watch to see if it will actually make a difference. I have a feeling they still want control so I think regulations will definitely happen.
The new government seems to have much intrest in digital economy, but I am not sure its with a pure heart
We're going to see people come back to crypto in the same way as digital currency because that's what it's all about, and now we're seeing a lot of countries' governments pulling the plug on it. And people will be able to use it.