Nigeria bans Crypto : What is next for crypto traders?
The most populous black country in the world Nigeria has banned Cryptocurrency trading.
The Central Bank of Nigeria on Friday directed all financial institutions in the country to stop accepting crypto transactions and immediately close accounts with previous history of crypto transactions.
I am a Nigerian and I know what this means. It is a huge blow to the youths who have endured years of hardship and using crypto as a way out.
The above picture is of flutterwave mail to me regarding the news. Flutterwave is one of the big payment company in the country.
The Nigerian Naira has been in shambles and getting worse by the day. It is currently trading close to 500 naira per dollar in the black market. No-one wants a currency that inflation will get the better part of it when there is good options in Crypto.
Not quite long, a report by QZ shows Nigeria as the No 2 bitcoin market on paxful after USA. Paxful is the largest p2p market place in the world. This position shows that Nigerian youths have adopted crypto wholeheartedly. No wonder the government is looking for a way to restrict that.
The question now is what next?
The government
The Nigerian led government might want to authorize ISPs to block access to crypto exchanges too. They do this with Nigerian media sites and will definitely try it with Crytpo exchanges.
They deploy law enforcement agencies to start searching users device for crypto related applications. It sounds funny but it was what caused the EndSars protest.
Banks ask for source of funds for huge deposits.
I currently can't think of any other action they will take aside the three I mentioned.
The Crypto traders
Well, this is where the traders have to prove smart.
Ditch exchanges fiat withdrawal for P2P It's very likely they have tagged exchanges account. This is why we need to embrace P2P.
Ensure you don't include any crypto memo when transferring funds.
Use VPN in case of blocked access to Crypto exchange. Ensure you don't use a restricted country (USA) VPN so your account don't get blocked by exchanges.
If it comes to worse, transfer money via another country. You can utilize the crypto Freedom in neighbouring countries like Ghana and Benin.
What other measures do you think Nigerians can employ at this stage?
Posted Using LeoFinance Beta
What could be the impact on Hive blockchain for you guys ? Have to VPN your way in ? Or it’s going to go undetected ?
Posted Using LeoFinance Beta
Hive is going undetected. I see no impact on Hive blockchain. Everything should clear in days.
It's just the dying kicks of a dead horse. Some protests and everything will be reversed back.
Posted Using LeoFinance Beta
Dis you vote at the last election?
Posted Using LeoFinance Beta
Yes, I did. Unfortunately, my preferred candidate lost the election. We are in for this till 2023 when there will be another general election.
Posted Using LeoFinance Beta
Great, I'm glad you exercised your right. Ok, so this means you have roughly 3 years to convince people that what the current leaders are wrong, so the next election can be better, in your favor.
Posted Using LeoFinance Beta
Exactly. 2023 is the year we bring in a better set of leaders.
Posted Using LeoFinance Beta
I truly hope things can change over there as your country desperately need development.
Posted Using LeoFinance Beta
That's crazy, possibly it's a good think there are an increasing number of ways into and out of crypto, I guess this only applies to the large exchanges.
I don't imagine it's going to stop people adopting BTC etc.
Posted Using LeoFinance Beta
Yes. Thank God there are different ways to get into and out of crypto.
The govt can only try. It won't stop we the Nigerian youths. They have given unpaid publicity to cryptos and should see increase adoption soon.
We survived tougher times here and this is just one of those we will survive again.
Posted Using LeoFinance Beta
https://twitter.com/iamtaofeek/status/1357712221128830976
Fuck the banks, fuck the govt...they've never been up to any good anyway. VPN and p2p all the way.
Posted Using LeoFinance Beta
That's the way to go. VPN and P2P to the rescue.
Posted Using LeoFinance Beta
This is concerning.
I'm really sorry you guys have to put up with this shit.
What this means is that you may have to go to Ghana or to Benin to cash out your crypto there and deal in physical cash. It's time to get creative and respond in creative ways to the tactics employed by the corrupt assholes running the government in Nigeria.
Posted Using LeoFinance Beta
Exactly. That is the last solution. Transact from a neighboring country.
Posted Using LeoFinance Beta
https://twitter.com/iamtaofeek/status/1357729930533089282
The Government can't just see the youths making it, that's what this is all about.
It's gonna be hard to go with VPNs though, don't certain exchanges block detected addresses?
Posted Using LeoFinance Beta
I think what they do is send a mail to the user to authorize the new address.
Posted Using LeoFinance Beta
I know how you feel, I'm from Venezuela, well, crypto is not banned here, but at the moment I read the notice I feel so disappointed, I hope you all continue using and adopting cryptocurrencies.
Central banks and State absolustism will disappear this century.
Posted Using LeoFinance Beta
Exactly. It's just time. Defi has shown the lies in the banking industry.
Posted Using LeoFinance Beta
https://twitter.com/iamtaofeek/status/1357750158834950145
I think ban will increase more demand of cryoto in Nigeria
Posted Using LeoFinance Beta
Exactly. They have given free advertisement for crypto
Posted Using LeoFinance Beta
Nawa for CBN ooo
They fucked remittances up in December as well na - forcing USD cash or domiciliary account. It used to be so simple to send money from overseas, naira in any bank account in 30m, now it's a real hassle - my wife treated like Yahoo when she goes to collect USD.
I swear these clowns should not be running Africa's largest economy.
Posted Using LeoFinance Beta
It's crazy. They keep coming out with new lows everyday. They forgot that 2023 is around the corner.
Posted Using LeoFinance Beta
Yep everyone has to get out and vote, even if it's just for a lesser evil, deliver a result so decisive it can't be rigged. This regime has got to go.