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Did banning of cryptocurrency in Nigeria affected you?
- Thread starter Crystal
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As far as I know, there are many top crypto exchanges operating in Nigeria, wouldn't it be easier for you to sell/buy crypto on a crypto exchange than on P2P. So what do you mean by restricted crypto in Nigeria. Moreover, I see many members on the Referral Index forum exchanging RIF cash for crypto because they can't withdraw using PayPal.
eLdavis
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The ban really didn't affect me much, cause I was still able to work online and get most of my pay with crypto.
You do not need even P2P because in some platforms you could find a donation feature and then you donate the funds and get the equivalent in Neira means why do all these hassle to have a crypto wallet and P2P transactions with Binance?
It didn't affect anyone or deter anyone from going about their crypto activities. The authorities knew that when they pronounced the ban. It was just a measure to not let it become mainstream in the economy.
Maybe it have some price change, but in most countries that banned cryptocurrency peoples didn't stop using it, since it is on the internet it will be hard to regulate by the government.
I use P2P to cash out with cryptocurrency. Therefore, i don't feel the impact of the ban. In fact, i planning to start more on sites that pays with cryptocurrency.
People on the internet are slow earners so if they apply VAT for P2P trading and regulate crypto people even these low earnings will be nothing in the future for example. This is to resume the situation.
King Belieal
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The entire thing that Nigerian government intended to achieve by banning crypto was not to seem to allow crypto be adopted as a legal tender in Nigeria. Trust my Nigerian people as they can do things, if it was not done that way, someone would have woken up one morning and asked that his daughter's bride price be paid in Bitcoin.
We hope such days arrive one day nothing is far from this being achieved as those how direct the country will not stay lifetime on this position and then teenagers will be on this position and change laws.
It was a move that hurt a lot of people, but peer to peer came to the rescue. However, it made the dollar to naira conversion rate higher which somewhat defeats the purpose of restricting use if crypto
Peer-to-peer could resolve many people's issues nowadays to get quick cash without many regulations that couldn't serve them as the laws are outdated nowadays for example.
King Belieal
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Just this morning, I was able to trade currency pairs on Binance. The present ban on Binance just affects the P2P with Naira. But still, people are getting to bypass all those restrictions.
The question is how. Am seriously affected by the restrictions. I don't trust some of the exchanges. Am really confused about the whole thing.
How is this done, does it require VPN?
