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RE: VERY CONCERNING NEWS: What does new BAN ON CRYPTO means for Nigerian users?

in Project HOPE3 months ago

It was really a shocking news for me when I come across it and truth be told. I just see it as a mere threat as it can't really stand. Just like you say, many Nigerians depend on crypto for their daily life so I don't see it as a means at which the order will really stand.
I see the news or trend evaporating from the air very soon

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it was really a shocking news for me when i come across it and truth be told.

Honestly, crypto is decentralized, so I do not understand how a central state bank can have any influence over it. I mean, so what if they ban it? They can't stop you from going to an exchange. The exchange is decentralized. There are exchanges allover everywhere. They'd have to block access to exchanges on the internet. If they do, then just use the tor network or VPN to access exchanges. Maybe I missed something here, and I need to read more. If I'm wrong, please correct me. I just feel like there's just no way you can use a central authority to ban a decentralized asset. That's like us telling aliens in another galaxy they can't smoke marijuana.

 3 months ago 

hi @r351574nc3

I do not understand how a central state bank can have any influence over it. I mean, so what if they ban it?

Imagine if your bank account would be close down and your assets in this bank would get frozen because you converted some FIAT to crypto (or the other way around). Isn't scary enough?

That's like us telling aliens in another galaxy they can't smoke marijuana.

hahahaha good one! :D

Cheers, Piotr

There's not much anyone can do if they go around freezing assets. The article doesn't say if they've started doing that or not. Obviously, being made a criminal for owning it is pretty bad, but how would they know? I pointed out earlier that it would be difficult for the police to reliably find crypto owners because in USA we went through similar with copyright. Really copyright infringement is rampant everywhere and there's not much that can be done. RIAA and MPAA have loads of money to spend. Nigerian government does not.

I see this as a true test of what decentralized currency can mean and how it will free people from oppressive governments. We'll see what happens, but I don't see the Nigerian government coming out the other side of this without some kind of white flag.

Nope actually. The government may take it too far and hand over power to the military. If you remember nigeria went in a state of anarchy last year over protesting for the disbandment of a defunct police arm of government. They ( the notorious arm of government called "SARS") go as far as stopping you and asking you to open up your mobile devices , violating your personal space in order to find something or anything they can tag as incriminating.

My only fear is, such thing might happen again and it would spell trouble for crypto-hodlers like us. Besides no bank in Nigeria currently services crypto-exchanges, so you can't possibly seek to gain profit through selling assets, neither can you find your wallet and exchanges through bank deposits. The only option now is p2p but how long would that work?

It's seems more like a display of ignorance among the people in power to me, or probably a way to get back at Nigerian youths. Why do I say so?

During the protest last year. We started a fund, pulling resources together to aid the protest and make sure protesters are fed and taken care of. The government tried to take that away from us so...we resorted to storing our asset in cryptos instead. The Central bank has no power over that and so it made them(the government) feel so powerless at that point. So saying, put 1 and 1 together and you'd see it might actually be the reason.

@r351574nc3 , @crypto.piotr

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