Given how unpopular the Nigerian government is right now, I am sure that this ban will only cause more and more Nigerians to use Bitcoin. Last year, the pro-government forces shot dead more than a dozen people in Lagos for protesting. Approval ratings for the president, Muhammadu Buhari is at record low. At this point, any hostile action from the government will be disregarded by the general population.

That was mentioned in OP, the popularity of bitcoin in Nigeria will only rise because they outright ban it which means the media attention would be on them. But besides the fact that there is a good side in banning bitcoin in Nigeria, I don't think that it will be enough to outweigh the negatives for now, banning means that doing any activities that involve bitcoin might be incriminating which is bad for an average person that uses bitcoin because criminal record AFAIK will be detrimental when they want to get a job. Maybe in the coming months, the positives can outweigh but right now, I don't think that.

The revolution against the regulation will open the eyes of the people about Bitcoin and Central banks. The country had been adopting BTC for a long time already which Bitcoin had become a household name for them. It will devastate their lives if the bank accounts of someone will be denied service by the banks because they made transactions with BTC before.

The more the government try to ban bitcoin the more it is been published the more people get to know about bitcoin. The Nigeria government tried to ban bitcoin few months ago which I believe is a very bad idea or bad suggestion I believe trying to ban bitcoin is just as a result of bad government which only cares about thereself and there relative. Nigeria is a country which high level of poverty and unemployment 50% percent of Nigeria youth which are graduate without Job are into cryptocurrency which they are doing well they survive with cryptocurrency and they also feed there relatives with the money gotten from cryptocurrency. Lots of people are into cryptocurrency and they are doing well because they don't want to go into illegal things and cryptocurrency is the only source which they can get money from and the government is already planning to ban it, my question is that people that are already into cryptocurrency and they are surviving there what do you want them to be doing and the government is not providing employment opportunity. I believe that's the worst decision the government is trying to take which won't be possible.

The ban can only end in one way and that's of the bitcoiners been triumphant. What worst can the government do, they're already closing our account and have placed a ban on many nigerians livelihood. We the nigerian people are known to always charter for ourselves, we don't rely on the government, we're hardworking individual and always find a way where there seems to be no way.

We have relyed on the government for too long and they have failed us making us immune to their disappointment like with the recent ban. A time when all over the world regulations are put in place to accommodate the new technology but that of our country is pushing us backwards.

This ban will only end up getting bitcoin regulated in the country which isn't any different from what it's now only that more service providers will be drawn into the country since It'll now be a freely government to cryptocurrency depending on what the regulation are.

According to the Chinese proverbs " War brings opportunities" I think ban is different in this case, ban means illegal thus making crypto marketing within the region seems impossible, I remember putting up my exchange services on on Facebook, and the amount of negative comments from the newbies were worrisome because of the fear of crypto being put into them by the CBN and nobody want to get caught.

Because they lick the Chinese ass and they do everything they are asked to do or else no loan

Is crypto banned in Nigeria? Or is their situation now the same as in India a year ago?

Yes, at the time of posting this reply, the use of cryptocurrencies in the country is still prohibited and defaulters end up getting punished with account closures and addition to blacklist that doesn't allow them create new accounts again.



True. Indeed, no publicity is bad publicity because in the midst of all the bad news and press bitcoin has endured over the last couple of years since its creation has helped reach out to more people who later take time to learn about it and possibly get involved.

Anyway, the ban gives room for government to introduce crypto regulations which isn't something I'd like to see.

I totally agree that the way in which this can go very much depends on what the people already believe. Those that have never understood BTC and the crypto market entirely would be in favour not realising the potential downsides of banning BTC could bring. On the other side, those that already got a taste of crypto market might feel left out.

In my opinion, this is a two-sided coin situation, one that needs to be handled delicately not just for the present but mainly for the financial future and economic growth of the country. We all have seen how crypto based innovations for every traditional market keep on popping up daily. It would be a pity to miss out on those innovations.

Regulations on specific matter would actually force other bitcoin holders to dump their assets due to strict rules, so basically this also affect their way of spending. People knew cryptocurrency because of freedom to use it, but suddenly it prevents them with certain limits. However, if this situation would be optimized with a certain precautions I think discipline always follow and possible fraudulent activities will be eliminated.