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Nigeria Have Been Banned Using Cryptocurrencies

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Nigeria have been banned using Cryptocurrencies

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Finally Nigeria did not accept Cryptocurrency any more it has been a while but Nigeria is no more interested in bitcoin anymore. 

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I also heard this news yesterday that central bank of Nigeria has banned Nigerian from buying and selling bitcoin and other related cryptocurrencies. This is really a bad news to crypto world. 

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3 minutes ago, scofield64 said:

I also heard this news yesterday that central bank of Nigeria has banned Nigerian from buying and selling bitcoin and other related cryptocurrencies. This is really a bad news to crypto world. 

@scofield64Yes you are right Nigeria has been banned automatically from buying and selling of crypto currencies, because of the problem center bank of Nigeria is facing alot of issue with crypto currencies. 

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20 minutes ago, hamza123a said:

Not only Nigeria bans the use of cryptocurrencies. Many countries prohibit the use of these currencies. Will this affect the price of cryptocurrencies?

@hamza123aYes not only Nigeria many country did not accept Cryptocurrency any more because in the year of 2019 Bangladesh decided to accept bitcoin also because of the important that Cryptocurrency have in future. 

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Very bad move from an authoritarian government. It is this type of governments that ban cryptocurrencies. Those that want the people being slaves and work for nothing, for $1 or $2 payments daily. 

My best wishes to Nigerian people and I hope they know they don't need to trade directly from exchanges to banks, but use other payment methods to send money to banks instead. There are plenty P2P exchanges that will deal with Paypal, Western Union, Moneygram, or plenty other methods to keep trading and not have any bank block your account. Just remember to not send too much money all together, keep it simple and honest and keep communicating with other crypto users to find the way out of this. 

Edited by yonkii

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@AuthorityThis is really sad because a lot of Nigerians depend on this as a means of survival. The Government, despite the massive unemployment decide to also block another source of earning income without preferring any solution to alleviate people's suffering and those that will suffer as a result of this new policy. This is move is not only unnecessary but also a bad one. @scofield64 @hamza123a

Edited by Oyetoyy

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Really that's a shocking news for the nigerian people. Because they will lose a huge opportunity to income some money. I don't know why they banned it. But I think this is not a proper desicion. 

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It really bad about cryptocurrency as there are many countries in the world where its use is banned and considered as illegal to use but I don't think why. Because the digital currency and cryptocurrency is a the future of the upcoming Era. So it can takeover the other currencies as paper currencies in the upcoming future so we should pay heed to these currencies also.👈

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The use of cryptocurrencies was banned in Nigeria.  However, some other countries were banned. But my hope is that one day everyone will be allowed to use cryptocurrency and everyone will use it, because the use of cryptocurrency plays a very important role in the development of the country.

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That's sad news to our Nigerian colleagues who where holding there fortunes and dealing in crypto currency to face this challenge hope in future the issue will be resolved and allow them  to use crypto in their jurisdiction once again, otherwise it remains a great impact to the crypto world and block chain technology at large.

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I hope that policies will change in the future and allow trading in cryptocurrencies because it will be a leader and increase in popularity in the near future. Cryptocurrency is the money for the future 

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In Nigeria there is a lot of users on crypto currency and the bank was banned the use of this technology like many others of countries but don't worry they don't legalise the  crypto already so the people will use it like normal 

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That's sad news to our Nigerian colleagues who where holding there fortunes and dealing in crypto currency to face this challenge hope in future the issue will be resolved and allow them  to use crypto in their jurisdiction once again, otherwise it remains a great impact to the crypto world and block chain technology at large.

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On 2/13/2021 at 8:02 AM, Ella1 said:

That's sad news to our Nigerian colleagues who where holding there fortunes and dealing in crypto currency to face this challenge hope in future the issue will be resolved and allow them  to use crypto in their jurisdiction once again, otherwise it remains a great impact to the crypto world and block chain technology at large.

Yes it is main to be a sad news most country don't want Crypto currency any more with the main fact we are heading most country are ban from using Crypto currency the price of Bitcoin keep increasing because there are no more population of buyer and sellers of Crypto currency. 

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1 minute ago, Ibrakay said:

Yes my dear friend this is a bad news to people in Nigeria because they will not be able to trade with their local currency but I think in the future Nigeria government might lift the ban and accept crypto currency

@Ibrakay Yes no need to deposit or even buying of Crypto currency exchange in Nigeria because of the issues with the CBN all the trading of Bitcoin has been stopped instantly Nigeria have noticed alot about Crypto currency that why CBN decide to stop any transaction of any Crypto currency. 

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I came to know about this news from your post. A sad news  for cryptography world. But there should be an awareness as it's a loss for Nigerian cities due to ever increasing demand and fame of bitcoins. Cryptocurreny is the money of future. Anyhow hope for best.


"An Investment In Knowledge Always Pays The Best Interest"🌼

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It is true news, today in the morning it was circulated on the Internet. Nigeria has been banned from trading cryptocurrencies due to the problems facing the bank and the center.

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Yes, you are right. I heard that Nigeria has been banned from using and trading in cryptocurrencies and the currency of Bitcoin and they say that the reason is due to a problem in the Central Bank of Nigeria and I think that most countries that prohibit the use of cryptocurrencies are afraid that their currency will be affected by this matter and find many fraudsters that can lead to this Decline in the national currency of these countries

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I work by investing. We make good income by investing. We collect different tokens and sell them if prices go up. BTC is the most popular currency. BTC LTC, ETH are the ones everyone likes when they work on crypto currencies

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This is sad news for the crypto world, despite the expansion of this world and the confirmation of its importance for everyone, there are some governments that prohibit the use of cryptocurrencies in their countries

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Dear friend, Nigeria has banned the use of their cryptocurrency currency.  The Central Bank of Nigeria has issued the directive.  This is because the government is squandering a lot of revenue through cryptocurrency, as a result of which everyone is joining and trading in crypto day by day, as a result of which the government is losing its huge revenue.  That is why the Central Bank of Nigeria has taken this decision.

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And later some from the Nigerian government opposed this. It seems that governments finally started understanding how pointless it is by them to keep banning. Since nobody will care, those that wanted to use crypto they will still will. Ban or not, in China this is the same, the most money and traders maybe are coming from the US but second is China, where Bitcoin is banned.

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Hello everyone, how unfortunate this type of news, since they are prohibiting freedom will finance the people of Nigeria, I do not agree to this type of initiative, since the use of crypto is considered as the future, of finance and the world economy, since many operations, for the purchase of products and services, are going to be carried out, through digital currencies.

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Friend did not know anything about this news that Nigeria will no longer accept the use of cryptocurrencies, the truth is, I think it is a bad thing that they do not want to accept cryptocurrencies because it would benefit them a lot, that is what I think, but well, you have to accept that decision that you have made thanks for make this publication informing us.

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On 2/6/2021 at 2:53 PM, Authority said:

Nigeria have been banned using Cryptocurrencies

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Finally Nigeria did not accept Cryptocurrency any more it has been a while but Nigeria is no more interested in bitcoin anymore. 

Dear friends I do not hear about it but I have read  about that news  there are many countries that are banned on the yobit but I have confusion is i cryptocurrency ban these countries to get it advantage from it or these countries Ban crypto Tolk please dear  friend if you know then please clear my confusion.

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Davis believes this impressive figure clearly indicates growing recognition of cryptocurrency and interest from institutional investors, especially from the US.   Strike CEO Jack Mallers predicts that during the ongoing bull rally, bitcoin could reach $250,000 and possibly rise in price to $1 million. On a podcast with Pomp Investments founder Anthony Pompliano, Mallers explained his bold forecast by stating that bitcoin is still at an early stage of development. According to him, the bond market is currently facing problems, so central banks may inject a significant amount of liquidity into the financial system to stabilize it. This liquidity influx will trigger an increase in the value of risky assets, including the leading cryptocurrency.   Jack Mallers disagrees with the notion that bitcoin is a bubble or a tool for speculation. The asset is becoming increasingly popular among financial giants on Wall Street, and its limited supply of 21 million coins makes BTC highly resistant to inflation, unlike fiat currencies and gold. "Bitcoin can be called the hardest form of money – thanks to the fixed issuance schedule and halvings every four years. The release rate of new coins gradually decreases, thereby increasing bitcoin's long-term value," argued the Strike CEO.   Analysts from financial investment company Motley Fool also target a six-figure number. They suggested that bitcoin's rate could rise to $400,000 and possibly even reach $1 million. The reason, which has been mentioned many times, is the influx of money from institutional investors through spot ETFs. Motley Fool analysts noted that more and more pension funds and hedge funds, managing multi-billion dollar sums, are entering the bitcoin market. Thanks to cryptocurrency ETFs, they can easily include bitcoin (and soon Ethereum) in their investment portfolios.   According to analysts, around 700 investment companies have already invested in such funds. Nevertheless, the share of institutional investors in bitcoin-ETFs is currently only about 10% of the total. Motley Fool estimates that if financial institutions invest about 5% of their assets in bitcoin, the market capitalization of the first cryptocurrency could exceed $7 trillion, which explains its forecasted rate of $400,000.   Considerably less optimism was heard in the forecast of Bloomberg senior analyst Mike McGlone. According to him, bitcoin's volatility leaves it trailing gold and the US dollar in investment appeal. Furthermore, he believes that stocks will soon crash amid the expected recession, but BTC will suffer even more than the stock market. McGlone emphasized that the Tether (USDT) stablecoin, pegged to the US dollar, typically trades twice as much per day as bitcoin. "I can access the US dollar anywhere in the world from my phone using Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has moved to the dollar. Why? Because it's the least bad of all fiat currencies," the Bloomberg expert stated.   While Mike McGlone merely downgraded bitcoin's attractiveness, Cardano founder Charles Hoskinson simply buried it. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." He pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the contrary, consider L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of bitcoin's innovation revival. Strike CEO Jack Mallers defended the first cryptocurrency. According to him, the Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase the demand for the first cryptocurrency. Mallers believes that thanks to this, bitcoin can be used for everyday purchases, such as paying for a cup of coffee. Former BitMEX CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low use in protocols.   As of the time of writing this review on the evening of Friday, 31 May, ADA is trading at 0.45 USD per coin, while bitcoin and Ethereum are faring significantly better: BTC/USD is trading at $67,600, and ETH/USD at $3,790. The total cryptocurrency market capitalization is $2.53 trillion ($2.55 trillion a week ago). The Bitcoin Fear & Greed Index remained almost unchanged over 7 days, staying in the Greed zone at 73 points (74 a week ago).   It should be noted that ETH/USD failed to break through the $4,000 resistance this past week. The local maximum was recorded on Monday, 27 May, at $3,974. The lack of an immediate pump is explained by the fact that everyone who wanted to buy Ethereum in anticipation of the SEC's historic decision already did so. Meanwhile, according to some analysts, there is a high probability that immediately after the launch of the long-awaited spot exchange funds, Ethereum will enter a deep drawdown, similar to what happened in January with bitcoin. Then, over 12 days, it fell by 21%.   One of the key reasons for BTC's drawdown at that time was the unlocking of GBTC fund assets from Grayscale, which was converted into a spot fund from a trust. It began losing investments daily at a rate of $500 million. It is possible that something similar could happen with Ethereum, where Grayscale's ETHE fund holds $11 billion worth of ETH. As soon as this fund is converted into a spot fund and its assets are unlocked, short-term investors might start taking profits, potentially causing ETH/USD to fall to the strong support zone of $2,900-3,200. Pessimists among bearish factors also cite the uncertain legal status of the altcoin, as the SEC has not yet clearly defined whether ETH is a commodity or a security. Additionally, the regulator has many complaints about the staking program.   Staking is a way to earn cryptocurrency by "locking" a certain amount of coins in a wallet on the Proof of Stake (PoS) algorithm to support the network. In return, the user receives rewards in the form of additional coins. According to Wall Street legend Peter Brandt, "the biggest disasters in the cryptocurrency sphere that are yet to happen will be related to staking." The expert noted that such assets as Ethereum are often rented out to earn such income, often in the form of interest, which strongly reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it could attract increased attention from central banks, treasuries, and other authorities. This could lead to tighter regulation, significantly altering the crypto space and potentially resulting in the cessation of staking and bankruptcies for those involved. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Даа, кроме нас на форуме остались рекламщики обменников и все). А у вас было монета not, он очень хорошо вырос. Надо было покупать сразу после листинга. Даа, упускаем моменты). Биткоин продолжает коррекцию делать, а я купил какие то щитки и вынужден ждать. 
    • Крупный банкир получил тюремный срок за криптомошенничество   Бывший инвестиционный банкир Рашон Рассел приговорён к 41 месяцу тюремного заключения за мошенничество с использованием цифровых активов. В результате расследования правоохранительные органы США выяснили, что обвиняемый начал опробовать свою мошенническую схему на друзьях, бывших одноклассниках и коллегах по работе в криптофонде R3 в ноябре 2020 года. Рассел обещал им гарантированную доходность инвестиций от 25% до 100%. Чтобы его слова были ещё убедительнее, он пустил в ход свой опыт инвестиционного банкира и сфабрикованные документы (поддельные счета, переводы). Сначала он использовал часть полученных обманным путём средств для выплаты долгов более ранним инвесторам. Остальные деньги Рассел тратил на азартные игры и поддержание роскошного образа жизни. Такая мошенническая схема работала до августа 2022 года. В апреле 2023 года Рашона Рассела арестовали, а в сентябре он признал свою вину. Тогда же выяснилось, что Рассел незаконно приобрёл около 100 кредитных и дебетовых банковских карт на имена других людей. По мнению следователей, он планировал использовать карты для проведения транзакций с полученными незаконным способом деньгами. Минюст США подсчитал, что потери инвесторов от мошеннической схемы Рассела составили $1,5 млн. Именно эту сумму подсудимый должен выплатить своим жертвам в качестве компенсации. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2428894
    • CryptoRank поделился списком крупнейших разлоков июня.        Будьте осторожны в отмеченные дни, ведь увеличение предложения может вызвать давление со стороны продавцов. ARB — $105.21 млн;APT — $103.03 млн;UNI — $87.93 млн;STRK — $75.67 млн;DYDX — $66.3 млн;SEI — $63.81 млн;ID — $55.82 млн;IMX — $54.96 млн;MERL — $42.21 млн;ENS — $36.65 млн.  
    • В Татарстане построят майнинговую ферму стоимостью $100 млн   В Иннополисе, городе высоких технологий в Республике Татарстан, реализуют майнинговый проект стоимостью $100 млн. Об этом на криптофоруме в Казани сообщил заместитель премьер-министра Татарстана Роман Шайхутдинов и заместитель министра цифрового развития, связи и массовых коммуникаций РФ Александр Шойтов.     В 2023 году Россия поднялась на второе место по майнингу криптовалют. По оценке экспертов, в майнинге может быть использовано до 5 гигаватт электрической мощности, что позволит стране занять лидирующие позиции в отрасли, — сказал Александр Шойтов.   В середине февраля компания по добыче биткоинов BitRiver также обнародовала планы по запуску крупнейшего в России дата-центра, ориентированного на искусственный интеллект.   В РФ пока нет чётких правил по контролю майнинга. В конце апреля российские законодатели представили новую версию законопроекта, направленного на регулирования рынка добычи криптовалют. По словам одного из его авторов, правила могут вступить в силу уже в сентябре этого года.
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