Crypto Ban Won’t Deter Us, Nigerian Traders Insist

Despite the policy putting a ban on cryptocurrency in the country, some Nigerians on Twitter remained defiant, saying they were not deterred by the CBN policy.

Responding to the ban, Abdulhameed Abu said, “The simple truth is that there is nothing @cenbank can do to enforce this ban. The very definition of a decentralised system is the absence of concentrated control. If I were you, I would be proactively looking for ways to regulate and tax such a potentially huge source of revenue.

“Countries like America and the others have realised this earlier on. They have since come up with interesting ways to regulate and generate revenue from the cryptocurrency sector. Meet with key players in the sector and come up with good laws regulating it and forget about the ban.”

Emmy Jesus said, “It’s simple: trade with Ghanaian or Togolese banks, open an international account and forget about Nigerian banks with the CBN policy.”

@CDiepreye said, “Nothing done by the @NigeriaGov can stop me from trading on @binance and others. After all, I make money abroad and I bring it home (Nigeria economy).”

@sirpeeworld, said, “No one should panic yet. Many ways will be discovered soon. If you have anyone outside Nigeria, it will be easy for you to do your bitcoin things. You can transfer to anyone outside Nigeria. They will buy from you and send you naira.”