Nigeria is not the first country to ban Crypto, checkout 6 other countries where it is illegal

O
Following the news that was released by the Central Bank of Nigeria on February 5, 2021 instructing banks to stop accepting cryptocurrency exchanges and to freeze the accounts of crypto traders.

Nigeria is not the country where cryptocurrencies are not accepted, despite being the biggest contry in Africa with the population of over 180million people, Nigeria is not the first country to place a ban on cryptocurrencies.

Checkout six other countries where Digital Currencies are not accepted.


Morocco
The North African foreign exchange office does not allow the use of cryptocurrencies for business in the country. Any citizen caught buying and selling digital asses in Morocco will be fined.


Iran
Banks and financial institutions were prohibited from the buying and selling of virtual currencies by the Iranian Government in 2018.


Nepal
Bitcoin and other digital assets became illegal in Nepal in 2017. After the Ban, citizens were arrested for buying and selling Bitcoin in the country.


Bolivia
The Central Bank of Bolivia placed a ban on Bitcoin and other virtual assets that are not controlled by the states, regions and economic are in 2014. Bolivian government said the ban will help protect the country's economy.


Ecuador
Buying and selling of Cryptocurrencies through the internet is highly prohibited by the Central Bank of Ecuador and Ecuadorean government, therefore the use of virtual currencies is not accepted as a means of payment in the country.


China
In 2017, The people's Bank Of China placed a ban on all virtual currencies in the country.


http:///s7e419f16210207en_ng?client=newslite

Can we now justify Nigeria for banning it?

SamgoldBaba:
Can we now justify Nigeria for banning it?

information

InvestingExpert:

information

ok

yh just did for the purpose of passing information

Imagine the kind of country you're comparing to Nigeria.. Apart from China that have a different system of government that look at its people welfare in way. Nigeria should never be in this class

SamgoldBaba:
Can we now justify Nigeria for banning it?

Actually that's a good question I have no answer to.


Can we justify Nigeria for banning crypto

I can actually make a post out of these

China did not ban crypto. They restricted the use, but did not ban it.

Upworkwriter007:
China did not ban crypto. They restricted the use, but did not ban it.

ok sir
so what is the difference between restrict use and banning something

InvestingExpert:


ok sir
so what is the difference between restrict use and banning something

Very different sir.
You can trade crypto in China, but it cannot be used as a replacement to its currency. This means that you can't use it to purchase goods.....In fact, a little research shows that you can buy and sell crypto in Ecuador. Apparently, Nigeria has one of the tightest restriction on crypto.

InvestingExpert:


ok sir
so what is the difference between restrict use and banning something

It would be nice to do thorough research to avoid misleading people.

China is still among the top countries with highest number of Crypto hodlers till date.

Banning and restricting are not same man.

When Something is banned, it becomes illegal, not allowed,

Restricting Something is allowed, but limited to it.


Cryptocurrency is not banned but restricted in almost all the countries you listed including Nigeria. The reason is not far fetched.

Upworkwriter007:

Very different sir.
You can trade crypto in China, but it cannot be used as a replacement to its currency. This means that you can't use it to purchase goods.....In fact, a little research shows that you can buy and sell crypto in Ecuador. Apparently, Nigeria has one of the tightest restriction on crypto.

ok so crypto is not banned in nigeria, only restricted based on what you said.

am I correct?

dake40:


It would be nice to do thorough research to avoid misleading people.

China is still among the top countries with highest number of Crypto hodlers till date.

Banning and restricting are not same man.

When Something is banned, it becomes illegal, not allowed,

Restricting Something is allowed, but limited to it.


Cryptocurrency is not banned but restricted in almost all the countries you listed including Nigeria. The reason is not far fetched.

ok man
thanks for the contribution

so it means crypto is not banned in these countries, only put on heavy restrictions
am l correct?

InvestingExpert:



ok man
thanks for the contribution

so it means crypto is not banned in these countries, only put on heavy restrictions
am l correct?

Yes sir

dake40:


Yes sir

ok man
thanks for this information

nice

they banned it because of illiteracy

InvestingExpert:

Actually that's a good question I have no answer to.


Can we justify Nigeria for banning crypto

Nigeria did not ban crypto, she merely restricted access to it

Kobicove:

Nigeria did not ban crypto, she merely restricted access to it

ok man thanks for the information

JUST LIKE THE NAME CRYPTO IS VERY CRIPPY AND CAN CRIPPLE...
STOP IT NOW.

PARADIZEPRIEST:
JUST LIKE THE NAME CRYPTO IS VERY CRIPPY AND CAN CRIPPLE...
STOP IT NOW.

funny though

but with will clear of you can explains how it can cripple

Iran’s parliament determined to expand ties with Africa: Official
Iran is determined to strengthen cooperation between the Islamic Republic and Africa, a special aide to the head of Iran’s Parliament says.
http://en.hausatv.com/news/content/23970

ok

but nigeria is shutting down bank accounts involved in crpto how far can this go

Phred1717:
Imagine the kind of country you're comparing to Nigeria.. Apart from China that have a different system of government that look at its people welfare in way. Nigeria should never be in this class

Iran and Nepal are many years Ahead of Nigeria in terms of development

Good morning

InvestingExpert:


ok so crypto is not banned in nigeria, only restricted based on what you said.

am I correct?

YH.

InvestingExpert:
Nigeria is not the first country to ban Crypto, checkout 6 other countries where it is illegal

O
Following the news that was released by the Central Bank of Nigeria on February 5, 2021 instructing banks to stop accepting cryptocurrency exchanges and to freeze the accounts of crypto traders.

Nigeria is not the country where cryptocurrencies are not accepted, despite being the biggest contry in Africa with the population of over 180million people, Nigeria is not the first country to place a ban on cryptocurrencies.

Checkout six other countries where Digital Currencies are not accepted.


Morocco
The North African foreign exchange office does not allow the use of cryptocurrencies for business in the country. Any citizen caught buying and selling digital asses in Morocco will be fined.


Iran
Banks and financial institutions were prohibited from the buying and selling of virtual currencies by the Iranian Government in 2018.


Nepal
Bitcoin and other digital assets became illegal in Nepal in 2017. After the Ban, citizens were arrested for buying and selling Bitcoin in the country.


Bolivia
The Central Bank of Bolivia placed a ban on Bitcoin and other virtual assets that are not controlled by the states, regions and economic are in 2014. Bolivian government said the ban will help protect the country's economy.


Ecuador
Buying and selling of Cryptocurrencies through the internet is highly prohibited by the Central Bank of Ecuador and Ecuadorean government, therefore the use of virtual currencies is not accepted as a means of payment in the country.


China
In 2017, The people's Bank Of China placed a ban on all virtual currencies in the country.


http:///s7e419f16210207en_ng?client=newslite

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