What truly is the stand of the government on crypto

[Ojinga]

I came across a thread with link  https://asktom.cf/index.php?topic=5560212.msg65845991#msg65845991 And I was curious as to know the stands of the government on cryptocurrency. My curiosity is not about account blockage because the reasons for the blockage was obvious  but my curiosity is on what’s the government stand on cryptocurrency in general because the last time I checked, I think the government had some ban on exchanges and later on came with the idea that, for exchanges to operate in the country, they have to identify with the government and pay their taxes but even after all of these, we are still warned not to mention crypto related words in our transactions and I am forced to ask, what’s truly the stands of government in crypto?

[Karl_3000]

No government regulator is against the use of crypto in Nigeria right now but it started from when the last government CBN banned crypto. CBN support crypto in this government but this government make crypto users afraid when they said p2p is the reason naira price was falling and they told Opay, Palmpay and Moniepoint to warn their users not to use their accounts for crypto transactions and they ban them for awhile not to register new customers. This makes crypto buyers to tell sellers not to mention crypto or anything similar in their transactions. The NCC also still ban people so that they can not access crypto exchanges through the web.

[Ambatman]

What truly is the stand of the government on crypto

Another method to make money out of the citizens.
They have seen money that goes in and out of the cryptocurrency market
And they want a piece of the cake without lifting a finger. Hence the recent tax reform on it.

So yes they are leaning towards accepting it since they are losing potential revenues for building the country (their pockets).

[knowngunman]

what’s truly the stands of government in crypto?

Actually it's a controversial issue but to some extent it's also clear. The federal government already lifted the ban which means cryptocurrency is not longer illegal but the CBN however restrict the banks from taking part in anything related to cryptocurrency. This means cryptocurrency is legal for you as individual but it's illegal for banks and this is why banks restrict your account when it's linked with crypto.

Mind you, each organisation has a specific rules guiding their operation and that's why there's no uniformity in this cryptocurrency case. The SEC permit you to trade crypto and even attached tax but CBN on the other hand did not permit you to involve banks since they believe it fuel illicit financial activities. CBN regulates all banking activities and SEC regulates the operation of exchanges.