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Why is Bitcoin and other Cryptocurrencies banned in Nigeria?


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Well, I am hearing this for the first time. No country has completely banned Bitcoin till now. However, there are many countries in the World where Bitcoin transactions are not considered legal. In recent times Cryptocurrencies have been known to be misused by some rogue individuals and institutions for illegal and nefarious activities. This may have been the reason for a total ban.

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14 hours ago, focusedwriter10 said:

My guess is simple. Scams have led the government of Nigeria banning Bitcoin and cryptocurrencies. Nothing else.

Scams are all over the place, but banning Bitcoin and cryptocurrencies is not the reason and source of the scam. I have a friend from Ukraine who says he'd rather have Bitcoin over his own national currency, because he despises his government's economical state of affairs.

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