Government are now just coming out straight on the interest of what they want with cryptocurrency, it's either they control it which is obviously impossible or they regulate it which will attract the payment of tax for every transactions performed, but two things remain unclear to me here, will the exchanges be the ones to be taxed or every individuals, secondly is that, will the government through this now allow the commercial banks to perform cryptocurrency transactions as against the ban made in 2021 considering the new administration.
First since the creation of this thread I have gone into research to see the financial act and what it entails because I am sure cryptocurrency is not mentioned their in and I wanted to ask the ops to share a link to the information he posted, because nigeria as a country really need a special policy frame work dedicated to digital currencies inclusive of Decentrslized assets e.g Bitcoin ethereuem and other cryptocurrencies that operate within the blokchain technology and their remittance into the nigeria economy, other important point to note os that decetnrized cryptocurrencies their transactions are hard to trace and unless the holder use a centralized exchange platforms then his transaction can be traced and taxed, but aside from that he can invade tax as long as he continues to hold bitcoin just as an asset.
On the issue of banks and cryptocurrency transactions, I guess the misunderstanding came from the now suspended CBN governor, who introduced so many failed financial policy that most likely 90% failed e.g, the E-naira policy and the currency swap/ cashless policy scheme, he is also the initiator of the bank vs cryptocurrency transaction ban, if not before the ban, the bank does not have any problem with cryptocurrency transaction and as a matter of fact, one can buy Bitcoin through union bank back then.