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People's accounts are being closed for participating in cryptocurrency transactions.

• emteycz 6y ago
  How are they going to distinguish ATM withdrawal->any transaction from ATM withdrawal->crypto transaction? Additionally, do you really think a Nigerian bank would close the majority of its accounts just because the government said so?
  • seunosewa 6y ago
    Prior to the ban, most people bought cryptocurrencies by making bank transfers to cryptocurrency exchange operators. It’s trivial for them to determine which people have sent money to or received money from those accounts. There is going to be a shift to P2P transactions using cash as a result of the ban; which are harder to trace but also less convenient, unsuitable for large transactions, and more risky in a country which is poorly policed. A lot of people will be scammed and robbed while attempting P2P crypto transactions. So while they won’t find everyone who has traded with cryptocurrencies, that is no comfort for those they have found.