Who did this to us

So, people cannot transact again through cryptocurrency in our jungle country call Nigeria?

The government of Nigeria is doing everything possible to keep Nigerians struggling to survive in an abject poverty at all cost.

WHY IS OUR COUNTRY AND THE GOVERNMENTS ARE LIKE THIS?

privaldo:


Man, I recently bought Dogecoin I hope the price soars. As for this move by Emefiele, it will only affect the crypto startups and not the people, so many people will adopt P2P lending in the coming days.

That's the truth...I only dint go there...but it's not good cos those startups are people like you and I.......it's an economically disabling move for crypto business in Nigeria. Most of the opportunity we have in crypto is enabled by those startups....P2p is only a little subset of the whole cryto business .

Jerryherd:


And how will CBN and Government know Cryto traders bank account from a cocoyam sellers account

.

Very weird question. Didn't you submit your details to the bank when you were opening your account? They also used their company names to open these accounts, and submitted huge amount of details about their business. CBN have already directed Banks to do the fishing.

Buhari is lot for money to fund budget

thebosstrevor1:


Crypto is expensive to send.

Network fees is very high for btc and others.

So i don't see how crypto strengthens the naira

Crypto is not expensive to send for anyone who's knows the worth

Since it's peer to peer currency, people dedicating their resources, mining and transferring must earn

All I know is ban of crypto means every one would start buying dollars back and soon dollar would reach Atleast 600 if crude oil prices stays down

einsteine:


Before those exchanges came to Nigeria, there was a lot of cryptocurrency trade. Infact p2p trading (despite the trust issues) is larger than any exchange in Nigeria.

P2p are also done on exchanges.

If exchanges are stopped, how do you receive your money in your Nigerian bank account

thebosstrevor1:


There was but everything went through the banking system which made it trackable.

With crypto, you cant track anything

This is lame!
Our database is porous!
Countries where the system is working, are still tracking criminals till date! You should stop alluding criminal activities to crypto, it didn't start with crypto & will still continue even without crypto!

privaldo:


Man, I recently bought Dogecoin I hope the price soars. As for this move by Emefiele, it will only affect the crypto startups and not the people, so many people will adopt P2P lending in the coming days.

CBN is the primary gateway and clearance for all payments domiciled in Nigeria, they are the alpha and omega of monetary policies. You are just telling them to move into that area too sir.
Just one policy and datsall!Even the telcos and internet service providers dare not challenge CBN.

I just want to plead with CBN to please allow those whose hard earned money are into it be allowed to take out their money. It is hard when you just move your money into it and with no prior notice, this kind of notice comes out.

Nairametrics has been promoting these instruments so much that I almost changed my mind towards it so to keep my resolve, I now hardly visit the website again because everywhere is littered with news on such instruments, in fact theirs is overdo.

I noticed that nairametrics has not published this news on their platform.

NiRfreak:
When you have wicked illiterate goats as leaders, why won't they frustrate citizens from making money through innovative legitimate means they don't understand....Meanwhile they steal our money everyday through illegal means..Awon oloshi.
.
The richest man in the world is investing and trading crypto currency. ...recently Elon Musk promoted Dogecoin by tweeting it on his page and people from all over the world made money from the uptrend of the coin that was generated through that sentimental analysis...I did too. Cos I sold my money stored in USDT to buy Dogecoin...in less than 24 hours...I made 50% of my money and cash out again by selling the Doge to buy USDT.
.
Most institutional investors in Europe and America, I'm talking of banks and corporate investor brokers are embracing crypto investment and moving their portfolios to buy and trade cryto.....even rich men in America and Europe, China are moving their investment stored in gold into cryptocurremcy..
It shall not be well with this government that is determined to plunge everyone into poverty...work no dey, business failing everyday cos government is not supportive....if you know what's up, govt directly or indirectly has hands in the collapse of MBaforex...and now they are frustrating crypto trading.
You see, if person no one do Yahoo cos u view it to be immoral, and u are also being frustrated from doing normal buying and selling of digital currency on the internet market...then maybe it's better for one to kuku resort to fraud or yahooyahoo... Useless government.!!!!!!!

It seems you know much about crypto, can you teach me?

lalasticlala:
CBN Shuts Down Cryptocurrency Exchange Bank Accounts

"February 5, 2021

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS

The Central of Bank of Nigeria's (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.

NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect."

Osaretin Victor Asemota @asemota shared it on Twitter and wrote:



https://twitter.com/asemota/status/1357647685801676802

A Twitter user, Futurist @nathaniel_luz, reacted:


https://twitter.com/nathaniel_luz/status/1357648314016096256?s=19

But I thought there is one registered Crypto Company in Nigeria which is licensed by CBN? BitX. Or are they not?

Jerryherd:


Crypto is not expensive to send for anyone who's knows the worth

Since it's peer to peer currency, people dedicating their resources, mining and transferring must earn

All I know is ban of crypto means every one would start buying dollars back and soon dollar would reach Atleast 600 if crude oil prices stays down

Have you sent bitcoin to another person before?

Do you know how expensive is it just to send btc

Even without the ban on crypto, forex is still the king.

Vistra40:


What has EndSARS got to do with cryptocurrency oga? Do you have sense at all?

Youths are the backbone of endsars protest. Most youths in the south are either into Yahoo or legit online businesses. Yahoo guys receive monies in Bitcoin so that it won't be traceable. To cripple the vocal youths among us, weaken their flow of income.

Youths are no longer thinking of physical businesses. Everyone wants to become a millionaire overnight.

thebosstrevor1:
The endsar protest created the ban.

Say what you know, the CBN has complained that they are losing FX a lot. Last year Diaspora remittances dropped from over $2B in the first quarter of the year to $156 million in the last quarter due to the fact that those abroad stopped sending the money through banks and Western Union but through apps that converted the USD directly to Naira, therefore making CBN see only Naira and no USD.
The same thing is now happening to crypto after government made rules to end the first issue, people resulted to sending crypto which is then changed to Naira as opposed to sending the original USD. This is not about #EndSars, this is about the CBN trying to look for FX.

thebosstrevor1:


P2p are also done on exchanges.

If exchanges are stopped, how do you receive your money in your Nigerian bank account

On peer to peer, individuals send the money directly to each other so the banks will have no idea if it's from cryptocurrency or not.

When a govt is not accountable to it's citizens this is what you get. They don't give a damn.

paulolee:
nooo naaa...i thought crypto currency is taking over...as an economist I'll surely analyse short run n long run reasons for this new policy..
I would like to know how positively it would improve d monetary policy of our economy and alos the effect it would have on our already weakened naira currency...

who ask you?

Rubbiish:

This is lame!
Our database is porous!
Countries where the system is working, are still tracking criminals till date! You should stop alluding criminal activities to crypto, it didn't start with crypto & will still continue even without crypto!

Anything that suits you.

Buzx:


Very weird question. Didn't you submit your details to the bank when you were opening your account? They also used their company names to open these accounts, and submitted huge amount of details about their business. CBN have already directed Banks to do the fishing.

Now that's the big catch in all this, same me that registered a Certificate of Incorporation at CAC that I trade Bitcoin, can also go back to CAC and register that I trade cocoyam, CAC won't cost pass 20k and I can enter another bank with my cocoyam trading company CAC cert to open another account within 24hrs

So many legit crypto traders are now going to suffer along because of illegal yahoo crypto scammers.

If you still don't hate yahoo boy's and what they've done to this country, you need psychological help

tchidi066:

It seems you know much about crypto, can you teach me?

My brother everything is on the internet...reading, reserching, watching YouTube and following crypto forum, crypto YouTube channels and cryptocurremcy news regularly....

FBIBOT:
What the Bleep is this now... Do these guys have sense like this? One of my hustle gone down the drain crypto arbitrary trading is bae... Crying

pls oga can you teach me crypto trading ogah,I know I will leave this gutter one day where their policies will not affect me
..pls do me this favour

Buzx:


On peer to peer, individuals send the money directly to each other so the banks will have no idea if it's from cryptocurrency or not.

Are you talking about p2p cash transfer or p2p crypto.

If you are talking about p2p crypto transfer, so how will the bank pay you in cash when you need to convert your coin to cash

thebosstrevor1:


Anything that suits you.

Going by your comments on this thread, Seems u personally have something against crypto!

thebosstrevor1:


Btw, yahoo boys will not be happy

Also, once again this can be bypassed that's why crypto is like the proverbial cockroach that can't be killed easily, governments like China and Iran tried it and failed. This new policy will only make people result to P2P lending which will even be worse for the CBN as they won't see any trace of the USD/FX coming into the country from crypto.

The kind crime that you see in come months is going to be child play, this government that cant provide jobs, businesses is closing down, nothing is working, he want to frustrate youths that working hard again.

Imastex, see another regulation...

Jerryherd:


Now that's the big catch in all this, same me that registered a Certificate of Incorporation at CAC that I trade Bitcoin, can also go back to CAC and register that I trade cocoyam, CAC won't cost pass 20k and I can enter another bank with my cocoyam trading company CAC cert to open another account within 24hrs

You're are not the cryptocurrency company. When you withdraw your crypto, the companies pay you through their Nigerian bank accounts. Now, if the government bans their accounts, there is no way for them to pay you. If you like open another account that you sell akara or fried yam.

Who do this to us in Nigeria, when digital currency have take over the world, that’s when the useless government wants to put us backward. Some unemployment youths are even taking the advantage of cryptocurrency to engage them self. Now the stupid government wants to stop it. This is what we get when analog generation is ruling digital generation. Every thing to useless government is fraud. I can remember even before they embraced internet this is the same way they thought. Stupid people. Especially the CBN Governor.

NiRfreak:

My brother everything is on the internet...reading, reserching, watching YouTube and following crypto forum, crypto YouTube channels and cryptocurremcy news regularly....

It's a she

Sadistic govt of self serving THIEVES has done it again!

But this news is not on CBN official Twitter account