Re: Countries That Have Banned Cryptocurrency by Hotice085: 11:40am On Feb 06, 2021 |
plaindealer: This is a good move by the CBN, it's dangerous and counter productive for the general population to shift traditional banking, trading and investment system from the banking and regulatory structure to unregulated and counterproductive crypto currency system.
Money inflow and outflow through the banking system guarantees availability of funds for investments, loans and financing across the general population, but when you remove money from the banking system to a side person to person asset transaction, you are effective remove money and forex from market, you are no longer recycling money through the system to keep the economy going, you are denying funds for loans, business financing, housing mortgage and so on.
Rich and developed countries can afford to allow crypto in their countries, but Nigeria can not especially when Nigerians are now turning dollar remit from abroad into a person to person crypto deal.
Crypto is a valuable tool for money launderers, shady dark web dealings, drug trade, human trafficking transactions, terrorism funding and so on..
You can not keep complaining about the economy, lack of jobs and infrastructures while at the same time sabotaging the same economy with crypto.
You can not have ot both ways, crypto is not goo for us at the moment..
. Who allowed a rat brain like you in here |
Re: Countries That Have Banned Cryptocurrency by damtan(m): 11:58am On Feb 06, 2021 |
Nigeria has only shot herself in the leg. With or without ban, crypto trading and exchange would still continue. The problem being created by the CBN through banning crypto currency would soon be solved. We would search for alternatives that would be better than using the banks 1 Like |
Re: Countries That Have Banned Cryptocurrency by GamalNasser: 12:11pm On Feb 06, 2021 |
plaindealer: This is a good move by the CBN, it's dangerous and counter productive for the general population to shift traditional banking, trading and investment system from the banking and regulatory structure to unregulated and counterproductive crypto currency system.
Money inflow and outflow through the banking system guarantees availability of funds for investments, loans and financing across the general population, but when you remove money from the banking system to a side person to person asset transaction, you are effective remove money and forex from market, you are no longer recycling money through the system to keep the economy going, you are denying funds for loans, business financing, housing mortgage and so on.
Rich and developed countries can afford to allow crypto in their countries, but Nigeria can not especially when Nigerians are now turning dollar remit from abroad into a person to person crypto deal.
Crypto is a valuable tool for money launderers, shady dark web dealings, drug trade, human trafficking transactions, terrorism funding and so on..
You can not keep complaining about the economy, lack of jobs and infrastructures while at the same time sabotaging the same economy with crypto.
You can not have ot both ways, crypto is not goo for us at the moment..
If Buhari was doing his job and keeping the naira stable nobody will be storing wealth as Crypto |
Re: Countries That Have Banned Cryptocurrency by Nobody: 12:46pm On Feb 06, 2021 |
plaindealer: This is a good move by the CBN, it's dangerous and counterproductive for the general population to shift traditional banking, trading and investment system from the banking and regulatory structure to unregulated and counterproductive cryptocurrency system.
Money inflow and outflow through the banking system guarantee availability of funds for investments, loans and financing across the general population, but when you remove money from the banking system to a side person to person asset transaction, you are effectively removing money and forex from the market, you are no longer recycling money through the system to keep the economy going, you are denying funds for loans, business financing, housing mortgage and so on.
Rich and developed countries can afford to allow crypto in their countries, but Nigeria can not especially when Nigerians are now turning dollar remit from abroad into a person to person crypto deal.
Crypto is a valuable tool for money launderers, shady dark web dealings, drug trade, human trafficking transactions, terrorism funding and so on.
You can not keep complaining about the economy, lack of jobs and infrastructures while at the same time sabotaging the same economy with crypto.
You can not have it both ways, crypto is not good for us at the moment.
Exactly what I said to a friend, though we might be making money on a personal level but looking at the bigger picture it will affect the country as a whole. The problem about humans we don't care what happens to others provided we are benefitting, which is wrong, 1 Like |
Re: Countries That Have Banned Cryptocurrency by lkillbrokehoes: 1:35pm On Feb 06, 2021 |
Inteltower:
Na so thunder go fire you and your stupid analysis, was it crypto in the first place that made our economy bad on the onset ?
So because of the Naira that keeps depreciating and can't help the lower class you want us all not to progress but wait till the idiot leaders start leading right and Naira find its way to glory days again
U must be mad, this failed system of government and crippling economy has not only failed Nigerians especially youths but bound us to grow or not grow whenever it pleases. See how crypto currency under the blockchain ideology is creating prosperity and making people financially independent of many failed institutions and policies; setting people free like us here in Nigeria.
Their nonsense can't stop us demanding crypto I can't be financially enslaved to a failed currency and a criminally masked banks that still your money with stupid charges
Guy u no get sense at all Don't mind the ignorant lad 1 Like |
Re: Countries That Have Banned Cryptocurrency by Revelation001: 3:46pm On Feb 06, 2021 |
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Re: Countries That Have Banned Cryptocurrency by plaindealer: 4:59pm On Feb 06, 2021 |
privaldo:
Crypto is like the proverbial cockroaches that will survive a nuclear blast. Nigeria has one of the highest P2P rate in the world, so I expect the crypto populace, to fall back to P2P. The CBN is shooting itself on the foot and only helping to kill the Naira even further, but what do I know? Crypto's popularity or it's ability to survive regardless of CBN's monetary policies is not the problem and it shouldn't be your main concern, that's irrelevant, what you should be worried about is what it's doing to you at the end of the day. I've read all the shortsighted complaints, abuse and insults against the FG, but this is very synonymous with Nigerians, the government is always the enemy and we must attack and discredit the government and governmental policies put in place to help and protect us and the general economy. Of what use and benefit is you having the highest rate of P2P in the world to the economy after denying the economy general monetary circulation, denying traditional banks the capacity to deposits and dispense loans for businesses, industries, imports, mortgages and so on.? Of what use and benefit is you having the highest rate of P2P in the world when it comes to denying funds terrorists use to terrorize and kill you? Of what use and benefit is you having the highest rate of P2P in the world when it comes to money laundering, human trafficking.? Of what use and benefit is you having the highest rate of P2P in the world after setting up a side and unregulated monetary system that the general economy doesn't benefit from? Less money within the traditional banking system means layoffs, dark money, criminal haven and activities. Instead of thinking about yourself and your P2P, think about your own country and it's economic survival. Why are you avoiding the banking system? Why? What are you hiding? Sometimes the government is not the enemy, we are. |
Re: Countries That Have Banned Cryptocurrency by Litmus: 5:00pm On Feb 06, 2021 |
my mistake |
Re: Countries That Have Banned Cryptocurrency by plaindealer: 5:04pm On Feb 06, 2021 |
BiggyB242:
Exactly what I said to a friend, though we might be making money on a personal level but looking at the bigger picture it will affect the country as a whole. The problem about humans we don't care what happens to others provided we are benefitting, which is wrong, Well said. We are generally self destructive with our everyman for himself mentality. We want a better country but won't hesitate to sabotage and cripple our country because of personal greed and short term pecuniary benefits.. |
Re: Countries That Have Banned Cryptocurrency by mekaboy(m): 5:10pm On Feb 06, 2021 |
Sammytee001:
All this one na story. The point is that, so far we can't directly trade Crypto without facing consequences, it's illegal, and indirectly/directly, that means it's banned whether you like it or not. All the one you're saying is English ![sad](https://www.nairaland.com/faces/sad.png) Its not banned. If Govt bans black market sqles of dollars, does it mean importing and items and payment with dollars is banned? It means government wont allow u to fund your trader via Nigerian banks. |
Re: Countries That Have Banned Cryptocurrency by plaindealer: 5:23pm On Feb 06, 2021 |
The game would likely move to peer-to-peer trading (P2P) trading where two people interact directly with each other to buy or sell cryptocurrency. This is, however, susceptible to fraud as transactions can only be conducted based on trust.
A P2P exchange such as Binance lets sellers and buyers find the right person, in the right place, at the right time and make a trade at the right price, using the payment method that works for both..
https://www.thecable.ng/what-the-new-cbn-directive-means-for-crypto-trading-in-nigeria/amp
The sad and end product of P2P is 2-way yahoo yahoo, swindling and fraudulent transactions based on nothing but words of mouth and personal trusts that in our Yahoo Yahoo Nigerian environment means fraud. With every P2P transaction, you are on your own good or bad, no protection, no guarantees or recourse after getting swindled. |
Re: Countries That Have Banned Cryptocurrency by plaindealer: 5:25pm On Feb 06, 2021 |
mekaboy:
Its not banned. If Govt bans black market sqles of dollars, does it mean importing and items and payment with dollars is banned? It means government wont allow u to fund your trader via Nigerian banks. This is what a lot of people read and re-tweeted on the internet, they either did not read CBN circular or just ran with whatever they read or copied from ant government elements on tweeter/social media. |
Re: Countries That Have Banned Cryptocurrency by Blue3k(m): 5:47pm On Feb 06, 2021 |
trendiceo: With all these comments and counter comments, the big question now is which way do we now go in selling our bitcoins to bypass this ban or regulation? Pls I need an answer because I'm just confused VPN Im guessing to access the exchange. These still peer to peer trading like local coin. You're holding your coins in crypto currency in hardware wallet so what's the issue? |
Re: Countries That Have Banned Cryptocurrency by AntiNigerian: 1:56pm On Feb 08, 2021 |
plaindealer:
Crypto's popularity or it's ability to survive regardless of CBN's monetary policies is not the problem and it shouldn't be your main concern, that's irrelevant, what you should be worried about is what it's doing to you at the end of the day.
I've read all the shortsighted complaints, abuse and insults against the FG, but this is very synonymous with Nigerians, the government is always the enemy and we must attack and discredit the government and governmental policies put in place to help and protect us and the general economy.
Of what use and benefit is you having the highest rate of P2P in the world to the economy after denying the economy general monetary circulation, denying traditional banks the capacity to deposits and dispense loans for businesses, industries, imports, mortgages and so on.?
Of what use and benefit is you having the highest rate of P2P in the world when it comes to denying funds terrorists use to terrorize and kill you?
Of what use and benefit is you having the highest rate of P2P in the world when it comes to money laundering, human trafficking.?
Of what use and benefit is you having the highest rate of P2P in the world after setting up a side and unregulated monetary system that the general economy doesn't benefit from?
Less money within the traditional banking system means layoffs, dark money, criminal haven and activities.
Instead of thinking about yourself and your P2P, think about your own country and it's economic survival.
Why are you avoiding the banking system? Why? What are you hiding?
Sometimes the government is not the enemy, we are. banks will kill you with charges and too much "double spending" . Naira on the other hand is too volatile and beginning to crumble to its knees. Not too log from now, dollar will beat naira black and red to the extent $1=N700. Just watch and se. CBN had forgotten there's something called USDT? Have they forgotten? Who needs their fucking dollars anyways? We will survive this. This is just an improvishment scheme against us because they are angry that very few persons now save with the bank. Crypto currencies are HIGHLY resistant to hyper inflation unlike Fiat. Good luck making 200% gain from banking when someone can just soak their earnings in crypto. It worked for me, bought BTC at 70k 2015 and ETH last year and now, you know the rest |
Re: Countries That Have Banned Cryptocurrency by Sammytee001(m): 1:33pm On Feb 20, 2021 |
mekaboy:
Its not banned. If Govt bans black market sqles of dollars, does it mean importing and items and payment with dollars is banned? It means government wont allow u to fund your trader via Nigerian banks. No problem. I've heard you |