Subzero047:


Kidnappers request ransom through money have they banned Naira?

Kidnappers can be traced...and some have been traced...using the paper trail of naira.

Crypto payments makes the tracing a whole lot more difficult...as seen in a case in Abuja...where the kidnappers insisted on taking payment via crypto.

Omihanifa:
So because of activities of Yahoo boys and kidnappers the world Bank told the CBN to ban crypto currency and like a fool too the CBN agreed

If not that the Nigerian government is foolish aren't they suppose to weigh the pros and cons before enforcing the directive.

What can't dey ask the same United States why they haven't banned crypto currency in their own country

I don't believe it... It might be an excuse to get people to reason with the directive.

CodeTemplar:
Shut that thing. money inflow is suppose to have a corresponding outflow of goods and services to justify and accompany it. What are the services rendered or goods sold to justify 200m USD weekly remittance?

What did abacha sell to Switzerland that allowed him to move millions of dollars into swizz banks?

Think! You seriously believe in the efficient market theory , it will take another three thousand years for you people to wake up.

Jerryherd:



Even if zero fraud happens in Nigeria Racist won't still like you, quite serving slavishly white

Russia, US , Korea , China have more internet fruadsters per capita yet they never killed crypto market to kill their citizens right to benefit from opportunity online



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You cannot compare productive economies with non-productive economies like Nigeria.

Myer:


I too was initially taken back by govt outright ban on bitcoin/cryptocurrency. The sole reason bring it has helped the masses especially the youth generate income in a country where most opportunities have been frustrated by FG and other factors.

However from Economist perspective, Bitcoin/Crypto being virtual money is not helping the real sector of the economy. Most people are pulling out their finances from the real sector and investing in the higher income generating virtual sector.

The effects of this being but not limited to;
-decline in productivity in the real sector- Agriculture, Real Estate, Industry, Banking, etc.

-Further decline in our GDP

-inflation due to excess funds being injected into the economy without control.

-Increase in cost of goods and services as a result of the excess supply of money against shortage in production of goods and services.

-Eventually loss of jobs and properties if the unpredictable cryptocurrency busts. Etc

You can't fault people for wanting to secure their assets and also get high returns.

Most Asset management companies have all left cash for crypto as they mainly do it not as a medium of transaction but for store of value like Gold is.

Omihanifa:
So because of activities of Yahoo boys and kidnappers the world Bank told the CBN to ban crypto currency and like a fool too the CBN agreed

If not that the Nigerian government is foolish aren't they suppose to weigh the pros and cons before enforcing the directive.

What can't dey ask the same United States why they haven't banned crypto currency in their own country

The president has absolute power in Nigeria...its a shame

Vardanes2:


Kidnappers can be traced...and some have been traced...using the paper trail of naira.

Crypto payments makes the tracing a whole lot more difficult...as seen in a case in Abuja...where the kidnappers insisted on taking payment via crypto.

How many kidnappers and bandits have been caught in the North, so because kidnappers are using something CBN bans it for those making their money legit? It reeks of backwardness and shortsightedness

Maxymilliano:
So you mean Nigeria had to be ban something that brings the country 200 - 300m every week because Nigeria has no economic underlining basis for having such money in cryptocurrency?

This is how oyibo help us to destroy our country by deceiving and enforcing stoopid policies on us.

This doesn’t even make sense and I know it’s a cover up story by the government

You have sense.

That figure makes absolutely no sense.

b3llo:
The ban on cryptocurrency is targeted at fraudsters based here. the cybercrimes and atrocities committed by these unfortunate set of people have affected hard working and sincere individuals.

The day I fear cryptocurrency was the day some kidnappers requested for ransom through "Bitcoin"

Mufu

akilo1:
buy sense,is is USA kidnapper using bitcoin?

Are drug dealers not using Bitcoin to launder their money in the us

Na we dey do ourselves

Maxymilliano:
So you mean Nigeria had to be ban something that brings the country 200 - 300m every week because Nigeria has no economic underlining basis for having such money in cryptocurrency?

This is how oyibo help us to destroy our country by deceiving and enforcing stoopid policies on us.

This doesn’t even make sense and I know it’s a cover up story by the government

I dont think any oyibo told this hopeless govt anything

catice:
Crypto currency is illegal in the United States. Please do the research.

Lol...Cashapp,Paypal and other mediums allowing it and even Btc ATM cards...and even they Tax it...or which US do u mean

dre11:
•Christine Lagarde: Bitcoin facilitates questionable transactions

•Nigeria surged to second highest crypto destination in the world raking $200 to $300million a week without underlining economic activity, alarming the CBN

•FG alarmed kidnappers had switched to bitcoin for ransom payments



https://www.thisdaylive.com/index.php/2021/02/07/how-fbi-warned-fg-cbn-on-scammers-using-cryptocurrencies-to-defraud-the-west/

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Tales under the moonlight

Omihanifa:
So because of activities of Yahoo boys and kidnappers the world Bank told the CBN to ban crypto currency and like a fool too the CBN agreed

If not that the Nigerian government is foolish aren't they suppose to weigh the pros and cons before enforcing the directive.

What can't dey ask the same United States why they haven't banned crypto currency in their own country

If you have never been scammed of all your money you wont know the gravity of yahoo boys activities. ..any means to stop them should be welcomed. ..
We have more than thousands of money making business out there.... Crypto is only one of them.

doxijaw:


What did abacha sell to Switzerland that allowed him to move millions of dollars into swizz banks?

Think! You seriously believe in the efficient market theory , it will take another three thousand years for you people to wake up.

That's slightly different believe me. If the swiss turn him down he could have easily gone to some safe haven where the funds will be kept. Though you have a strong point on that. I thought of it too earlier but realized there are many hiding places for stolen money.

recievesense:
lol

Crypto is just one way of receiving legit or fraud money online, There are thousands of ways to achieve same.

Receive sense pls.

Another lie manufactured by Lai Mohammed

b3llo:
The ban on cryptocurrency is targeted at fraudsters based here. the cybercrimes and atrocities committed by these unfortunate set of people have affected hard working and sincere individuals.

The day I fear cryptocurrency was the day some kidnappers requested for ransom through "Bitcoin"

Let me educate you, Bitcoin can be used as a means of payment and that's where the criminal part comes in. Bitcoin can also be traded as asset with other CRYPTOS and that is NEVER illegal. Our government stopped the trading part. The said fraudster will still be using Bitcoin despite the ban.

Anything We Nigerians flock into we end up bastardizing it...
E just dey our blood.

People happy for the ban of cryptocurrency doesn’t know anything about it, so because FBI recommendations on fraudulent activities on cryptocurrency now result to ban in Nigeria? Why didn’t they ban it in USA before banning it here. Nigeria Government is just like a invention being control by west to penetrate their even agenda. Is there no corruption in Nigeria before cryptocurrency? Why didn’t CBN ban banks because that is where all transaction will pass through because of corruption? They can only regulate it by what the merchant are doing. Before you convert bitcoin to cash, you register through your BVN, your international passport. Incase if fraud you can easily be traced. What what Roqqu, Busha, Luna etc are doing. Some are just commenting on what they know nothing about. PayPal ban, Payoneer ban, western union is hard. Do they tell me no corruption in the west or fraud?

SenecaTheYonger:
You see yahoo boys ehh? They will finish this country before our politician can even drain half the wealth of this nation.

you naive as fvck ..what yahooboys steal are just tip of the iceberg compared to what the west have stolen from us before we learnt how to speak their language ,go and watch this movies "blood diamond,hacker,wolf of wallstreet" these movies are based on real life yahoo boys are learners compared to what India,russian and Chinese hackers are doing

catice:
Crypto currency is illegal in the United States. Please do the research.

.

All these DINDINRINs, ITKs that knows absolute natin but just wanna be talking and disgracing themselves all over the internet
Mr man plz don't open this lie lie mouth of yours ever again......

USA arrest people that use cryptocurrency to launder millions of dollars every day but they did not ban cryptocurrency
This country is just useless

Omihanifa:
So because of activities of Yahoo boys and kidnappers the world Bank told the CBN to ban crypto currency and like a fool too the CBN agreed

If not that the Nigerian government is foolish aren't they suppose to weigh the pros and cons before enforcing the directive.

What can't dey ask the same United States why they haven't banned crypto currency in their own country

There are no pros.

Crypto is not issued but the government.

joey150:
Truth be told, cryptocurrency, with its "anonymity', have given several unscrupulous scamming elements the propensity to scam unabated and without fear.

Having an unregulated and largely anonymous global currency might sound cool, but when you think of all the harm that 10% of the world population can and will do with it, it would greatly outnumber the benefits for the other 90%.

I know yahoo boys that have made a killing through scamming people, getting the funds converted into crypto and using one of the multiple exchanges here to withdraw their funds. A regular banking system would leave a paper trail that's easy to follow. Blockchain can be traced, but it's a very complex process that can be made even harder for those that can get around it.

We know some people are genuine crypto traders and have positive use for crypto. But the fear is, in a country like Nigeria, scammers will do the worst with it.

The government should rightfully be worried that millions of dollars that they cannot regulate, trace or control, is being syphoned in and out of this country via cryptocurrency.


Point of correction, cryptocurrency wasn't banned. The government cannot ban cryptocurrency because it's a digital currency. The government has only told exchanges that we cannot continue to allow you to exchange and covert naira to a digital coin that we have no direct control over.

It's a controversial decision, but given that politicians can launder money with it in seconds, yahoo boys can dupe with it in minutes and kidnappers can demand untraceable ransoms, you'll see why this extreme step may have been taken.

If your first response to this is afterall the politicians are already stealing, then you should seriously question your education. If one man gets away with murder, must we then use the excuse to pardon all murderers?

Not a fan of dirty money, but you cannot make the majority pay for the sins of the few.

Interesting that stolen billions are readily received by these Western countries without due diligence yet our own government is rushing to block the inflow of funds into the economy without a second thought.

It is well.

Oluwaseun2020:

If you have never been scammed of all your money you wont know the gravity of yahoo boys activities. ..any means to stop them should be welcomed. ..
We have more than thousands of money making business out there.... Crypto is only one of them.

You got no clue about cryptocurrency and blockchain technology.


This is the fvcking future.


Read this >> https://blog.sagipl.com/legality-of-cryptocurrency-by-country/

Maxymilliano:
So you mean Nigeria had to be ban something that brings the country 200 - 300m every week because Nigeria has no economic underlining basis for having such money in cryptocurrency?

This is how oyibo help us to destroy our country by deceiving and enforcing stoopid policies on us.

This doesn’t even make sense and I know it’s a cover up story by the government

When they sanction the country you would know that money is chicken change.

This article is bull crap! A spin just to push a false narrative.

Omihanifa:


Let's even agree that so people are using cryptocurrency to aid their criminal activities does that mean the government should now ban it simply because of the criminal elements

It's just like saying the government should ban social media/ Internet simply because people are using it to do online scam, watching porn and insulting the president.

Before crypto we have billionaires. ...
How many billions have you made since you start?
The people behind crypto giving yall free money will soon cash out... una eye go clear...

b3llo:
The ban on cryptocurrency is targeted at fraudsters based here. the cybercrimes and atrocities committed by these unfortunate set of people have affected hard working and sincere individuals.

The day I fear cryptocurrency was the day some kidnappers requested for ransom through "Bitcoin"

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All in the name of painting Cryptos BAD! Oga, abeg de lie small small