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Nairaland Forum / Nairaland / General / Business / India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets (43766 Views)
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Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Lightorder: 1:04pm On Feb 13, 2021 |
martineverest:my brother tell him o. Reasoning of some youth just dey tire me. Stagnation and bleak future personified 3 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Glare247(m): 1:05pm On Feb 13, 2021 |
truthfulparrot:Trash,u need education on crytocurrency 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:05pm On Feb 13, 2021 |
truthfulparrot: You just wrote an epistle of nonsense. We all crave change but fail to recognize it when it comes 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by leokid866: 1:06pm On Feb 13, 2021 |
mike8804:no it doesn't.....all it does is move your debt and burden your currency.....if the Naira defaults it can always be traded against the goods and services run within Nigeria.....if bitcoin defaults that debt comes on the Naira(if you traded in Naira) which will in turn weaken the Naira.....a burden you and I will have to bear through price increase in various goods and services.....it's price is based on nothing but speculation as no government backs it......even China haSea come against it......but they are developing their own which will stand as a legal tender.....when that happens what do you think will happen to bitcoin holders in their country? 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by IamDavid(m): 1:08pm On Feb 13, 2021 |
oloyedewaris:ARE YOU KIDDING ME? INDIA IS NOT THE POOREST COUNTRY, BUT INDIANS ARE POOR. A HUGE PERCENTAGE OF THEM ARE POOR. DO YOUR RESEARCH AND YOU'LL BE FINE WITH THAT STATEMENT. SHO GET? |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Incognito403: 1:08pm On Feb 13, 2021 |
Lightorder:Ipodian dey disguise. |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by leokid866: 1:09pm On Feb 13, 2021 |
FastLane25:when you look deeper, beyond the price and the get rich scheme of it, you will realize it is. |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by leokid866: 1:09pm On Feb 13, 2021 |
Kilishihunter:lol.....India is way richer than Nigeria despite their large population. |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:11pm On Feb 13, 2021 |
martineverest: Yet BNY Mellon, Deutshe Bank have started accepting cryptos for clients. Morgan Stanley invested $420m in Microsrategy. Paypal, Mastercard and Visa are xoing on board. Do you think you are closer to tge US govt than these institutions? Do yiu tbink tou can preempt the movea of govt better than these institutions? Canada just approved its first bitcoin ETF. Dont be a dinosaur 3 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Lightorder: 1:12pm On Feb 13, 2021 |
Incognito403:I am ! Deal with my comment |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Reference(m): 1:12pm On Feb 13, 2021 |
Cryptos will continue to be a threat to nations with weak governing structures and lean, inefficient institutions. Musk bought a boat load and has declared it because he has no choice. He cannot hide it because of strong, multi varied institutuonal checks in the face of overwhelming risks of non disclosure. Strengthen your institutions and the fears will ebb. I personally see a future whereby governments round the world trade in their respective curencies whike citizens conduct their lives in alternative means of exchanges. Central banks the way we know them will have to reform or die out. The world is gradually unifying, not around governments but around the interests of various peoples and groupings, not delineated by flag but by ideology. In future only when I want to pay taxes, levies and other government obligatiins will I buy the Naira or the Dollar or the Yuan. 2 Likes 1 Share |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Incognito403: 1:14pm On Feb 13, 2021 |
Lightorder:So why were you disguising. Your disguise shows your tacitly agreement that iPod is a social misfit. |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by leokid866: 1:16pm On Feb 13, 2021 |
afroxyz:Okay. but please remember this when the bubble begins to pop.... 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Goalnaldo(m): 1:20pm On Feb 13, 2021 |
India and Nigeria must be brothers from a different mother. Two of them is always in competition to outdo the other; population, poverty capital title, over religiousness and now crypto ban ![]() 3 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:20pm On Feb 13, 2021 |
leokid866:There is no financial market that does not experience bubbles from time to time. The stock market has crashed numerous times. The US Housing market has crashed. The US dollar has been on the decline for almost 10 years now. Prices of commodities crash. Even the Naira which you re defending is a bubble right now. Bubbles and crashes are part of financial investing. 2 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by emmanuelewumi(m): 1:21pm On Feb 13, 2021 |
leokid866: Are you sure he can comprehend what you have written? 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by SmartPolician: 1:23pm On Feb 13, 2021 |
afroxyz: Stop making senseless arguments. Every dollar note printed today is documented because they are printed in batches. Perhaps you should ask yourself why criminals burgle commercial banks but not the central/reserved bank. On the other hand, tech companies mine and sell Bitcoins, not minding the criminal records of these buyers. I have a Bitcoin wallet and the man who sent me the cryptos doesn't know my identity, neither does the company that maintains my wallet. For every bank account one maintains today, banks know their home addresses, phone number, next of kin, and other personal details. In the US and elsewhere in the world, they have the fiat-currency financial records of every soul living in the country. With Bitcoin, it's not like that because the government neither mints it nor has control over it. PS: I am done replying you. 4 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by leokid866: 1:25pm On Feb 13, 2021 |
afroxyz:yes that true.....but you forget the stock market and all those other markets are based and valued on the services and goods they offer.....what exactly is bitcoin based or valued with? what do you think will happen globally when that bubble pops? I have a friend who lost his assistant out investing in bitcoin in 2018 when the process dropped below what he got it.......anyway keep investing youemail money in speculation just don't use our Naira to do it.....Bless. 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by JohnBullMySon: 1:25pm On Feb 13, 2021 |
htdot:after Nigeria, India is the next poverty capital oga. naija took over from them. 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by JohnBullMySon: 1:27pm On Feb 13, 2021 |
htdot:Nigeria is Africa's largest economy, and 24th in the world. so are we developed? 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by ichidodo: 1:29pm On Feb 13, 2021 |
afroxyz:Even the stock market crash of 2008, America never mind the world have not fully recovered from it...Now, you want to add the one of cryptocurrency?..Some Nations like India and Nigeria have decided to be proactive and do the needful.. Because a stitch in time saves nine.. 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:29pm On Feb 13, 2021 |
leokid866: Cryptos are mined using waste energy. Its not free float else we all would be mining in our backyards. If you say cryptos would put strain on the naira then what about remmittances gotten through cryptos? Or capital gains when people liquidate their cryptos? Tell CBN to stop chasing shadows and go for substance. If the naira was not free falling people would not want to buy and store money in cryptos. Since 2017 (the last BTC crash), till now by how many percent has Naira lost its value? 2 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by JohnBullMySon: 1:30pm On Feb 13, 2021 |
Goalnaldo: ![]() 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:30pm On Feb 13, 2021 |
ichidodo:We must be in diffrent planets. The US has long recovered from the crash of 2008 and is in its longest running bull market right now 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by stealmatic(m): 1:31pm On Feb 13, 2021 |
nairalandankrah:am very sure you are not refering to India, |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:34pm On Feb 13, 2021 |
SmartPolician: Go and read. Every BTC transaction is traceable. Not all Dollar bills (especially Benjamins) can be traced. Thats why that denimination is the most prefrred. The Sinoloa Cartel and other drug cartels, why didnt they keep their money in mexican pesos? I am pretty sure if you lived during the formation if Bretton Woods you would reject the change from gold to paper currency. 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Angelfrost(m): 1:36pm On Feb 13, 2021 |
So easy for Nigerisn leaders to ban Crypto, but banning open grazing is too much for them. 2 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by nairalandankrah: 1:37pm On Feb 13, 2021 |
stealmatic:.have you been to India? |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by leokid866: 1:38pm On Feb 13, 2021 |
afroxyz:Okay someone has definitely been lying to you because anyone with a good enough system can mine bitcoin, I know cause I have friends who have done it but stopped in 2018 when the cost of mining became too much against its value. ......waste energy? TF is that? bitcoin mining consumes serious electricity, and produces enough carbon to be considered a threat to the environment......as for remittances and capital gains all you are doing is moving money around using bitcoin as your medium....you can't actually use it to pay for a lot of goods and services worldwide because its value is speculative and not backed by any formal government......if you want to test it take your bitcoin to Iyabasira and see if she will attend to you.....if Iyabasira is too local take it to Dufil and see how much Indomie they will give you. 2 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by ichidodo: 1:40pm On Feb 13, 2021 |
afroxyz:Yeah.. But what about Main street?..American economy isn't all about Wall street..The resuscitation of Wall Street after the Crash was and still borne by the taxpayers..I.E Main Street..What's the use of a strong bull run in Wall Street when the Budget deficits is running into Trillions....We haven't settled that one and you are bringing the poisonous snake of cryptocurrency..Smart Nations like India don't have time for that, they simply cut the head off, no time to check time. 2 Likes |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by afroxyz: 1:44pm On Feb 13, 2021 |
leokid866: Anyine with good enough system? Lol. Abegi. Miners are moving to regions with clearner energy to reduce electricity costs. Miners are pooling infrastuture tigether to reduce overhead mining costs. Incase you dont know, there are bitcoin atms and cards, plus people are even getting paid for services in bitcoin. 1 Like |
Re: India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets by Olakunleyakub(m): 1:45pm On Feb 13, 2021 |
Yes Bitcoin is a threat and risk to every sane countries just that there are better ways of handling such sensitive issue rather than ouright ban!! They should have just called on the major stakeholders and players in the market for meeting and device a progressive template to regulate it!! Any business you can't control physically is as dangerous as anything and it can send some people to early grave if care is not taken!!! Apart from that, it contribute more to money laundering, shady deals, national security through financing, crimes and devaluation of naira!!!! Above all, Regulating it would be a better option than the outright ban from the clueless CBN because alot of Nigerians get the earnings and living through this Bitcoin including me atyms and some of my friends!!!! FastLane25: |
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