Nothing really..

Just some means for boys to earn


https://www.youtube.com/watch?v=nrLqIEaKdLE

crypto means nothing in Nigeria economy just an avenue fir scammers to milk the foolish

1 Employment (trading crypto assets is a means of employment and most crypto exchange employs more citizens to manage their platforms)
2 It attracts foreign investment (if the nation crypto markets is growing it can attracts foreign investors like Coin desk, and other notable firms).
3 High inflow of FX (The more crypto assets we hold the more the inflow of FX)
4 High liquidity of funds for loan through DeFi loans ( you can obtain loan on DeFi platforms with no third party and less interest)
5 Block chain solution can be used to fix some of the nations problem (supply chain, insecurity, distribution of palliatives, elections, e.t.c)
6 It will ease the pressure on foreign currency, Nigerians holding crypto assets can pay their trade partners in crypto instead of looking for scarce USD.
Banning crypto platforms has no effect on stoping the Naira from a free fall, PMB did the same and all efforts were frutai. The only way to save the economy is to diversify the economy, fix insecurity, electricity, reduce VAT and increase import duties to encourage local production then give tax incentives in the short term to encourage foreign investors.
Crypto has no negative effect on economy, it's only clueless government who sees crypto has a threat

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

what are the president of Nigeria, federal and state legislators and governors contributing to the economy?

Deogratiasfx:


A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

what are you saying. If someone does not lose in crypto you won't get Rich in crypto. Crypto contribute nothing to the economy

If you're novice and you have zero wallet see my profile signature and thank me after free recent opportunity

kettykin:


Why has it not pulled down the US economy and the Dubai economy, there so many African countries that have never banned crypto currency like South Africa, Ghana, Kenya, Egypt, Rwanda, Angola etc these economies are thriving with out problems, Nigeria's problems are largely a very weak economy, weak infrastructure, lopsided federal structure , weak national values, ineptitude on the side of the government.


If you look at the appointments made by Tinubu's government, you will realize why Nigeria will never work even if you ban everything

With people that can't think.

Mindlog:
Severally used it to exchange my naira to different currencies without stressing Nigerian banks nor BDC

I use my naira to pay for USDT/ETH/BTC from traders on exchanges selling in Naira, when received, I sell them to traders buying in Kenyan shillings and British Pounds, having them pay into my Kenyan and UK bank account, I also use it to remit funds back to Nigeria from these 2 countries.....so no pressure on Nigeriay banks

The first sensible reply. It is an e-currency with decentralized ledgers and unrestricted by borders. It is also hard to trace and that makes it a fav for criminals and underworld.
It depends on the hard currencies in a sense because you need the exchange rates of currencies to know what to pay for a crypto balance.
Some things are sure, it has power to bridge gaps and is volitale, harder to trace.

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted the UK.

Do you know how many youths Crypto has taken off the streets and given jobs your government cannot provide?
Why can't the government regulate and even tax Crypto like other successful world economies they seek to emulate

Nigeria is a very useless country dats all I can say.

Look at wat this paid urchin is trying to do this early morning.. just trying to discredit crypto


poor crypto, the incompetent government will blame u now

asking what crypto currency contribute to the Economy is like asking what money contributes to the economy


Crypto currency is money

Money is a store of value just like cowries of olden days

See bro go back to SS1 economics and stop asking foolish questions

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

IT CAN BE RISKY YOU LOOSE EVERY THING OR IT CAN BE PROFITABLE TRADING

IF YOU KNOW THE NORMAL FOREX TRADING ITS ALMOST SAME , JUST THAT IN FOREX YOU TRADE FIAT BUT IN CRYPTO YOU TRADE ASEST AND TOKENS

RepoMan007:
The first sensible reply. It is an e-currency with decentralized ledgers and unrestricted by borders. It is also hard to trace and that makes it a fav for criminals and underworld.
It depends on the hard currencies in a sense because you need the exchange rates of currencies to know what to pay for a crypto balance.
Some things are sure, it has power to bridge gaps and is volitale, harder to trace.

so u mean only criminals deal in crypto... my friend u know nothing

all the money ur government ppl have been stealing since, was it thru crypto


after turning the country upside down with corruption and wack policies, u guys turn around that Blame crypto


I'm very sure u will soon blame opay, palmpay and kuda very soon...ndi ara

Binance and it's like is not supposed to be a threat to a nation admitting it's trading. But when you have rogues using the platform for trading, the outcome will never be palatable. The traders of such trading platform are suppose to adhere to it's international SOP but when it's operation is hijacked to obliterate a nations economy as currently done in Nigeria. A situation where the platform becomes a determinant of a nations FOREX, then it looses it's host nations right of operation.
Nigerians by blood are greedy especially when they're not guided by laws, even by laws, we still behave evil.
Binance don't users don't pay tax on their trading, government cannot borrow from them. All they do in Nigeria is an arbitrary dollar price hike.

A means of exchange both offline and online

A means to decentralise financial services

An alternative to PayPal and the likes not working in Nigeria.

Faster way for transferring funds from one location to another without the bottlenecks associated with traditional banking.

Blockchain system (technology)

Might not be useful in running things within the Nigerian markets because we are still 50yr behind innovation.

Lastly, cryptocurrency is not the reason your weak economy is weak, currently, no Nigerian bank even allow their debit cards be used for crypto exchange, so how's crypto now the problem?

Ignorance is a huge issue in Nigeria.

Yahoo.

Epstein:


It is of no benefit to any economy......popular amongst criminals to disguise sources of funds and engage in illicit trades.

It's volatile, unregulated and risky - and certainly not a profession.

Go back 20 years and most criminals dey talk say na 'Forex' dem dey trade!

Banks are the biggest traders of forex. So according to you, all banks are criminals

Inflation. Any profit you make from crypto is similar to printing money since you didn't give anything of value to the society to earn the money

Don't play.

Crypto gave me Financial freedom.
Last bull run of 2021 I saw raw $120k.

An amount I've never seen working as an Oil and Gas professional for 7 years. The 2024 bull run has just started and I plan to cash out big time.

3rdeyeNigeria:
Crypto has no benefit to local economy. It only benefit the owner of the trading platform and some lucky speculators (gamblers or trader).

Overall it can pull down a country.

Google: George Soros Vs Bank of England to understand how speculative trading almost bankrupted UK.

Regulate and tax the trading companies, problem solved

fightingdemons:
hahahahaha very runny,but seriously do you have an answer to the question I up there

It increases purchasing power of the investors and enable them to participate in economic activities.

fightingdemons:
Goodday Everyone, I want to ask a question on nairaland about crypto and wish to find answers here now hear are the question. what is crypto,what are it uses,what benefit is it to the economy and individual at large and how can one trade crypto etc thanks

crypto is not for your economic growth, it is for Blockchain development, everything is not about economy, fix your economy and leave crypto alone

fightingdemons:
hahahahaha very runny,but seriously do you have an answer to the question I up there

Increase in Job creation.
Software engineers have been the most directly sought after professionals for the cryptocurrency industry. And while this job market has fluctuated in the past few years, interest in these professions have not faltered.
As cryptocurrency continues to be legalized, we can expect to see more global investments and job creation within the field.
Others have developed companies that rely on crypto trading as their source of income with many peeps working under them daily.
The Clueless Government are just killing this country with their wrong policies.

Deogratiasfx:


A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

us, UK and china don't know what they are doing..oga talk reality cos top countries in the world are banning them.

The forum is dominated by ignorant docile individuals

Deogratiasfx:


A country that knows what is doing can even rely on Crypto to beautify their economy. Huge hard currency that is would even give u more than oil wells and gold reserves.
Was so shocked that the world is going crypto, Buhari was banning Crypto.

Buhari didn't ban crypto stop spreading misinformation.

ClearFlair:


Created new account to come and discredit crypto lol

i dont know whatyou are talking about,seems like yougotmeconfused with another person

seunlayi:
Our govt don missed road

They are right, crypto has no benefit to Nigerian Government.

It deprives CBN it full capacity

For those of you who are rubbishing crypto here on this platform I just dey pity una. 10 to 15 years ago those who were told to invest in Bitcoin or know about it but they feel unconcerned and rubbishing it calling it scam then were regretting till tomorrow after they have discover it future potential and it's worth of thousands of dollars.
If you don't know or understand anything about a new innovation you make your thorough findings before rubbishing it.
Many of you rubbishing crypto today will regret later in the future after you have discover how it works.

hothead:
market stabilization actions are needed yes, but Banning crypto could push the ecosystem underground, making it harder to regulate and potentially exacerbating financial instability. A balanced approach, where crypto is regulated and integrated into the financial system with proper oversight, is a better choice.

This would allow FG harness its benefits while mitigating its risks. Benefits like having
1) alternative financial system,
2) potentially increases financial inclusion,
3)transparency of transactions,
4) better supply and demand management

Direct inflation control measures that will Strengthen the economic fundamentals

here are monetary policy proposals for Nigeria involving crypto and blockchain, targeting inflation control without stifling growth:

- Manufacturing Zones: Establish special economic zones with incentives for manufacturers, including tax breaks and infrastructure support to spur industrial growth.

- Crypto-Backed Agricultural Lending: Launch a blockchain-enabled platform for issuing crypto-backed loans to farmers at below-market interest rates. This encourages agricultural productivity, a sector crucial for growth and inflation control, by providing much-needed capital. The use of crypto ensures ease of distribution and repayment, while blockchain technology ensures transparency and tracking of fund usage.

- Blockchain-Managed Supply Chain Financing: Implement a supply chain financing system using blockchain to provide liquidity to small and medium-sized enterprises (SMEs). By using a stablecoin pegged to the Naira, businesses can transact and receive financing with more stability, reducing the pressure on forex demand, a key contributor to inflation.


- Tourism Development Strategy: Develop historical and cultural sites, invest in tourist infrastructure, and market aggressively to international tourists to boost foreign exchange earnings.

Transaction Ledgers. A public ledger recording all transactions to ensure transparency.
It can have Privacy settings to balance transparency with confidentiality through diversification and increased productivity.

Digital Infrastructure Bonds: Issue blockchain-based bonds to fund digital infrastructure projects, attracting global crypto investors and ensuring transparent use of funds.

That is great

jumper524:
us, UK and china don't know what they are doing..oga talk reality cos top countries in the world are banning them.

But SEC approved BTC ETF recently
Ignorance no good sha