thebosstrevor1:
The endsar protest created the ban.

Buzx:


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.

tchidi066:

It's a she

Vaughanlanrewaj:


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.

thebosstrevor1:


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

Rubbiish:

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

NiRfreak:

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:


Crypto trading company can open cocoyam trading Company to font for a bank and still send funds to their customers

Buzx:


I'm talking about p2p cash transfer. I sell my crypto to you on the app, Luno, Binance, and you send cash to my bank account. Transaction complete. The government or banks will have no idea. Binance or Luno just acts as the middle man and links buyers to sellers.

thebosstrevor1:


Adopt p2p

How much is network fees to send crypto.

You also have to cash out, how are you going to cash and get your funds into a Nigerian bank account when anything crypto is flagged

thebosstrevor1:


Yes, but then again fraud.

This type of deal, i can never do that with a Nigerian.

privaldo:


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.

Buzx:


Do you know how many billions are in those companies Nigerian account? They will not risk those billions and do something illegal as posing as another company. The only way out of this is P2P.

Rubbiish:

@bold I need to get something clear, before the emergence of crypto, were there no scams, money laundering & terrorism? Are you saying if crypto stops now, all these criminal activities will stop? Which day crypto come out here that day? Yahoo boys used western union to receive funds back then & are still using it, why make it seem these things started recently because of crypto?

Buzx:


Do not panic. Your money is very safe, but the worse they can do is prevent you from withdrawing it. If even if they do that, your money is not gone as there will be other ways.

privaldo:


You will change the money to USDT, so it wouldn't be like crypto but you just receiving dollars, or NGNT. This is a new age the people control the market and not the government.

WEALTHYMII:
This is demonic.

Geopex:



Can't u withdraw now . Me just withdraw 150k from luno now now oo.

Jerryherd:


Dude they ain't risking Nada, most Crypto company I know use online POS from stripes, or paystack this are buffer to their trading account

Last last NFIU or CBN don't have any means to separate cocoyam buyers from crypto currency buyers all transactions to all customers are treated the same way, CBN can't and won't question any transaction declared as cocoyam sales proceeds

Buzx:


I've not tried it before. I withdraw my money directly from the app to bank. I'm sure are mechanisms these apps have set in place to protect against fraud. you can also send the crypto to your relatives, or friends abroad and they send the money back to you in Nigeria.

SoftP:
Buhari detest anything that make Nigerians smile & comfortable.

First he brought a policy to suppress the Masses with NIN,
Now he is closing out an avenue of progress.

Benjaniblinks:

Can someone please explain the English above

softset:
I have always said it that this government is run by insane people. How could you just wake up and make such a decision?

I won't blame them, next election, if you like collect 5000 you will get worse treatment.

Look at NIN, some idiot just woke up and made a decision without putting lots of things into consideration, so I arrive Nigeria now with no way to get a phone number. Many government decisions are never thought through.

We deserve better than what we are getting, Nigerians are smart people, we should never settle for less , mediocrity should not be an option when choosing leaders.

I apologize for being part of those that encouraged people to vote for Buhari during the first election, I encouraged over 80 of my employees in Lagos to vote for him, I thought he was the messiah. I later realized that this man really has nothing much to offer. Someone that thinks today is Monday

Frstem:
Vendors won't make money again.

This is sad news though!!!

SoftP:
Buhari detest anything that make Nigerians smile & comfortable.

First he brought a policy to suppress the Masses with NIN,
Now he is closing out an avenue of progress.