And so?

How is this real, I just withdrew from luno last 2 days...can even show you prove self

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..

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

privaldo:


Read again and comprehend. Don't rush to comment, I wasn't talking about Nigeria's death but that of cryptos in Nigeria. Also, it would be in your folly to imagine that I want Nigeria's survival.

My real nigga.

True talk.

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..

How many kidnappers, terrorists and corrupt politicians have even been prosecuted in Nigeria.

Please list 5

helinues:
The truth is the unstable price of the bitcoin would have big effect in our economy..

How?

They all have one thing in common- backwardness

topydale:
The question is; is this the kind of league of nations that Nigeria should belong?

No.

topydale:
These are the countries that have declared cryptocurrencies as illegal

ALGERIA 2018

BOLIVIA 2014

EQUADOR 2014

BANGLADESH. 2012

NEPAL 2019

MACEDONIA. 2016

NIGERIA 2021

All I can see is list of impoverished and poverty ridden countries.

EMEFIELE HAS PROBABLY GONE DEMENTIA TOO.

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

EMEFIELE HAS PROBABLY GONE DEMENTIA TOO.

THESE ARE SHARIA CLUBS. NIGERIA IS A DEMOCRACY FOR GOD'S SAKE.

They Did not ban, instead they say it's illegal in their country and not a legal tender!


I agree.

dimugonabo:


My real nigga.

True talk.

The guy think say na all man get the same mind set.

THAT CBN CIRCULAR ON CRYPTO CURRENCIES...

1. Digital currency (issued by a country's central bank) is different from crypto (virtual) currencies.

2. I don't know of any central bank IN THE WORLD that supports crypto currency. Digital currencies, yes. Crypto currencies, No!

3. FCA (Financial Conduct Authority) of UK issued circular against crypto currencies which came into effect in the UK in January of this year 2021

4. The CBN has not stopped people from trading in bitcoin and other crypto currencies (if they want the risk), all that the CBN has said is that banks should not get involved in the trade.

5. CBN regulates the banks, she has the responsibilities to protect them. Same way the FCA in the UK protected the UK Financial industry.

6. Between 2018 and today, no less than 45 countries around the world have OFFICIALLY written circulars against crypto currencies.

7. As at today, the central banks worldwide are all against crypto (aka virtual) currencies. But as with homosexuality and Marijuana usage, maybe in the near future, crypto currencies would be acceptable by central banks in the world.

8. The Central bank of Nigeria has done the right thing as of this moment. Positions may shift as things evolve later in the future.

- Otunba Fad

oyatz:


India recently banned crypto Currencies in their country but curiously enough, their Government promised to create their own crypto currency.

Good... when nations create their own currency it only serves as a medium of exchange like the yen to naira, dollar to naira etc it becomes no different from the e-wallet.. but would anyone want to buy Nigerian coin?

So you are happy that Nigeria is among?

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..

Brother you're confused.

Crypt0 became more popular in Nigeria over the last 18 months. Before that, how many of those things you mentioned were in place?

It doesn't replace the traditional banking system. To buy, I'd still have to deposit into a bank account and withdrawals are also into a bank account

Nigeria is bereft with drug trade, human trafficking transactions, terrorism e.t.c. how many of them are done via crypt0?

Learn to understand stuff

I agree,
These guys are being sponsored by crypto
Hehehehe
By the time the Jihad is done, una go get sense

Esseite:


Some of us have always known cryptocurrencies were created to kill off poorer/small countries..

How Nigerians are helping kill Nigeria through shift to crypto is amazing. It's just extreme greed.

Do they know the volume of USD Forex that escapes via cryptos.

I see China and russia banning it aswell real soon.

On the contrary, China is racing to be one of the frist countries to roll out their digital currency.
Most bitc0in miners are in China

jedisco:


On the contrary, China is racing to be one of the frist countries to roll out their digital currency.
Most bitc0in miners are in China

When countries prop up their indigenous digital currency, it's no different from the regular e-wallet. Would Nigerians patronize Nigerian digital coins?

potent5:
Wrong question, sir.

Question should be: why does Nigeria like to identify with and belong to an unambitious group of countries?

You're 100% correct

neyorlmogzy:

Looking at this list, all you can see is poverty and backwardness, with underdeveloped ideas

absolutely

abumeinben:



So Nigerian leaders found their place?

-180⁰ thinking people.

Among impoverished nations

SweetiliciousD:


All I can see is list of impoverished and poverty ridden countries.

Exactly

topydale:
The question is; is this the kind of league of nations that Nigeria should belong?

I tire oo...

topydale:
These are the countries that have declared cryptocurrencies as illegal

ALGERIA 2018

BOLIVIA 2014

EQUADOR 2014

BANGLADESH. 2012

NEPAL 2019

MACEDONIA. 2016

NIGERIA 2021

All 6th world poor, wretched countries.



Please add Syria, Yemen, Somali, Myammar, Guyana, Bangladesh, Chad, Burkinafaso, Burundi, etc


Ndi ara

Esseite:


When countries prop up their indigenous digital currency, it's no different from the regular e-wallet. Would Nigerians patronize Nigerian digital coins?

Till it's dome, no one can say.
We already use our indigenous naira.
If not that CBN is bent on devaluation of the naira by encouraging roundtripping. Highly connected folks cam make billions of naira out of thin air by just making a few phone calls...get dollar at CBN rate and sell at market rate. Even Sanusi confirmed this and we wonder why the naira is on a downward slide.

It's not the person selling akara or the bus driver causing the dollarisation of the country, devaluation of the naira and subsequent inflation.

How can more money be traded in crypt0 in Nigeria than on our stock exchange? Simple...the stock exchange is a corrupt mix

jedisco:


Till it's dome, no one can say.
We already use our indigenous naira.
If not that CBN is bent on devaluation of the naira by encouraging roundtripping. Highly connected folks cam make billions of naira out of thin air by just making a few phone calls...get dollar at CBN rate and sell at market rate. Even Sanusi confirmed this and we wonder why the naira is on a downward slide.

It's not the person selling akara or the bus driver causing the dollarisation of the country, devaluation of the naira and subsequent inflation.

How can more money be traded in crypt0 in Nigeria than on our stock exchange? Simple...the stock exchange is a corrupt mix

Yes... now that difference in FX has its advantage and disadvantage..

Manufacturers buy from CBN, raw material dealers buy from CBN, if you and I whom are prone to foreign items buy at CBN rates aswell, we would be killing off our manufacturing industry. It was design to curb unnecessary demand for forex.

The disadvantage is that same CBN sells to some individuals cloned as manufacturers which in turn sell at market rate.

Esseite:


Yes... now that difference in FX has its advantage and disadvantage..

Manufacturers buy from CBN, raw material dealers buy from CBN, if you and I whom are prone to foreign items buy at CBN rates aswell, we would be killing off our manufacturing industry. It was design to curb unnecessary demand for forex.

The disadvantage is that same CBN sells to some individuals cloned as manufacturers which in turn sell at market rate.

I don't see any advantage this has brought to Nigeria.

There has been no country in the world that such policies have helped.

I don't blame myself for the ineptitude of CBN. There are ways to encourage manufacturing. Countries are doing it daily. Having an unstable currency is the easiest way to kill manufacturing.

When the president spent forex from the public purse treating himself abroad, we didn't bother about the effect on the naira.

The dual exchange rate is the number one reason responsible for the devaluation of the naira and will continue to be that way except it's stopped.

topydale:
These are the countries that have declared cryptocurrencies as illegal

ALGERIA 2018

BOLIVIA 2014

EQUADOR 2014

BANGLADESH. 2012

NEPAL 2019

MACEDONIA. 2016

NIGERIA 2021

China did also.