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

Hmmmmmm

stop posting the trash. i wonder how much govt paied u. if them like may them pay u billions, e no go work

The only thing that matters in life is enlightened self interest.

The west aren't your friends nor have any stake in saving you, this goes to the African white loving coons.

Puppets and brainwashed fools will always be at the bottom of the barrel.

ok

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/

LIE LIE MAKE UP STORIES. FORMULATE REGULATORY CONTROL AND NOT BAN PLS. NIGERIA WILL BE LOSER ANYHOW. INCOMPETENT GOVERNMENT

If Nigeria eventually collapses, it won't be ethnicity or tribalism that will be the cause

It will be corruption
It will be fraud
It will be dishonesty
It will be a lack in integrity

If that is the case then the ban is justifyable

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

The ban is the right move if indeed the remittances involved fraudulent money. Money is meant to facilitate exchange of service and products and not to just develop wings and fly into Nigeria without any corresponding outflow of services or products.

JooEeL:
MEDIA PROGAGANDA HAS BEGUN.

FOOOLS WILL FALL FOR IT. JUST WATCH.

ThisDay is actually more pro-PDP than pro-APC.

Also, many countries take a poor view of cryptocurrency.

It's really funny that people think this little stunt by the cbn will change anything. Crypto is still popping hard ooo no dulling

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

buy sense,is is USA kidnapper using bitcoin?

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 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

I was just duped... You guys wouldn't believe me... Those guys are smart, upgraded their professionalism by joining hands with some bank officials... My brothers if you hear cryptocurrency.... Runnnnn like if Usain Bolt is pursuing you with Igbo cutlass... My little piece of advice..

Pure lies

Jerryherd:




Western countries earn 20 to 40 percent of every drop of oil in Nigeria through international Oil companies


.

They do that by offering us services. What services are we rendering to justify 200-300 million USD weekly remittance on just one platform - cryptocurrency?

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"

PAID AGENT! WE KNOW YOU

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

The USA view is kind of nuanced...

It’s hard to find a consistent legal approach to cryptocurrencies in the United States. Laws governing exchanges vary by state, and federal authorities actually differ in their definition of the term ‘cryptocurrency’. The Financial Crimes Enforcement Network (FinCEN) doesn’t consider cryptocurrencies to be legal tender but since 2013 has considered exchanges as money transmitters (subject to their jurisdiction) on the basis that tokens are “other value that substitutes for currency”. The IRS, by contrast, regards cryptocurrencies as property – and has issued tax guidance accordingly.

Sauce

I wanted to set up a crypto exchange for nigeria, but the mere thought of fraudulent money passing through me stopped me

Saw this coming

Very unfortunate how much development and innovation fraud and corruption is costing Nigerians.

Genuine business men used crypto to buy supplies in China if there's USD scarcity. Now tell me what they will do.


Be ready. Crypto was helping to reduce pressure on USD. Watch the exchange rates begin to scatter

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?

Precisely

Good move ! God punish all these FRAUDSTERS.

I make $$ legitimately by being an analyst at Physix, a US based AI think tank. I had to embarrassingly accept the stark reality that no white man will trust anyone from Nigeria easily.

doxijaw:
The only thing that matters in life is enlightened self interest.

The west aren't your friends nor have any stake in saving you, this goes to the African white loving coons.

Puppets and brainwashed fools will always be at the bottom of the barrel.

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?

Well said.

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

post=98838959:

For all those fraudsters giving Nigeria a bad name in and out of the country.
All the corrupt money you make thinking you are enjoying life and making others cry and commit suicide will be your downfall in life.
Y'all will never have the peace and long life to enjoy your blood money.
You keep making things difficult for the genuine, honest and hardworking Nigerians like us out there.
Your fraudulent lifestyle have cause a lot of genuine business people untold hardship.
You will all end miserably in life if you don't desist from your criminality.
Bastards.


And some lazy illiterates that politics and hatred for Nigeria has eaten into their empty brain were all wailing online that it is because of their illiterate uncle Sunday igbo whatever that the CBN stopped crypto for now.
Annoying lazy tins on cyberspace.

SHUT UP!!!

blamingthedevil:
Long over due....

Anybody not supporting the ban is a criminal.

What is the underlying commodity are you trading on?

BTCUSD..it's actually pegged against dollar just like Gold XAUUSD .It's a store of value against currency devaluation..meaning when Dollar rises, it falls and vice versa...All big US Equity ,Asset Mgt and Capital investment companies have all invested their Assets in Btc instead of Gold.and thus its the newest safe haven for investors when normal High beta asset like stocks and currency fails.
Understand and read more about it

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

You must be high on Egusi !!!!! . Crypto is 100% legal in the USA and North America

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"

Kidnappers request ransom through money have they banned Naira?

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

Which research did you do?

bestower:
I was just duped... You guys wouldn't believe me... Those guys are smart, upgraded their professionalism by joining hands with some bank officials... My brothers if you hear cryptocurrency.... Runnnnn like if Usain Bolt is pursuing you with Igbo cutlass... My little piece of advice..

how

From a neutral point of view the ban isn’t pointless. But yahoo boys may easily override this by buying bitcoins locally in fractions (bit by bit) and sell to fellow Nigerians abroad (who are scammers), or on random websites, who in turn exchange it to money and make a legal wire back to Nigeria.

Insecurity sponsor/s loading? Just asking.

"•FG alarmed kidnappers had switched to bitcoin for ransom payments"

Atiku Appeals To Buhari: Don’t Shut Down Cryptocurrency Business - Politics - Nairaland

https://www.nairaland.com/6402010/atiku-appeals-buhari-dont-shut