QueTeddy:
This is actually very wrong. For better understanding, why won't the US direct her banks to do the same, thereby blocking channels that transfers money back?

About the kidnappers, isn't its ironical that it is under a former military personnel that the nation is undergoing its worst security crises till date?

They are trying too but boys dey find means

Bunsenbun:
It actually has no economic implications, since cryptotransactions were not remitting anything to the coffers of the govt

But it was creating jobs and facilitating easy transfer of remittances.

That is enough benefit.

Where are Kemi Olunloyo, Pastor Godman Akinlabi and other Yeyebrities who blindly criticize the CBN's decision to regulate cryptocurrencies.

Commanderinpips:
This is not enough reason to ban crypto, but trust Nigerians they will find a way out in a matter of days.

lol there is way already..

pfadom:
Where are Kemi Olunloyo, Pastor Godman Akinlabi and other Yeyebrities who blindly criticize the CBN's decision to regulate cryptocurrency.

The US is the largest crypto market in the world.

Go and ask them if they have blocked their own

The Indian govt wants to enhance crypto in their country going forward.

You have proven that you are not smarter than your president.

CSTRR:

But it was creating jobs and facilitating easy transfer of remittances.

That is enough benefit.

Jobs that our economy was not benefiting from?
Boss I use crypto too but i knew it was only a matter of time before cbn weighed the axe down.

Regulation, Regulation, Regulation.

That is how sensible countries deal with white collar criminals.

Ika people are smart.

I don't know where emefiele got his own idiocy from.

When many jobless individuals now lay claim to hundreds of thousands of dollars in crypto currency.

CSTRR:

The US is the largest crypto market in the world.

Go and ask them if they have blocked their own

The Indian govt wants to enhance crypto in their country going forward.

You have proven that you are not smarter than your president.

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

Uneducated Nigerian speaking

[quote author=b3llo post=98838832][/quote]
Your incompetent govt is giving you reasons why they are returning you to stone. Its a pity you are buying the idea.
Know this : The deep and dark web is the most dangerous place of the internet. Many atrocities are committed there. The usa will never ban their citizen from accessing it because the dark web was not set up for that purpose. There are many "beauties'' there aside the illegal stuff. But go there to commit illegal stuff or simply associating with it as us residence, i guaranteed fbi will be knocking on ur door the next morning despite the "anonimity"
The kidnappers u talked about got their guns the govt didnt stop them. They went to and from the victim house the govt didnt stop them. They contacted their victim through a 'trackable' line ur govt didnt track them. Its bitcoin which so many people are trading legitly they want to ban.
Very soon, they will ban the internet because fraudsters use it. Ur govt have failed u. Likewise ur brain

Mkmoney:

U have to cash out the same way it came in meaning it must go to your crypto account. I'll suggest u use a third party

how please

Bunsenbun:
Jobs that our economy was not benefiting from?
Boss I use crypto too but i knew it was only a matter of time before cbn weighed the axe down.

How can your country not benefit from jobs?

Does that makes sense?
Are the people not going to spend their Money?

The country was not getting dollars to fund politicians. That is the more accurate answer.

You country cannot Create jobs, but it is deleting jobs that people created for themselves.

pfadom:
When many jobless individuals now lay claim to hundreds of thousands of dollars in crypto currency.

Many jobless people also have millions in Naira.

Why have you not stopped spending Naira and dollars?

Ban Naira Na.

Thinkfree:
how please

if you have a trusted party outside maybe gh send the crypto to him then he sells and sends the money into your azza

People saying Nigeria will not move forward for banning crypto transactions with banks, you lots probably didn't know China banned it outrightly, and obviously they are neck to neck when it comes to development with the USA.

Thing is, Yahoo boy activities isn't helping our situation, and in the long run, only God knows what the future of this country would be, especially when US start taking big steps to stop the nefarious activities too.

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"

You don't have any prove to all this your nonsense write up

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/

They just don't wanna see us win. Haters.

Farolo:
Bullshlt is what this is. Damage control gone wrong! Are there more scammers in Nigeria than Russia, Mexico, Spain and even in the US?

Emefiele when dey find dollars upandan like mad man nai go close wetin dey bring in $200-300 million weekly say e go destroy economy? How does influx of forex into the battered Nigerian economy spell doom?

So the FBI can give them tips to kill an economy in coma but when same US comes to say human right abuses are rife in the country, Lai and adesina and garbage would not wait to come out guns blazing to refute abi?

This is a very stupid unthought lie. They must think Nigerians are stupid... Well except zombies and buharists of course

You don't understand what is going on.. Aboki wey dey change dollar no see customers again.. Nigerians please fire down this will bring the dollar parallel market down but if u loose hope on crypto.. Aboki dollar Don win b Dat and dem go Bleep all of us up

We have dumb leaders. In as much as I don't support yahoo yahoo, sometimes Govts intentionally leave some loopholes in their system to selfishly help their economies. Are they telling us Swiss Govt don't know about illicit funds that our criminal leaders are depositing in their banks or they think UAE Govt don't know many people are using stolen money to buy properties in their country?

We need to improve our economy and I think our policies should focus on money going out. Make it difficult to let money leaves your country. Make it easy to let money enters. I laugh when people say Nigeria is an oil-based economy. Nigeria is a diasporans-based economy. We average just $25B annually in the past 4 years from oil. We average over $25B documented and $15Billion undocumented remittances annually. If we listen to foreign countries all the time, they will destroy our fragile economy. They don't have our interest at heart.

ibietela2:


Is it the same America that told them to BAN FX to naira?

lol u mean they have ban forex..that one is not possible

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 only question I have asked without answers is this:
Assuming Nigeria receives between 200 to 300 million dollars weekly in bitcoin as the report says, how is the virtual money cashed out in real money (dollars) in Nigeria without the support of our foreign exchange market locally?
This could be a reason why there is so much pressure on dollar supply in Nigeria, thereby creating a wide gap between demand and supply. You will agree with me that when there's excessive demand on dollars in circulation, there is a corresponding increase in the fx rate. This follows the simple principle of demand and supply in economic theory.

So, another angle to it is that, Nigeria at the moment does not have economic capacity by way of foreign reserve to support crypto transactions in the country now due to very low DFI, balance of trade and payment, and a couple of other factors.

You will agree with me that, because of our dependence on imported goods, the moment there is increase in exchange rate, it reflects quickly on all consumer goods all over the country. CBN may have acted to save the economy too. Lets not be selfish!

Myer:


There's BTCUSD, BTCNaira and as many currencies as you want. That's not a real commodity.

You can't compare it with Gold which is a real commodity.

Can you see Gold itself?
Did u know lately Gold itself has reduced that countries now use Paper gold instead of the traditional gold bars and gold bullions.
Now they use Virtual Or paper gold certificates so what is the difference...only issue is regulation
U cant stop cryptocurrency u can only try to regulate it

So why didn’t the FBI ban it in their country first?

Which kind mumu talk is dis one na.

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?

.
I fcking logged in just to like your comment. Very reasonable.

The day I understood how this bitcoin gain traction was the day I made up my mind not to engage cos it is a matter of time when the whole western world will gang up against it.

Have you heard of the Dark Web and what fuels it activity? It is scàry and not for the faint hearted.

Bitcoin is the currency that operates within the Dark Web

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

Cite the relevant federal law that bans cryptocurrency in the US.
It is so illegal that the biggest crypto companies are registered in the US.

Bunsenbun:
Jobs that our economy was not benefiting from?
Boss I use crypto too but i knew it was only a matter of time before cbn weighed the axe down.

Do you even understand the meaning of economy?
This post says otherwise.

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?

Any type of financial transaction that is largely based on anonymity will be be abused by my countrymen, that is why the likes of eBay and Amazon can't thrive in Nigeria. One does not need to be a graduate of economic to know something is amiss, why will one of the poorest countries in the world be the highest traders in Cryptocurrency ?

thatigboman:
thats the danger of crypto. No regulation. U money can simply disappear without a trace and u cant go to police, you cant go to CBN. Sorry.

Simply don't use it. It is not by force.

doxijaw:


What did abacha sell to Switzerland that allowed him to move millions of dollars into swizz banks?

Think! You seriously believe in the efficient market theory , it will take another three thousand years for you people to wake up.

That is a very bad example.
You don't need to sell anything to move deposit money into a bank.

africandollar:
What sort of madness is this?! They do have similar problems in developed countries so why haven’t they taken the step to ban cryptocurrencies there? This government na mumu sha! They say they’re looking for monies to borrow yet they block what could have been a viable source of loan for themselves? How about asking the banks to notify them about the individuals who have crypto and fine them a large commission for operating such accounts? Forgive me but shouldn’t such large amount of millions of dollars a week translate to an improved economy should the operators choose to cash the coins out? This government na heavy mumu sha!

The banking system is corrupt, they can easily be compromised.

Golan007:


I won't say so.

But trust anything Naija people are involved in they would apply all manner of illegalities in it.

Genuine cryptocurrencies are worth investing in.

Sorry for jumping into your conversation, the point am trying to make is that I mistakenly registered at all these crypto sites though white though was that it's so secured that no one touched my money at all for close to 9 month. I'd were to be all those scammers my money would have gone.