“The risks have escalated in recent times, with dire consequences for the integrity of the financial system and financial stability,’’ he said.
He emphasised that cryptocurrencies were largely speculative, anonymous and untuntraceable.
“They are increasingly being used for money laundering, terrorism financing and other criminal activities.
“ Small retail and unsophisticated investors also face the high probability of loss due to the high volatility of the investments in recent times.
“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time.
“We will continue to do all within its regulatory powers to educate Nigerians to desist from its use and protect our financial system from activities of fraudsters and speculators,” ^{www.nairaland.com/attachments/13249327_externallinkaltsolid_png8648541bff077cf12ea8b17dbf1b4fc0}

melbet:
Jealousy kee u dare.

AdolfAboki:


Jealousy what? Did you read my post at all? Jealousy because a noob created an Erc20 vaporware? Do you know it's easier to create an erc20 token than fork Bitcoin? In fact, it's more easy than ABC!

MAKEOUTHlLL:
my only issue with the ZugaCoin is that the archbishop used his face as the symbol

what type of narcissistic asshole does that?
�

@OP
you listed some really valid points, I hope people get to see this article before investing.

OBALOLA55:
SILVERNORGOLD WHEN ARE YOU GOING TO DEACTIVATE THIS MONIKER TOO

theTranslator:
The op has a point
The initial coin offering especially is illegal

Who starts a coin at $110?

It would halve its value in no time

igwe699:
One of the Nonsense Article I have read so far in Human history. When you dont understand Blockchain Keep you Mouth Shut and tell your hand not type nonsense. I don't want to read this nonsense again OP

igwe699:
Have you read the Whitepaper to Understand the Coin.. So someone can do the extra ordinary. Mtcheew

AdolfAboki:
It is only in Nigeria that someone will sell unregistered/banned securities and as if that isn't enough, go ahead to partner with a legit/registered company!

Zugacoin itself is synonymous with illegality! Everything about it is illegal, starting from its initial coin offering (ICO)..

MAJOR SINS OF ZUGACOIN..

1. It's an unregistered security. Section 13 of the Investment and Securities Act (ISA), 2007 empowers the SEC to regulate investments and securities in Nigeria. In exercising its authority, the SEC classified digital assets as securities, unless proven otherwise by the issuers. The owners of ZUGACOIN never did, and to make matters worse, they listed it on unregulated exchanges, in clear violation of the law.

But what I don't understand is why the SEC ignored their illegal activities. That's if they aren't culpable. Allowing "big" names to take advantage of hapless investors. I wonder why they aren't learning from their US counterpart - SEC... The US SEC halted Telegram's unregistered digital token offerings - even though TON is actually solving issues.. See what they did to powerful Ripple, etc.. But here in Nigeria, once you are powerful, you can do as you please and get away with it. Too bad!


2. Cryptocurrency(trading activities) Ban.. This is where Innoson comes in. Being a legit company, why partner with an unregistered, unlicensed company that deals in cryptocurrency, knowing full well the stand of Nigeria on Cryptocurrency?

According to CBN:



Why? To the extent of even "manipulating" the market with its partnership bs? Can a legit US company at this time partner with Ripple? Note that crypto isn't banned in the US. The issue is that SEC filed a litigated action against RIPPLE, accusing it of selling unregistered securities, known as XRP.. Not that Ripple has been convicted!

But here in Nigeria, Innoson is partnering with an unlicensed company trading an unregistered security (crypto) which is illegal in Nigeria. Such impunity!

OTHER SINS OF ZUGACOIN

1. Its price had been manipulated from day one! Imagine listing at $40k only to dump the shitcoin on noobs! Pathetic! It's currently trading at $95.24..(Monday, March 15, 2021 @ 5.09 pm)

2. ZUGACOIN team has only one TECH developer. Funny!

3. ZUGACOIN is not solving any problem. Just another ERC20 vaporware! (See contract address: 0xf5832512CFDa8083E5b2dd0aA7C1B9265c03BA1F

4. Support is shit!

5. It's centralized. Decentralization is one of the features a crypto coin must possess in order not to be considered a security. ZUGACOIN is even worse than XRP in that aspect.

6. Most importantly, there's no source code. In other words, nowhere to verify the quality of the code.. Whether it has a backdoor or a deliberate bug that will be exploited in the future, who knows? Those familiar with this industry know what happened to PAID Network Price (PAID), another cryptocurrency that suffered exploitation. How the attackers minted 60 million coins and dumped on the unsuspecting investors!

So why should we trust ZUGACOIN? Their Github repository ^{www.nairaland.com/attachments/13249327_externallinkaltsolid_png8648541bff077cf12ea8b17dbf1b4fc0} is next to nonexistent!

7. Similarly, no security auditor has audited their 'nonexistent' code for flaws...

Yet despite all these obvious red flags, this is the kind of project Innoson is partnering with? If that's not fraudulent, then what is?

May God help Nigeria.

Cargoed:


https://www.coindesk.com/nigerias-sec-puts-plans-to-regulate-crypto-on-hold-in-light-of-central-bank-ban

igwe699:
One of the Nonsense Article I have read so far in Human history. When you dont understand Blockchain Keep you Mouth Shut and tell your hand not type nonsense. I don't want to read this nonsense again OP

WalkerMichael:
thank God someone is finally exposing these fraudsters on NL. Zuga is pure scam and is a shit coin. how do we explain a coin that was launched at $42k with an all time high of $53k and all time low of $500. Iwill simply call this g bys doing cuz that's what it is. that bishop should have been arrested for scamming the gullible but they all think they are profiting/making gains. i am very very sure his gullible investors would rather pick 1 ZUGACOIN over 1BITCOIN pure fraud