'Cryptocurrency has no place in Nigeria,' CBN Governor Emefiele defends ban | Crypto Craft

  • 'Cryptocurrency has no place in Nigeria,' CBN Governor Emefiele defends ban

    From pulse.ng

    Godwin Emefiele has reiterated the position of the Central Bank of Nigeria (CBN) that cryptocurrency currently has no place in Nigeria's monetary system. The apex bank earlier in February directed Deposit Money Banks and other financial institutions to close accounts of people using their systems for cryptocurrency trading. Nigerian senators a week later invited the Emefiele to explain the reasons for the ban and Nigeria's future plan for virtual assets. While appearing before a Joint Senate Committee on Banking, Insurance and other Financial Institutions; ICT and Cybercrime; and Capital Market on Tuesday, February ... (full story)

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LloydOz
Feb 24, 2021 10:28am
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So what are people demanding a ransom supposed to use now?
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RossEdwards
Feb 24, 2021 4:23am
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Cryptocurrencies are NOT currencies. The are commodities. And because of their decentralised and unsupervised marketplace their main utility is as a speculative instrument and as a medium particularly suitable for taxation avoidance, money laundering and holding of criminal proceeds. I think Nigeria has enough problems in these areas... so I can understand his reticence.
CBDCs are an entirely different thing. They are an interesting development with potential to reduce transaction costs and reduce the power of the over powerful western commercial financial industry.
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NotAtrader
Feb 24, 2021 1:21am
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Nigeria has no place in the cryptocurrency market. Sad news for the normal people who are trying to make som more money.
Typical dictatorship. But again we have seen similar actions from way more developed so called “democracies” in Europe and the pacific. ....... They don’t want you to make money and get rich.
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Bones
Feb 25, 2021 4:24pm
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Quoting RossEdwards
Cryptocurrencies are NOT currencies. The are commodities. And because of their decentralised and unsupervised marketplace their main utility is as a speculative instrument and as a medium particularly suitable for taxation avoidance, money laundering and holding of criminal proceeds. I think Nigeria has enough problems in these areas... so I can understand his reticence. <b>CBDCs are an entirely different...
Educate yourself before dinking the Kool-Aid .
For a start you have to start with money to buy Bitcoin at an exchange .I.E that money is in the system already .
CB. are going to keep spreading that inaccurate message ,
an investigation could always track you down as a criminal ,but the beauty is they can't access everyones data willy nilly.A bit like having those banks holding peoples money right now rather than dealing direct with any Gov.
Bitcoin isn't a currency like you say but more somewhere to store wealth with no counter party risk.

You're blind to how Cb abuse their existing special powers they award themselves. Blind too where your narrative leads.
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Bones
Feb 25, 2021 6:20pm — Edited
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Quoting RossEdwards
Cryptocurrencies are NOT currencies. The are commodities. And because of their decentralised and unsupervised marketplace their main utility is as a speculative instrument and as a medium particularly suitable for taxation avoidance, money laundering and holding of criminal proceeds. I think Nigeria has enough problems in these areas... so I can understand his reticence. CBDCs are an entirely different...
Banks provide a service ,you're talking about cutting out the banks for a tiny cost to any transaction.
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Bones
Feb 25, 2021 7:10pm
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Quoting RossEdwards
Cryptocurrencies are NOT currencies. The are commodities. And because of their decentralised and unsupervised marketplace their main utility is as a speculative instrument and as a medium particularly suitable for taxation avoidance, money laundering and holding of criminal proceeds. I think Nigeria has enough problems in these areas... so I can understand his reticence. CBDCs are an entirely different...
I'm hoping your get educated ,because my experience is your say the same bullshit over and over for ever more
It will be the elite line to the t
this story is about Nigeria CB controlling/affecting Naira value ,

One chink in your illegal efforts brings down the entire fraud history ,


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Not-KPMG
Feb 27, 2021 2:24pm
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Quoting LloydOz
So what are people demanding a ransom supposed to use now?

Dumboooo

They'll use what they been using 200-2000 years.

Dolllaaaaaas

And gold trash
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Not-KPMG
Feb 27, 2021 2:25pm
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Quoting LloydOz
So what are people demanding a ransom supposed to use now?
Only a dumfster will ask for Bitcoin ransom.

Bitcoin is veeeery traceable.
Forever
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penuelophir
Feb 24, 2021 12:46am
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One big fool!
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mkuefne
Feb 28, 2021 6:51am
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Quoting RossEdwards
Cryptocurrencies are NOT currencies. The are commodities. And because of their decentralised and unsupervised marketplace their main utility is as a speculative instrument and as a medium particularly suitable for taxation avoidance, money laundering and holding of criminal proceeds. I think Nigeria has enough problems in these areas... so I can understand his reticence. CBDCs are an entirely different thing. They are an interesting development with potential to reduce transaction costs and reduce the power of the over powerful western...
In my opinion, Central Bank digital currencies will have the same problem as traditional Central Bank currencies: debt burden and infinite supply. Bitcoin has the potential to play the same role for Internet money as Linux does for Mobile Internet Software: apart of the Centralization giants Apple and Microsoft all Mobile Phone Software is already based on the decantralized Linux standard. With Microsoft already starting to use Linux in their Software architecture.
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gat
Feb 24, 2021 8:19am
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I like this guy.
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sam02
Feb 24, 2021 2:10am
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emefiele had his own point of view which need to be consider as well.
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DonFF
Feb 24, 2021 1:15am
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Clearly this guy must be living under a rock......Few years from now he will cringe at his own action when he realize that Crypto was and is the future and is the next big advancement after the internet and cellphone!
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PipsCrapper
Feb 24, 2021 6:02am
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They are playing a script which obviously will not yield any positive results for them. Because as we converse now, many people are still engaged in cryptocurrency exchange in Nigeria. Nigeria has many problems already that are more pressing and need attention, even for the Central Bank, than to focus on stopping Cryptocurrencies transaction.
Shame of a government.
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furburger
Feb 24, 2021 2:01am
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the nigerrrrians! always schemin prolly scammin the americans too
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Trader#3D42
Feb 24, 2021 3:48am
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Nigeria government knows the people financing terrorism before now but won't do anything to arrest and questions them

Asides this, if u want to ban something on a civilised world you give prior notice but this government are clueless of this simple logic

My prayer is that God Will exposed the wickedness of the wicked one by one

Poverty is everywhere, no employment but ready to pay bandit ransom with available money

Watch and wait it won't be long before we get to know the deep secret of the enemies of Nigerians
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Trader#3BEB
Feb 24, 2021 6:00am
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What a nation
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