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..

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..

plaindealer:
This is a good move by the CBN, it's dangerous and counterproductive for the general population to shift traditional banking, trading and investment system from the banking and regulatory structure to unregulated and counterproductive cryptocurrency system.

Money inflow and outflow through the banking system guarantee 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 effectively removing money and forex from the 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 it both ways, crypto is not good for us at the moment.

Inteltower:



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:


Crypto is like the proverbial cockroaches that will survive a nuclear blast. Nigeria has one of the highest P2P rate in the world, so I expect the crypto populace, to fall back to P2P. The CBN is shooting itself on the foot and only helping to kill the Naira even further, but what do I know?

BiggyB242:


Exactly what I said to a friend, though we might be making money on a personal level but looking at the bigger picture it will affect the country as a whole. The problem about humans we don't care what happens to others provided we are benefitting, which is wrong,

Sammytee001:


All this one na story. The point is that, so far we can't directly trade Crypto without facing consequences, it's illegal, and indirectly/directly, that means it's banned whether you like it or not. All the one you're saying is English

The game would likely move to peer-to-peer trading (P2P) trading where two people interact directly with each other to buy or sell cryptocurrency. This is, however, susceptible to fraud as transactions can only be conducted based on trust.

A P2P exchange such as Binance lets sellers and buyers find the right person, in the right place, at the right time and make a trade at the right price, using the payment method that works for both..


https://www.thecable.ng/what-the-new-cbn-directive-means-for-crypto-trading-in-nigeria/amp

mekaboy:


Its not banned. If Govt bans black market sqles of dollars, does it mean importing and items and payment with dollars is banned? It means government wont allow u to fund your trader via Nigerian banks.

trendiceo:
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

plaindealer:


Crypto's popularity or it's ability to survive regardless of CBN's monetary policies is not the problem and it shouldn't be your main concern, that's irrelevant, what you should be worried about is what it's doing to you at the end of the day.

I've read all the shortsighted complaints, abuse and insults against the FG, but this is very synonymous with Nigerians, the government is always the enemy and we must attack and discredit the government and governmental policies put in place to help and protect us and the general economy.

Of what use and benefit is you having the highest rate of P2P in the world to the economy after denying the economy general monetary circulation, denying traditional banks the capacity to deposits and dispense loans for businesses, industries, imports, mortgages and so on.?

Of what use and benefit is you having the highest rate of P2P in the world when it comes to denying funds terrorists use to terrorize and kill you?

Of what use and benefit is you having the highest rate of P2P in the world when it comes to money laundering, human trafficking.?

Of what use and benefit is you having the highest rate of P2P in the world after setting up a side and unregulated monetary system that the general economy doesn't benefit from?

Less money within the traditional banking system means layoffs, dark money, criminal haven and activities.

Instead of thinking about yourself and your P2P, think about your own country and it's economic survival.

Why are you avoiding the banking system? Why? What are you hiding?

Sometimes the government is not the enemy, we are.

mekaboy:


Its not banned. If Govt bans black market sqles of dollars, does it mean importing and items and payment with dollars is banned? It means government wont allow u to fund your trader via Nigerian banks.