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Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban - Business - Nairaland

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Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Johnnyessence(m): 10:52am On Feb 14, 2021
Nigeria’s Securities and Exchange Commission (SEC) announced Thursday it has put plans to regulate cryptocurrencies on hold in light of the central bank’s decision to ban them, according to a report by the Guardian Nigeria.

The regulatory body released a statement officially confirming any plans to regulate the cryptocurrencies are now on hold following a Central Bank of Nigeria (CBN) directive ordering banks to close any accounts transacting with cryptocurrencies. 

“For the purpose of admittance into the SEC regulatory incubation framework, the assessment of all persons and products affected by the CBN circular of Feb. 5, 2021, is hereby put on hold until such persons are able to operate bank accounts within the Nigerian banking system,” the SEC said in a statement seen by the publication.



The CBN letter which was signed by Bello Hassan, Director of Banking Supervision, said it was reminding regulated banking institutions that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited” and any breaches of the order would face “severe regulatory sanctions.”

Despite the announcement made by CBN, the Nigerian cryptocurrency community has been largely undeterred, using peer-to-peer exchange platforms to continue trading.
https://finance.yahoo.com/news/nigeria-sec-puts-plans-regulate-114108939.html?guccounter=1

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Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Johnnyessence(m): 10:54am On Feb 14, 2021
Nigeria is now the second largest nation in the world trading bitcoin.

39 Likes 2 Shares

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by CodeTemplar: 11:19am On Feb 14, 2021
^^^G-things I quess.
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Olawalelead(m): 11:21am On Feb 14, 2021
Good news...
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by johnmartus(m): 11:22am On Feb 14, 2021
You can't even edit the trash you copy and pasted there.now you will tell me you're a graduate. Did you write project in your final year?
Johnnyessence:
Nigeria is now the second largest nation in the world trading bitcoin.

8 Likes

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Johnnyessence(m): 11:29am On Feb 14, 2021
johnmartus:
You can't even edit the trash you copy and pasted there.now you will tell me you're a graduate. Did you write project in your final year?
I have edit it. so what's your problem.

7 Likes

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by IMASTEX: 12:23pm On Feb 14, 2021
I haven't really given it attention that much but since the Nigeria government through CBN started fighting Cryptocurrencies that clearly show that it should be embraced because the government I know are all out to fight anything or system that will totally liberate people from financial burden. They have proven overtime to use poverty as a political tool to control the masses.

115 Likes 7 Shares

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by MANNABBQGRILLS: 12:24pm On Feb 14, 2021
To regulate this make more sense than outright banning.

Basher8583:

Manna. How do you regulate anonymous transactions.
That's the problem with cryptocurrency.
This is the payment mode kidnappers are now resorting to due to its anonymity.
Yahoo boys have found a safe haven in cryptocurrency.
Those who have stashed stolen Cash from FG who cannot integrate it into the system or move abroad because of Buhari's eagle eyed approach have discovered that the best way is to go thru bitcoin.
This post make sense totally.
We understand better by this.
Thanks Mr Basher.

purplekayc:
banned in india too
Oh well.
Interesting...

12 Likes 5 Shares

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by MANNABBQGRILLS: 12:24pm On Feb 14, 2021
16. Don't promote shady investments like betting, HYIP, MLM, FOREX, binary options, and cryptocurrencies on Nairaland.
Why are we just noticing this on Nairaland?!

9 Likes 3 Shares

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by AroleOduduwa2: 12:24pm On Feb 14, 2021
Nigeria government and their useless anti people policies. Buhari and his family have unlimited access to get as much usd and they want, but our family have to buy from the bank or bdc at a high rate

The policy is just to bolster the purchase of usd and help BDC increase their business.

2 Likes

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by festacman(m): 12:24pm On Feb 14, 2021
The article says:
"Despite the announcement made by CBN, the Nigerian cryptocurrency community has been largely undeterred, using peer-to-peer exchange platforms to continue trading."

Why all the noise?

28 Likes 1 Share

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Marvieduke(f): 12:24pm On Feb 14, 2021
We are at the sideline watching how it turns out.
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by definitelyCYRIL(m): 12:25pm On Feb 14, 2021
Abeg make them do fast bring back crypto abeg.

Please who wants to see xrp(ripple) coin?? I want to buy.

4 Likes

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Kingju: 12:26pm On Feb 14, 2021
Na comedians full Aso Rock and CbN. All the government for the world na total rubbish

1 Like

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by ODJ124(m): 12:26pm On Feb 14, 2021
lipsrsealed. They should consider Inksnation ooo






Thread seen..
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by beehivedata(m): 12:26pm On Feb 14, 2021
Putting the Cart before the horse. Wanting to regulate after Banning. Stupid people. As if it can even be regulated. Ignoramuses.

7 Likes

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by revived: 12:26pm On Feb 14, 2021
These folks can't regulate Crypto

The earlier they understand the better

10 Likes 1 Share

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by assistant: 12:26pm On Feb 14, 2021
It's well
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by Goldbw122(m): 12:27pm On Feb 14, 2021
It is ok
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by BoboNogoDie: 12:27pm On Feb 14, 2021
Joke
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by BoboNogoDie: 12:27pm On Feb 14, 2021
Joker
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by BoboNogoDie: 12:27pm On Feb 14, 2021
Jokest grin


In the last 24 hours, most popular coins have appreciated by at least 10%


Government is only pained that people are now wiser and want to have control of their money.

Last year, eith was around 100k, betecee was around 5m.
At this moment, betecee is around 23m while eith is around 850k. That's more than 300% profit and appreciation.

Which bank will ever give you that?

People no longer want to keep their money in bank savings account. We'd rather invest it in coins.

Anything that's beyond government's control will be fought by any means necessary.

The most annoying of our sad situation is that 99% of our leaders are corrupt and GREEDY.
One man can steal money that can feed a whole state for 10 years!

We don't even have basic amenities yet.

In the 21st century, average Nigerian can boast of 4 hours electricity in 24 hours, yet the useless GREEDY government filled with old fools wants to continue oppressing, intimidating and controlling us.

Woe betide all of you.

Las las, we'd divide this unholy matrimony and have peace.

33 Likes 5 Shares

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by nextBIGthing: 12:27pm On Feb 14, 2021
Pls does anyone knows how I can cashout my bitcoin to Naira ??

1 Like

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by lekki1444: 12:27pm On Feb 14, 2021
i dnt undersstand this crypto thing
Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by GeneralPula: 12:28pm On Feb 14, 2021
Banning crypto makes no sense at all. It’s the safest medium in which people can keep their money without having any fear of being getting hacked by fraudsters..

But wait...I still don’t understand what the ban is all about?

I’m a crypto trader and ever since the ban started, I’m still running my biz..

9 Likes 1 Share

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by CaptMG: 12:28pm On Feb 14, 2021
Was jus about venturing into bitcoin trading b4 I heard of dis ban don't know my fate nw

1 Like

Re: Nigeria’s SEC Plans To Regulate Crypto On Hold In Light Of Central Bank Ban by munachiso58(m): 12:28pm On Feb 14, 2021
i dont understand.....can someone explain this the more

2 Likes

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