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Nairaland Forum / Nairaland / General / Business / CBN Bars Crypto Bank Account Operators From Cash Withdrawal (20029 Views)
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CBN Bars Crypto Bank Account Operators From Cash Withdrawal by FreeStuffsNG: 8:17pm On Jan 03 |
CBN bars crypto bank account operators from cash withdrawal Cash withdrawals will not be possible from accounts opened for virtual and digital assets transactions, the Central of Nigeria has disclosed.https://punchng.com/cbn-bars-crypto-bank-account-operators-from-cash-withdrawal/ 7 Likes 1 Share
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Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by FreeStuffsNG: 8:17pm On Jan 03 |
“Prohibition from opening any further designated account; Monetary penalty not below the sum of 2,000,00O.00 against the FIs, members of its board, senior management, and any staff, for any infraction. Suspension of the operating licence of a Fl.” Any bank official that has ears should hear o. This is a policy directly targeted at those who think only of easy money and how to perpetrate money laundering. May the bank officials not let greed and indiscipline ruin their banks for their shareholders. May God bless Nigeria for ever! Check my signature for free stuffs! 23 Likes 1 Share |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by MrProlific95: 8:19pm On Jan 03 |
Those who know what money laundering has done to our country will applaud this move, Kudos CBN 63 Likes 5 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Totilopussylick(m): 8:21pm On Jan 03 |
Money laundering and our Nigeria politicians and other private sectors be like 5 and 6 MrProlific95: 29 Likes 3 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Thundafireseun: 8:23pm On Jan 03 |
MrProlific95: Keep quiet please 49 Likes 4 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by allen113: 8:25pm On Jan 03 |
P2p still makes more sense to me than this. 35 Likes 6 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by matify83: 8:38pm On Jan 03 |
Cardoso is clutching at too many policies these days like a drowning man with Nigerians yet to see the benefits. He has virtually reversed most of the policies of the erstwhile cbn governor in order to stabilize the naira yet it keeps getting a beating when lined-up against the dollar. 63 Likes 8 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by iykepromotions: 8:46pm On Jan 03 |
Way to go. Adequate security supposed to be utilized against money laundering 8 Likes 5 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Ola9ja23: 8:54pm On Jan 03 |
If this will help to stabilize Naira then it's a welcome development 3 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by commoditiesnig: 10:57pm On Jan 03 |
Good move MrProlific95:You're right 4 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by PrinceOfLagos: 10:59pm On Jan 03 |
matify83:His "Try your luck policies approach" is the reason naira keeps nose-diving . Man is clueless 33 Likes 3 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Faiththatworks(m): 11:12pm On Jan 03 |
This is one of the best policies enacted by Mr Cardoso. I posted a thread on this topic last year but the mods didn't deem it fit to bring it to the frontpage. I think someone should explain this policy to my good friend @freestuff,Mr Cardoso has in one policy swoop cancelled the draconian crypto policy of Mr Emi werey. In simple English,cos I can see the big grammar in the story is confusing some people,Mr Cardoso has allowed banks to authorize some form of Crypto currency transaction. For those who rush to conclusions about crypto currency been bad,u wouldn't know how bad the draconian policies of Mr Emi werey affected a lot of Nigerians. I had a very very terrible experience when my money was blocked after a brother did a transfer to a crypto seller and used Bitcoin in the Narration. I had to painfully forfeit a large % of my funds so I could be paid by the seller, I also know sellers whose account were freezed cos people were putting Crypto as narrative during transfers,that's why a particular exchange warns people not to put crypto in the narrative when selling or buying their crypto. For the crypto exchanges that give out banks accounts when you open a crypto account on their website,I'm sure they are the ones that the CBN instructed not to allow withdrawals. I remember some years ago a particular crypto exchange will give you a bank account that starts with W on opening an account,those accounts are just digital account and you can't withdraw cash from them,I'm sure those accounts are what Mr Cardoso instructed shouldn't allow for cash withdrawals. Seriously Government mustn't ignore crypto transaction in Nigeria,you will be amazed at the huge number of transaction that go on everyday in some crypto exchanges in Nigeria. I expect Asiwaju to instruct the Minster of Finance,the Minister of Digital Economy,the CBN,The FIRS and some other relevant government agencies come together and formulate a policy to make crypto transaction more transparent,traceable and taxable in Nigeria. They should also work with the National Assembly to enact laws on crypto transaction or Asiwaju can go ahead and issue Executive orders if the National Assembly is stalling,if Bet companies can pay taxes I wonder why crypto transaction shouldn't attract a % as taxes. I'm very sure That's another avenue to raise a lot of money for the country God bless Nigeria.... 32 Likes 2 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Bobloco: 5:49am On Jan 04 |
matify83: The patch patch CV CBN governor is a drowning man The reason he is busy reversing most of the policies of the erstwhile CBN governor is simply because he got no new ideas on how to stabilize the Naira which has been on a free fall since he assumed office 6 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Blackfire(m): 5:51am On Jan 04 |
Blocking all the avenue the youths created ... 3 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by cenaman(m): 5:53am On Jan 04 |
I will take CBN serious when the dollar to naira exchange is $1 to #200 16 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by dinkyicon: 5:56am On Jan 04 |
Blackfire:nope. Blocking all avenues for money laundering 11 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by ShangTsung000: 5:59am On Jan 04 |
IYOO... Let this measure not be against youths buh political shoplifters. ONYE ANWULU!!! 3 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by epainos: 5:59am On Jan 04 |
Hmmmm! This is not a bad move, but still not the answer. With all Eme-werey "gra gra" huge amounts of money moved in and out of crypto daily....if you know, you know. Lol. In the initial stage, Eme-werey was able to sieze a huge amount of money. Go ask what he did with them... that guy is a real werey. Any move we make must make the naira strong...and we must endeavour to make sure we continue with the infrastructural development we have started. It should expand to other states. Lagos should be the NY of Africa. We need to work towards preventing it from sinking, remove anything from 10-storey buildings in some areas and put 20 to 50-storey buildings. And many more... Back to this CBN policy...I believe this is what any reasonable person would do at this time, but it may not solve the problem entirely. It still depends on curbing corruption. This is the KEY. If we don't curb it, it will bury our economy. There is no policy corruption cannot bury no matter how good it is. In my opinion, the real (I am repeating here cos I have written about it many times) problem we have is tribalism, and corruption is embedded in it. We always cover our tribesmen cos we think other tribes did it and nothing was done. So, if our tribe man does it, he should go unpunished too. Lol. And our electoral decisions are based on who is from our tribe and not the best man for the position. In fact, no good person will want to go into Nigerian politics. For where? Like telling me to go and mix up with those crooks...never. So, the best option is to split. Nigeria will eventually sink. If BRICS can overlook Nigeria and pick South Africa, something is wrong with Nigeria. We should not keep forcing a marriage that has refused to work. I am sure that the 5 regions (or central region can divide also and go with who they want to make four nations) will do as separate nations. 3 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Kreamie(m): 5:59am On Jan 04 |
These people be blowing hot and cold at the same time. Lifting a ban on crypto and not allowing cash withdrawals? Where’s the cash by the way? 😔 7 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by seunlayi(m): 6:00am On Jan 04 |
Confusions |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Hotice085: 6:00am On Jan 04 |
Still a good one for crypto but the $500k being requested for deposits from any crypto exchanges should be look upon if not only foreign investors will rule our domestic crypto market 3 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by ivolt: 6:02am On Jan 04 |
Bobloco: matify83: PrinceOfLagos: See these advisers claiming knowledge. A high school economics student should know that there is no policy, fix or plan that can save a debtor other than to pay their debt but these ones think a magical solution exist. Quick education for you guys. Naira is falling because the demand for dollar is much higher than supply. No additional dollar earnings, no fix for the increasing exchange rate. It is that simple. 12 Likes 2 Shares |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by fatboyslym007: 6:02am On Jan 04 |
Can someone please explain to us what this means. How does it affect money laundering? |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Fapemz: 6:03am On Jan 04 |
Does that mean they can transfer to another account and then withdraw? People that have bank managers on their dialed list 1 Like |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Blitzking: 6:10am On Jan 04 |
With this p2p can never die. 4 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Emeskhalifa(m): 6:21am On Jan 04 |
All these stress coz I wan use CBN's method to do crypto? Abeg make person stick to p2p jarey 2 Likes |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Xwizard: 6:24am On Jan 04 |
Government want to swap in again this new year. Abi ati mad ni |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Yampotatocarrot(m): 6:30am On Jan 04 |
Fapemz: Same question I wanted to ask o... Does it mean they can transfer to another account but can't withdraw cash from their account? If they can transfer to another account, then how does it stop money laundering? I wish someone can explain that part well |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by Houseofglam7(f): 6:42am On Jan 04 |
🤭 |
Re: CBN Bars Crypto Bank Account Operators From Cash Withdrawal by sammyj: 7:01am On Jan 04 |
flip-flop policy. Crypto customers don enter one chance |
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