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Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by techbloga: 11:28am On Apr 05, 2018
NDIC, which is the Nigeria Deposit Insurance Corporation has just placed an explicit warning to Nigerians to steer off the popular and the fast rising bitcoin trading and its relations as it is not yet authorized in the country by the Central Bank of Nigeria and isn’t backed up by any law in the Nigeria’s constitution.

The Insurance Corporation also made further revelations stating how digital currencies are unregulated electronic forms of monetary value that can literally act as our conventional currencies in making transactions and payments; A digital currency has no physical form and it is not issued or controlled by any central authority and is thus exempted from government support.

Digital currencies are not created, issued or guaranteed by any Central Bank. Digital Currencies are also referred to as Virtual or Crypto currencies, NDIC added.

NDIC went further to pick point these facts behind the popular digital currency. According to the list,

1. Neither currencies nor coins offered by any central bank like the Central Bank of Nigeria (CBN) or a Central Bank of any other country with authority to issue such currency.
2. Not backed by any physical commodity, such as gold.
3. Not deposits or instruments authorized by the CBN.
4. Not insured by the NDIC.

Risk Involve Trading in Digital Currencies;

Consumers are not protected when using digital currencies for payments: Digital currency ‘units or accounts’ are not recognized by the CBN and are not insured by the NDIC unlike bank accounts. There is no protection, refund rights or redress for users of digital currencies.

Consumers can lose all their money due to Loss or Theft: Digital currencies are virtual money, stored in electronic medium called e-wallets and are vulnerable to losses due to loss of password, hacking, virus/malware attack etc. The loss of the wallet could result in the permanent loss of the digital currencies held in them.

High price changes that could lead to zero value of the currency quickly: The inherent instability in the rates because digital currencies are not issued or backed by any government, with no investor protection and are not protected by deposit insurance. This exposes the users to potential complete loss of value.

Absence of Authorized Exchange Platforms: Digital currencies are traded on exchanges established in various jurisdictions with unclear legal status. Consequently, the users of these platforms are exposed to financial, operational and legal risks.

Misuse for criminal activities: It has being widely reported that digital currencies are used in illicit activities in several jurisdictions, including unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.

Negative Opinion of Digital Currencies by the world’s central banker: The head of the Bank for International Settlements labelled Bitcoin as “a combination of a bubble, a Ponzi scheme” and, due to the energy consumption required for mining it, an “environmental disaster”

Negative Opinion of Digital Currencies by the head of the World Bank: Jim Yong Kim, World Bank Group President compared crypto-currencies to “Ponzi schemes. According to him “In terms of using Bitcoin or some of the crypto-currencies, we are also looking at it, but I’m told the vast majority of crypto-currencies are basically Ponzi schemes.”

List of Countries that Banned Trading in Digital Currencies

1. China’s Central Bank barred financial institutions from taking part in digital currency as well as exchange trading of Bitcoin. (Read More)

2. The European Banking Authority banned financial institutions from buying, selling or holding digital currencies. (Read More)

3. The central banks of India and Mexico have issued a warning on the use of digital currencies.

4. The central bank of Russia are totally opposed to private money, no matter if it is in physical or virtual form.

5. Bangladesh, Nepal, Ecuador, Bolivia and Iceland and Morocco have all banned Bitcoin in their territories.

6. South Korea, a global center for crypto-currency trading, said it would ban anonymous trading of virtual currencies. (Read More)

My big question is "Do Digital Currencies Pose a Threat to Sovereign Currencies?" Air your views!

News Source: https://techsphere.com.ng/ndic-digital-currency-is-not-legal-in-nigeria/

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by QueenSuccubus(f): 2:16pm On Apr 07, 2018
techbloga:
NDIC, which is the Nigeria Deposit Insurance Corporation has just placed an explicit warning to Nigerians to steer off the popular and the fast rising bitcoin trading and its relations as it is not yet authorized in the country by the Central Bank of Nigeria and isn’t backed up by any law in the Nigeria’s constitution.

The Insurance Corporation also made further revelations stating how digital currencies are unregulated electronic forms of monetary value that can literally act as our conventional currencies in making transactions and payments; A digital currency has no physical form and it is not issued or controlled by any central authority and is thus exempted from government support.

Digital currencies are not created, issued or guaranteed by any Central Bank. Digital Currencies are also referred to as Virtual or Crypto currencies, NDIC added.

NDIC went further to pick point these facts behind the popular digital currency. According to the list,

1. Neither currencies nor coins offered by any central bank like the Central Bank of Nigeria (CBN) or a Central Bank of any other country with authority to issue such currency.
2. Not backed by any physical commodity, such as gold.
3. Not deposits or instruments authorized by the CBN.
4. Not insured by the NDIC.

Risk Involve Trading in Digital Currencies;

Consumers are not protected when using digital currencies for payments: Digital currency ‘units or accounts’ are not recognized by the CBN and are not insured by the NDIC unlike bank accounts. There is no protection, refund rights or redress for users of digital currencies.

Consumers can lose all their money due to Loss or Theft: Digital currencies are virtual money, stored in electronic medium called e-wallets and are vulnerable to losses due to loss of password, hacking, virus/malware attack etc. The loss of the wallet could result in the permanent loss of the digital currencies held in them.

High price changes that could lead to zero value of the currency quickly: The inherent instability in the rates because digital currencies are not issued or backed by any government, with no investor protection and are not protected by deposit insurance. This exposes the users to potential complete loss of value.

Absence of Authorized Exchange Platforms: Digital currencies are traded on exchanges established in various jurisdictions with unclear legal status. Consequently, the users of these platforms are exposed to financial, operational and legal risks.

Misuse for criminal activities: It has being widely reported that digital currencies are used in illicit activities in several jurisdictions, including unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws.

Negative Opinion of Digital Currencies by the world’s central banker: The head of the Bank for International Settlements labelled Bitcoin as “a combination of a bubble, a Ponzi scheme” and, due to the energy consumption required for mining it, an “environmental disaster”

Negative Opinion of Digital Currencies by the head of the World Bank: Jim Yong Kim, World Bank Group President compared crypto-currencies to “Ponzi schemes. According to him “In terms of using Bitcoin or some of the crypto-currencies, we are also looking at it, but I’m told the vast majority of crypto-currencies are basically Ponzi schemes.”

List of Countries that Banned Trading in Digital Currencies

1. China’s Central Bank barred financial institutions from taking part in digital currency as well as exchange trading of Bitcoin. (Read More)

2. The European Banking Authority banned financial institutions from buying, selling or holding digital currencies. (Read More)

3. The central banks of India and Mexico have issued a warning on the use of digital currencies.

4. The central bank of Russia are totally opposed to private money, no matter if it is in physical or virtual form.

5. Bangladesh, Nepal, Ecuador, Bolivia and Iceland and Morocco have all banned Bitcoin in their territories.

6. South Korea, a global center for crypto-currency trading, said it would ban anonymous trading of virtual currencies. (Read More)

My big question is "Do Digital Currencies Pose a Threat to Sovereign Currencies?" Air your views!

News Source: https://techsphere.com.ng/ndic-digital-currency-is-not-legal-in-nigeria/



IamJ take time to read this one... cool

1 Like

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Franzinni: 6:07pm On Apr 16, 2018
that was how mavrodi was able to rip Nigeria a new hole ... Haha crypto currency nah big scope

5 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by DullardBuhari(m): 6:08pm On Apr 16, 2018
shocked shocked shocked

Choi My 5.365 bitcoin dun become useless for my hand...please buy your bitcoin @ #2000 per bitcoin[ embarassed :-

4 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by grossintel(m): 6:08pm On Apr 16, 2018
World leaders now suddenly realize digital currency can't be stopped, how the hell are you going to stop miners or the blockchain? Anyone trading digital currencies understands the risks and gains associated so thanks again Cbn for reminding us.

Modified : Please those mentioning MMM, what is the connection with MMM and Bitcoin? Oh, you think because MMM operated with Bitcoin then Bitcoin is a Ponzi scheme? If that's the case then Naira is a Ponzi scheme too. You think mining Bitcoin is beans? Lol, Go and ask how much 1 antminer S9 cost, add the cost for an efficient cooling system and the power required to run it 24/7, then calculate how long it will take to break even don't forget considering the raise in difficulty level then you will understand why Bitcoin has so much value. If you don't understand how the blockchain technology works, save your energy and exit the thread don't show everyone how stupid you are.

70 Likes 6 Shares

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by ZarahBuhari: 6:08pm On Apr 16, 2018
All these our Digital Leaders With Analog Thinking sef undecided

Instead of studying the odds of new things, they rather give a red alert.

41 Likes 5 Shares

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by stephenwa(m): 6:08pm On Apr 16, 2018
Okay Na
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by King4Roller: 6:08pm On Apr 16, 2018
Ok o
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by chapie95(m): 6:08pm On Apr 16, 2018
Lol

1 Like

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by emeijeh(m): 6:09pm On Apr 16, 2018
After some guys don hammer on top cryptocurrency Matter?!

2 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by biggerboyc(m): 6:09pm On Apr 16, 2018
But nairabet is legal abi. If i trade, come and arrest me

3 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by BuhariNaWah: 6:09pm On Apr 16, 2018
ZarahBuhari:
All these our Digital Leaders With Analog Thinking sef undecided

DullardBuhari:
cool

Where are all these Buhari this, Buhari that all coming from?

Chai! Buhari na Wah!

1 Like

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by ShakurM(m): 6:09pm On Apr 16, 2018
Oja ti burst siwon lara   tongue              
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Nobody: 6:10pm On Apr 16, 2018
H

1 Like

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by marvwhite: 6:11pm On Apr 16, 2018
na people Business day wan use play so o
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by mrvitalis(m): 6:11pm On Apr 16, 2018
Have made millions from crypto ...accept now or get left behind

5 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by ojmaroni247(m): 6:12pm On Apr 16, 2018
Na wah,... Kukuma kill us

2 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Britishcoins(m): 6:12pm On Apr 16, 2018
Abeg how do I stop this headache?
I think I worried so much and read beautiful nonsense in nairaland alot
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by joystickextend1(m): 6:12pm On Apr 16, 2018
okay




Meanwhile guy's check out my profile for your extender products and other adult fantasy toys
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by lonelydora: 6:12pm On Apr 16, 2018
Nigerians are stubborn. They won't listen. That is how we were warned about MMM, and we didn't listen.


Folks, go and google Liberty Reserve .

3 Likes 1 Share

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by graciabelle: 6:13pm On Apr 16, 2018
What about the one they gave BamBam of BBNaija so that one follow dey unauthorized shocked
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by rattlesnake(m): 6:13pm On Apr 16, 2018
chp shiit
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by MARKETfund: 6:13pm On Apr 16, 2018
Neither is it illegal

Ndi ara
sad undecided
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Jackyboy: 6:14pm On Apr 16, 2018
PFFFT
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by zinaunreal(m): 6:14pm On Apr 16, 2018
How much ??
Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by trapQ: 6:14pm On Apr 16, 2018
Fools

1 Like

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by gurunlocker: 6:14pm On Apr 16, 2018
Bitcoin isn't the problem, those operating ponzi scheme using bitcoin are the one with the issue....

18 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Jwonder(m): 6:15pm On Apr 16, 2018
QueenSuccubus:



IamJ take time to read this one... cool





you are mad, so you had to quote the whole post

3 Likes

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Dollyak(f): 6:16pm On Apr 16, 2018
It's not useful in Nigeria anyways.

1 Like

Re: Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! by Youngzedd(m): 6:16pm On Apr 16, 2018
DullardBuhari:
shocked shocked shocked

Choi My 5.365 bitcoin dun become useless for my hand...please buy your bitcoin @ #2000 per bitcoin[ embarassed :-

Son of Lai Mohammed grin

We will buy it at 1M per btc instead of your 2,000 Naira.

5 Likes

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