Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,695,513 members, 6,353,763 topics. Date: Thursday, 24 June 2021 at 07:24 AM

Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency (16134 Views)

Loom Money Nigeria: Crash Of Ponzi Scheme Imminent As SEC Warns Nigerians / Stay Off ‘loom Money Nigeria’, SEC Warns / ‎Avoid Ponzi Schemes! SEC Warns Nigerians (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by NotJobless: 8:32am On Jul 26, 2019


The Nigeria Deposit Insurance Corporation (NDIC) has issued a public warning about relying on cryptocurrency transactions. This was done via a press release on the 25th day of July, 2019.

According to the press release, managing director and CEO of NDIC, Umaru Ibrahim. said relying on cryptocurrencies is very risky, because they are unregulated and not backed by central banks in most financial jurisdictions.

The NDIC provides a safety net for depositors and aims to protect the banking system from instability caused by bank runs or loss of confidence.

According to Ripples Nigeria, Umaru Ibrahim had previously talked about his concerns during a courtesy call with the NDIC board and the Speaker of the House of Representatives.

Speaker Femi Gbajabiamila, spoke on eagerness to regulate cryptocurrencies and partake in the emerging global crypto market. He said:

“The NDIC and other safety-net participants in the country must not be left behind in the adoption of appropriate regulatory framework to deal with the prevalence of cryptocurrencies in the global financial space.”

Many Nigerians are currently using Cryptocurrencies and there is need for the regulation of this sector in the West African Country,

From TestBoo.Com - https://testboo.com/nigerian-deposit-insurance-corporation-warns-against-cryptocurrency/

9 Likes 1 Share

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by dljbd1(m): 1:27pm On Jul 26, 2019
Ftc cheesy
Thanks ntel grin
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by namiji2598: 1:27pm On Jul 26, 2019
The only currency i like
1. Naira✔️✔️
2. $✔️✔️
3. £✔️✔️

9 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by nextstep(m): 1:28pm On Jul 26, 2019
I'm not a fan of fiat money issued by governments, and welcome the dominance of currency whose value is determined by decentralized agreement among peers. My only issue with cryptos is their instability. How can I hold money when I'm not sure how much bread it will buy from week to week? Forget the investing/speculating part. Just hold a coin, and what it can purchase fluctuates from day to day. Unless it becomes ultrastable it really has no chance of becoming a defacto currency.

35 Likes 2 Shares

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Flier: 1:28pm On Jul 26, 2019
Lol they should go and warn their family member
What I do with my money is my business

23 Likes 1 Share

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by NwaNimo1(m): 1:28pm On Jul 26, 2019
Trump talk am
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Elemosho478: 1:28pm On Jul 26, 2019
Gbajabiamila is a smart man

3 Likes 1 Share

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Simplyleo: 1:29pm On Jul 26, 2019
I really missed a good opportunity with this crypto thingy. angry angry

I could boast of close to $40k when a unit of bitcoin was barely $1k but I wasn't even aware of the stuff. It was when I had almost finished my hard currency that one goat started explaining and then it was as high as $6k. And even then, I could still afford one but I thought it was risky as per stock market. Now, I understand it goes for as high as $26k and I don't have even $1k angry

28 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by crestedaguiyi: 1:29pm On Jul 26, 2019
zombies

2 Likes 1 Share

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by fotadmowmend(m): 1:29pm On Jul 26, 2019
Choi... My bros Don enter one chance
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Alamu1111: 1:29pm On Jul 26, 2019
Na everybody Dey do cyrtocurrency now for naija even
Shoe maker does it

2 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by legalwealth(m): 1:30pm On Jul 26, 2019
Lol! !!
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by feezy(m): 1:30pm On Jul 26, 2019
Backward goats

2 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by ITbomb(m): 1:30pm On Jul 26, 2019
Of course, it's natural that they warn

It's not for everyone

6 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Flier: 1:30pm On Jul 26, 2019
shirk23:


lol. money needed oo
grin grin grin
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by kirkwood: 1:31pm On Jul 26, 2019
Cryptocurrencies that other countries have adopted and approved. Nigeria is so backward as Bleep.

22 Likes 3 Shares

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Nobody: 1:31pm On Jul 26, 2019
I get dogecoin, anyone interested

2 Likes 1 Share

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Lamasta(m): 1:32pm On Jul 26, 2019
MMM comes to mind grin

1 Like

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by ednut1(m): 1:33pm On Jul 26, 2019
who remembers Liberty Reserve

6 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Nobody: 1:33pm On Jul 26, 2019
feezy:
Backward goats

This one don lose money tire.

2 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Newguyhere: 1:33pm On Jul 26, 2019
typical bs talk from people who don't care about the masses undecided
Bitcoin changed my life!! cool

31 Likes 2 Shares

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by paparazzi1987(m): 1:33pm On Jul 26, 2019
One Chance Currency grin
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by oglalasioux(m): 1:34pm On Jul 26, 2019
I know this crptocurrency is a good investment but Nigerians will spoil it with greed. I know guys and even girls are already collecting money from unsuspecting people in the name of investment in crptocurrency that doesn't exist. Good caution from NDIC.

2 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Job2004: 1:35pm On Jul 26, 2019
Crypto currencies are backed by Block chain technology. We are always behind global trends.
The world is moving ahead

17 Likes 1 Share

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by rita25(f): 1:35pm On Jul 26, 2019
NO NA CATECOIN I WAN BUY MTCHEWWWWWWWWWWWWW
angry angry angryI CHUKWU MY MOUTH
Herrymax:
I get dogecoin, anyone interested

2 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by nosmas: 1:36pm On Jul 26, 2019
namiji2598:
The only currency i like
1. Naira✔️✔️
2. $✔️✔️
3. £✔️✔️

Which one is cryptocurrency again

the only currency our forefather knows is
Cowries;Salt; Gin etc
Which one will the future people know?
remember Money is ANYTHING that is generally accepted as a means of exchange

4 Likes

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by Mftivi: 1:38pm On Jul 26, 2019
Lol backward people. Not being backed by any central bank is exactly it's selling point you dullards!

16 Likes 2 Shares

Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by gringrin: 1:40pm On Jul 26, 2019
grin
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by gowaga68: 1:42pm On Jul 26, 2019
Get in touch
Herrymax:
I get dogecoin, anyone interested
Re: Nigerian Deposit Insurance Corporation Warns Against Cryptocurrency by passyhansome(m): 1:43pm On Jul 26, 2019
WILL THEY KEEP QUIET, WHAT DO THEY KNOW OTHER THAN RIP-OFF BANKS WITH USELESS INSURANCE POLICIES, KNOWING THAT IT WONT FAVOR THEM

6 Likes

(1) (2) (3) (4) (Reply)

How You Can Start Investing As A Student Or Young Adult / Trading In MTN Shares Suspended After $5.2bn Nigerian Fine / Easy 2018 Newbie Guide To Make $1 Usd Every 5 Seconds Trading Options 100% WINS

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 62
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.