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Nairaland Forum / Nairaland / General / Business / CBN New Policy On Cryptocurrency: What You Should Know (79516 Views)
FG Lifts Ban On Cryptocurrency, Introduces Taxation Instead / First Bank Accepts CBN New Board As Adeduntan Resumes / CBN's New Policy On Cash Deposits: Nigerians React (2) (3) (4)
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CBN New Policy On Cryptocurrency: What You Should Know by lalasticlala(m): 8:00pm On Feb 05, 2021 |
This afternoon, a Central Bank of Nigeria (CBN) circular sent to commercial banks and other financial institutions surfaced online. Here is a thread explaining what the circular means and why the CBN issued it. https://mobile.twitter.com/StearsBusiness/status/1357753704783478785 64 Likes 14 Shares
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Re: CBN New Policy On Cryptocurrency: What You Should Know by Omihanifa: 8:03pm On Feb 05, 2021 |
The central bank is just plainly stupid for taking this funny decision They banned it simply because they don't know how the system works. The CBN should better wake up and embrace technology. the world is moving away from Fiat money Ordinary dollar they can't provide sufficiently for businesses in the country now people are moving towards digital money they are getting angry. Thesame government that can't provide jobs for the masses wants to kill the little that is putting food on the tables of Nigerians 538 Likes 44 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Officialhorlah(m): 8:04pm On Feb 05, 2021 |
OK Am happy i saw this there "Yet, the government is insistent on restricting their growth." Growth wey we no get before u con dey restrict which kain Govt be this 34 Likes 3 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by GIANTPLUSHUB: 8:08pm On Feb 05, 2021 |
Wahala dey naija 1 Like 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by elantraceey(f): 8:10pm On Feb 05, 2021 |
The central of bank of Nigeria..... Simple letter they cannot even type correctly. Doing everything possible to sabotage the efforts of people to earn well legitimately. Then they'll come with their 30k npower schemes that they'll still sell to people that don't need it. 200 Likes 12 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by HigherEd: 8:10pm On Feb 05, 2021 |
Wehrey CBN 21 Likes 3 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by grandiose4ever: 8:14pm On Feb 05, 2021 |
Startup Idea To Fight The Crypto Ban: Help Nigerian small businesses and individuals open and operate suitable offshore accounts ( maybe cayman) in real time, via freemium SaaS. We can then plug into the crypto industry, stock options without the approval from uncle CBN. https://twitter.com/JusticeForeverH/status/1357770979389431810?s=20 15 Likes 2 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by id911(m): 8:16pm On Feb 05, 2021 |
This is what you get when archaic and museum object like Mohammed Buhari, a stark economic illiterate is placed in position of power. The government of Buhari and Osinbajo has inflicted so much pain on Nigerians, pain never experienced before except during the civil war and mid eighties which, incidentally was during Buhari's draconian regime. When will Nigeria stop appointing a banker as CBN Governor? To those who voted Buhari and Osinbajo because of tribe and religion, are you enjoying their evil and wicked policies? 310 Likes 23 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by HopeVictor: 8:16pm On Feb 05, 2021 |
I was reading it oh..until I remembered I'm a Nigerian..while will I read such long thing that wouldn't give me money..only the stress in Nigeria is enough no need to read long write ups.. somebody should please summarize it.. 29 Likes 2 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Great100000: 8:16pm On Feb 05, 2021 |
Na wa for this country oooooo |
Re: CBN New Policy On Cryptocurrency: What You Should Know by TheZebra: 8:17pm On Feb 05, 2021 |
We move, nothing scatter 7 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Zimzy(m): 8:21pm On Feb 05, 2021 |
Very educative piece of write up. Nigeria must be delivered from the Hands of the clueless and retarded. Such a policy can never revive the economy! 98 Likes 6 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by gungab(m): 8:27pm On Feb 05, 2021 |
Okay |
Re: CBN New Policy On Cryptocurrency: What You Should Know by BOOKWORMLUX(m): 8:27pm On Feb 05, 2021 |
Na wa for this people o 4 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Twode: 8:27pm On Feb 05, 2021 |
I'm lazy to read this. Pls summerize me the whole story it may be interested. 4 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by humilitypays(m): 8:28pm On Feb 05, 2021 |
1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by happney65: 8:28pm On Feb 05, 2021 |
Funny people.. They should continue.. The aftereffect of this thing will be more than endsars when the very people they are taking a legitimate means of survival away from their hands revolt in one way or the other. they should not worry..very soon na online vendors they will come and attack.. 20 Likes 6 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by magicminister: 8:28pm On Feb 05, 2021 |
You have to be really dense to not know this is their response to the end sars protest. November last year, CBN banned all direct transfers to Nigerian bank accounts from outside the country. You can recieve money but not more than $5000 and not directly to your bank account, you’d need to go to the bank, provide ID and recieve in Cash. Now, CBN banner crypto. Remember during the protest, after bank transfers were banned from sites like flutter wave, the people switched to crypto! Now the crypto is gone, people died and the protest is looking like it was for nothing! 82 Likes 7 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Nobody: 8:28pm On Feb 05, 2021 |
Audiocurrency they meant 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by AzuNas: 8:28pm On Feb 05, 2021 |
Alright. . . . . . .Ajie |
Re: CBN New Policy On Cryptocurrency: What You Should Know by merits(m): 8:28pm On Feb 05, 2021 |
1 Like 1 Share
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Re: CBN New Policy On Cryptocurrency: What You Should Know by Barbsamiin: 8:28pm On Feb 05, 2021 |
How could this happen? make we move to neighbouring countries open bank account use it and buy our crypto there. 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Sailor1: 8:29pm On Feb 05, 2021 |
I see this as a waste of time but CBN. Western countries and even China once tried it and all finally succumbed. Now they've moved from putting a ban to making sure folks pay tax on profits made. The EU and China are also working on their officially floated crypt0 coins. Money just like water will always find its level. If the CBN does not know that yet, this move will prove it to them. When they introduced policies that made sure government officials (more so CBN officials) roundtripped the dollar and devalued the naira, when they give millions of scarce foreign exchange at a discount for pilgrimage and when the president demarkets Nigeria they did not know all that will devalue the Naira That said, it is a shame that though crypto in Nigeria is still at its infancy, it has surpassed our local stock market. Money will always find its level. How will our stock market thrive when it is full of corruption and insider trading. Most folks who bought Nigerian stocks in 2007 boom are yet to recover their base capital over 13 years after without even adding the effect of devaluation. Meanwhile, even if you bought bitc0in at its peak of 20k USD in 2017, today, you are 100% in profit. That is just in USD. In naira, you are over 200% in profit when you factor devaluation of the naira. Money will always find its way. Crypt0 stable coins pegged to the dollar helped alot of folks escape the effect of incessant naira devaluation. Folks interested should join the crypt0 discussion on its official Nairaland thread https://www.nairaland.com/6318352/crypto-currency-investors-thread/96#down 102 Likes 9 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Simplebeauty: 8:29pm On Feb 05, 2021 |
Re: CBN New Policy On Cryptocurrency: What You Should Know by wwwtortoise(m): 8:29pm On Feb 05, 2021 |
The Nigerian government is anti-people. Whatever benefits the populace give them sleepless night. Crypto is here to stay as no policy can stop this technology. China tried to control it but failed. 58 Likes 4 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Hinokami: 8:29pm On Feb 05, 2021 |
What is this rubbish of an excuse to justify what the Central Bank is doing? We dont need this explanation..do they have to use draconian methods? Classless government...Instead of Innovating, they go the other way sending us back to the stone age. 21 Likes 3 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by casppyjay: 8:29pm On Feb 05, 2021 |
lalasticlala:I know it will be counterproductive even if it’s a step In the right direction but we can’t use caffeine products for patients allergic to caffeine.. only people with high IQ can comment and understand.. 2 Likes 3 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by slawormiir: 8:29pm On Feb 05, 2021 |
Damnnn niggarrrr. Mumu cbn We go dey do Ptpt If you are a niggarrrr and you understand what I meant by ptpt then you must be a real niggarr 70 Likes 9 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Samade7: 8:29pm On Feb 05, 2021 |
Very useless FG. 5 Likes 3 Shares |
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