@bolded, you just have yourself away as a typical Nigerian child, shielded from the reality by his parents and still eating from their table. Terms like "cash out", " change your generation" bla bla bla are the common phrases on you people's lips, .. The dream of fast money, without commensurate work. After slamming you for bringing your endsars rubbish to an economic discourse, you scurried like a puppy and hurriedly start typing about "taxes". Well I'm glad I got you to do some reading. Now let me educate you for free: monetary, fiscal and macroeconomic policies go way beyond taxes. You have to look at the effect of a practice on the real economy. If it was just taxes, the big corporations responsible for the global economic melt down of 2008 were diligent on their taxes, but their business practices hurt the world badly. Back to Nigeria and crypto: as a mono economy, Nigeria is tethering precariously on the brink of an FX liquidity crisis, the effect isn't what you would want to imagine. Other countries utilise crypto as a medium of transaction vis a viz the fiat currency, but over here, we simply store and wait for it to appreciate, then we magically "cash out". Everyone is storing, nobody is spending, everyone is waiting to cash out. The effect? A pyramid collapse of our internal economy.

magicminister:


1- how does a blanket ban of money transfer to Nigerian accounts from overseas make sense as a monetary policy??
1a- initially, payouts were made in Naira, now CBN mandated payouts to be made in dollars. Which is good for the customer but bad for the economy as a whole.

2- how does blanket ban of crypto make sense from a monetary policy perspective?

Any reasonable government will tax crypto gains on cash out. 10% of your crypto gains every time you cash out goes to the government or something like that.


Lol... I’m more exposed and clearly smarter and 10000 times richer than you. I typically don’t engage peasants but I’m bored lol! Insult away... it’s okay, take your frustration out on a random anonymous guy that can change your entire generation lol

Let me address this separately, so you don't talk anyhow in public next time: the implication of this is: if my net worth is for example, 1million Naira, you are bragging you have 1000000 x 10000 which is equal to 10000000000 Now, if I put actual figures and my assets including landed properties and vehicles, can you now understand the folly of your speech and how vapid you are

magicminister:


1- how does a blanket ban of money transfer to Nigerian accounts from overseas make sense as a monetary policy??
1a- initially, payouts were made in Naira, now CBN mandated payouts to be made in dollars. Which is good for the customer but bad for the economy as a whole.

2- how does blanket ban of crypto make sense from a monetary policy perspective?

Any reasonable government will tax crypto gains on cash out. 10% of your crypto gains every time you cash out goes to the government or something like that.


Lol... I’m more exposed and clearly smarter and 10000 [b]times richer than you. [/b]I typically don’t engage peasants but I’m bored lol! Insult away... it’s okay, take your frustration out on a random anonymous guy that can change your entire generation lol

wonder233:
Let me address this separately, so you don't talk anyhow in public next time: the implication of this is: if my net worth is for example, 1million Naira, you are bragging you have 1000000 x 10000 which is equal to 10000000000 Now, if I put actual figures and my assets including landed properties and vehicles, can you now understand the folly of your speech and how vapid you are

What you have done here is giving a literal meaning to a statement that is more figurative.

He is saying that you're a riff-raff and therefore not worth his time.

id911:
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?

I lobe your last sentence, they all wanted GEJ out so bad because of stupid tribalism. Mostly the west. How far now??

SaintUlot:



Crypto is related to ponzi because when more people buy into a project the value increases, if more people didn't buy, nothing like value appreciation . When more people buy, those people who bought earlier will have the chance to cash out, if not they won't, new money is needed for earlier investors to cash out.

There is exit scamming in ponzi, exit scamming and project abandonment is also rampant in the cryptosphere.



Still buying all Gift cards @ good rate

https://www.nairaland.com/3908406/best-farsell-all-itunes-amazon

WHATSAPP:https:///s/saintulot

You typed rubbish and you'd think you make sense

You shouldn't have replied this comment. You only ended up showing you're even more obtuse than the writer. Now go back and read, this time, slowly...you will see where I wrote "for example" ...Now if you've finally seen that, give yourself three knocks on the head for being a dumbhead

OsunOriginal:


What you have done here is giving a literal meaning to a statement that is more figurative.

He is saying that you're a riff-raff and therefore not worth his time.

iamJ:
money is a legal tender that is guaranteed by a government

Bitcoin isn't guaranteed by anyone, if everybody using it decide to pull out, it will crash to zero cause bulk of it's current value is inflated

I am just reading your ignorance. Money is backed by gold and not any government.

jesmond3945:
I am just reading your ignorance. Money is backed by gold and not any government.

backed by gold


Yet I'm ignorant


Google fiat money and hide your head in shame

iamJ:
backed by gold


Yet I'm ignorant


Google fiat money and hide your head in shame

we are talking about our dollar reserve and you are talking about otakara money

After Careful observation, I concluded that the ban on cryptocurrencies in Nigeria is more political than Economical.

On the Economic wing, I can only say that, Crypto market has a great effect on the economy of the lesser developed nation, in that it evaporates foreign reserve.

Whereas, taking a political view, we can see the level of political crises we Experienced in 2020/2021 and the role the crypto market played in it. It becomes only rational for any government to want to maintain control in its territory.

Then again, is the ban on crypto necessary? NO!
Because it would be more profitable to the government to place a huge tax rate on cryto transactions, that way they would be making money and also limiting more crypto transaction. Which might also discourage more people from entering the market, or force some out of the market too.

Guys pls wats d way forward?

A memo of since 2017 would just be revived on the cyber space and people would start talking about it. I don't get it... we've seen and heard something like this before nau!

RealEzee:
Guys pls wats d way forward?

The way foward?,

It still largerly depends on the govt to reconsider its decision. CBN should try to compare what Aggregate consumption would be with and without the crypto market in the Economy.

The crypto market has been a source of livelihood to many, as a matter of fact many total depends on it to pay their basic bills.

If the policy has a high negative effect on welfare, I think CBN would reconsider.

Mcslize:


Why will you even think of this myopic statement? A digital currency that has use case is what u referring to as MMM?

Do you know you can pay for many things with crypto? Do you know you can book a flight with crypto? Do you know you can get into real estate with crypto? Do you know you can go into agriculture with crypto? All of that are use cases which makes crypto to be a legal tender.

Don't always hope on working 5-9 job. You can never be wealthy by working all your life. Crypto has turned many to multi millionaires in dollars. Why other are sleeping bad mouthing crypto and remaining in poverty, the wise ones are investing in crypto for their futures and the future of their children.

Be guided. Don't say I didn't tell you.

Stop talking nonsense crypto is not legal tender in any country on earth!

Daum:


What is Money?
How is Bitcoin different from the money in your Bank. Its just numbers you have as money. It's not physical hope you understand. They can't print everyone money if not you have inflation.

Bitcoin is better than your Niara because it grows. Your Naira is trash...

How is Bitcoin better than Naira? You people will just be talking nonsense because you want to push your selfish interests.

You can make payment in Nigeria with the Naira and the receiver has no right to reject the currency. Can you force a person to accept payment for goods and services in Bitcoin in Nigeria or any other country? The answer is capital NO!

Dannyfan:

You typed rubbish and you'd think you make sense

It will seem like rubbish to you because it's not what you want to hear...the truth is bitter!

gypsey:
Nigerian governemt are afraid that their citizens might outsmart them and take over the government one day so anything to stop it that is what they are doing. Nigerian government are anti-people. Nigerian government always frustrating their citizens efforts. This is why Nigerians cut corners in everything, I don't blame them. their government systems are against nigerians.

You and the idiot who liked your comment do not have functioning brains!

Omihanifa:
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

If truly the world is moving away from fiat currency then please tell us how many countries in the world have given legal backing to cryptos

Please also tell us how many times you have ever bought an orange in the market and paid for it with crypto

SavageResponse:


Stop talking nonsense crypto is not legal tender in any country on earth!

That's why it's called digital currency. You use it to pay for things online.

And just in case you don't know, it's what has alleviated many youths out of poverty. Sit and be waiting for the government to give you 30k Npower money or tradermoni.

Take your destiny in your own hands and stop hoping on the government.

SavageResponse:


You and the idiot who liked your comment do not have functioning brains!

yes, just like your mother and father don't have functional brains, go and kill yourself people like you and your father i ussually fucck in the anus with a screwdriver.

Mcslize:


That's why it's called digital currency. You use it to pay for things online.

And just in case you don't know, it's what has alleviated many youths out of poverty. Sit and be waiting for the government to give you 30k Npower money or tradermoni.

Take your destiny in your own hands and stop hoping on the government.

Crypto is nothing but instruments for speculation...people just buy is then hype it up so that the price will rise then they sell.

It's mostly people like Elon Musk and other online influencers that help artificially pump the price so they can dump their holding on unsuspecting folks!

There is no market fundamental that supports the increase in price and it really has very intrinsic value on it's own.

gypsey:
yes, just like your mother and father don't have functional brains, go and kill yourself people like you and your father i ussually fucck in the anus with a screwdriver.

E pain am well well!

SavageResponse:


E pain am well well!

Is this rubbish supposed to make sense? Write in English please!

Is this all you have? Seriously? as I said, I would fucck morrons like you in the anus with screwdriver.

gypsey:
Is this rubbish supposed to make sense? Write in English please!

Is this all you have? Seriously? as I said, I would fucck morrons like you in the anus with screwdriver.

Get lost you despicable gay!

SavageResponse:


Get lost you despicable gay!

Right, look who cannot handle his own kinda shit.. Yea, how did you know i am gay? Because you fuccked me.

You can give it but cannot take it.

gypsey:
Right, look who cannot handle his own kinda shit.. Yea, how did you know i am gay? Because you fuccked me.

You can give it but cannot take it.

From where I'm standing you're the only thing that looks like shit for miles around!

SavageResponse:


From where I'm standing you're the only thing that looks like shit for miles around!

yea, you are standing on your father's head, what an ignorant and idiotic assertions about someone you can not see and tell what they look like. . Shit for miles around? Hang on! is this rubbish you have written above even made any sense?

gypsey:
yea, you are standing on your father's head, what an ignorant and idiotic assertions about someone you can not see and tell what they look like. . Shit for miles around? Hang on! is this rubbish you have written above even made any sense?

You're a psychologically damaged person.

It's very obvious from your comments that you had a very troubled relationship with your father...try not to abuse your own children the way he abused you.

SavageResponse:


You're a psychologically damaged person.

It's very obvious from your comments that you had a very troubled relationship with your father...try not to abuse your own children the way he abused you.

Hey! You started this first, remember? Go back to the beginning and read your first quote to my comments, my opinion comment that wasn't directed to you, now you are crying? As i said, you can give insults but cannot take it. you fuccking morron! You thought it was funny when you started insulting me first right?

Yes!! Your father fuucked me with screwdriver in anus, your father taught me how to fucck you with screwdriver too I will fucck your children with screwdriver also. Like your father did to me. you see how that shit goes round?

gypsey:
Hey! You started this first, remember? Go back to the beginning and read your first quote to my comments, my opinion comment that wasn't directed to you, now you are crying? As i said, you can give insults but cannot take it. you fuccking morron! You thought it was funny when you started insulting me first right?

Yes!! Your father fuucked me with screwdriver in anus, your father taught me how to fucck you with screwdriver too I will fucck your children with screwdriver also. Like your father did to me. you see how that shit goes round?

Me, cry because of you?

Have you finished waiting tables at McDonald's?

Get back to work if you don't want to get fired, mor0n!

SavageResponse:


Me, cry because of you?

Have you finished waiting tables at McDonald's?

Get back to work if you don't want to get fired, mor0n!

E pain am well! these were your words, so I am going to use it against you!!

You are right i work in Macdonald, What is wrong with that? Where do you work? I can bet my anus that you are jobless you morron! You actually think working in Macdonald is a bad thing, you are an ignoramus clearly.

Your father is a morron! Just like you.