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Nairaland Forum / Nairaland / General / Business / CBN New Policy On Cryptocurrency: What You Should Know (78929 Views)
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Re: CBN New Policy On Cryptocurrency: What You Should Know by aariwa(m): 10:38pm On Feb 05, 2021 |
The issue is government should find a way to regulate it to make sure it’s not used as an avenue to take out laundered or stolen money from the system 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by profmallor: 10:38pm On Feb 05, 2021 |
The various exchanges decide their prices based on many indices. Probably where and how they do business. In my opinion whats more critical are the percentage movements they allow, price doesn't really matter UncleKoboko: |
Re: CBN New Policy On Cryptocurrency: What You Should Know by essay007(m): 10:39pm On Feb 05, 2021 |
goody2019:Blockchain is the most secure technology right now. Many central banks of the world big tech or social media companies are adopting it. Of course it contributes to GDP. 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Theoutsider: 10:39pm On Feb 05, 2021 |
pooozeee:if its in the exchange yes your crypto can be blocked.. move it ASAP 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by BuddhaPalm(m): 10:41pm On Feb 05, 2021 |
CSTRR: You mentioned the world is moving away from fiat money... So the question is to "To what?" If you answer is Bitcoin, then what have you bought with Bitcoin lately? Unfortunately, right now, Bitcoin is not a currency. 4 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by goody2019: 10:43pm On Feb 05, 2021 |
TONIOI: Buying and selling of crypto currency is no job. No productivity is involved. No goods, no services. 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Sapore: 10:46pm On Feb 05, 2021 |
joey150: When you fund your exchange account in naira, the money stays in the bank accont of the exchange (assuming its not p2p). That same money from that account is used to pay those who are withdrawing their crypto to Naira. Same happens to the US man who funded in dollars. He withdraws also in dollars. Nothing gets converted. The notional value IF it were to be converted, is what you see in your dashboard. You can even decide to view your dashboard in Naira and it will show the price of the crypto in Naira. The only time conversion will have to happen is when the exchange has balanced its books for inflows and outflows from their Naira account and have determined their profit. At that point if its a foreign company, they have to repatriate their profit - which is a tiny fraction of their total turnover, so cant be a problem to CBN. The simple reason for the ban is the CBN ability to make their monetary control policies work is being eroded by crypto which they have no way of controlling. There are several European, Middle Eastern and Asian countries that have criminalised the use of crypto in their countries and it has seriously stifled crypto use in those countries. 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by essay007(m): 10:49pm On Feb 05, 2021 |
iamJ:How come you only look at the "negative" side of it. Fiat like the Naira also plummets or gains, do you hold the government responsible? BTC, BNB, ETH and other alts have gained immensely since inception and will only get better. Imagine if u had 2 BTC 5yrs ago and you hodl, would u be saying all this? Contrast that to having 18 million in the bank from 5yrs ago, now it's value would have only diminished as the Naira has "plummeted" since bubu took power. 7 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Sapore: 10:49pm On Feb 05, 2021 |
goody2019: Same applies to buying and selling of Naira....crypto is not an investment. Crypto is money , used to buy and sell like any other currency. It can only be viewed as an asset if its value increases relative to the base currency. 2 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by tyup(m): 10:50pm On Feb 05, 2021 |
Germanhunter: Lmao Ylai una no go kee me Troway for here |
Re: CBN New Policy On Cryptocurrency: What You Should Know by UncleKoboko: 10:51pm On Feb 05, 2021 |
profmallor:Hmm I done learn... But do think price doesn't really matter? What if I buy with binance cheap and sell on Luno to make more profits? |
Re: CBN New Policy On Cryptocurrency: What You Should Know by DonTobyM(m): 10:53pm On Feb 05, 2021 |
There was a country. |
Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 10:54pm On Feb 05, 2021 |
essay007: [img]https://media./images/29eb45b8a3f29b524562476186ad1bc0/tenor.gif[/img] doesnt change the fact that its a long game ponzi scheme, criminals use it to move cash, speculators use it to take advantage of new investors, someone with 2 million bitcoins for sale will crash the entire system in less than 5hrs 2 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by UncleKoboko: 10:55pm On Feb 05, 2021 |
Jones4190:Why would you charge so much for something that can be created freely? |
Re: CBN New Policy On Cryptocurrency: What You Should Know by profmallor: 10:56pm On Feb 05, 2021 |
if you can buy on one exchange cheaper and sell higher on another that would be awesome, you are maximizing your profit. I need to check that but i doubt the exchanges would allow it cause they would have noticed the huge outflow from their exchanges that never return. But good to check makes sense UncleKoboko: |
Re: CBN New Policy On Cryptocurrency: What You Should Know by essay007(m): 10:57pm On Feb 05, 2021 |
BuddhaPalm:He's right. The world is moving away from fiat to crypto. There are crypto ATMs in Europe and the US/Canada where u can fund ur cards with crypto and use it to trade/pay. Many online stores also accept bitcoin payment. Admittedly in Africa it's still in the nascent stage. 15 years from now crypto will be the main trading medium and there ain't nothing the cbn can do about it. 3 Likes 3 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 11:03pm On Feb 05, 2021 |
essay007:how can bitcoin become the currency of the world? do you know how much is in circulation in the world? if 1 million bitcoins is worth 37 billion $ 21 million bitcoins is the total that will ever exist, that cant even service california alone talkless of the entire world, its blockchain technology that the world likes not bitcoin |
Re: CBN New Policy On Cryptocurrency: What You Should Know by essay007(m): 11:05pm On Feb 05, 2021 |
iamJ:Yes yes yes, because criminals have never used fiat to move cash in the history of currency before. It's obvious you don't know much about cryptocurency. But I can guarantee, years from now you'll be involved because that's where the world is headed. All the big companies in the world now hold BTC, Some of the richest pple in the world own it and it's done of the poorest in the world that'll be calling it "Ponzi scheme". BTC is not pinkcoin o. Know the difference. I rest my case with you. 10 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Theoutsider: 11:05pm On Feb 05, 2021 |
iamJ: Bitcoin is not a PONZI scheme.. damn you are dumb. See when you keep talking it exposes how dumb you are! Its decentralized you dope. 8 Likes 2 Shares |
Re: CBN New Policy On Cryptocurrency: What You Should Know by OgogoroFreak(m): 11:07pm On Feb 05, 2021 |
They should be careful with this ban o! How do they now want me to sell my about $216k worth of bitcoin? Well, that one na small thing sha, government dey learn ni. 5 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by essay007(m): 11:08pm On Feb 05, 2021 |
Sapore:Bless you. I couldn't have explained it better. This simple concept is what many can't get down. SMH... |
Re: CBN New Policy On Cryptocurrency: What You Should Know by billyG(m): 11:08pm On Feb 05, 2021 |
Kidnappers,rogue herdsmen, fraudsters,looters transacts their business in naira yet d CBN has not ban naira . |
Re: CBN New Policy On Cryptocurrency: What You Should Know by TONIOI: 11:10pm On Feb 05, 2021 |
[quote author=goody2019 post=98784044] Buying and selling of crypto currency is no job. No productivity is involved. No goods, no I just wish u are ready to learn , I will teach u , rather than u thinking this way . |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Tonytonex(m): 11:12pm On Feb 05, 2021 |
iamJ:How? 2 million bitcoins for 1 person? |
Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 11:14pm On Feb 05, 2021 |
Theoutsider:decentralized is blockchain, I don't have a problem with blockchain, it's a beautiful idea but Bitcoin as a currency is a ponzi scheme I don't understand why you are calling me dumb, it's not my fault that you can't understand something you claim to understand 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by essay007(m): 11:16pm On Feb 05, 2021 |
Tonytonex:� the guy tire me. His ignorance on the subject is outstanding. I don't want to reply him directly. See, reading some things on NL can even Bleep ur brain up. 3 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 11:18pm On Feb 05, 2021 |
Tonytonex:the guy that created the whole thing has 1 million Bitcoins The currency is very vulnerable, if someone decides to start selling of their coins and they flood the market with coins, what will happen then? If the price crashes, what happens to small investors? No government will bail out anybody that played Russian roulette with their money on a global ponzi scheme 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Tonytonex(m): 11:23pm On Feb 05, 2021 |
iamJ:what? then, he should be the richest person in the world then na |
Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 11:24pm On Feb 05, 2021 |
Tonytonex:1million Bitcoins is 37 billion dollars 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Tonytonex(m): 11:25pm On Feb 05, 2021 |
essay007:honestly |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Mcslize: 11:26pm On Feb 05, 2021 |
MartinsD12: It can help terminate generational poverty if you can get and hold it for a very long time. |
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