Do you know anyone whose WhatsApp line was hacked and a broadcast sent form their line to their contacts? Have you been added to crypto groups that you did not solicit or sought to join? Do you know that some people have been scammed from crypto?

Let us get something clear, the Central Bank of Nigeria did not ban cryptocurrency, let us get that completely clear, what the CBN did was to restrict Nigerian banks from transacting in cryptocurrency while it develops a framework that will guide its activities.

Every government has an apex financial body that regulates the financial sector and also the monetary and fiscal policies of that country. Be it the CBN in Nigeria or the Federal Reserve in the US. Put simply, there has to be some sort of regulation for every form of monetary instrument that is acceptable.

Remember, one of the characteristics of money is that it must be acceptable by all but in the case of cryptocurrency there have been people who have not only rejected crypto but have been duped trying to use crypto.

Bitcoin is strong and widely acceptable but not all crypto have the same credibility. Many Nigerians have been duped and scammed by cryptos in Nigeria and these people have reported this action which requires the CBN to act.

We must understand that no one wants crypto to go or stop the acceptability of crypto but we need it to be regulated. What I find even funny, is that Nigerians don’t know that the CBN acts independent of the President and Vice President.

Calling out the President and Vice President shows that there is massive ignorance among Nigerians. The VP is not the ICT Minister neither is he the Finance Minister, why target him?

For those who deal in crypto, the CBN will definitely restore domestic banks activities in crypto once there is some sort regulation.

Some people still don't just understand how governance works; Presidency can't oversee the whole things that's why appointments are given to their subjects Last time I check,CBN Is our financial regulatory body not Presidency

Why don't people blame Presidency for NigerDelta commission embezzlement and wrong doing

TheRareGem1:
Do you know anyone whose WhatsApp line was hacked and a broadcast sent form their line to their contacts? Have you been added to crypto groups that you did not solicit or sought to join? Do you know that some people have been scammed from crypto?

Let us get something clear, the Central Bank of Nigeria did not ban cryptocurrency, let us get that completely clear, what the CBN did was to restrict Nigerian banks from transacting in cryptocurrency while it develops a framework that will guide its activities.

Every government has an apex financial body that regulates the financial sector and also the monetary and fiscal policies of that country. Be it the CBN in Nigeria or the Federal Reserve in the US. Put simply, there has to be some sort of regulation for every form of monetary instrument that is acceptable.

Remember, one of the characteristics of money is that it must be acceptable by all but in the case of cryptocurrency there have been people who have not only rejected crypto but have been duped trying to use crypto.

Bitcoin is strong and widely acceptable but not all crypto have the same credibility. Many Nigerians have been duped and scammed by cryptos in Nigeria and these people have reported this action which requires the CBN to act.

We must understand that no one wants crypto to go or stop the acceptability of crypto but we need it to be regulated. What I find even funny, is that Nigerians don’t know that the CBN acts independent of the President and Vice President.

Calling out the President and Vice President shows that there is massive ignorance among Nigerians. The VP is not the ICT Minister neither is he the Finance Minister, why target him?

For those who deal in crypto, the CBN will definitely restore domestic banks activities in crypto once there is some sort regulation.

Order always comes from above.

chatinent:


Order always comes from above.

CBN is our financial regulation and we have legal tender...tell me which country or countries that accept crypto currency as legal tender, I want to learn.

You should know that CBN acts independently of the Presidency

TheRareGem1:


CBN is our financial regulation and we have legal tender...tell me which country or countries that accept crypto currency as legal tender, I want to learn.

You should know that CBN acts independently of the Presidency

CBN used to act independently of the presidency but not now. Who closed the account of end SARS protesters. Where did the order come from? I still don't know why many of you are defending this government. Keep it up you will be affected by one of their wicked policies soon enough except you don't live in this country.

tensazangetsu20:

CBN used to act independently of the presidency but not now. Who closed the account of end SARS protesters. Where did the order come from? I still don't know why many of you are defending this government. Keep it up you will be affected by one of their wicked policies soon enough except you don't live in this country.

Read the article and understand it....read and grasp.

Who is telling you that CBN acts independently and the president doesn't interfere in its decisions and operations

All Nigerian president ( past and present) interferes in the daily operations of CBN if you think am lying go and check the records of Abacha, Babangida,Goodluck Jonathan and Buhari.

Abacha use to give his boys memo to go and bring millions of dollars from CBN's vault and the governor dare not reject the memo

Even under this Buhari's regime, Dangote was accessing forex from CBN @ 308 while others were getting theirs @ 380-420

Some friends of the president were selected to be the sole importer of maize after the CBN banned maize importation

And yet you say president don't interfere with what goes on in the CBN

TheRareGem1:


CBN is our financial regulation and we have legal tender...tell me which country or countries that accept crypto currency as legal tender, I want to learn.

You should know that CBN acts independently of the Presidency

You're just evading the truth. No country accepts it as a legal tender, but no country banned it. We're talking of the banning accounts of bitcoin exchangers

tensazangetsu20:

CBN used to act independently of the presidency but not now. Who closed the account of end SARS protesters. Where did the order come from? I still don't know why many of you are defending this government. Keep it up you will be affected by one of their wicked policies soon enough except you don't live in this country.

No one is stoping you people from Cryptocurrency trading. The directive is for back because it is not recognise as legal tender. Finish.

TheRareGem1:


No one is stoping you people from Cryptocurrency trading. The directive is for back because it is not recognise as legal tender. Finish.

Lies. The directive is to block accounts that exchange bitcoins to naira and vice versa. Do u know what legal tender is?

Tomide007:

Lies. The directive is to block accounts that exchange bitcoins to naira and vice versa. Do u know what legal tender is?

Stop replying. I checked his/her past posts and that person is s chronic buharist. The person gets paid 30k every month to defend every policy of the government.

tensazangetsu20:

Stop replying. I checked his/her past posts and that person is s chronic buharist. The person gets paid 30k every month to defend every policy of the government.

Apologies Jarey. I didn't know that I was replying someone that lives on give away. I go free am.

The underlining reason behind this ban is to check the flow of illicit financial transaction and government therefore can not stop blockchain but they can stop THEIR BANKS from engaging in crypto. Well this certainly was expected all along.

There is absolutely no reason to panic at all, the ban of crypto is not against us, the ban is a catalyst to be used to archive our goal as a community

TheRareGem1:
Some people still don't just understand how governance works; Presidency can't oversee the whole things that's why appointments are given to their subjects Last time I check,CBN Is our financial regulatory body not Presidency

Why don't people blame Presidency for NigerDelta commission embezzlement and wrong doing

Ok, Muhammadu Buhari should take credit for Amaechi’s Railway decisions but not Emiefiele’s monetary decisions. wawu

Keep blabbing trash...like ur nama govt.

OP you are wasting your time on all these semi illitrates that are on this forum.. They are frustrated.Hatred and tribal bigotry have covered their sense of reasoning..
CBN is only trying to regulate and control the use of the crypto currency.. simple.

Valar Dohaeris

all man must serve
even if nah gworo sipping lifeless bassatrd

TheRareGem1:


CBN is our financial regulation and we have legal tender...tell me which country or countries that accept crypto currency as legal tender, I want to learn.

You should know that CBN acts independently of the Presidency

Really?

TheRareGem1 post=98781192[s:
]Do you know anyone whose WhatsApp line was hacked and a broadcast sent form their line to their contacts? Have you been added to crypto groups that you did not solicit or sought to join? Do you know that some people have been scammed from crypto?

Let us get something clear, the Central Bank of Nigeria did not ban cryptocurrency, let us get that completely clear, what the CBN did was to restrict Nigerian banks from transacting in cryptocurrency while it develops a framework that will guide its activities.

Every government has an apex financial body that regulates the financial sector and also the monetary and fiscal policies of that country. Be it the CBN in Nigeria or the Federal Reserve in the US. Put simply, there has to be some sort of regulation for every form of monetary instrument that is acceptable.

Remember, one of the characteristics of money is that it must be acceptable by all but in the case of cryptocurrency there have been people who have not only rejected crypto but have been duped trying to use crypto.

Bitcoin is strong and widely acceptable but not all crypto have the same credibility. Many Nigerians have been duped and scammed by cryptos in Nigeria and these people have reported this action which requires the CBN to act.

We must understand that no one wants crypto to go or stop the acceptability of crypto but we need it to be regulated. What I find even funny, is that Nigerians don’t know that the CBN acts independent of the President and Vice President.

Calling out the President and Vice President shows that there is massive ignorance among Nigerians. The VP is not the ICT Minister neither is he the Finance Minister, why target him?

For those who deal in crypto, the CBN will definitely restore domestic banks activities in crypto once there is some sort regulation.[/s]

. Nonensense post.. For SEC to call all cryptocurrency Securities, i knew they don't know anything... Bunch of Dullards dishing out useless policies

CBN and this crypto matter let keep away from fake new

You should know that CBN acts independently of the Presidency

I don't see the point in schooling those who've vowed to be ignorant forever.

TheRareGem1:
Do you know anyone whose WhatsApp line was hacked and a broadcast sent form their line to their contacts? Have you been added to crypto groups that you did not solicit or sought to join? Do you know that some people have been scammed from crypto?

This isn't enough reason to halt some people financial source. Why did the CBN not issue the same directive when MMM and several other Ponzi schemes used the Naira to make away with people's money?

Let us get something clear, the Central Bank of Nigeria did not ban cryptocurrency, let us get that completely clear, what the CBN did was to restrict Nigerian banks from transacting in cryptocurrency while it develops a framework that will guide its activities.

This is impossible to do, because one of the core principles guiding cryptocurrency is decentralization. It simply means that no government or body in the world will be/should be allowed to control the flow of cryptos, so this will fail.

Every government has an apex financial body that regulates the financial sector and also the monetary and fiscal policies of that country. Be it the CBN in Nigeria or the Federal Reserve in the US. Put simply, there has to be some sort of regulation for every form of monetary instrument that is acceptable.

Just like more advanced and sophisticated nations like China have failed to control the crypto, so will the CBN fail woefully at this. It is a lost cause.

Remember, one of the characteristics of money is that it must be acceptable by all but in the case of cryptocurrency there have been people who have not only rejected crypto but have been duped trying to use crypto.

Bitcoin is strong and widely acceptable but not all crypto have the same credibility. Many Nigerians have been duped and scammed by cryptos in Nigeria and these people have reported this action which requires the CBN to act.

This is a simple logic that proves Nigerians are gullible, why would put money in what you have zero knowledge about? It goes back to the first point I made, if some people were gullible it doesn't mean others should suffer for it. Recently, SEC listed some cryptocurrencies as securities, and was working on a framework for them but CBN just woke up one morning and decided to blacklist it, it only shows the lack of synergy between the various agencies of the government.

We must understand that no one wants crypto to go or stop the acceptability of crypto but we need it to be regulated. What I find even funny, is that Nigerians don’t know that the CBN acts independent of the President and Vice President.

Calling out the President and Vice President shows that there is massive ignorance among Nigerians. The VP is not the ICT Minister neither is he the Finance Minister, why target him?

From the start of my read, I knew this was some op-ed to save the already dented image of Yemi Osinbajo.

For those who deal in crypto, the CBN will definitely restore domestic banks activities in crypto once there is some sort regulation.

This I highly doubt, we all witnessed how the CBN introduced new policies on reviving USD, and guess what regardless the complain the policy still remains in place. The Nigerian system is bent on weaponizing poverty, and would do everything within its means to ensure that.

TheRareGem1:
Some people still don't just understand how governance works; Presidency can't oversee the whole things that's why appointments are given to their subjects Last time I check,CBN Is our financial regulatory body not Presidency

Why don't people blame Presidency for NigerDelta commission embezzlement and wrong doing

The same Presidency can hire and fire the CBN governor. It is the duty of the executive to keep institutions under it in check.

360degreess:
OP you are wasting your time on all these semi illitrates that are on this forum.. They are frustrated.Hatred and tribal bigotry have covered their sense of reasoning..
CBN is only trying to regulate and control the use of the crypto currency.. simple.

Tell Meffy, that the bolded is impossible and it will end up giving him eternal migraines. Also, let him know it isn't simple as more sophisticated governments have failed at it.

StepTwo:


Ok, Muhammadu Buhari should take credit for Amaechi’s Railway decisions but not Emiefiele’s monetary decisions. wawu

I mean the Op is either a political jobber or naive to not understand how governments work. If the Presidency can take credit of EFCC's works while can't they be held responsible of CBN's action, or are both organizations not of the same government?

tensazangetsu20:

CBN used to act independently of the presidency but not now. Who closed the account of end SARS protesters. Where did the order come from? I still don't know why many of you are defending this government. Keep it up you will be affected by one of their wicked policies soon enough except you don't live in this country.

How will she be affected? when her darling VP will intercede on her behalf. The lady is a funny political jobber, the sad part of the scenario would be if she doesn't get paid for doing this.

Keep blabbing trash...like ur nama govt.

Most evangelists of the crypto movement in Nigeria are very ignorant

Kobicove:
Most evangelists of the crypto movement in Nigeria are very ignorant

You can stop a consensus mechanism young man

You are the one acting ignorant here

okefranci:
The underlining reason behind this ban is to check the flow of illicit financial transaction and government therefore can not stop blockchain but they can stop THEIR BANKS from engaging in crypto. Well this certainly was expected all along.

Why wouldn't the CBN use these same bank policies to stop/block elicit funds embezzled from Govt.