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Nairaland Forum / Nairaland / General / Politics / Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer (35371 Views)
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Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by wirinet(m): 9:54am On Feb 06, 2021 |
VeeVeeMyLuv: How can you compare Nigeria with China? China has a huge trade surplus with the world, it's currency is even undervalued to take advantage of that trade deficit. Nigeria on the other hand does not trade anything of significance outside oil and our exchange rate has to depend on the vagaries of oil price. China also took control of its digital products. Most digital products consumed by Chinese are Chinese owned. They ban Facebook, Twitter and most foreign products and have Chinese clones.
I am not defending anyone and your examples above are irrelevant to the topic. What i am simply stating is the simple economic fact as long as we - I mean individuals and governments turn ourselves to consumers instead of producers, we will continue to go round in circles. 1 Like |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by floss(m): 9:54am On Feb 06, 2021 |
Tolexander:Emefiele is not the president of Nigeria, if he was your Dad, will you suggest to him to reject the extension and resign from the position of CBN Governor?.... just be honest with yourself, we Nigerians always think we will be different once given the opportunity always quick to criticize, condemn and abuse whereas in the actual sense will do worse once we get there....I'm not benefiting from this government in anyway but I don't condemn them because we are all the same....as long as this country is concern the only creature that can rule this country and make a change is an alien.... that's if it exists. My advice is this, let everyone stop seeking for another Nigerian to rule this country, no matter the tribe, ethnicity or religion, we are all the same and have the same fluid called corruption, nepotism and greed flowing through our veins. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Nobody: 9:56am On Feb 06, 2021 |
doxijaw: While the wait to rise 10%, has that not prevented circulation of funds in the economy? Which inturn creates inflation when everyone dumps real economic investment for small margin profit on crypto currency not domiciled in Nigeria.. If your assumption is the case, why are countries seeking to prop in their own coin?.. eg India. 2 Likes |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Tolexander: 9:59am On Feb 06, 2021 |
floss:That is your perception You can be corrupt like you said. I am not |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by wirinet(m): 10:06am On Feb 06, 2021 |
Esseite:Really investments where? Real investments in a country deliberately stifling business with multiple taxation, infrastructural strangulation and insecurity? Real investments when Herdsmen are killing farmers and destroying their farms, when even businesses on ground are folding up and running away? Real investments when I have heen trying to register a limited liability company for over 1 month now. I have paid all fees and up till now nothing from CAC. I went to their office and only the security man who told me to call the head office. A phone line that is perpetually switched off. If you have 100 million naira, would you rather not invest it in crypto currency or some other instruments like stocks, gold, etc that gambling it in investing in the Nigerian economy? The government needs an economic team to chart an economic plan that would see Nigeria out of the current economic doldrums. 1 Like |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by olaxm: 10:09am On Feb 06, 2021 |
Everybody saying CBN ban crypto-bitcoin. It hell wrong oo. CBN ban banks from doing business with various start up company in Nigeria that provide payment services to Crypto-Bitcoin trading and exchange. Example. If you have bitcoin and you use Patricia app to sell it. Patricia can't auto pay to your local bank account again because CBN ask banks to discontinue this service. CBN no ban crypto-bitcoin trading oo. Bitcoin trading was originally designed for P2P pairs-to-pairs exchange and transaction are verified on blockchain descenralised database that removed cenralised which are CBN and Luno Patricia app etc. Bitcoin trading never end and it can't be stop via (DEX) descenralised exchange and P2P service. App like remitano provide P2P with escrows and that is what we trader have been using for years until Nigeria start-up company start to emerge to build app around crypto trading. So what CBN did no affect anything in crypto-bitcoin trading. CBN only denied the common man on the street with no crypto knowledge an access to hold digital assets. Shikena. Follow @dolakell on twitter For more bitcoin infogram 1 Like |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by samcolee(m): 10:14am On Feb 06, 2021 |
jamace:Boko IS FGN own, that's why they're repenting and cashing out everyday |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by DimIsaac10(m): 10:19am On Feb 06, 2021 |
The same way hoodlums hijacked our peaceful protest. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by A305: 10:26am On Feb 06, 2021 |
Esseite:First of all, Crypto currency isn't a lazy investment, because it does away with legal tender (a certain country physical cash), If you trying to head that route then, stocks, securities and real properties/assets might be considered lazy investments too. These are considered financial instruments that are all traded but unlike crypto currencies which is mostly traded with another country's currency (USD). 2 - You seem to be bothered about the country being robbed of her liquidity forgetting the fact that; Liquidity is always KING, No economy can ever be robbed of its total liquidity. This is why the continuous policies and amendment of old policies by the financial institutions is duely practiced by the Apex bank. This is also the same reason we have inflation and deflation — to check and balance liquidity in circulation or lack of it. 3 - Unemployment isn't a factor to currency exchange rather, lack of creation of SMEs and inability to resusrect the dying industrial sectors. 4 - We can never push all our naira into crypto or forex because trade still goes on here. Naira still reigh supreme in Nigeria and the money market will always balance itself otherwise CBN will step in to enforce the balance of money in circulation. So back to my original postulation. CBN is only trying to stifle the use of crypto currency because of its dominating power over Naira and NOT lack of Naira liquidity, like you making it seem. 2 Likes |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Nobody: 10:30am On Feb 06, 2021 |
wirinet: I understand you, am not a fan of this Govt either, but if we all decide to trade cryptos which is moving all our monies to bitcoin source nation, the massive recession that would hit Nigeria both in unemployment and lack of liquidity would wipe out any assumed profit including majority of the bitcoin capital. It a difficult country, but we cant use our hands to nail our own coffins. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by doxijaw: 10:40am On Feb 06, 2021 |
Esseite: Is there any business/investment that doesn't take time to return profits? Using demand and supply, how does investing in an asset create inflation when there's less fiat floating around? The assumption that everyone will dump the real economy is subjective, some people use the trading profits to start businesses. I wonder why crypto trading isn't affecting productivity rate in western countries, but developing countries like India and Nigeria deem it threatening. Like I said, the only meaningful argument that makes sense is fraud and terrorism prevention. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by faste: 10:41am On Feb 06, 2021 |
freemanq:Even the NIN linkage was politically motivated |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by helinues: 10:43am On Feb 06, 2021 |
FrLukas: Let me finish learning on how to give a spoon first before giving a fork |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Nobody: 10:45am On Feb 06, 2021 |
helinues: So funny I forgot to laugh. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Nobody: 10:52am On Feb 06, 2021 |
doxijaw: This is because they are export oriented nations, they would only adjust their exports of produce alongside bitcoin fx escape. This may not be same for US, because bitcoin is domiciled in US economy. That is why other nations that cant balance that propose their own coins. Inflation would come when massive funds are plunged into cryptos while the native Govt has to print or create liquidity to oil its economy which in ture creates inflation or devalues the naira. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by shogz89: 11:00am On Feb 06, 2021 |
Xeedee:I will think about my future first before thinking about Nigeria future.. If I leave a million naira in my bank account, the future of that money may likely be 200k.. So I have to secure it in a more stable currency be it crypto or USD. Let the government think about the future by reducing corruption, building infrastructures and creating enabling environment that attract FDI. banning cryptos instead of thinking on how to get the best from its usage shows a lot about the dummies we have up there.. CBN can't stop the trading BTW.. Their are different ways to avoid the restrictions. 1 Like |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Cyoung4real(m): 11:03am On Feb 06, 2021 |
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Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Xeedee: 11:04am On Feb 06, 2021 |
shogz89:@ Bolded- There are actually different ways to stop the restriction. For example using peer-to-peer platorms. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Nobody: 11:10am On Feb 06, 2021 |
Gokoyer0: Abeg, how you do am? I want put small |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by youngpresidooo: 11:11am On Feb 06, 2021 |
Naira that has never been saved for years will now be saved over night mtchwww crypto is not own by anyone and it is not controlled by anyone. it is a decentralized system and cant be controlled by any govt policy, with or without govt. it can never be stopped even the US govt cant stop it. a sensible govt suppose to find an initiative to accept it and boost the economy of nigeria. you think you will force people to trade in Naira where VPN is the order of the day? do you think most crypto companies register as a nigerian company in the first place? this companies pay taxes. all the money acquired from different initiatives what has it done for the country than to oppress everyone. this crypto has elevated alot of youths from poverty level,not youths looking for white collaar job for around 50k when you can make times 8 of that money in 2weeks in crypto align initiatives. keeping deceiving yourself in the dumb decision by the govrt Esseite: |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by doxijaw: 11:12am On Feb 06, 2021 |
Esseite: Inflation will come because Nigeria has refused to diversify and create policies to spur growth , they use contractionary economic policies to solve a stagnated economy. Expansionary economics is what is needed. As for the devaluation blame it on dwindling crude oil returns /import dependency/policies that stiffle businesses not crypto. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Cantonese: 11:19am On Feb 06, 2021 |
Tolexander: Please refer to the third paragraph of your initial comment. How do you interprete that? Or are you not the one who wrote it? |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by preacherz: 11:25am On Feb 06, 2021 |
TheGiftedOne: |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by Grace001: 11:29am On Feb 06, 2021 |
Vardanes2: Oh ok no offense bro |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by VeeVeeMyLuv(m): 11:41am On Feb 06, 2021 |
shogz89:exactly, hehehe you have a digital mindset, Thank God for making u escape that analog mentality. Those people will Neva understand. |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by PlainSight(m): 11:58am On Feb 06, 2021 |
Tolexander:A day of Reckoning awaits him |
Re: Shutting Crypto Accounts Can't Stop Igboho’s Funding - Lawyer by pimpo: 12:13pm On Feb 06, 2021 |
Esseite:All you stated makes no sense. You are not very enlightened. |
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