OmoAkin85:
lol u mean they have ban forex..that one is not possible

FX is not only FOREX
Foreign currency to Naira exchange via bank transfer

https://www.youtube.com/watch?v=unZPlXHgEUw
This video shows you how to raise up to $20,000 even as bitcoin hits $135,000.

dre11:
•Christine Lagarde: Bitcoin facilitates questionable transactions

•Nigeria surged to second highest crypto destination in the world raking $200 to $300million a week without underlining economic activity, alarming the CBN

•FG alarmed kidnappers had switched to bitcoin for ransom payments



https://www.thisdaylive.com/index.php/2021/02/07/how-fbi-warned-fg-cbn-on-scammers-using-cryptocurrencies-to-defraud-the-west/

Who are those that are trying to justify the actions of government's bad policies with different senseless write up trending the net?


Should we all stop using vehicles because arm robbers are using it to kidnapp people? Or should we stop using the road because someone had accident on the road?
Should we stop using aircraft because of multiple accidents with no survival?

Felabrity:
has anyone from abroad sent money to your Nigerian PayPal account?

Nope!but there was nothing like PayPal been blocked in the CBN directive and press release!

Why not get the crypto exchanges registered with minimum limit daily or monthly . It's a problem of regulation not total banning.Bad guys go still find way while the legit ones will loose out....

uvie66:
The banking system is corrupt, they can easily be compromised.

And the FG is a saint? Why throw the baby out with the bath water?

300million dollar .wow. cbn need to think out of the box, this is more than oil revenue for nigeria.
create your naira cryptocurrency that can only be used to in nigeria.[color=#000099][/color]
this will boost economy greatly.

Joysticks:
Ole politician.

Any institution that doesn't have a REGULATORY BODY is a fraud. Kudos to CBN. Many clowns commenting on social media doesn't even have idea how it works. Their only hatred is Buhari, but their ignorance didn't remind them that the CBN is an independent institution that has his own governor.

Sorry go and read your WAEC past questions. Or better still watch Tom and Jerry which is good to people that bear joystick. He pain u ba?

Kaduna1stson:
FBI might mean many different things.

Fulani
Brothers
Information

You are very correct. They have no solution to economic problems. All the major intelligence , financial and drugs monitoring and enforcement agencies and Customs are headed by them.

Christine Lagarde was formerly the IMF Chief before being appointed to lead European Central Bank. What she said is similar to what UN Secretary General said about Social Media. Can China act the same way Nigeria acted? China did not ban Cryptocurrency because of Lagarde statement but because of volatility of cryptocurrency. They just put Covid - 19 palliative fund to draw sympathy.

Nigerians have intelligent and hardworking people working hard and using their brains to break the limitations Nigeria as a country imposed on them. The Nomadic Economic and Developmental system is frustrating them.Agreed, there are few criminal elements, what about the rest. Nigeria is number two on the Cryptocurrency global activities because of the acceptance and understanding of the system by few young and active Nigerians and not because of Yahoo Yahoo.

Some Nigerians have created institutions on Blockhain technologies. $300 million weekly? That is a huge money.

CSTRR:

The US has a lot of regulatory agencies. Much stronger than Nigeria's.

And as at today, Bitcoin has risen to number 4 in the most popular american citrizen investments.

If they didn't ban it, why should you?

You and your buhari and emefiele are not alright.

They are running nomadic economic development plan.

Where is the report from the FBI?

One thing I know for sure is that crypto money can be used to overthrow/dissolve this country for good.

SaintLucia:
Any institution that doesn't have a REGULATORY BODY is a fraud. Kudos to CBN. Many clowns commenting on social media doesn't even have idea how it works. Their only hatred is Buhari, but their ignorance didn't remind them that the CBN is an independent institution that has his own governor.

Sorry go and read your WAEC past questions. This is about CBN and digital PS.

Here is for ur meditation and reflection.
This is 2021.Achaic mofo

dre11:
•Christine Lagarde: Bitcoin facilitates questionable transactions

•Nigeria surged to second highest crypto destination in the world raking $200 to $300million a week without underlining economic activity, alarming the CBN

•FG alarmed kidnappers had switched to bitcoin for ransom payments



https://www.thisdaylive.com/index.php/2021/02/07/how-fbi-warned-fg-cbn-on-scammers-using-cryptocurrencies-to-defraud-the-west/

f**k off f**kin Cbn and FBI e na never see anything, welcome to the digital world

Please let's hear word. China does worst. Russia. North Kore a Vietnam hackers. Stop labeling Nigeria as if we the worst. Even in Ghana they are worst. South Africa. Gambia. USA hackers. Philippines. U just shout up and down about Nigerians. We are all over the world and we are doing well and just a percent in criminal world. Mexicans carry drugs every day into USA. They have not found solution. Best medical doctors I USA apart from Chinese are Nigerians.

Please shut it.

Rubbiish:

https://news.bitcoin.com/report-bitcoin-overtakes-gold-in-the-u-s-as-the-4th-most-popular-investment-vehicle/

Bitcoin has overtaken Gold as the fourth most popular investment in america.

Why una no get sense for this country??

Your moniker says a lot about you.

Na you get sense past abi? Mr Rubbish poster

Why do you continually wallow in your dirty nonsensical thinking

You forgot to mention drugs on the economical index .

Why did the CBN ban bitcoin? it was used in the dark web that is not traceable like the Gold you mentioned.

When kidnapping is on you keep on blaming the govt for lack of proactivity rather than blocking the kidnappers source of revenue .

Guess you don't understand what goes on the Dark web... Or do you understand the concept at all?

You wanna make money at all cost

I don't have anything to say...
I do know the westerns are on hi-alert over the money pumping into Nigeria.
They fear the development impact it will create in the country.
.
The FBI are not bringing valid reasons to why they want Nigerians to suspend the use of crypto.
.
Nigeria that was ranked among the first 20 poorest countries in the world, was giving a closer look, ever since the advent of crypto trading, an average Nigerian with competent skills, can surge in $5k in a week.
.
Ideally Crypto trading is making individual Nigerians more and more less dependent on the government.

It boils down to these reasons.
The westerns can't afford the Idea of Nigeria becoming a first world country.

CBN inturn can't allow something they can't control.

trust me, there is money in crypto trading,
and the west trying to stop us from from further venturing, is too say, they can't afford Nigerians to stop been impoverish and dependent.

No mind them shouting fraud fraud upandan. Have you guys seen fraud? Have your details been used to obtain loans without you knowing? have you witness identity theft fraud in Nigeria? Who be Nigeria teachers for fraud, no be the west? Take USA for example. Once a fraudster have access to your SSN(Social Security Number, an equivalent to Nigeria NIN) they can harvest your details like credit score, full name and address, employment status, phone numbers, and any other personal details about you . Then those details will be used to create a bank account age it for some months. And apply for a loan of 5, 10 or even 40k USD. Without the owner of the SSN knowing anything about it. All this fraudelent money will be cleaned using cryptos like ethereum and bitcoin. Have you heard of anything of sort in Nigeria. And you say naija dey do fraud. Go reddit and dread forum for deepweb make u see weytin them dey call fraud. Banning banks from accepting cryptos transactions will not change anything. Peer to peer go still make things happen. There are online banks like transferwise, revolut, even cashapp, and so many others.
What they should have done is asking all exchangers and banks to make sure they perform KYC(Know You Customer) and, proof of income checks before accepting any customer.

Koolyarn:


Your moniker says a lot about you.

Na you get sense past abi? Mr Rubbish poster

Why do you continually wallow in your dirty nonsensical thinking

You forgot to mention drugs on the economical index .

Why did the CBN ban bitcoin? it was used in the dark web that is not traceable like the Gold you mentioned.

When kidnapping is on you keep on blaming the govt for lack of proactivity rather than blocking the kidnappers source of revenue .

Guess you don't understand what goes on the Dark web... Or do you understand the concept at all?

You wanna make money at all cost??

So before the emergence of bitcoin there was no kidnapping? So kidnapping started yesterday when bitcoin came out? How many Nigerians use dark web? Majority of people on dark web are Americans, why haven't they ban it? Before bitcoin became popular in 2016, were there no fraud & dark web? Na through bitcoin our leaders dey embezzle our money?

Who will produce drug? In a country where ASUU is always on strike?

Your head is obviously empty, no point wasting time on u.

SaintLucia:
Any institution that doesn't have a REGULATORY BODY is a fraud. Kudos to CBN. Many clowns commenting on social media doesn't even have idea how it works. Their only hatred is Buhari, but their ignorance didn't remind them that the CBN is an independent institution that has his own governor.

Sorry go and read your WAEC past questions and CBN act of 2007. We are not talking of Wall Street and Master card here.

They are telling you latest developments in the finance world, you are quoting secondary school textbook. Arm chair theorist

spinna:


Amen oo.. my goal is $5000 legit internet biz this month..im already on my way with about 21cents

Everything is going to be fine

joey150:
Truth be told, cryptocurrency, with its "anonymity', have given several unscrupulous scamming elements the propensity to scam unabated and without fear.

Having an unregulated and largely anonymous global currency might sound cool, but when you think of all the harm that 10% of the world population can and will do with it, it would greatly outnumber the benefits for the other 90%.

I know yahoo boys that have made a killing through scamming people, getting the funds converted into crypto and using one of the multiple exchanges here to withdraw their funds. A regular banking system would leave a paper trail that's easy to follow. Blockchain can be traced, but it's a very complex process that can be made even harder for those that can get around it.

We know some people are genuine crypto traders and have positive use for crypto. But the fear is, in a country like Nigeria, scammers will do the worst with it.

The government should rightfully be worried that millions of dollars that they cannot regulate, trace or control, is being syphoned in and out of this country via cryptocurrency.


Point of correction, cryptocurrency wasn't banned. The government cannot ban cryptocurrency because it's a digital currency. The government has only told exchanges that we cannot continue to allow you to exchange and covert naira to a digital coin that we have no direct control over.

It's a controversial decision, but given that politicians can launder money with it in seconds, yahoo boys can dupe with it in minutes and kidnappers can demand untraceable ransoms, you'll see why this extreme step may have been taken.

If your first response to this is afterall the politicians are already stealing, then you should seriously question your education. If one man gets away with murder, must we then use the excuse to pardon all murderers?

Your line of argument is very valid.
My respect sir

[quote author=Omihanifa post=98838509]So because of activities of Yahoo boys and kidnappers the world Bank told the CBN to ban crypto currency and like a fool too the CBN agreed

If not that the Nigerian government is foolish aren't they suppose to weigh the pros and cons before enforcing the directive.

What can't dey ask the same United States why they haven't banned crypto currency in their own country

In the politics of the world, the west has a dominant control and influence over the decision of third world countries. That's why most times, the third world countries lice BT the dictates of the west. The truth is, Nigeria and the rest can't make decisions by themselves because they are very much dependent on the west for survival. Hence, the dependency theory.

Rubbiish:

So before the emergence of bitcoin there was no kidnapping? So kidnapping started yesterday when bitcoin came out? How many Nigerians use dark web? Majority of people on dark web are Americans, why haven't they ban it? Before bitcoin became popular in 2016, were there no fraud & dark web? Na through bitcoin our leaders dey embezzle our money?

Who will produce drug? In a country where ASUU is always on strike?

Your head is obviously empty, no point wasting time on u.

Thank God that CBN came out with the same explanation that tallies with my point showing my head is not empty like yours.
https://www.nairaland.com/6404471/cbn-why-banned-cryptocurrency-nigeria
Note that the dark web was mentioned here.
You know better now.

Show me your evidence and stop this beer parlour arguement showing how your head is empty and everything goes.

Of course there was bitcoin before the kidnapping but your rubbish head as you want to be called cannot accept the fact that it has been taken over by empty skulls like you and also the dark web operators.

It is as simple as this, drugs were created for medicinal purpose but empty skulls and criminals took advantage of the loop holes.

Stop wasting your time, go and look for how you can retrieve your bitcoin wisely rather than engage in out of point arguement

Work is on my mind not some irrelevant chatting .so don't bother replying

b3llo:
The ban on cryptocurrency is targeted at fraudsters based here. the cybercrimes and atrocities committed by these unfortunate set of people have affected hard working and sincere individuals.

The day I fear cryptocurrency was the day some kidnappers requested for ransom through "Bitcoin"

Did you fear naira when those kidnappers asked for naira?