Cryptos they ban and they want to tax them, this government is so stupid and clueless

xevove2061:


To you its a ponzi scheme when you buy high and sell low, dont know anything about crypto, no education, no research but put your momey in anything you see

Smiles. . .
You go witness such very soon na then you go know say na big SCAM!

Prudoh:


Audio investor

In Crypto world they are many things to do and earn money, not everyone there are investor...

Abeg teach me part I don't know because this bear market has made me to lose hope

vince96w2:
but some people got their accounts held..That's why we do P2P and can't even use crypto related words in description..

Exactly, that’s the point my brother. See, let me give you an example so you would understand.

You may have heard that importing toothpicks is “banned” in Nigeria. But that is not true. When someone wants to import an item, he has to pay for the item but not with Naira but another currency. For our example, let us say US Dollars (since it is the world largest reserve currency).

But in Nigeria, you can only access dollars at the official rate through a system CBN controls (and which all Nigerian banks participate). So, our hypothetical importer can only pay for an item AT THE OFFICIAL exchange rate if he can get access to that system. However, if CBN shuts out the system for toothpick importer, that doesn’t mean that he cannot import toothpicks. Rather, he would have to source for the means of payment (I.e., dollars) outside the CBN system. This is usually what people know as black market and it is way HIGHER THAN THE OFFICIAL RATE. Still that does not mean he cannot import toothpicks.

Do you understand. CBN just made it more difficult and expensive to transact crypto but not ban. They do not have the constitutional power to ban anything.

I hope this clarification helps

Pierocash:
Useless and confuse government! All they know how to do is copy taxes of other advanced countries to implement,but will never copy the incentives ,and welfare that the government of those countries provide for their citizens over there.

You banned crypto,and even restricted our accounts and cards from trading it,but now wants to tax it...

Awon ode

have you copied the activism of citizens of advanced countries or you think implementation is automatic?

LegalWolf:


Exactly, that’s the point my brother. See, let me give you an example so you would understand.

You may have heard that importing toothpicks is “banned” in Nigeria. But that is not true. When someone wants to import an item, he has to pay for the item but not with Naira but another currency. For our example, let us say US Dollars (since it is the world largest reserve currency).

But in Nigeria, you can only access dollars at the official rate through a system CBN controls (and which all Nigerian banks participate). So, our hypothetical importer can only pay for an item AT THE OFFICIAL exchange rate if he can get access to that system. However, if CBN shuts out the system for toothpick importer, that doesn’t mean that he cannot import toothpicks. Rather, he would have to source for the means of payment (I.e., dollars) outside the CBN system. This is usually what people know as black market and it is way HIGHER THAN THE OFFICIAL RATE. Still that does not mean he cannot import toothpicks.

Do you understand. CBN just made it more difficult and expensive to transact crypto but not ban. They do not have the constitutional power to ban anything.

I hope this clarification helps

I understand..And they felt they couldn't regulate the system..All they needed to do was to ensure we buy in naira, sell for naira and tax the transactions..by now may be the volume of revenue could have been robust..

Welcomed development when the affairs of the state are managed by inept lunatics. Al these policy summersaults are indicative of the fact that they don’t understand what exactly they are doing.Welcomed development when the affairs of the state are managed by inept lunatics. Al these policy summersaults are indicative of the fact that they don’t understand what exactly they are doing....

OnionBandit:
Restricting it doesn't mean it shouldn't be taxed. It's just a way of discouraging it because of the high volatility of the market and the unknown actors behind it.

Most of us who are into crypto will tell you the Government has been vindicated. More than 99% of investors have lost over 90% of their investment in crypto..Market has been bleeding for over a year now and the blood is still fresh and running.

I won't forget the day I woke up to see my investment of a million naira dropped to less than 50k. My own sef small..You need to see how a friend could not eat well for days because his own dropped from around 11million to less than 100k.

Well, all these story no concern Government. That tax must be paid. Tax and death are the only certain things in life

It means no one told you crypto currency is volatile then. It means you don't understand the cycle in the space. It also mean research wasn't conducted before buying an asset. Note : FG is only doing copy and paste. Every investment comes with risk attached to it and that's why the term DYOR and NFA always end every analysis.

xevove2061:


Or na misfire talk!

That one dey

OnionBandit:
Restricting it doesn't mean it shouldn't be taxed. It's just a way of discouraging it because of the high volatility of the market and the unknown actors behind it.

Most of us who are into crypto will tell you the Government has been vindicated. More than 99% of investors have lost over 90% of their investment in crypto..Market has been bleeding for over a year now and the blood is still fresh and running.

I won't forget the day I woke up to see my investment of a million naira dropped to less than 50k. My own sef small..You need to see how a friend could not eat well for days because his own dropped from around 11million to less than 100k.

Well, all these story no concern Government. That tax must be paid. Tax and death are the only certain things in life

Another senseless urchin!
You're either not into crypto or doesn't knw what u are doin to have such a big loss! Don't you check ur hourly,daily,weekly,monthly yearly charts to see what's coming? In bear market,you should go short,sell ur currencies to stable coin & trade on very short time frames to take advantage of small price movements. You & ur friend lost because u are bunch of loosers & unserious investors. Ewu Awusa

OnionBandit:
Restricting it doesn't mean it shouldn't be taxed. It's just a way of discouraging it because of the high volatility of the market and the unknown actors behind it.

Most of us who are into crypto will tell you the Government has been vindicated. More than 99% of investors have lost over 90% of their investment in crypto..Market has been bleeding for over a year now and the blood is still fresh and running.

I won't forget the day I woke up to see my investment of a million naira dropped to less than 50k. My own sef small..You need to see how a friend could not eat well for days because his own dropped from around 11million to less than 100k.

Well, all these story no concern Government. That tax must be paid. Tax and death are the only certain things in life

I sympathize with you and your friend. But when it was paying, you guys were in ecstatic mood. The loss you experienced is/was as a result of your unpreparedness. You still haven't understood the laws of chart. My uncle lost over 30 million to cryptocurrency but now he has bounced back after learning the nitty gritty. My dear, cryptocurrency isn't a get rich quick scheme. It requires thorough learning,not the bandwagon styles most Nigerians are deploying. Bitcoin is around 16,000 today and I can still tell you that the real traders are still making money while the fake are out of the market.

Government taxing cryptocurrency and betting is senseless. Where are the results from other taxes they are collecting? No security, bad roads , inflation, unemployment etc.

ijustdey:
FG to tax cryptocurrency, other digital assets in 2022 finance bill, says Zainab Ahmed



https://www.thecable.ng/fg-to-tax-cryptocurrency-other-digital-assets-in-2022-finance-bill-says-zainab-ahmed/amp

Taxing what you banned... Is that not juju..

You said you banned crypto and you want to tax it again. Yeyenation

nnamdi640:
Abeg teach me part I don't know because this bear market has made me to lose hope

Am doing OTC in Binance

honour7:


Please list the coins you bought that dropped that low, lemme go quickly buy lolz

lunc

Prudoh:

Am doing OTC in Binance

How does it work?