₦airaland Forum

clearcrystal:
It's ponzi, the smart ones are taking advantage of the other and cashing out big time.
Nigerian youth don't want to work, they just want to get rich through the thin air.

OkayDaddy:
You are the one who is an illiterate and ignorant about the law.

The CBN enabling Act empowers the CBN to determine the legal tender. Since the CBN has said crypto is illegal, let them catch you trading it. You will suffer more than Nnamdi Kanu.

The wife of Nadeem Anjarwalla, an executive at Binance who was caught in the crypto exchange's scuffle with Nigeria, has denied reports of his arrest in Kenya and subsequent extradition back to Nigeria.
Nigerian authorities have found Anjarwalla in Kenya and are working with Kenyan authorities to bring the executive back to the country, Nigeria’s Daily Post reported last week, citing government sources. Nigerian newspaper The Punch reported on Monday, citing unnamed government sources, that Anjarwalla could be returned to Nigeria within the week via the international criminal police organization (INTERPOL).
However, a spokesperson for Anjarwalla's wife has dismissed the Punch report of his arrest as false.
CoinDesk has reached out to INTERPOL, Kenya’s foreign ministry and Nigeria’s police force for comment.

Anjarwalla was detained alongside another Binance executive, Tigran Gambaryan, in February, as Nigerian authorities accused the crypto exchange of manipulating the local exchange rate, tax evasion and money laundering.
Anjarwalla, a British-Kenyan dual national, reportedly fled the country in March using a concealed Kenyan passport. Gambaryan, still in Nigeria, pleaded not guilty to money laundering charges during an April court appearance.

UPDATE (April 22, 13:10 UTC): Updates headline and story with the statement from a spokesperson for Anjarwalla's wife.

Edited by Parikshit Mishra.

ednut1:
Although i have bought crypto in the past and made some money . I agree with him. Crypto is not solving any real life problem

Namaster:
No surprises there.

Everybody knows that Shariah Law is a farce that is meant to subdue the poor. We all saw the wife of a Saudi Prince or something in a tight minigown. A poor woman in the same dress would be stoned to death.

The system works so well because the poor would even police themselves.

Eriggs:
Shame on all enemies of Nigeria, they will never die well

Celepope:
I have lost over 100k dollars on Contract trading from January to March this year. I will never go near anything crypto again.

RushManni:
What is actually this battle between crypto and the govt ...or better still, crypto exchanges and governments ?

Judolisco:
Bitcoin is used for money laundering all over the world... Na 9ja own worse pass sef... Na those wicked politicians orchestrate how dat Binance guy take escape

FreeStuffsNG:
The document also alleged that KuCoin “took advantage of the sizeable US customer base to become one of the world’s largest exchanges, describing the development as a “criminal conspiracy”.

This is the best time for the Federal Government of Nigeria to extend same measures it adopted against Binance to other crypto exchanges still operating in Nigeria. That will make it not to be seen as selective justice. This platforms are modern day daylight heist!

There's a reason the US is going after each of them now and may soon enough collect all the money from these guys before these criminals flee and/or declare bankruptcy!

FG must quickly and immediately sue all the crypto exchanges for Tax evasion!
May God bless Nigeria for ever! Check my signature for free stuffs!

HugeElephant:
Crypto is just another elaborate pyramid scheme and a scam. What stupid coins are you buying or trading, what gave it a value?

Before you argue,remember MMM

Chicagograduate:
Crypto users are fraudsters.

Massivedick:
No answer for this?

Bluearrow:
Because of the binance issue, a lot of persons might be sending usdt this period. If u are sending usdt, make sure u are sending to corresponding network address. Do not send erc20 to trc20 address, your money will be lost forever. Ensure receiving address corresponds with network.

Elliotwaveforec:
Fool! You better look for another side hustle because all roads will be closed soon. If you want to trade, trade legitimately not buying USDT before trading cryptos. Trade currencies, gold, silver etc.

Elliotwaveforec:
Seun, mynd44

This thread is filled with economic saboteurs and anti-government elements who are happy about the galloping inflation being experienced by Nigerians.

You idioooots on this thread don't know that whatever money you make here will be taken away by inflation caused by your idiotic act of storing USDT and manipulating the exchange rates on crypto exchanges.

Meanwhile, Huobit, Kucoin, and other exchanges you are using will be reported, including this very thread.

You moronnnnns on this thread should use the money you've made so far to start commercial farming and abandon this anti-people business.

Walkthetalk:
Cryptocurrency, once hailed as a revolutionary financial tool, has become a menace to Nigeria's economy and currency. This article explores the dangers of cryptocurrency, particularly its nexus with fraud, and presents statistical analysis to demonstrate its deleterious effects.

Fraudulent Activities

Cryptocurrency's anonymity and lack of regulation have made it a haven for fraudsters. Nigeria has witnessed a surge in cryptocurrency-related scams, including ponzi schemes, phishing scams, and fake initial coin offerings (ICOs). These fraudulent activities have resulted in losses worth billions of Naira, leaving many Nigerians financially devastated.

Statistical Analysis

According to a report by the Nigerian Financial Intelligence Unit (NFIU), cryptocurrency-related fraud increased by 320% between 2018 and 2020.

* In 2020 alone, cryptocurrency fraud accounted for 60% of all reported fraud cases in Nigeria.
* The NFIU also noted that the majority of these fraudulent activities involved Bitcoin (75%) and other cryptocurrencies (25%).

Impact on Nigeria's Currency and Economy

The proliferation of cryptocurrency has had a significant impact on Nigeria's currency and economy:

* Capital Flight: The increasing adoption of cryptocurrency has led to a significant outflow of capital from the traditional financial system, putting pressure on the Naira and contributing to its devaluation.
* Economic Instability: The volatility of cryptocurrency prices has introduced a new layer of economic instability, making it challenging to predict market trends and maintain economic stability.
* Loss of Revenue: The government is losing revenue due to the unregulated nature of cryptocurrency, as transactions are often untaxed and untraceable.

The dangers of cryptocurrency to Nigeria's currency and economy are evident. The nexus with fraud, coupled with statistical analysis, paints a concerning picture. It is crucial for policymakers to take decisive action to regulate the use of cryptocurrencies, protect the traditional financial system, and prevent further economic instability. Failure to do so may result in catastrophic consequences for Nigeria's economy and citizens.

X: @willedbaza