₦airaland Forum

Confused pounded yam

Cargoed:
CBn did the right thing, when you consider how reckless our local banks can be.
1)A crypto exchange going down can cause systemic failure in the banking system making CBN and even Amcon to bail out.
2)Exchanges began to fix their own naira rate and round tripping was encouraged.
3)A local bank can hold Crypto as part off it's assets , if or when it drops/corrects 80% what kind of shock do you think that will cause in a financial year.
4)Banks can't be made responsible for P2p transactions.
5)Crypto was killing Fintech and even micro finance banks.
6) Satoshi Designed BTC in such a way that CBNs will have no choice but to ban it.
7) KYC and AML issues.
Is the central banks job to first protect National Currency and banking institutions first or Encourage such innovation at all costs.
9) The Naira is currently backed by Oil not btc.
10) The CBNs gov tenor is 8yrs at Max not 2145 when the last Bitcoin. Will be mined.

If you are the CBN Gov with all these revelation. Would you not ban it immediately.

Crap statements. You clearly know nothing about crypto. I won't bother enlightening you. Go and read.

AdmiralEmmy:
https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp

CBN have come back to their senses

Nice to hear this

AdmiralEmmy:
https://www.today.ng/business/finance/cbn-nigerians-free-bitcoin-353492/amp

CBN have come back to their senses

Read the bulletin very well. They still maintain there stance by not allowing banks take part in cryptos.

younowell:
Prohibition of bitcoins transactions in banks. Is that not a technical ban or am I missing something?

What they are saying is that banks are not allowed to start buying cryp.to as they did in forex and diesel that made many banks be distressed in 2008/2009 but some illiterate politicians can't differentiate between restriction and ban hence the announcement of ban of cryoto in Nigeria
No country has officially made cryp.to official currency.

restriction and ban. wetin be the difference?

berrystunn:
Lol

They came back after much explanation

Old men

dumped old men

Cbn needs to know what they are doing. Stop causing confusion.

hermesprogidy:
No account has been blocked. Crypto exchanges will simply not allow you deposit or withdraw naira.

but the last circular Said so

CBN or no CBN btc stands firm like fufu

Illiteracy is a disease.

Jeffy1206:
but the last circular Said so

It didn't say so. It only threatened to do so.

freeman67:
They didn't come back from anywhere. They are still standing by what they said on it since 2017. And it is clearly reflected here. They did not band or ask people not to trade it.

I'm reading it out to our dogs
They will respond soon .

hermesprogidy:
It didn't say so. It only threatened to do so.

so what's the difference now? �

Guide777:
Cbn under Emefiele is a double edged sword - speaking with both sides of the mouth.

Well, whichever side of the mouth he chooses to speak with won't change anything as far as Cryptocurrency exchange in Nigeria is concerned.

Jeffy1206:
so what's the difference now? �

What's the difference between when I say "I will slap you" and I actually slap you? One is a threat, the other is action. Get it?

hermesprogidy:
What's the difference between when I say "I will slap you" and I actually slap you? One is a threat, the other is action. Get it?

young man listen to yourself again and refer to my first comment.

Jeffy1206:
young man listen to yourself again and refer to my first comment.

I don't blame you, I blame myself for quoting you in the first place. Adieu.

hermesprogidy:
I don't blame you, I blame myself for quoting you in the first place. Adieu.

the same here

[s]

joey150:
Oh yes, I see your point.

But there are ways around it. If you're keen enough to drive that car.

[/s]

[s]

joey150:
No it isn't. It's like saying, you can buy a car, but just don't drive it in any official road.

You still have bushes, forests, off-trails, villages and the desert to drive it in.

[/s]stfu

[s]

joey150:
Crypto was never banned.

Most Nigerians cannot read, assimilate what they've read and understand it. People just follow the popular narrative if it suits their agenda, it usually does.

Nothing has changed. All CBN said was don't transact crypto through the formal banking sector.

[/s]shut up

As if they can control it.