helinues:
The op is just feeling jittery for no reason.

Your other banks you are operating also got the circular from CBN, are you also going to delete those accounts or you are waiting for your other banks to also notify their customers before doing the justification?

If I send money to my e currency vendors through my bank without leaving any memo that's related to crypto, how would the government know about that crypto transaction?

They will read your mind

helinues:


A billionaire wey dey create dedicated monikers to troll others for over 6 years.

Your comments history are saying hi

You wish.

helinues:


All this noise about crypto whatever are the handi work of the Nigeria commercial banks.

They are loosing customers as people are moving their assets to crypto accounts.

Government is subtly fighting their fight which can't still work

This is a lie....Banks just declared multi billion naira profits...they also stand to benefit more from crypto funds, so why should they complain?

Do you know how much fine Banks pay for each customer identified to be involved in Cryptocurrency transactions?
Most Bank a d now Fintech can not take the risk.
So pls go elsewhere cos crypto currency is a no no in Nigeria.

i love the way Fintech bank's esp' OPAY is stylishly telling you to "use your head" when doing transactions for crypto'.

only a "Big FOOL" would give a crypto hint on his/her transfer detail.

Ancient trade's are by barter, then comes shells & precious stones before the metallic/bronze coin, then Paper Currency.

The earlier the better cryptocurrency opposition governments should know it as come to stay.
African government i think should think of better positive ways of regulation & taxes.

#SHALOM

Difrent:


If all you wrote is true then you have nothing to worry about as you can use regular banks to still do the same thing.....
You need to know that Crypto currency still largely facilitates money laundering, terrorism financing and drug trade and it needs be tackled for even the safety of crypto users or people who wants to hold it as assets.
Do you know the cryptocurrency was first introduced and used on the dark web and for purchases of banned items and pay for services that are illegal?...thats why governments are not too keen on its universal application.
The LIE that's crypto currency will do away with regulatory bodies is now seen not to be true as regulators can still track transactions on block chains and can force crypto exchanges to share information willingly as can be seen with the case of binance.

Bro abeg which legit hustle want to pay you only in crypto?....

Legit hustles can't say it's only crypto they will use to pay you,there will be options

You said legit hustle can’t pay with crypto? That is absurd. Even Hostinger receive payment for Domain registration, hosting services and other services they render in Cryptocurrency. And many more companies do this.

huptin:


This is a lie....Banks just declared multi billion naira profits...they also stand to benefit more from crypto funds, so why should they complain?

Don't you think the war is between the Finbanks and the regular banks?

softtorce:
A nonentity like you think yourself a giant.

Every giant today started as a nonentity.

helinues:


Don't you think the war is between the Finbanks and the regular banks?

Most of the Fintech funds ends in commercial banks, most of the investors in FINNTECHS are commercial bank's owners, in fact most commercial banks have their tech subsidiaries....Wema - ALAT, UBA - Heirs tech, Access - Oxygen. etc.

So there is no war...commercial banks are not threatened.

Jagabanbattle:
Dear OPay,

After your threat to share your users details to security due to trading cryptocurrency, I have decided to delete my account and details with you.

The purpose of banking is to do transactions. There’s difference between legal transactions and money laundering. I’m not converting Naira to cryptocurrency, I only get payment for converting my cryptocurrency to Naira. How does this affect the naira and how does this equate to money laundering? You can give answers to these questions to convince those who still chose to be with you.

Cryptocurrency is not crime and not use by criminals only. If I get paid for my services in Cryptocurrency, then I must not change it to Naira using your bank? That shows you don’t have my market. I’m waiting for this useless statement from Moniepoint before I deactivate my Moniepoint account too.

You don’t cut off a head because you have headache. Since you can’t differentiate between those laundering Naira to crypto and those changing their coin to Naira, your downfall and all other Nigeria banks downfall is near. Remember people make payment for cryptocurrency in CASH. Bye

There is a directive from CBN to that effect. Like we know, Opay is a licensed Fintech establishment regulated by CBN. In other word, don't blame Opay, blame CBN.

This crypto of a thing needs regulation, someone who's not a trader what's he doing in an exchange, someone who is a trader should provide his trade history and file his tax appropriately. You can't see all these arbitrators in an online forex exchange, because they have no business there. Govt should eliminate P2P by introducing direct deposits from banks at price set by CBN also proper kyc .

huptin:


Most of the Fintech funds ends in commercial banks, most of the investors in FINNTECHS are commercial bank's owners, in fact most commercial banks have their tech subsidiaries....Wema - ALAT, UBA - Heirs tech, Access - Oxygen. etc.

So there is no war...commercial banks are not threatened.

Access fintech is Hydrogen and not Oxygen
You didn't mention GTBank GTCo's Squad

Jagabanbattle:


You said legit hustle can’t pay with crypto? That is absurd. Even Hostinger receive payment for Domain registration, hosting services and other services they render in Cryptocurrency. And many more companies do this.

Just ignore folks that reason that way as I did. Personally I dislike Crypto from the very beginning. But I'm a big supporter of innovative tech. Nigeria reason to ban cryptocurrwnct is baseless and anti- progress. Before crypto came, weren't there terrorism (Mutalab), laundry and corruption (Haliburton, Panama Papers exposing many Nigeria corruptionists). Sometimes back, I was due to pay for the renewal of my domain name and so NameCheap suggested I used crypto since I was having issues with the usual VISA/Mastercard channel, I had no idea memo wasn't supposed to bear 'crypto' in its message. The transaction got flagged, never funded as Naira4Dollar and my bank played ping-pong with me for months for this same damn reason. So when I say Nigeria is not a country nor a nation. I know what I'm saying. Democracy, Federalism and terms like that only exist on paper. Nations that ban crypto have genuine reasons for doing so, not because of laudry and FX currency. The president of Ecuador now is the first country in the world to openly legalize BTC as their legal tender. There are several countries in Europe that allows its citizens to trade in crypto.

Jagabanbattle:


You said legit hustle can’t pay with crypto? That is absurd.

No
I said Legit hustles won't say they will pay with crypto ONLY...there will be options

y3mi:

Access fintech is Hydrogen and not Oxygen
You didn't mention GTBank GTCo's Squad


Just ignore folks that reason that way as I did. Personally I dislike Crypto from the very beginning.

Go back and read what I wrote and this time carefully.
I said Legit hustles won't say they will pay with crypto ONLY...there will be options

I sill stand by this assertion, FYI I be early crypto adopter and enthusiast.....e no get wetin your likes wan tell me about crypto

Difrent:


Go back and read what I wrote and this time carefully.
I said Legit hustles won't say they will pay with crypto ONLY...there will be options

I sill stand by this assertion, FYI I be early crypto adopter and enthusiast.....e no get wetin your likes wan tell me about crypto

I think there's a mistake in who you're addresses this response to. Carefully reading your posts, I think we are on the same page regarding crypto sort of. I never quoted you nor did any of my reply intend to have you convinced to leave crypto regardless you been an early adopted or not. Go back and read my post where I mentioned countries that had no issue with their citizen using it, or you didn't see that?

Difrent:

No
I said Legit hustles won't say they will pay with crypto ONLY...there will be options

It all depends on what services you render. You can take PayPal as an example and not everyone has a domiciliary account. Since paypal doesn’t work in Nigeria, crypto has been a better way to receive funds from foreign clients. Also, there’s other way to receive payment doesn’t mean the easiest mode of payment now (crypto) should be banned. PayPal blocked Nigeria and Nigeria government still want to ban crypto. It’s insane and insensitive.

Jagabanbattle:


It all depends on what services you render. You can take PayPal as an example and not everyone has a domiciliary account. Since paypal doesn’t work in Nigeria, crypto has been a better way to receive funds from foreign clients. Also, there’s other way to receive payment doesn’t mean the easiest mode of payment now (crypto) should be banned. PayPal blocked Nigeria and Nigeria government still want to ban crypto. It’s insane and insensitive.

I'm not talking about PayPal but Crypto.
Of course a legit hustle can say they will pay with PayPal ONLY
BUT NO LEGIT HUSTLE WILL SAY THEY WILL PAY YOU WITH CRYPTO ONLY
CRYPTO IS ALWAYS OPTIONAL TO ACCOMODATE ENTHUSIAST

DeLaRue:
Why can’t the government simply ban cryptocurrencies in Nigeria.

Make it illegal and a strict liability offence for banks and other financial institutions.

Any bank found hosting any customer account dealing in crypto currency is liable to prosecution leading to a big fine upon conviction. As a strict liability offence, it would be irrelevant whether or not the bank was aware an account was being used for crypto.

The crypto thing is mostly delusional hot air.

To the poster who says he receives crypto for services he renders. Fair enough, but you are unfortunately in the minority. Most crypto activities are about trading and moving stolen public funds out of the country. These are the people being targeted by the CBN.

The government has a legitimate right to protect the interest of the country whether or not some agree.

what a ridiculous load of rubbish mixed with plenty grammar

DeLaRue:
Why can’t the government simply ban cryptocurrencies in Nigeria.

How do you think a ban on Crypto can work? Is there a legal framework that can prevent ordinary Nigerians from buying/selling, trading and receiving payments in crypto?

Make it illegal and a strict liability offence for banks and other financial institutions.

You will require a law passed by the national assembly for that. Afterall, we are supposed to be in a democracy and not an autocracy. A government cannot just wake up one morning and ban this and ban that.
I wait a bill to that effect, I will be among the people that will campaign against such bill.

Any bank found hosting any customer account dealing in crypto currency is liable to prosecution leading to a big fine upon conviction. As a strict liability offence, it would be irrelevant whether or not the bank was aware an account was being used for crypto.

Once again, under what laws will such prosecutions take place, that is even if banks are aware of transactions involving cryptos? There is no way banks can separate transactions involving cryptos from any other millions of transactions that take place daily. In this digital age, transactions are digitally carried out for most things, from paying for pizza to paying fuel, how do you intend the banks isolate crypto transactions?

The crypto thing is mostly delusional hot air.

$20 Billion worth of Bitcoin are traded daily. that's just bitcoin. There are dozens of other cryptocurrencies. USDT trading volume is over $75 billion daily. These are a lot for delusional hot air.

To the poster who says he receives crypto for services he renders. Fair enough, but you are unfortunately in the minority. Most crypto activities are about trading and moving stolen public funds out of the country. These are the people being targeted by the CBN.

How do you know that, what data do you have that shows crypto ryp payments for services (and goods) are in the minority and moving stolen money out of the country are in the majority? Are you now insinuating that the hundreds of billions stolen out of Nigeria by politicians was done through cryptos?

The government has a legitimate right to protect the interest of the country whether or not some agree.

No one is arguing with that, but how has the government been protecting the interest of Nigerians?
It seems the government is only interested in protecting the interests of the rich and powerful and abandon the interest of the masses, particularly the youth. This government is anti-youth, with the way they are harassing young men and women up and down with the flimsiest excuse. In Nigeria any youthful exuberance can land you in jail or at worst get you killed, eg wearing tattoo, funky hairstyles, uncommon clothes, etc. Imagine a cross dresser was sent to 6 months imprisonment without the option of a fine for spraying naira.

Jagabanbattle:


People will transact Crypto in Cash without governments knowledge. This will even reduce the government chances of taxing crypto transactions.

Also, criminalizing cryptocurrency will result in exodus JAPA. You can’t reduce your tech savvy youths progress. USA and other countries do not criminalize Crypto. USA tax on bitcoin transactions is now high and insane.

I have been supporting this government decision on fighting those who launder money through cryptocurrencies but this latest move is a total error.

Keep supporting the govt bro....u got tired early