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Nairaland Forum / Nairaland / General / Business / CBN New Policy On Cryptocurrency: What You Should Know (79525 Views)
FG Lifts Ban On Cryptocurrency, Introduces Taxation Instead / First Bank Accepts CBN New Board As Adeduntan Resumes / CBN's New Policy On Cash Deposits: Nigerians React (2) (3) (4)
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Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 9:28pm On Feb 05, 2021 |
Daum:money is a legal tender that is guaranteed by a government Bitcoin isn't guaranteed by anyone, if everybody using it decide to pull out, it will crash to zero cause bulk of it's current value is inflated 3 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by IMAliyu(m): 9:28pm On Feb 05, 2021 |
Dannyfan:For uneducated people that lost money on mmm which was just a pyramid scheme. Anything that has to do with money online is just another mmm in their eyes. 6 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by SaintUlot: 9:29pm On Feb 05, 2021 |
Flier: Who told you crypto can't be banned? History and trends has shown that it can be banned and it is very easy to do, just by putting some things in place and you see everything goes back to zero.That's why they always advise crypto market players to trade with what they can afford to lose, because anything can happen. Take for instance, if countries ban bitcoin mining, the fud that will create is enough to crash the market completely. Banks generally are being affected by the popularity of crypto and all Banks in the whole universe are being affected. I am a crypto enthusiast myself and i have been on it for over 6 years, before you talk say i don't know what i am saying. 6 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Rubbiish(m): 9:30pm On Feb 05, 2021 |
iamJ:Shut up & stop exhibiting your ignorance if u know nothing about blockchain technology! Bitcoin is bigger than a country, it is creating companies all over the globe, employing people all over the world. Do u know the number of people bitcoin has laid off the labour market all over the world? Stop typing nonsense please! 7 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by tempusfugit: 9:30pm On Feb 05, 2021 |
LOL NOW THEY DO CARE ABOUT PEOPLES MONEY?LOL thatigboman: 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by AwesomeStormy00(m): 9:30pm On Feb 05, 2021 |
Omihanifa: True talk 2023 look like a decade now. The worst government in living memory |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Jones4190(m): 9:31pm On Feb 05, 2021 |
Don't panic. Hold on to your coins. Simply create a PayPal account, convert your crypto to fiat currency on your crypto exchange platform and send the money to your PayPal account. They can’t block you PayPal account. The government don't understand how sophiscated blockchain technology is, I can help you create paypal account for just 15k 7 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Penboy: 9:31pm On Feb 05, 2021 |
If they could Ban Bitcoin because its like taking forex out, then they can also ban the trading of US stock market?! When you sell Bitcoin, won't you bring the money back?! Useless reasoning. 3 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by AwesomeStormy00(m): 9:31pm On Feb 05, 2021 |
iamJ: You are making sense 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by iamJ(m): 9:31pm On Feb 05, 2021 |
Rubbiish:calling me ignorant meanwhile you are the one that is ignorant Nigeria my country |
Re: CBN New Policy On Cryptocurrency: What You Should Know by joey150(m): 9:32pm On Feb 05, 2021 |
profmallor: Thanks for the explanation. I also use binance too. However, I deposit in Naira and it's converted to dollar. The naira you deposit cannot just he turned to BUSD or USDT without first being converted to dollars. Virtually every cryptocurrency is valued in dollars. Even USDT has a dollar price. So, how do you skip the part where your naira first gets converted to dollars before you can trade on the exchange. Also, remember that you're trading cryptocurrency. So, you're buying what others are selling, and vice versa. And those people you buy from collect dollars (which of course isn't magically created) which they can withdraw or trade into another coin. You sell your bitcoin valued in dollars and get paid in naira (using the exchange rate) so naira is being turned into dollars and vice versa. Please correct me if I have missed something. 3 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by AwesomeStormy00(m): 9:33pm On Feb 05, 2021 |
Jones4190: I think luno account cant do it as well cux your money can't be trace 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by tempusfugit: 9:33pm On Feb 05, 2021 |
THE OTHER DAY WAS PLANNING TO SELL OFF ONE OF MY BITCOINS BUT I HAVE THINK TWICE IF IT WAS THE BEST DECISION, PUTTING CONSIDERATION OUR CURRENT NAIRA SITUATION meekhat: |
Re: CBN New Policy On Cryptocurrency: What You Should Know by IMAliyu(m): 9:33pm On Feb 05, 2021 |
meekhat:P2P is the way. Although I don't really like it. |
Re: CBN New Policy On Cryptocurrency: What You Should Know by authority2006(m): 9:34pm On Feb 05, 2021 |
trailblazar: Empty skull. Your mates are contributing intelligently and you're here abusing someone whose opinion doesn't align with yours. Who is a fool now? 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Osas4lav(m): 9:34pm On Feb 05, 2021 |
Messed up country. I've been trading and transacting in crypto since 2015, I knew it would get to this someday because they have no idea how it works, not to talk of how it can benefit the country, they worry about short term effect on the Naira. It really can't stand though, other countries have found ways to try to regulate tge crypto cause they know it has come to stay, our own decided outright ban is what's best. What a shame 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by adonainana: 9:34pm On Feb 05, 2021 |
iamJ: It’s not a ponzi scheme and it’s not entirely the explanation you have given it. Crypto currencies are digital currencies for instance you have currencies that belong to nations such as naira etc Crypto currencies are digital currencies tho with no national boundaries, you don’t buy it hoping it will rise, some do buy it hoping the value will rise and they will make a profit from it ( trade it ) some use it for international transactions vis a vis making international payments CBN and Nigerian banks will never allow you to do The more people buying it doesn’t mean the value will increase because the value of cyorcurrencies are finite ( limited in supply ) In short it is not MMM, it is far from it or a ponzu scheme it’s just like any currency dollar euro whatever. Hope the explanation helps 4 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Uniique(m): 9:35pm On Feb 05, 2021 |
iamJ: Ah.. Bros Your I.Q low sha 9 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by SaintUlot: 9:37pm On Feb 05, 2021 |
Dannyfan: Crypto is related to ponzi because when more people buy into a project the value increases, if more people didn't buy, nothing like value appreciation . When more people buy, those people who bought earlier will have the chance to cash out, if not they won't, new money is needed for earlier investors to cash out. There is exit scamming in ponzi, exit scamming and project abandonment is also rampant in the cryptosphere. Still buying all Gift cards @ good rate https://www.nairaland.com/3908406/best-farsell-all-itunes-amazon WHATSAPP:https:///s/saintulot 1 Like 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Blackdisciple(m): 9:37pm On Feb 05, 2021 |
Why is these Mallam organisation always making things hard for Nigerians, is not all Nigerian youths are yahoo boys any useless rule they are putting now on sim cards , phone numbers, CBN shits, money transfer, western union, and so on are all targeting yahoo boys , mean while we have strong issue in our bushes that can make all these rules not to work. What if i and my families even if say am not yet married survives on cryptocurrency alone what should I do? APC government are just here to make things hard for Nigerians. God will forever punish who ever voted in for Buhari government for the second tenure . 2 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by NiRfreak(m): 9:38pm On Feb 05, 2021 |
Missyajoke:Ode gidi ni e....I wonder how u are allowed to type on Nairaland. |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Rubbiish(m): 9:38pm On Feb 05, 2021 |
iamJ:For u to say bitcoin is not a company & doesn't have an office, obviously shows your level of ignorance which clearly bespeaks u know nothing about blockchain technology. The world is clamouring for decentralization of all sector including social media, u are typing nonsense! 8 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by authority2006(m): 9:39pm On Feb 05, 2021 |
id911: On top virtual currency whose value is greatly over inflated. On top virtual currency that has no legal backing. |
Re: CBN New Policy On Cryptocurrency: What You Should Know by seaboyzen: 9:39pm On Feb 05, 2021 |
Apc youth go come out defend there master |
Re: CBN New Policy On Cryptocurrency: What You Should Know by AwesomeStormy00(m): 9:40pm On Feb 05, 2021 |
Osas4lav: It is not their fault they have not clue old men club they don't know how to steal it the way they are stealing naira that's why they are coming up with stupid policy. W 1 Like |
Re: CBN New Policy On Cryptocurrency: What You Should Know by profmallor: 9:41pm On Feb 05, 2021 |
No thats not true, even though your dashboard reports in USD or YEN or Yuan, your value is still in Naira. Is it not Naira you deposite do you withdraw in Dollars?. After you do all the transactions why dont they send to your dom account. Why do they allow you withdraw to only your Naira account, Yes they do for some people but very few. You have crypto that are listed in Naira and dont even need to be changed to dollars. Yes eventually Bianance which is a foreign company in Nigeria most take out their profits but so do MTN and DSTV and all other foreign companies joey150: |
Re: CBN New Policy On Cryptocurrency: What You Should Know by Goodfellow21(m): 9:41pm On Feb 05, 2021 |
profmallor: Some reasonable points you have there |
Re: CBN New Policy On Cryptocurrency: What You Should Know by CooldudeX1: 9:42pm On Feb 05, 2021 |
Jones4190:15k to open paypal account? Haba bros. 2 Likes |
Re: CBN New Policy On Cryptocurrency: What You Should Know by jaxxy(m): 9:43pm On Feb 05, 2021 |
Omihanifa: U think they don't know what they are doing?? Lol. They know exactly what they are doing. They want to control and monitor cashflow, foreign investment/funding and for many reasons bt most especially political reasons. |
Re: CBN New Policy On Cryptocurrency: What You Should Know by AwesomeStormy00(m): 9:43pm On Feb 05, 2021 |
authority2006: Bros/ madam when internet started many people said isn't going to work etc look at it now over 30yrs later even programming language software then compare to now has really improved. 4 Likes 1 Share |
Re: CBN New Policy On Cryptocurrency: What You Should Know by NiRfreak(m): 9:43pm On Feb 05, 2021 |
Dannyfan:The writer is a big fool......MMM that went off since 2016.... he's now including MMM has an index affecting dollar...idiot |
Re: CBN New Policy On Cryptocurrency: What You Should Know by adonainana: 9:45pm On Feb 05, 2021 |
SaintUlot: This is the poor Nigerian version of explaining the volatility of cryptocurrencies. The supply of cyortocurriences are fixed meaning they don’t need YOU or anybody to buy and they don’t need YOU or anybody to sell Whenever you buy any crypto currency it’s value can go hope and go down just like when you are buying shares on the Nigerian stock exchange, Dangite cement shares can rise and fall anytime. This is not because they need new investors and old investors are cashing out, whether you buy any Cryptocurrency or not Also buying and selling crypto currencies is not the only reason people use cyotocurrneixes some use it for international transactions, its like a currency with no borders. If cyotocurrencies was a Ponzi scheme, have you ever seen a Ponzi scheme being used to pay people school fees and import cars etc 1 Like 1 Share |
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