Topic: Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade BTC - page 2. (Read 237 times)
March 22, 2021, 02:54:25 AM
Well that's really unfortunate, and I do agree although p2p seems the most logical way of getting around this ban but it's just too risky, but how's the law enforced in real life? does people get their account banned in masses considering in Nigeria crypto users are also many, does the law really gets enforced though or maybe only to whales who hold big amount of money.
March 22, 2021, 12:27:13 AM
The reason why the bitcoin currency has come under discussion recently is that the value of the currency has increased a lot. As a result many people are inclined to buy this bitcoin however, many experts are warning about this. It is often heard that international hackers are hacking various computers and demanding ransom and they are asked to pay the ransom in bitcoin but the Nigerian central bank official told nigerians to trade for free on BTC this is good news for bitcoin many nigerian companies have stopped it but have backed the rise in loans and cryptocurrencies he sites to trade or invest must be analyzed.
They worry more about the medium of payment instead of addressing the attacks itself so they have to ban cryptocurrency because they don't have the balls to deal with the hacks and can't do it because they are incompetent. Good thing that trading is free to go but I think that the Central Bank of Nigeria is having their priorities pointed in the wrong direction, they could benefit highly in this cryptocurrency game. March 21, 2021, 07:51:22 PM
Scammers wont be stopped by any of us here so that’s why you have to be more careful even if you’re using a P2P transactions. Its good that the Nigerian Central Bank clear this things out and finally, Nigerian can trade legally without freezing their bank account if ever. This is a good news and I do hope that more central bank will issue the same thing.
March 21, 2021, 06:40:39 PM
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.
Source: https://news.bitcoin.com/central-bank-of-nigeria-official-reiterates-nigerian-residents-free-to-trade-cryptos-directive-only-applies-to-banking-sectorAs a Nigerian I can confirm this particular quote from Mr Adamu is false and CBN has restricted Nigerians from using Bank accounts to buy cryptocurrencies. Though P2P has been done smoothly but there are high rate of scams involved.. People have lost huge some of money through this medium because of holistic approach by the CBN.
Too sad that there were scams being involved through P2P and it happens everywhere. For you guys there, just be careful whenever you trade P2P and always verify first your trades.
March 21, 2021, 05:22:44 PM
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.
Source: https://news.bitcoin.com/central-bank-of-nigeria-official-reiterates-nigerian-residents-free-to-trade-cryptos-directive-only-applies-to-banking-sectorAs a Nigerian I can confirm this particular quote from Mr Adamu is false and CBN has restricted Nigerians from using Bank accounts to buy cryptocurrencies. Though P2P has been done smoothly but there are high rate of scams involved.. People have lost huge some of money through this medium because of holistic approach by the CBN.
March 21, 2021, 05:11:36 PM
As a Nigerian I can confirm this particular quote from Mr Adamu is false and CBN has restricted Nigerians from using Bank accounts to buy cryptocurrencies.
I don't think the statement from Mr Adamu on this issue is false, crypto usage is still very much legal in Nigeria, the only thing the government have done is to cut off banks from cryptocurrency transactions via exchanges, you can feely exchange your crypto in Nigeria through P2P and the other party will send the funds straight into your account; what the Nigerian government is simply saying is you can freely carry out your crypto transactions, but Nigerian banks will no longer be taking withdrawal request straight from crypto exchanges right into your personal Nigerian bank account.
March 21, 2021, 03:29:24 PM
Right now so many news concerning this hot issue of central bank of Nigeria and crypto-currency restrictions, it's not new if the government of Nigeria plays pawn and master a good character on the media and Nigerian crypto-currency enthusiast lavish in stiff neck character of the central bank on crypto-currency, I feel the topic is far public now and international eyes are reading it up, so it's a matter of time before they let go of their old grudges on crypto-currency.
March 21, 2021, 02:39:32 PM
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.
Using p2p means of exchange as the only means of exchange cryptocurrency to cash or cash to cryptocurrency in Nigeria may be risky but major exchanges all over the world such binance now offer p2p service and it is very much secure and safe.
March 21, 2021, 02:33:54 PM
[...] there are some banks like Banco De Oro (BDO) who are not crypto friendly. Like my colleague's case as a newbie himself, he withdrew his money from a crypto wallet straight to his bank account. Little did he know that once it came from a cryptocurrency wallet even if it's an emergency, they would immediately close his account, and they did.
That's unfortunate, but based on my experience with the same bank, they are somewhat neutral, I received zero notice regarding the use of the bank account to deposit/withdraw to/from the local crypto exchanges in PH.I read somewhere that some branch are good/neutral on those cases related to cryptocurrency same like here on my place, yet some are just like what your colleague's experienced.
As for the news, the same like india, nothing's new. Just hope the CBN will clarify its regulations towards this industry.
March 21, 2021, 02:07:16 PM
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.
Source: https://news.bitcoin.com/central-bank-of-nigeria-official-reiterates-nigerian-residents-free-to-trade-cryptos-directive-only-applies-to-banking-sectorAs a Nigerian I can confirm this particular quote from Mr Adamu is false and CBN has restricted Nigerians from using Bank accounts to buy cryptocurrencies. Though P2P has been done smoothly but there are high rate of scams involved.. People have lost huge some of money through this medium because of holistic approach by the CBN.
Of course, it's still good news for Nigerians that they are free to do cryptocurrency trading via P2P. However, I would consider Nigeria as a "gray country" because the banks are banned and prohibited from dealing with cryptocurrency exchanges, etc.
Right here in the Philippines, despite that the government and central bank has welcomed cryptocurrencies in open arms, there are some banks like Banco De Oro (BDO) who are not crypto friendly. Like my colleague's case as a newbie himself, he withdrew his money from a crypto wallet straight to his bank account. Little did he know that once it came from a cryptocurrency wallet even if it's an emergency, they would immediately close his account, and they did.
March 21, 2021, 01:41:59 PM
Quote
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says his organisation’s directive only applies to the banking sector.
Source: https://news.bitcoin.com/central-bank-of-nigeria-official-reiterates-nigerian-residents-free-to-trade-cryptos-directive-only-applies-to-banking-sectorAs a Nigerian I can confirm this particular quote from Mr Adamu is false and CBN has restricted Nigerians from using Bank accounts to buy cryptocurrencies. Though P2P has been done smoothly but there are high rate of scams involved.. People have lost huge some of money through this medium because of holistic approach by the CBN.
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