Topic: Crypto-Currency not Legal Tender in Nigeria - CBN - page 2. (Read 502 times)

Alot of confusion really,  I heard the National assembly want to adopt crypto currency in news the other day.

A few months after they announced that......... Nigerian Central Bank Explores the Blockchain and Cryptocurrencies

Their actions also pointed at our politicians who now see blockchain as a platform to hide millions stolen from federal government but trust me 70‰ of Nigerian are dealing in crypto currency not minding what the government thinks.

Nigeria government don't want to experience what Email did to post Office, people are beginning to save their money away from banks.

I've learnt my lessons I don't longer save my keys in my phone memory sometimes I misplaced phone, all my keys are saved online for quick and secured platform.

Thanks

I understand that there is this deep impression among many Nigerians that all the scams which happened in the previous many months were connected to Bitcoin and other cryptocurrencies...they can still  fathom that those are just similar to any currencies that any program can use as the medium of exchange (or tool of entry). Scams are everywhere and if one scam is using the dollar it does not mean that the dollar is also another scam.

The government in Nigeria is just fearful that if they will recognize Bitcoin and the likes there will be a jump in the proliferation of scams. Well, it can be or it can be a false projection but one is sure whether the government is recognizing Bitcoin or not there will always be scams and they can also use the normal fiat money in the country.

However, with this current situation, I know that cryptocurrency is still booming in Nigeria as the government is not actively running after the users, hodlers and enthusiasts for cryptocurrency though it can be quite a difficult situation to be dealing with something that the government is frowning upon.

I am hoping that the time will come when Bitcoin and cryptocurrency will be taken up by the government and be given the classification it badly needs so that people can participate in one of the biggest innovation of mankind's history an opportunity no one should be deprived of experiencing.

And hopefully this was made clear to you when you got rolling. Many wallets won't let you proceed any further until you've proven that you've backed them up. It's the early days still and that's just how it is.

I've always been aware of it and have always planned accordingly.

These central bank 'warnings' usually seem to be taken as some sort of attack by many crypto fans. In truth they're the facts and they're just raising awareness of what can happen.

Crypto world is like signing  a  death warrant ,immediately you enter you are on your own,  the Government cannot save you, there are so many mistakes on blockchain, heard so many people receiving huge bitcoin to their wallet by mistake, the funniest thing is that you can't retrieve it,  unless a good Samaritan return them back to you, i misplaced my Steller wallet key with potential token in it I could not retrieve till date.

Actually the thing is people already do take care about everything over the web still they do need some extra protection from government because sometimes there could be scams beyond your control or despite of your diligence. Such a stance of Nigerian Government is stopping a lot of people to enter in the cryptocurrencies but they are pretty correct on it because reality is most of the people will rush towards their banks if some scam happens and bank would never be able to trace it because the money is going somewhere beyond their control. Infact this is why people are still afraid of entering into crypto because they cannot held anyone accountable for anything that happens to them. Almost all banks have issued such circulars from time to time.

According to the  circular issued by the Central Bank of Nigeria (CBN) on January 12. 02 2017, to Banks and other financial institutions on virtual currency operations in Nigeria, the Bank wishes to reiterate that cryptocurrencies such
as Bitcoin,
Ripples
Monero
Litecoin
Dogecoin
Onecoin
etc
and Exchanges such as
NairaEx are not licensed or regulated by the CBN. Dealers and investors in any kind of crypto cuency in Nigeria are not protected by law. Virtual currencies are traded in exchange platforms that are unregulated, all over the world.


REASONS

Investors lose their money without any legal redress in the event these
exchangers collapse or close business.


Members of the public are hereby warned that virtual currencies are not legal  tender in Nigeria.

My Advice.
Be smart in your Cryptocurrency dealing your country is not in support of it,  if you are scammed $1m or whatever, no Banks will listen as far it's related to crypto currency.

REMENBER.
When making payments, do not fill Bitcoin or any coin in any description option on your bank app, you might get screwed by your bank.

Thank you.