Topic: 'Cryptocurrency is not legitimate money,' says Nigeria's central bank governor - page 2. (Read 872 times)
March 13, 2021, 08:12:04 PM
We do not know if the Nigerian government actually has cryptocurrencies and bitcoin, perhaps it disqualifies Bitcoin because it does not want its people to emerge towards a totally deflationary economy and achieve their financial freedom, in every government it is convenient for them to have total and absolute control of each economic movement, if cryptocurrencies enter they will see it as money laundering, then it is not appropriate and if a country that has inflation problems is unsustainable, I see it from that point of view, perhaps it is wrong, but it is simply a assumption that it can be real, and that is why it disqualifies it, the more ignorance it is sown, for them the better.
March 13, 2021, 04:58:36 PM
I absolutely do not support such restrictive measures against cryptocurrencies, but I perfectly understand the logic of such actions. It turns out that the Nigerian government sensibly assesses the possibilities of its national fiat currency and therefore are not going to arrange any competition between fiat currencies and cryptocurrencies. Let's be frank that the banking sector is not quite adapted for this and for many authorities there is a temptation to go the simplest way of prohibitions, rather than to find ways of interaction. Therefore, I am sure that these are all temporary phenomena and in the future, cryptocurrencies and fiat currencies will calmly get along in the same Nigeria.
Governments and central banks have had a monopoly on currencies for a long time, and like any monopoly they do not want to adapt they are trying to crush the competition with all what they have, but like it has happened many times in history the best product and service will win in the end and without a doubt bitcoin is better.They were so dominant that they thought their position was never going to be challenged, this is a historical mistake that some of the most powerful monopolies have made and it always ends up in the same way, with the monopoly disappearing.
March 13, 2021, 08:04:42 AM
I don't think their opinion is negative because most countries in the world don't accept crypto, although this situation has improved over the years as crypto offers value and economy for users and countries but apart from these positive benefits, fraud and illegal issues also revolve around crypto a lot, and the key to this story is deadlocked when the security of crypto is too great. If crypto is considered as legal currency, this situation will be more serious, governments of countries are never negative, they just want to protect their people
It is obvious that bankers will say negative things about crypto as long as they are outside of it and they will start saying positive things when they are in it, their talk is not repetitive of what they think, it is all about what will make them more money.When they are out of it, they will say bad things because they are not making any money and on top of that losing money because of it so they will of course say that it is horrible even if they like it a lot themselves, and when they are in it they will say that it is awesome because crypto being higher will make them more money so they will promote it even if they start to think it's bad. This is why when there is a subjective opinion based on crypto it means absolutely nothing, but when someone powerful who can ban crypto says this would mean that crypto is doing bad in that nation for being banned.
I believe it is only a matter of time before he changed his perspectives towards crypto. Right now, maybe he doesn't even know how transact using bitcoin but once he get acquainted himself with crypto or btc itself, I believe he will change his mind and appreciate its technology. But for now, he is saying what is in his mind. They can say whatever they want, but crypto users know if this is real money or not. And being legitimate depends on the country right now. If the country is legally accepting crypto, then we can say it is legitimate. But if the country is banning the use of crypto, then it is illegal, right?
March 12, 2021, 04:36:55 AM
In a way he is right because cryptocurrency doesn't have that much legal standing in many countries and the only way to become one is if the government recognizes and considers cryptocurrency as a legal tender which is difficult because cryptocurrency is supposed to be a decentralized financial tool which is in direct conflict of centralized financial institutions.
March 11, 2021, 06:22:46 PM
I am wondering, so in Nigeria, there are still debates or disagreements and views regarding whether or not cryptocurrency is legitimate, right?
In this case, how will crypto exist in the country? Are there still many enthusiasts who are still in the crypto world? And what about the real legal umbrella? I've heard that they banned from crypto.
In this case, how will crypto exist in the country? Are there still many enthusiasts who are still in the crypto world? And what about the real legal umbrella? I've heard that they banned from crypto.
March 11, 2021, 02:37:18 PM
This is really unexpected from them because its like they are telling an obvious lie. They are trying to ban it because some users within their country is profiting from something they know.
Why do you think it was unexpected, anyone country who is try to come out with some form of restrictions or regulations will not accept BTCitcoin as legal tender in their country and it is not a big surprise and if they do that they there will be a huge inflow of money flowing into a decentralized market and they will not have any control over it. So do not expect any government to call BTCitcoin as a legal tender or money and it has nothing to do with the profits you can make, it is an entirely different thing altogether. March 11, 2021, 12:00:03 PM
Quote from: https://cointelegraph.com/news/cryptocurrency-is-not-legitimate-money-says-nigeria-s-central-bank-governor
Godwin Emefiele, governor of the Central Bank of Nigeria, has defended the apex bank’s decision to ban banks from servicing cryptocurrency exchanges in the country. Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, Emefiele remarked that the CBN ban was in the best interest of Nigerians.
According to a report by media outlet Punch, while addressing the Senate committee, Emefiele remarked: “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space.
The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space.
According to a report by media outlet Punch, while addressing the Senate committee, Emefiele remarked: “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space.
The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space.
Nigeria SEC in support of cryptocurrencies while CBN not in support, p2p has been the best though, no bank charges and no conversion charges.
This is really unexpected from them because its like they are telling an obvious lie. They are trying to ban it because some users within their country is profiting from something they know. The users within that country has already used their Cryptocurrencies to be converted into Nigerian naria and if Cryptocurrency is not real money then how come some users were able to use it before the time of banning them. Its a digital asset which everybody can benefit from once they know how to utilize it.
March 11, 2021, 11:01:56 AM
They gave a flag that Cryptocurrency has no put in their framework was the explanation given right which implies they don't need their individuals to urge such opportunity so presently the choice is on the hands of people whether they need their futile notes which is able gotten to be worthless in following few a long time or need cryptocurrency which is able be future cash of the globe and it willbe require of populace to utilize crypto as medium of trade.
March 10, 2021, 12:36:50 PM
I don't think their opinion is negative because most countries in the world don't accept crypto, although this situation has improved over the years as crypto offers value and economy for users and countries but apart from these positive benefits, fraud and illegal issues also revolve around crypto a lot, and the key to this story is deadlocked when the security of crypto is too great. If crypto is considered as legal currency, this situation will be more serious, governments of countries are never negative, they just want to protect their people
It is obvious that bankers will say negative things about crypto as long as they are outside of it and they will start saying positive things when they are in it, their talk is not repetitive of what they think, it is all about what will make them more money.When they are out of it, they will say bad things because they are not making any money and on top of that losing money because of it so they will of course say that it is horrible even if they like it a lot themselves, and when they are in it they will say that it is awesome because crypto being higher will make them more money so they will promote it even if they start to think it's bad. This is why when there is a subjective opinion based on crypto it means absolutely nothing, but when someone powerful who can ban crypto says this would mean that crypto is doing bad in that nation for being banned.
March 09, 2021, 10:52:49 PM
As usual, too many people are just missing the point out there. It is only for the community to decide if Bitcoin is legitimate.
Also, banks would always say things like that with cryptocurrency because they see it as their competitor. However, things will still depend on how we deal with it. Despite the negative accusations that banks might throw about cryptocurrency, it still depends on how we trust it.
Nowadays Bitcoin is not widely being used for making payments, and therefore there is no reason for the banks to think that it is a competitor. If that was the cases, then corporations such as PayPal and Mastercard would have never integrated Bitcoin to their platforms. These corporations have realized that association with Bitcoin can be mutually beneficial for both sides. For the banks also, that should be the case. But if they believe that they can stop people using cryptocurrency just by closing down their banking accounts, then it is a wrong assumption.
March 09, 2021, 08:52:21 PM
Isn't it a bit premature for the CBN governor, Godwin Emefiele, to issue such statements when the central bank is still on the process of doing due diligence?
Or is everything merely temporary pending the final result of their study? After all, the governor is clear that all this is for the time being only. So the ban is just some sort of a prevention mechanism since the central bank is still trying to understand the emerging technology. Once everything has been thoroughly discussed and understood, the ban would either be lifted or continued to be implemented.
I can only hope that part of their objective due diligence process is to invite crypto experts as well as other crypto stakeholders so that they would come up with a comprehensive understanding of cryptocurrency.
As if the Nigerian Government has ever done or ever have the good intention for doing any thing good that while positively affects the citizens. I strongly believe that even the due diligence that they said would be done in understanding what and how the technology works is just a scam and they will never have any good intention to OK any thing that the citizens will benefit from. Or is everything merely temporary pending the final result of their study? After all, the governor is clear that all this is for the time being only. So the ban is just some sort of a prevention mechanism since the central bank is still trying to understand the emerging technology. Once everything has been thoroughly discussed and understood, the ban would either be lifted or continued to be implemented.
I can only hope that part of their objective due diligence process is to invite crypto experts as well as other crypto stakeholders so that they would come up with a comprehensive understanding of cryptocurrency.
I probably understand where you're coming from. We, third world country citizens especially, are full of frustrations and disappointments of our respective governments to the point that we question whether they still have even a little good intention left for their countrymen. But I probably won't completely rule out that perhaps some of them are in fact trying to do good in their government service. It's just that corruption, hypocrisy, and so on are extremely rampant.
On the other hand, let the voice of the people be heard. I mean, if the strong demand for Bitcoin or crypto is there from all sides of the population, for sure even the government would notice and truly consider. I think it's just a matter of time before they will realize that the entire world is actually starting to get friendly with Bitcoin.
March 09, 2021, 06:16:01 PM
It is just their own perspective and opinion towards Bitcoin so no point to argue for we all do have different ways on how we perceive things depending on the way we see it and understand how does it work. It is just a sort of mental discrepancy that differs the way we see things compared to other people. If that is what they believe, then let it be. As long as you do know what is the real thing about Bitcoin, so be it. No need to argue on things all over again. Let them believe what they wanted to believe because we know on ourselves how Bitcoin works on our lives and our perception is based on what we have experienced upon engaging into it.
March 09, 2021, 12:13:29 PM
As usual, too many people are just missing the point out there. It is only for the community to decide if Bitcoin is legitimate.
Also, banks would always say things like that with cryptocurrency because they see it as their competitor. However, things will still depend on how we deal with it. Despite the negative accusations that banks might throw about cryptocurrency, it still depends on how we trust it.
March 09, 2021, 10:25:04 AM
As usual, too many people are just missing the point out there. It is only for the community to decide if Bitcoin is legitimate.
Also, banks would always say things like that with cryptocurrency because they see it as their competitor. However, things will still depend on how we deal with it. Despite the negative accusations that banks might throw about cryptocurrency, it still depends on how we trust it.
March 09, 2021, 06:31:08 AM
Sure they indeed have their own interest of preserving their own economy though if they truly want to get into competition they maybe need to create their own version of CBDC however it's still kinda "negative" when the bank bans people's account right off the bat after using proven to be involved in crypto activities but not doing any criminality, they should be more chill about crypto while finding some solution that could give them benefits and the user of crypto aswell.
Legally they have the power to close down bank accounts of people who go against their T&C. So in this case we can't do anything about it. The only real option is to go for non-bank options, such as physical cash or digital gift vouchers as long as the banking ban is in place. Hopefully the Nigerian Supreme Court will reject the banking ban, just like what happened in India (the supreme court of India removed the banking ban on Bitcoin in 2020).
March 09, 2021, 04:01:13 AM
Bankers and their management may have their own opinions about cryptocurrencies. As a rule, this opinion is negative, since the cryptocurrency is a direct competitor to the banking system.
I am most interested in the position of the legislators of this country and what regulations are adopted in Nigeria in relation to cryptocurrency.
I don't think their opinion is negative because most countries in the world don't accept crypto, although this situation has improved over the years as crypto offers value and economy for users and countries but apart from these positive benefits, fraud and illegal issues also revolve around crypto a lot, and the key to this story is deadlocked when the security of crypto is too great. If crypto is considered as legal currency, this situation will be more serious, governments of countries are never negative, they just want to protect their people I am most interested in the position of the legislators of this country and what regulations are adopted in Nigeria in relation to cryptocurrency.
March 09, 2021, 01:05:58 AM
I absolutely do not support such restrictive measures against cryptocurrencies, but I perfectly understand the logic of such actions. It turns out that the Nigerian government sensibly assesses the possibilities of its national fiat currency and therefore are not going to arrange any competition between fiat currencies and cryptocurrencies. Let's be frank that the banking sector is not quite adapted for this and for many authorities there is a temptation to go the simplest way of prohibitions, rather than to find ways of interaction. Therefore, I am sure that these are all temporary phenomena and in the future, cryptocurrencies and fiat currencies will calmly get along in the same Nigeria.
That is what government does best after all, prohibit what makes their people happy and content. If they aren't quite adapted as you have said then shouldn't they take the initiative to do so because this is a new technology and with Nigeria in the second place for crypto traffic, I don't think that a reason like that is going to fly. Hopefully, you are right that this is a temporary stint in the cryptocurrency history in Nigeria because I feel bad that their government is going to get their people left out. March 08, 2021, 11:25:48 PM
As if the Nigerian Government has ever done or ever have the good intention for doing any thing good that while positively affects the citizens. I strongly believe that even the due diligence that they said would be done in understanding what and how the technology works is just a scam and they will never have any good intention to OK any thing that the citizens will benefit from.
Given the corruption and nepotism that is prevalent in the third world nations such as Nigeria, why are you even surprised? All they care about is how to increase the tax revenue. They don't really bother whether the citizens are benefitting from it or not. I am from India and here also the government's approach towards cryptocurrency is the same. They are worried that they can't tax cryptocurrency transactions.
March 08, 2021, 11:22:42 PM
Isn't it a bit premature for the CBN governor, Godwin Emefiele, to issue such statements when the central bank is still on the process of doing due diligence?
Or is everything merely temporary pending the final result of their study? After all, the governor is clear that all this is for the time being only. So the ban is just some sort of a prevention mechanism since the central bank is still trying to understand the emerging technology. Once everything has been thoroughly discussed and understood, the ban would either be lifted or continued to be implemented.
I can only hope that part of their objective due diligence process is to invite crypto experts as well as other crypto stakeholders so that they would come up with a comprehensive understanding of cryptocurrency.
As if the Nigerian Government has ever done or ever have the good intention for doing any thing good that while positively affects the citizens. I strongly believe that even the due diligence that they said would be done in understanding what and how the technology works is just a scam and they will never have any good intention to OK any thing that the citizens will benefit from. Or is everything merely temporary pending the final result of their study? After all, the governor is clear that all this is for the time being only. So the ban is just some sort of a prevention mechanism since the central bank is still trying to understand the emerging technology. Once everything has been thoroughly discussed and understood, the ban would either be lifted or continued to be implemented.
I can only hope that part of their objective due diligence process is to invite crypto experts as well as other crypto stakeholders so that they would come up with a comprehensive understanding of cryptocurrency.
March 08, 2021, 06:36:09 PM
I absolutely do not support such restrictive measures against cryptocurrencies, but I perfectly understand the logic of such actions. It turns out that the Nigerian government sensibly assesses the possibilities of its national fiat currency and therefore are not going to arrange any competition between fiat currencies and cryptocurrencies. Let's be frank that the banking sector is not quite adapted for this and for many authorities there is a temptation to go the simplest way of prohibitions, rather than to find ways of interaction. Therefore, I am sure that these are all temporary phenomena and in the future, cryptocurrencies and fiat currencies will calmly get along in the same Nigeria.
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