'Cryptocurrency is not legitimate money,' says Nigeria's central bank governor - page 3.

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Quote from: Ozero on March 05, 2021, 11:42:30 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.

They are on the positive side of things in spite of having those negative views and sentiments on some sectors.

They are global leader on BItcoin trade:https://www.bbc.com/news/world-africa-56169917 but there are some confusions due to crackdown https://www.dw.com/en/nigerias-cryptocurrency-crackdown-causes-confusion/a-56547374 . You would really able to tell that there is still some uncertainty when it comes to full adoption.

wxa7115

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Quote from: qwertyup23 on March 03, 2021, 02:57:02 PM

Quote from: paxmao on February 24, 2021, 05:25:03 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.

I highly agree.

Banking institutions will always defend their system as being a third-party consensus in which people would store cash due to a fiduciary relationship being formed. Cryptocurrencies eliminate for the need of such third-party and the banking institutions see this as a threat to the business.

While we are still at it, I speculate that cryptocurrencies would be one of the main currencies used in the future. The blockchain technology, also, will remain as the future generation of transactions in which the people are the ones who decided which are legitimate or not.

The issue is those institutions have a top to down vision of issues when most of the time things are resolved from the bottom to top, they think that since they have a lot of power they get to define what is a legitimate currency and that is not true.

Historically we know that a currency wins or losses by the usage that people give to the assets that are competing to become the dominant currency, bitcoin is better than fiat and over the long term the best currency has the tendency to win, they are trying to alter the natural flow of things with their decrees but it is not going to work as this does not change the underlying reality, and as long as that is the case and bitcoin is better than their fiat then they should prepare themselves because people are not going to stop using bitcoin at all despite whatever they say or do.

Ozero

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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.

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Quote from: Charles-Tim on February 24, 2021, 02:09:16 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.

Nigeria SEC in support of cryptocurrencies while CBN not in support, p2p has been the best though, no bank charges and no conversion charges.

The Central bank of that country Nigeria is an extension of the federal government. And from the comments online that we have both read and heard from most officials occupying top government positions in that country, it is obvious that many of them are underinformed, misinformed or still holding on to old knowledge amd refusing to regard change

Snappycoco

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Do we still have to talk about legitimacy when it is clearly shown in data's. I doubt these governor wasn't aware of this new technology as well as its advantage.

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Quote from: qwertyup23 on March 03, 2021, 02:57:02 PM

Quote from: paxmao on February 24, 2021, 05:25:03 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.

I highly agree.

Banking institutions will always defend their system as being a third-party consensus in which people would store cash due to a fiduciary relationship being formed. Cryptocurrencies eliminate for the need of such third-party and the banking institutions see this as a threat to the business.

While we are still at it, I speculate that cryptocurrencies would be one of the main currencies used in the future. The blockchain technology, also, will remain as the future generation of transactions in which the people are the ones who decided which are legitimate or not.

You would really be expecting these kind of calls from those government and other traditional big investors about crypto.They do simply hate something which is decentralized
and anonymous.

There's no way that they can easily accept crypto specially those banksters which its no surprising that they will really be giving out negative input with it
and trying to show off some false sentiments for people to believe on.

It is true that only the community will be the one to decide whether its legit or not.

qwertyup23

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Quote from: paxmao on February 24, 2021, 05:25:03 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.

I highly agree.

Banking institutions will always defend their system as being a third-party consensus in which people would store cash due to a fiduciary relationship being formed. Cryptocurrencies eliminate for the need of such third-party and the banking institutions see this as a threat to the business.

While we are still at it, I speculate that cryptocurrencies would be one of the main currencies used in the future. The blockchain technology, also, will remain as the future generation of transactions in which the people are the ones who decided which are legitimate or not.

wxa7115

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Quote from: uneng on February 24, 2021, 10:03:05 PM

It doesn't look smart to badmouth and ban bitcoin to save a priceless national currency. At this point venezuelan dictatorship is smarter than nigerian rulers, as it seems the government is turning a blind eye to bitcoin usage there. That is because they know bitcoin adoption helps citizens to not fall totally on poverty, so they are able to keep the economy working somehow and generating taxes for the government.
In Nigeria the authorities could do the same. Let people use bitcoin as they want and the government will be benefited in the end with people buying more and consequently paying more taxes.

I can guarantee you they think the opposite, they think they are being smart because they think with this they are protecting their economy and their fiat currency, but what they do not understand is that if they wanted to protect their currency then they should have taken better decisions and should have avoided to abuse their position to enrich themselves.

But we know that is not going to happen and people know it so despite their prohibitions people are going to keep dealing with cryptocurrencies because they know what they are up to and people are not going to go against their self-interests just to abide to their wishes.

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Quote from: doomloop on February 28, 2021, 04:58:44 AM

Quote from: FanEagle on February 27, 2021, 01:43:15 AM

Nigerian money is not a legitimate money to me. Here I said this, does that make nigerian money worthless? Does it make it zero? It doesn't, whatever I say about nigerian money (no idea what it is called) doesn't change the fact that a whole nation uses it and will keep on using it and me saying it is worthless will not make anything, if I call it illegitimate that doesn't change anything for them.

It is called Nigerian Naira and I know the sentiment on your comment because even I was upset when I read the article and news. But from the government's point of view, what they wanted to say was that they don't recognize Bitcoins as a legal means of payment and currency, which is being understood as if Nigerian government has voiced against Bitcoin. I don't like their decision either but a lot of countries have banned the use of crypto and their the one in power, they can take decisions for their country.

Countries are reluctant against legalizing of cryptocurrencies because of the illegal means that come along with the legalization and no one can deny that the use of bitcoins, although unfortunate, is dominant in the black market and is easily used for illegal purchases.

Lots of illegal doers always finding ways to deal with their illegal transactions, which means crypto is not exempted,
but there's no excuses with how Nigerian government foreseen this industry.

If they think that this system is not acceptable as payment means then it's their predicament and that's part of their rights.
They are seeing it from the understanding that they've known about this entity.

We can't deny the fact that there are alike mindsets all around the world, just need to accept what other's opinions or what they've think about this system.

darewaller

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Quote from: Ucy on February 25, 2021, 06:50:45 AM

You don't de-legitimize what a community choose to use as currency/money/token.

Yes, with all the due respect to the USA, I can call US dollar as not legit currency. But my statement has as much impact as Nigeria calling Bitcoins as not legit money. People are selling their ass and buying bitcoins so there is hardly any debate we should have on this.

Tesla are selling car for BTC so if BTC is not legit then Tesla would be going in loss, according to this kind of theory.

Quote from: Ucy on February 25, 2021, 06:50:45 AM

It's already legitimate, it's just left for the bank to accept it.

As long as there are people buying/selling BTC, it's legit and worth in the market. I don't think banks will ever accept it though.

I don't understand why we are trying to get BTC legalized and accepted by banks, the sole purpose of developing BTC was to kill the central payment system and take away the control from banks.

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Quote from: FanEagle on February 27, 2021, 01:43:15 AM

Nigerian money is not a legitimate money to me. Here I said this, does that make nigerian money worthless? Does it make it zero? It doesn't, whatever I say about nigerian money (no idea what it is called) doesn't change the fact that a whole nation uses it and will keep on using it and me saying it is worthless will not make anything, if I call it illegitimate that doesn't change anything for them.

It is called Nigerian Naira and I know the sentiment on your comment because even I was upset when I read the article and news. But from the government's point of view, what they wanted to say was that they don't recognize Bitcoins as a legal means of payment and currency, which is being understood as if Nigerian government has voiced against Bitcoin. I don't like their decision either but a lot of countries have banned the use of crypto and their the one in power, they can take decisions for their country.

Countries are reluctant against legalizing of cryptocurrencies because of the illegal means that come along with the legalization and no one can deny that the use of bitcoins, although unfortunate, is dominant in the black market and is easily used for illegal purchases.

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Quote from: Charles-Tim on February 24, 2021, 02:09:16 PM

Nigeria SEC in support of cryptocurrencies while CBN not in support, p2p has been the best though, no bank charges and no conversion charges.

Nigerian money is not a legitimate money to me. Here I said this, does that make nigerian money worthless? Does it make it zero? It doesn't, whatever I say about nigerian money (no idea what it is called) doesn't change the fact that a whole nation uses it and will keep on using it and me saying it is worthless will not make anything, if I call it illegitimate that doesn't change anything for them.

Same goes for the central bank governor of nigeria as well, he could call bitcoin whatever he wants and that will change absolutely nothing. It will not change anything for people outside of nigeria of course, because we do not care about this dude at all, it is as if anyone else said it, it is literally same as some citizen of nigeria said it, it has the same weight, to us any regular person and governor of central bank have the same worth, and even in nigeria people will still use it.

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but they should atleast not ban it right? they could make it commodity tbh so it won't confront nigerian's own money but the bank decide to outright ban it and punish whoever has it on their posession and that seem limiting human right. people buy btc with their own money not with bank's money so why so hard on it.

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Quote from: dothebeats on February 26, 2021, 05:23:37 PM

If that's their opinion of cryptocurrency then so be it. It is their domestic economy which will miss some of the benefits of accepting crypto so let them have it. The whole world is turning positive with cryptocurrencies while Nigeria is still afraid of it being used in criminal activities and illicit affairs. No matter how hard the government and the central bank suppress crypto in the country, if the people wants to use it, they will find a way.

They are missing a lot in terms of taxes and investment opportunities in here tbh.

It is not just about taxes and investment. I am from India and here the government made the same mistake two decades ago. When the dot com boom was at its peak, the government refused to relax strict regulatory rules for the IT firms. As a result, most of the investment in the IT sector went to other countries and the Indian IT companies, which had a good start during the 90s saw stagnation during the 2000-2010 period. By the time the government realized its mistake, it was too late. Many of the companies and qualified professionals had moved to other countries by this time. This time also they are doing the same mistake by taking a hostile stance against cryptocurrency. These people never learn from their mistakes.

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Quote from: dothebeats on February 26, 2021, 05:23:37 PM

If that's their opinion of cryptocurrency then so be it. It is their domestic economy which will miss some of the benefits of accepting crypto so let them have it. The whole world is turning positive with cryptocurrencies while Nigeria is still afraid of it being used in criminal activities and illicit affairs. No matter how hard the government and the central bank suppress crypto in the country, if the people wants to use it, they will find a way.
They are missing a lot in terms of taxes and investment opportunities in here tbh.

The only legitimate currency on the territory of any state is its own national currency and foreign currencies that can be exchanged for its own currency. Therefore, I simultaneously agree with their point of view and at the same time disagree, because cryptocurrencies are also gaining their place in the sun, and any sane state should allow citizens to make transactions.

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If that's their opinion of cryptocurrency then so be it. It is their domestic economy which will miss some of the benefits of accepting crypto so let them have it. The whole world is turning positive with cryptocurrencies while Nigeria is still afraid of it being used in criminal activities and illicit affairs. No matter how hard the government and the central bank suppress crypto in the country, if the people wants to use it, they will find a way.

They are missing a lot in terms of taxes and investment opportunities in here tbh.

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So is "Legitimate money" way back thousands of years ago. But look at what we are now, using pieces of paper that we decided and blindingly follow the rules of. It's not much different from bitcoin and cryptocurrencies in general, only that at the very least, bitcoin is very beneficial to the environment, and it gives the power back to the people who circulate it.

Quote from: magneto on February 26, 2021, 04:26:27 PM

And ironically, Nigeria is the country with the biggest crypto growth over the past year or so.

The central bank can do all it wants in terms of trying to restrict access to BTC. But when every trend is pointing towards mass scale grassroots adoption, there is really no way of doing so effectively and in an enforceable manner.

As you said, people will simply move to OTC and P2P as opposed to trade on regulated exchanges. By restricting access, the central entities are simply shooting themselves in their own feet as they are forgoing millions in potential taxation revenue.

Only shows that governments are backed and influenced by elite entities and since cryptocurrency is giving them problems, they literally have no choice but to rely on the government

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And ironically, Nigeria is the country with the biggest crypto growth over the past year or so.

The central bank can do all it wants in terms of trying to restrict access to BTC. But when every trend is pointing towards mass scale grassroots adoption, there is really no way of doing so effectively and in an enforceable manner.

As you said, people will simply move to OTC and P2P as opposed to trade on regulated exchanges. By restricting access, the central entities are simply shooting themselves in their own feet as they are forgoing millions in potential taxation revenue.

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Well, it is not surprising that this is happening. Bitcoin was created with the aim of taking control of money away from the government and banks and giving it to the masses
If this purpose is being achieved, then definitely the bank would find every means possible to stop that from happening because they always want to have a hold over the people.
Personally, I'd say the Central Bank of Nigeria ought to open their eyes to see the numerous benefits of bitcoin and embrace it. That way, banks will make even more money from charges from transactions made by bitcoin users in the country

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To that governor who says bitcoin is not a legitimate money, I'm going to say that even gold is not a legitimate money, I hope it makes sense. I mean why people always compare Bitcoin to a literal fiat, like a physical one? it's a digital currency for your information, to all the people whose brains are too small to understand complicated stuff like Bitcoin.

To make it simple, Bitcoin has technology on it whole fiat have don't any, that's why it has a physical state unlike Bitcoin. But you could make money on it by exchanging it, just like in gold, and other precious stones that has value on it.

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