'Cryptocurrency is not legitimate money,' says Nigeria's central bank governor - page 4.

Gozie51

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Quote from: mersal on February 25, 2021, 02:12:17 AM

Cryptocurrency has no place in their system was the statement given right which means they don't want their people to get such freedom so now the decision is on the hands of people whether they want their useless paper Money which will become valueless in next few years or want cryptocurrency which will be valued 100x times in the next few years.

This is the initial government struggle for supremacy. Government of Nigeria will later come back to thereself and follow the growing nations. There are different opinion already from CBN and SEC , these are all government agencies. They are having different views within their house and the masses keep using P2P while the government is missing funds that would come to the banks as charge. China tried to stop it but couldn't, so Nigeria won't be able to stop a global business.

Karartma1

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Quote from: Wenbing on February 26, 2021, 01:26:13 AM

Is printing of money a real money?

you are asking the same question as the one in this youtube scene.
https://www.youtube.com/watch?v=vkvdAznoFqY
Some of us do know that printed money is made out of paper and ink yet we fail to take our stance against it and we keep using fiat money because... reasons.
That is the matrix we have around us based upon.

Wenbing

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Quote from: Charles-Tim on February 24, 2021, 01:09:16 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.

who can and has the right to legitimate a decentralized asset? Bitcoin is a decentralized asset created by humans and for humans so without the supporting government, Bitcoin will continue to exist. I wonder how long he will continue to chuckle at this belief!
[/quote]

Yes, the government is afraid of decentrilization as the new financial revolution. Has he answered some of the errors in the fiat systems. Errors such as; devaluation, inflation and printing of money.

Is printing of money a real money?

Lorence.xD

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Quote from: pinggoki on February 25, 2021, 12:06:41 PM

Of course the bank will say that cryptocurrency is not a legitimate money because they hate cryptocurrency and there's no doubt that they will say such information. We all know that the cryptocurrency is a legit one in which we are earning fiat money or true money in a form of digital currency that we are enable to convert into a real currency. So no doubt that this is a legit one, am I right? As long as we are making money through cryptocurrency I can say that this is a legit, earning fiat money from a digital currency is still a legitimate money.

Well, it is technically not legitimate in any way, cryptocurrency currently lies in the grey area of the financial laws so you can't be sure whether it is legitimate or not. I get that bankers hate cryptocurrency but I think that currently they have a reason to say that it is not legitimate. We can't really be certain that they are wrong or right with what they say unless we understood the subject through every nook and cranny. This is just an argument by a banker, there will still be hearings about this problem and I think that Nigerian government can't just discard the fact that they are leader in the African continent when it comes to cryptocurrency adoption.

yhiaali3

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This is their permanent argument, they always repeat this talk, cryptocurrencies are the first competitor to central banks and governments, so they work whenever they can to make cryptocurrencies illegal, but the reality is the opposite of that there is a collective adoption of cryptocurrencies and their increasing spread around the world much greater than before and this is evidence that People don't believe this and they keep buying and storing cryptocurrencies as legitimate money of value.

amishmanish

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Quote from: so98nn on February 25, 2021, 06:30:35 AM

A country who has not made enough progress in their own country and that’s why their currency is devalued over these years. Nigerian currency is so lower in value that even it is three digit in third world country like India. Lolz. Now the case of bitcoin:- The BTC itself is 5 digit currency and thus its almost impossible for them to buy single bitcoin or even 10 mBtc for that matter.

It doesn't really matter how many digits the currency has. A country can be prosperous without huge exchange rates as it depends on the trade balance. Just look at Japanese Yen.

OP says that only the central bank governor is against it while the Nigerian SEC is in favor. So that is a positive, right. Central bank are supposed to be autonomous bodies and the governor can have an opinion. Doesn't mean it can be termed policy. The fact that you are having senate hearings on this is a positive in itself.

As people, you all need to organize and explain in media and to people how what the governor says is his opinion and not the truth. An illegitimate opinion cannot decide the future of something that the people themselves want. Organize and ask for the right to stay connected to the international community in a positive way. You guys are good. I have seen it first hand. Nobody really wants to go back to the "Nigerian Prince" days. Cheesy

uray

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Quote from: Ucy on February 25, 2021, 05:50:45 AM

You don't de-legitimize what a community choose to use as currency/money/token. It's already legitimate, it's just left for the bank to accept it.

A government can de-legitimize things according to their wish and we do not need the banks to accept cryptocurrency to be a legit currency as long as there are users accepting and trading them globally you do not need a permission from a government.

Quote from: Ucy on February 25, 2021, 05:50:45 AM

They seem to be deciding for those who consider crypto safer and more moral than their fiat currencies.
They should ensure that people use cryptocurrency safely without abuse/misuse.

A government will worry about their fiat currency if people start investing in decentralized currency in large numbers as it will affect their economy badly, so any government will try to avoid that to happen.

pinggoki

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Of course the bank will say that cryptocurrency is not a legitimate money because they hate cryptocurrency and there's no doubt that they will say such information. We all know that the cryptocurrency is a legit one in which we are earning fiat money or true money in a form of digital currency that we are enable to convert into a real currency. So no doubt that this is a legit one, am I right? As long as we are making money through cryptocurrency I can say that this is a legit, earning fiat money from a digital currency is still a legitimate money.

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They do not want to learn that the legitimacy of a decentralized currency is given by its users. As he represents a shitty centralized system with a shitty currency that is worth less and less due to the abuses of him and all those in power, he thinks that by saying that he will be able to save himself.
The legitimacy of Bitcoin is becoming more and more firm and it is gaining ground to his currency as well as to the rest of the fiat currencies, and he can do little to stop this.

laredo7mm

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Quote from: paxmao on February 24, 2021, 04:25:03 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.

If people want to exchange their goods with crypto then govt must accept it as a legitimate currency. Actually, govt has the power to ban any certain thing if they think they can not control it. They think it's too risky and they can not control the outflow of money if they allow cryptocurrency for the transaction. It will enable borderless transactions which will not be beneficial for the govt.

BIT-BENDER

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Peer2peer has been the best so far for crypto-currency Nigerians before and after the ban, but it won't be too long before scammers in Nigeria realise the now importance of peer2peer for crypto-currency users and Bitcoiners and. Now start to steal or scam people in Nigeria and people are faster in learning easy money scams than the legit one, I think Nigerians should let their brains received this message. Using peer2peer it's has advantages and where exchanges are better than it.

so98nn

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A country who has not made enough progress in their own country and that’s why their currency is devalued over these years. Nigerian currency is so lower in value that even it is three digit in third world country like India. Lolz. Now the case of bitcoin:- The BTC itself is 5 digit currency and thus its almost impossible for them to buy single bitcoin or even 10 mBtc for that matter.

That’s why they are not risking their money with bitcoin and made such stringent statement about it. Also it does not matter if they get involve or not, we don’t have that much investors from Nigerian to influence crypto currencies.

Kakmakr

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Ok.... So let the same governor tell us why "legitimate Money" made them the most corrupt country in the world? I guess it is easier to launder money through the "legitimate Money" system, than trying to do that with a system where every transaction can be followed on a transparent Blockchain network/database. (Let's say the world Banking system switch to Bitcoin and they never used Mixer services, then the Blockchain would not make money laundering so easy...and that is a threat to Bankers)

They do not want to allow an open and transparent Blockchain system, where their transactions can be traced and recorded... and they will much rather hide their "illegal" transactions in a private system that they control. Wink

(Transfers to offshore accounts ..etc.) Roll Eyes

Vishnu.Reang

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The statement just shows the frustration of the central bank official. He realizes that the government can't do much, apart from issuing a banking ban on the trade of cryptocurrency. It is not possible to ban the ownership of crypto, since the wallets are not linked to anyone's identity. If they ban bank accounts from being used for the trade, then the P2P platforms will move to physical cash and other options. Apart from the retards in Indian government, no one in the world think that it is possible to ban cryptocurrency. So in due course of time, we will be hearing similar statements form officials all around the world. Janet Yellen of United States issued one a few days back.

Ucy

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You don't de-legitimize what a community choose to use as currency/money/token. It's already legitimate, it's just left for the bank to accept it.
I wonder what they will say to people who decide to start using or getting paid in stones, precious metals, rice, beans, bread, etc. Would he tell the people that what they choose to get paid with is "not legitimate"? By the way, free people should decide what they get paid with as long as they are safe to use. They seem to be deciding for those who consider crypto safer and more moral than their fiat currencies.
They should ensure that people use cryptocurrency safely without abuse/misuse.

meanwords

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I don't know what's going through their head but I think they're just denial at this point. I mean, they could just label cryptocurrency as an asset and profit from it since Nigerian users are adopting crypto like crazy, rather than staying away from it. But hey who am I to say this. At least crypto holders in Nigeria is having a blast since Bitcoin over there is over $60,000.

hugeblack

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What do you expect from the central bank, do you want them to buy bitcoin or do you want them to get citizens to buy more bitcoin?
Buying more Bitcoin is losing the central bank's ability to control inflation and the monetary mass.
The best thing that can be obtained is legislation to track Bitcoin and control taxes, which requires a strong banking system and a country capable of preventing tax evasion, which is not found in the case of Nigeria.

Karartma1

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When people see bitcoin as a tool to liberate themselves from the rat race and preserve some wealth from the government prying eyes, I wish the best of luck to these Nigerian institutions to find a way to stop the super-massive adoption we are witnessing in countries like Nigeria.
Yellen, in the States, got some similar stance on bitcoin and it looks me they're only barking since there are plenty of legitimate businesses that are based on bitcoin and which pay taxes regularly.
There's a whole economy building up behind the scenes and I'm curious to know if they truly want to stifle these innovations.

maybukaspa

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CBN could've just done something better to tackle their suspicions instead of banning it. If CBN continues to take defensive approaches, it will certainly never work in the long term. Also, I see no valid reason to ban crypto in Nigeria. Are they just out of ideas about how to handle this issue strategically?

It seems like the Nigerian government doesn't want their people to make money from crypto. Besides, people will always find their way for solutions.

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Quote from: Quidat on February 24, 2021, 04:55:31 PM

Quote from: macson on February 24, 2021, 02:35:40 PM

banker again!! well...they will keep thinking that way. in my old post, I once posted a picture that writes "if you want a truth: Don't ask a Banker about Bitcoin"

who can and has the right to legitimate a decentralized asset? Bitcoin is a decentralized asset created by humans and for humans so without the supporting government, Bitcoin will continue to exist. I wonder how long he will continue to chuckle at this belief!

You got the solid point on where people who do know about Bitcoin existence and other crypto which do really talks about decentralization which does simply or basically
means that no one could able to control it out but we cant really deny that government could really still be a pain in the ass when they do decide up things when it comes
on getting involvement through regulation aspect which would really be somewhat able to be a headache.

As usual these kind of sentiments came from traditional government and investors arent something new to be shocked on.

the doctrine embedded in their brain is the old doctrine (money must be physical) The world is changing very fast but why are they moving slowly? all this time they acted as rule lockers and felt they were "the rules themselves".

the bullshit they put out is always "Bitcoin is used for crime". I just thought "they are hypocrites who are full of corruption who are afraid to live in the age of blockchain technology".

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