Topic: Here Another Reason Why Bitcoin Is So Important To Humanity - page 2. (Read 239 times)
How then will Bitcoin save people in this situation? They are few merchants that will accept Bitcoin in exchange for cash in Nigeria. Many peer to peer exchange will definitely send the Fiat to your bank account. Do you think of any alternative to changing Bitcoin to Fiat that will bypass the banking rule?
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The central Bank of Nigeria has limited cash withdrawal from banks and ATMs to #100,000 ~ $135(at the time of writing this post) per week for each and every citizen of the country.
And have limited cash withdrawals for cooperations/enterprise in the country to #500,000 ~ $672(at the time of writing this post) per week.
Withdrawing any amount above those limit they said will attract a 5% fee for individuals and 10% fee for cooperations/enterprise.
Withdrawing from point of sale(POS) service have also been limited to a mere #20,000 ~ $27(at the time of writing this post) on a daily basis.
The restrictions are said to be compounded for each withdrawal, so for example, someone who withdraws $27 dollars from an ATM on the same day and then tries to withdraw money from a bank will be charged a 5% service fee.
And of course alot of people in the country did not welcome this development and many are speculating that this is the government's strategy/move to enforce the use of the country's central bank digital currency(CBDC) which was launched some time last year but up until now, less than 0.5% of the citizens are using it or have used it, I don't know how true this speculation is, but the fact remains that this is a breach to the freedom citizens have over their hard earned money that they decided to save in the bank, and it's not good, how can a serious business/cooperation be limited to having access to just #500,000 of their money in a whole week?
Fortunately for me, I have 5 Nigerian bank accounts but I don't have a dime in any of them
, 70% of my entire savings in tired up in bitcoin and some other crypto currencies, 28% is tired up in my business while the remaining 2% is in my pocket for my daily expenditures.
What is your take on this development?
Are you a Nigerian or a business Man, did this development affect you or your business in any way?
And have limited cash withdrawals for cooperations/enterprise in the country to #500,000 ~ $672(at the time of writing this post) per week.
Withdrawing any amount above those limit they said will attract a 5% fee for individuals and 10% fee for cooperations/enterprise.
Withdrawing from point of sale(POS) service have also been limited to a mere #20,000 ~ $27(at the time of writing this post) on a daily basis.
The restrictions are said to be compounded for each withdrawal, so for example, someone who withdraws $27 dollars from an ATM on the same day and then tries to withdraw money from a bank will be charged a 5% service fee.
And of course alot of people in the country did not welcome this development and many are speculating that this is the government's strategy/move to enforce the use of the country's central bank digital currency(CBDC) which was launched some time last year but up until now, less than 0.5% of the citizens are using it or have used it, I don't know how true this speculation is, but the fact remains that this is a breach to the freedom citizens have over their hard earned money that they decided to save in the bank, and it's not good, how can a serious business/cooperation be limited to having access to just #500,000 of their money in a whole week?
Fortunately for me, I have 5 Nigerian bank accounts but I don't have a dime in any of them
, 70% of my entire savings in tired up in bitcoin and some other crypto currencies, 28% is tired up in my business while the remaining 2% is in my pocket for my daily expenditures.What is your take on this development?
Are you a Nigerian or a business Man, did this development affect you or your business in any way?
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