New world order or CBDC against cryptocurrencies

uchegod-21

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Quote from: zasad@ on August 15, 2024, 08:31:11 AM

https://www.premiumtimesng.com/news/top-news/723986-exclusive-nigerian-govt-freezes-37m-worth-of-cryptocurrency-traced-to-suspected-protest-organisers.html
EXCLUSIVE: Nigerian govt. freezes $37m worth of cryptocurrency traced to suspected protest organisers
In the ex parte application filed on 8 August and heard by the court on the following day, the EFCC described the cryptocurrency assets as proceeds of money laundering and terrorism financing.

"The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests.

The freezing followed an order by the Federal High Court in Abuja.

The judge, Emeka Nwite, gave the order in a ruling delivered on 9 July, a copy of the decision seen by PREMIUM TIMES on Tuesday shows.

Mr Nwite issued the order based on an application by the Economic and Financial Crimes Commission (EFCC)."

That's how it happened. I'm a Nigerian. It is in my country that the government fights with the last drop if their blood to prevent innocent citizens from protesting. Infact, they go a long way to pay poor citizens to stage an anti-protest protest and it sounds funny.

The last major National wide protest was #EndSars protest and they did same thing. This time around, it is #Endbadgovernment protest.

zasad@

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https://www.premiumtimesng.com/news/top-news/723986-exclusive-nigerian-govt-freezes-37m-worth-of-cryptocurrency-traced-to-suspected-protest-organisers.html
EXCLUSIVE: Nigerian govt. freezes $37m worth of cryptocurrency traced to suspected protest organisers
In the ex parte application filed on 8 August and heard by the court on the following day, the EFCC described the cryptocurrency assets as proceeds of money laundering and terrorism financing.

"The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests.

The freezing followed an order by the Federal High Court in Abuja.

The judge, Emeka Nwite, gave the order in a ruling delivered on 9 July, a copy of the decision seen by PREMIUM TIMES on Tuesday shows.

Mr Nwite issued the order based on an application by the Economic and Financial Crimes Commission (EFCC)."

zasad@

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Quote from: pinggoki on January 21, 2024, 04:50:56 AM

Quote from: tread93 on January 21, 2024, 02:29:27 AM

Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

As @jackg has said, they need to incentivize the use of CBDC and I also would like to add to that the fact that if you create a crisis then make it so that you're making your people narrow their choices to bad for them but good to you and worse for them but the best for you, they'll choose most likely the lesser of all the evil. It's been a year since this topic but it seems that some of the horrors for the Nigerians are still persisting to the point that they have no choice but to succumb to the IMF's manufactured craze for CBDC. Can't believe that they're still justifying the use of this when it's just a stable coin but much worse because there's control from the government involved, the lifting on the ban hopefully creates something new for Nigeria though, they've got the potential to be rich if they just allow crypto to flourish there.

Latest news from Nigeria.

https://www.forbes.com/sites/digital-assets/2023/12/27/nigerian-banks-set-to-launch-compliant-naira-stablecoin-in-2024/?sh=2989605c8484
"The New Naira Stablecoin (cNGN)
The newly proposed cNGN will be a compliant and regulated consortium-based Naira stablecoin. The cNGN will be pegged 1:1 with NGN, but unlike previous NGN stablecoin attempts, it will be held by Nigerian banks.

The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN.

Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers."

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Russia is also undergoing mass testing of CBDC, but mass implementation is expected next year. All this will begin to be tested on students, new retirees and government officials.

pinggoki

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Quote from: tread93 on January 21, 2024, 02:29:27 AM

Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

As @jackg has said, they need to incentivize the use of CBDC and I also would like to add to that the fact that if you create a crisis then make it so that you're making your people narrow their choices to bad for them but good to you and worse for them but the best for you, they'll choose most likely the lesser of all the evil. It's been a year since this topic but it seems that some of the horrors for the Nigerians are still persisting to the point that they have no choice but to succumb to the IMF's manufactured craze for CBDC. Can't believe that they're still justifying the use of this when it's just a stable coin but much worse because there's control from the government involved, the lifting on the ban hopefully creates something new for Nigeria though, they've got the potential to be rich if they just allow crypto to flourish there.

tread93

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Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

zasad@

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https://www.reuters.com/world/africa/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23/
Nigerian central bank lifts ban on crypto trading
" Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular.

The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks.

Subsequently Nigeria's Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use."

zasad@

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Quote from: ?? on ??

If you talk about the collapse of the dollar, then only those states that depend on the dollar system will suffer. The US will suffer the least because it could go bankrupt or print a lot of dollars. But then the question arises who is the new Boss? Or there will be several new Bosses. To write off debts, a more global war is needed, and not minor conflicts, as in Ukraine.

This question worries me too. But if Europe formally participates in a war with Russia and kills its economy, there will be a new conflict in the Middle East and if the United States forces China to attack Taiwan, then the dollar will again be the strongest world currency. If China does not have wars and sanctions, it will soon become the new world Boss.

Zoomic

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Quote from: cabron on March 28, 2023, 01:21:24 PM

Zooming out a hundred times and you may see that Nigeria is a testing ground for the CBDC. If at first they only did this to Nigeria and succeeded they will do it to every country in the world. I think Nigerians are kicking back though.

I would agree with you that Africa, if not the whole world was just watching how the implementation of e-naira will actually play out. Assuming Nigerians succumbed to the pressure of the government and accepted e-naira widely, other African countries would have followed same process. It is because Nigerians rejected the idea, that is why it seems like it died a natural death.

Besides, the government of Nigeria did not use a nice process to introduce the e-naira to her people. Instead of the government to use the means of sensitisation to walk the people through the process, they chose the means of threats and punishment and the citizens kicked.

zasad@

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Another story from Africa
https://cointelegraph.com/news/crypto-zimbabwe-gold-backed-digital-token-payment-method

"On Oct. 5, the gold-backed digital token called, Zimbabwe Gold (ZiG), officially launched as a payment method. The launch was announced by the Reserve Bank of Zimbabwe (RBZ).

The RBZ introduced its new project in April 2023, highlighting that every issued digital token would be backed by a physical amount of gold held in the bank’s reserves. The RBZ first started issuing physical gold-backed tokens in 2022, claiming their successful adoption.

The mission behind both physical coins and the newly introduced ZiG is to persuade local investors to put their money into national assets and not United States dollars, which is not an easy task in a country with triple-digit inflation. RBZ Governor John Mangudya stated:

“The issuance of the gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.” "
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We remember the stories of countries that wanted to abandon the dollar and what happened to them. You can read about Muammar Gaddafi.

zasad@

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Binance's Activities Are Illegal in Nigeria, Securities Regulator Says
The regulator also ordered all crypto platform providers to stop reaching out to Nigerian investors.
https://www.coindesk.com/policy/2023/07/31/binances-activities-are-illegal-in-nigeria-securities-regulator-says/

https://sec.gov.ng/warning-against-investing-with-binance/
"The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity, making such solicitation is doing so at his/her own risk."

Is this a hunt for Binance or cryptocurrencies in Nigeria?

Gozie51

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Quote from: zasad@ on June 24, 2023, 06:43:34 AM

We do not know whose interests Godwin Emefile represented, but he had great political ambitions to become the president of the country.
Now in Nigeria there is a serious political conflict between the new president of the country and the leadership of the central bank, which possibly defends the interests of other financial elites.
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I await comments from Nigerians.

Godwin Emefiele is currently in the custody the Department of State Service on interrogations. Yesterday the president finally opened up on the reason for his suspension and arrest while attending the summit for A New Global Financing Pact in French The government is interrogating him on Multiple exchange rate which made those outside Nigeria to find it difficult sending money down to Nigeria and that the financial system of the country was rotten under him making few have advantage over the majority.

I agree that there was a ridiculous exchange rate that is far lower than what the majority of Nigerians could access. That ridiculous rate was called the official rate that only those directly at the top level of government and influential can access it and was pegged for around #450- $1 and I'm sure very few business people and limited politicians accessed that rate while the rest access the other window called black market @ #750 - $1. There was this huge margin on that multiple window plus the naira redesigned that caused so much confusion and death in the land but my submission is that he was not all alone, why pick only him

zasad@

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Quote from: Gozie51 on June 23, 2023, 02:37:53 PM

Quote from: zasad@ on June 21, 2023, 08:25:51 AM

But from a political point of view, this is a great achievement. Other countries do not arrest former central bankers.

Selfish gain supercide the interest of the people. When a new government feels there are enemies he has to go after. Arresting the central bank governor is chasing shadow because the governor wouldn't have acted only on his own volition. Revelations will unfold on who did what and all that thereby disattracting governance.

We do not know whose interests Godwin Emefile represented, but he had great political ambitions to become the president of the country.
Now in Nigeria there is a serious political conflict between the new president of the country and the leadership of the central bank, which possibly defends the interests of other financial elites.
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I await comments from Nigerians.

Gozie51

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Quote from: zasad@ on June 21, 2023, 08:25:51 AM

But from a political point of view, this is a great achievement. Other countries do not arrest former central bankers.

Selfish gain supercide the interest of the people. When a new government feels there are enemies he has to go after. Arresting the central bank governor is chasing shadow because the governor wouldn't have acted only on his own volition. Revelations will unfold on who did what and all that thereby disattracting governance.

zasad@

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Quote from: Gozie51 on June 21, 2023, 07:49:28 AM

Quote from: zasad@ on June 14, 2023, 09:05:53 AM

Prominent Nigerians and leading figures in the civil society had been calling for Emefiele's arrest and prosecution after he rolled out a "naira redesign policy" very close to the presidential election that led to massive cash shortages."

Those "Prominent Nigerians" are just like toothless bull dogs that can't organise themselves to challenge bad governance or they are all friends with the government benefitting from bad governance. They are all interested in having dip pockets from the government looking for different contracts and wouldn't find any alterations in the way government is going because of how the system has been made to benefit them.

The whole point is that Nigeria runs a kind of government whether presidential or federal system but the president has superior power and controls the government to himself and also his political party (which is the ruling party) and therefore anything he says, decides or wish to allow to happen stays that way. So Godwin Emefiele can't take decision without the president vetting on it. Those going after him should also endeavour to go arrest the past president (Muhammad Buhari), he should not be exempted in that ordeal because he approved the policy

Quote from: zasad@ on June 14, 2023, 09:05:53 AM

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Will the main initiator of the CBDC or digital collar go to jail in Nigeria?

He already appealed his prosecution in court and I think legally he should be able to defend himself and bring in the past president into the picture .

I wouldn't say that about the citizens of Nigeria. Nigeria attracts foreign investment and the leadership is forced to agree to certain conditions. Perhaps they did not understand the consequences, or perhaps they thought that it would be better for the country, or they had their own financial interest. But from a political point of view, this is a great achievement. Other countries do not arrest former central bankers.

Gozie51

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Quote from: zasad@ on June 14, 2023, 09:05:53 AM

Prominent Nigerians and leading figures in the civil society had been calling for Emefiele's arrest and prosecution after he rolled out a "naira redesign policy" very close to the presidential election that led to massive cash shortages."

Those "Prominent Nigerians" are just like toothless bull dogs that can't organise themselves to challenge bad governance or they are all friends with the government benefitting from bad governance. They are all interested in having dip pockets from the government looking for different contracts and wouldn't find any alterations in the way government is going because of how the system has been made to benefit them.

The whole point is that Nigeria runs a kind of government whether presidential or federal system but the president has superior power and controls the government to himself and also his political party (which is the ruling party) and therefore anything he says, decides or wish to allow to happen stays that way. So Godwin Emefiele can't take decision without the president vetting on it. Those going after him should also endeavour to go arrest the past president (Muhammad Buhari), he should not be exempted in that ordeal because he approved the policy

Quote from: zasad@ on June 14, 2023, 09:05:53 AM

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Will the main initiator of the CBDC or digital collar go to jail in Nigeria?

He already appealed his prosecution in court and I think legally he should be able to defend himself and bring in the past president into the picture .

zasad@

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https://www.dw.com/en/godwin-emefiele-nigerias-disgraced-central-bank-governor/a-65905673
"Nigeria's newly inaugurated President Bola Tinubu suspended Godwin Emefiele from his post as governor of Nigeria's Central Bank on Friday and the Department of State Services (DSS) detained him a day later. Emefiele had served as governor of the bank for nine years.

Tinubu's office said Emefiele had been suspended as part of an "ongoing investigation of his office and the planned reforms in the banking sector."

Prominent Nigerians and leading figures in the civil society had been calling for Emefiele's arrest and prosecution after he rolled out a "naira redesign policy" very close to the presidential election that led to massive cash shortages."

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Will the main initiator of the CBDC or digital collar go to jail in Nigeria?

Bushdark

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Quote from: zasad@ on February 22, 2023, 08:49:28 AM

Do you think this is a Nigerian problem or is it a global problem for all countries whose authorities want to make a digital financial collar for their citizens?
I have seen information that CBDC will be launched in many countries, but will it work? Citizens do not need it and I think smart people will not use it.
In Russia, CBDC will be launched in April 2023, but so far I have no information about how it will be used, but the bill speaks of complete total control over the financial expenses of citizens and their management.

The government really know what we want but they want to bring it to us using different methods since they know that many people are switching to cryptocurrency for investment to make money and they are not often interested in using fiat to make transactions like we used to in the past. There will be more countries that would develop there eiwn CBDC soon when they realize that many people are now focusing on cryptocurrency.

A country like Nigeria trying to create there own e-naira is one of the things many other countries would be develop soon since that is becoming the order of time. China had already created there own digital currency that is influencing the use of yuan especially for there citizens to also use online to make transactions and pay for foods and services. This alone can not stop the continueous adoption of Bitcoin as a most use and popular cryptocurrency in the market.

safar1980

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Payment Gateway Allows Recurring Payments

Nigeria regulator says local Binance operations 'illegal'
"Nigeria's markets regulator has ordered the world's largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal.

"Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever," the Securities and Exchange Commission (SEC) said in a statement dated June 9. It said the company was not registered or regulated, making it illegal."

zasad@

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https://www.imf.org/en/Publications/WP/Issues/2023/05/16/Nigerias-eNaira-One-Year-After-533487

"This paper reflects on the first year of the eNaira—the first CBDC in Africa. Despite the laudable undisrupted operation for the first full year, the CBDC project has not yet moved beyond the initial wave of limited adoption. Network effects suggest the initial low adoption spell will require a coordinated policy drive to break it. .."
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The project curators from the International Monetary Fund have already thanked their subordinates for the work done.
Testing to put a digital collar on people is going well.

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1 June 2023
Tether and Yellow Card Collaborate to Advance Stablecoin Education and Adoption Among African Youth
https://tether.to/en/tether-and-yellow-card-collaborate-to-advance-stablecoin-education-and-adoption-among-african-youth/

zasad@

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https://www.premiumtimesng.com/news/more-news/596619-nigeria-approves-national-blockchain-policy.html

Nigeria approves National Blockchain Policy
"At the FEC meeting where the blockchain policy was approved, about N17 billion was approved as a refund to Borno State.

The federal government on Wednesday in Abuja approved the implementation of the National Blockchain Policy for Nigeria.
A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers.

Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network."

Topic: New world order or CBDC against cryptocurrencies (Read 969 times)