Topic: The Bank of Nigeria has a great sense of humor (Read 511 times)
This particular question in not new for me, because also my country doing already on such warn issue towards bitcoin business, although a verbal warning from any top personalities were having a true basis, thats why they take a legal actions to their living people, but only a verbal warning, because they are concerning on their living people, and also it is there job to make a legal verbal action. But it is not suppose to be a big deal or a big problem in crypto business, because it is only a form of verbal warning and not a total ban.
People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
Many people in Nigeria is actually trying to do so, but it is not as easy as we think. First of all, they need enough money in order to pay all the corrupted border-agents they will find. Second, they probably get killed if they try to cross a border. Issues in Africa are huge. We can't even imagine how dark and hard the life is in there (I can because I was..., but... I can't even describe the painful situation Africa is living...).
Sometimes we think something is easy, just because we can achieve it at no cost. But in Africa, the usual cost is your life and your relatives one. Not a joke.
As of 17 of January 2017, the Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transaction in bitcoin and other virtual have been banned in Nigeria.
However, during the year, the CBN (through its deputy director on banking and payment system, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that alot of people misinterpret the central banks recent warning. It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the internet. We don't own it.
Later on, the committee set up by the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation to look into possibility of the country adopting the technology during bitcoin and other digital currencies. BLOCKCHAIN- The committee has submitted its report but several subcommittee's are still working on the issue "according to the Director Banking & Payment System Department at CBN, Mr. Dipo Fatokun.
However, during the year, the CBN (through its deputy director on banking and payment system, Musa Itopa-Jimoh) clarified the circular and its stance on bitcoin, citing that alot of people misinterpret the central banks recent warning. It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the internet. We don't own it.
Later on, the committee set up by the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation to look into possibility of the country adopting the technology during bitcoin and other digital currencies. BLOCKCHAIN- The committee has submitted its report but several subcommittee's are still working on the issue "according to the Director Banking & Payment System Department at CBN, Mr. Dipo Fatokun.
Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/
One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
what is nigeria?what is it represented?a country?lol this country has nothing to do in crypto.they dont even represent a enough user to make the market move if they banned cryptocurrency in their country so lets just laugh about this and bother nothing about its capabilities One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/
One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
what is nigeria?what is it represented?a country?lol this country has nothing to do in crypto.they dont even represent a enough user to make the market move if they banned cryptocurrency in their country so lets just laugh about this and bother nothing about its capabilities One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/
One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
Yeah, I agree that Nigeria is not a kind of country with an economy on the sufficient level to blame cryptocurrencies. I guess they just don't want the situation to get even worth if Nigerians sell their local currency and invest in cryptos instead. One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
However, their coin is not doing that bad. It dropped 2x in relation to dollar in the last 2 years, while cryptos sometimes drop the same amount in a week.
As for corruption, this country definitely has a high corruption rate, but there are still about 40 countries behind it (more corrupt).
People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
Move where? Just because of a warning that is not yet even a ban? Easier said than done or you think migrating to other country is an easy task, right?But what would anyone expect from a Central Bank coming from Africa where mediocrity is king. The warning is even coming too late.
Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/
One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
No wonder, each government has its own strategy and reaction to crypto-currencies. Maybe the crypto-currencies have very much helped people who live there to gain financial freedom and independence, but the government thinks differently.One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
Many governments and their banks act like this. They don't give any example to be followed, they don't give any incentive to their citizens, they aren't transparent, but the real danger here is Bitcoin and AltCoins. They are already feeling threatened by Bitcoin and the changes it can promote... That is why they spread these notes.
This is exactly true of most country's Central Bank or financial institutions. It is a protective role they play to wade off financial fraud against their citizens but then, it keeps the fish hearted citizens away from taking up internet business as a serious business where money can be made if one is careful enough not to fall in the hands of the real fraudsters . Such business also includes forex trading on the internet.
Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/
One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
No wonder, each government has its own strategy and reaction to crypto-currencies. Maybe the crypto-currencies have very much helped people who live there to gain financial freedom and independence, but the government thinks differently. One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
And it seems that the unregulated population of the state institutions will leave the country's own currency, this is very heartbreaking.
Many governments and their banks act like this. They don't give any example to be followed, they don't give any incentive to their citizens, they aren't transparent, but the real danger here is Bitcoin and AltCoins. They are already feeling threatened by Bitcoin and the changes it can promote... That is why they spread these notes.
Specifically because government can't earn from citizens who takes profits from bitcoin because there are no tax laws implemented related to cryptocurrencies. Government either think of a way how can they implement taxation on cryptos OR just ban it.
That is a dumb argument made by the Central Bank of Nigeria. I mean of course NairaEx won't be registered to CBN as it of course is handling cryptocyrrencies not their own Fiat Currency. They should at least point out that the exchanges should be registered in their SEC. What sickens me the most is they are encouraging banks not to transact with people who are involve with cryptocurrencies. They are basically blocking their own citzens way of earning.
One of the most entertaining things to me is that they are endeavoring to battle bitcoin without battling bitcoin specifically after all they know extremely well there will lose, so it will humiliate to battle bitcoin and afterward bomb and afterward concede they never had any opportunity to win regardless so they are attempting to influence it to appear as though they are tolerating it however behind the shades they are attempting to do everything to stop appropriation.
I understand the article since most popular scams came from Nigeria, ever heard of Nigerian prince scam?
Many governments and their banks act like this. They don't give any example to be followed, they don't give any incentive to their citizens, they aren't transparent, but the real danger here is Bitcoin and AltCoins. They are already feeling threatened by Bitcoin and the changes it can promote... That is why they spread these notes.
Exactly, so we cannot just conclude on Nigerians alone. Is there really any corrupt country that has not been in this category? Was Venezuela not even worst? At least they were warning their citizens, but not clamping down on them or stopping the operations. In fact, I was in this country last year for some business deals (they have the bucks and the environment is good for some oil and gas deals) and you won't blame a man right?
and I got a hint of some of the locals trying to struggle for living talking about bitcoin and even though they do not know much about what they were saying, the interest really got my attention. From what I could thereafter deduce online, these guys are not really giving their governments any attention with whatever bullshit that is being said by their Central Bank, and they never will. I guess they gave up on their government to make decisions for them a long time ago.
Just read this news https://www.coindesk.com/nigerias-central-bank-again-warns-on-crypto-investments/
One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
I understand what you are getting at and obviously from a corruption ridden country, I would not expect less as the banks feel threatened the most, which unfortunately they can do nothing about. However, with corruption aside, I feel this is just a normal trend for the Central Bank of most countries, and in their mind, they are doing their own part but they are all just some bunch of hypocrites who have no knowledge and would rather want the citizens to be in the dark. One of the probably most corrupt countries in the world, with a currency that is hiper-inflationary and that has lost any respect inside or outside its border now is issuing a warning agaist crypto. Frankly, if I lived there I would just have all my cash into cryptos.
The governments that have awful economic policies are one of the "use cases" clearly.
Musa Gimon said that they can not confiscate the crypto currency and this is very troubling. We understand him .
. What you guys are honestly surprised that a Central Bank wanted to keep the status quo? They have two choices fight it or adapt and seemingly most financial institutions are choosing to fight it. Don't think that is wise because we all know how that battle is going to end 
One of the funniest things to me is that they are trying to fight bitcoin without fighting bitcoin directly after all they know very well there are going to lose, so it will be embarrassing to fight bitcoin and then fail and then admit they never had any chance to win to begin with so they are trying to make it seem as if they are accepting it but behind the curtains they are trying to do everything to stop adoption. 
If only those Nigerian princes who keep wanting to give me their money would have invested it in to Bitcoin, they could give me much much more.
Lol...You got me laughing there. You sure have a sense of humour too like the Nigeria government officials. I guess you are wiser than the Nigeria princes then for not allowing them keep your money for you.I once read an article where some dude claimed his miners from France were sent back to France after they arrived the Nigeria seaport. The Nigeria customs summoned him while trying to clear his parcel as they couldn't figure what they were thinking they could be some explosive devices...Lol. Dude was lucky not to have been locked up after he struggled to educate them on what a miner was.
Africa is really backward in technology, not just on leadership alone. Not even South Africa.
People in Nigeria who have crypto just need to move from this country. I would do that in their place. Best decision.
Move where? Just because of a warning that is not yet even a ban? Easier said than done or you think migrating to other country is an easy task, right?But what would anyone expect from a Central Bank coming from Africa where mediocrity is king. The warning is even coming too late.
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