Topic: The Nigeria Central Bank Policy a blessing to fast Bitcoin adoption in Nigeria. (Read 158 times)

Few days back only demonetisation in India remembered. It's been six years losing the value of money and losing lives standing in queue to get the new money which got delayed for printing.

What is the effect? No black money seized, only rumours were spread around that the new money comes with chip and impossible to accumulate. When opportunity is availed it is good to use it. Even now the negative impact can be felt in the economy.

In as much as this new CBN policy will mope out old currency notes, I don't see any connection with Bitcoin in all this, Nigerians already adopt Bitcoin as an alternative currency and an exit from bank policy and delays. More also the only connection this may have on the ordinary citizens is having new banknotes in different denominations but the politician who already stored up huge cash for the next election may face some problems of conversion and trace of the money to them since most of the money is gotten from proceed of corrupt practices.
More also is the advantage of having a higher bid for stock assets since this policy will lead to more devaluation of the naira at first before adjustment later on. So that means more exchange rates for alternative asset holders such as Bitcoin.

Indeed, most individuals that stacked or hoarded cash are now seeking avenues to deposit this cash into banks so that it would be exchanged for new cash. It is also clear that most of these funds were either stolen from public or private coffers. Bitcoin is an alternative to keep these funds but I wouldn't like Bitcoin to be associated with illegally gotten funds.

Banks in Nigeria are restricted from dealing with cryptocurrency therefore the only means of buying bitcoin would be through P2P or centralized exchanges. In other to engage in these transactions one still has to deposit money in banks to make payments. Therefore this policy might have a slight impact on the adoption in Nigeria.

Majority of people will not think the way of Bitcoin if the economy and every situation is very alright with them. To me it doesn't matter whichever way that people realise the essence of Bitcoin and begin to use it. That is why it is called an alternative currency by Satoshi.

If there is problems with Fiat then bitcoin should be the liberty and alternative that people need. If you wait till when everyone will willingly accept Bitcoin it can take forever.

Necessity they says facilitate innovation, it is problems that will lead people to adoption of Bitcoin it cannot just happen naturally.

The redesigning of Nigeria currency has left its mark already in the crypto market, if you take look at the usdt/BTC/Naira correlation you will see its fluctuating which signifies that more people are either buying or selling.
As a bitcoin enthusiasts I don't like it this way, because I want people to embrace bitcoin on a right path and not using it to escape punishment or rather using it as form in which there stolen funds could be stored in. This will not only justify the government statement of "bitcoin been a way criminals stores money" but will also drive away genuine people trying to embrace it. Which will make our dream of it been legalised shortened.

Moreover many of this new set of people buying bitcoin with there hoarded cash now will abandon it once everything settles down. Although it could be a start up for some to start trusting it's credibility

The process of demonetisation. This is what happened in India but at mega level and obviously it had been worst nightmare for 1.4 billion peeps at the same time!! There was not one note that got changed but 4-5 notes were demonetised and replaced with fresh new looks.

However the purpose was to dig out the black money that is the one which was in cash form.

You are imagining it right that it is could time to inject the bitcoin into the system, but it seems impossible to do avid the fear amongst everyone to replace the notes. Everyone would be in rush to replace the same etc.

Gives good reason to see bitcoins potential during such incidences.

AFAIK, Bitcoin adoption is already pretty big in Nigeria, even though the authorities remain from vague to hostile. I assume it means that punishment is probably not reinforced (if it even exists in the legislation), so people can do their own thing while the government pretends it's keeping everything under control. But IMO the fact of needing to get rid of old banknotes fast just shows the inconvenience of physical money but won't necessarily push people toward Bitcoin. An obvious alternative is storing money in a bank account, and if people are looking for investments, they might be more interested in traditional markets like stocks instead of Bitcoin. Bitcoin isn't the only way to proceed here.

Of recent the Central Bank of Nigeria has introduced a new money note and therefore led to set up a new  policy which involves old notes in circulation be returned back to the bank within a stipulated time. This policy was formulated as a result of some findings according to the Central Bank Governor that the money being withdrawn from the society or economy by individuals is far much higher than the money in circulation hence the new policy. Since then lots have been unveiling itself as lots of individuals are rooting for their hoarded cash to  return to the bank while some of them are beginning to discover that their hoarded cash is getting spoilt already. The worst of the policy now is that no new account can take up to #5,000,000 per day and old account #50,000,000 per day with deadline for the old currency change as stated to be January.
My essence of saying this is that as stiff as this policy and Nigerians are more Bitcoin inclined, I think it would be a big plus to Bitcoin because most of them hoarding money and can not return them to the bank as a result of the new policy might likely seek for another option which is no other one than purchasing Bitcoin there by increasing the faster spread of Bitcoin adoption. With this move, more  Bitcoin holders would increase in Nigeria as there are no alternative option than to safeguard their money buy purchasing Bitcoin and keeping themselves off the government's attention.  Gradually, the money that has been out of circulation would find its way back to the economy with more Bitcoin transaction on daily basis.
I think my thoughts are right and this would definitely be the opinion and solution to  their plight in protecting their funds.