[2016-08-18] Bitcoin Remittance Chances For Nigeria Are Slim To None

[elyas772]

MoneyGram lets users send and receive funds from Nigeria to the rest of the world and vice versa. Funds can be retrieved from a local agent, or have it deposited into their personal bank account. Given the status of the Nigerian economy right now, many companies were operating in the bylines of legality, forcing drastic measures by the government.

MoneyGram Anglophone Africa Head Kemi Okusanya stated:

    “Lagos has been chosen to serve as MoneyGram’s hub for Anglophone Africa operations. In addition, we have invested millions of dollars to improve product delivery for remittances to Nigeria. We know the needs of our customers vary and we are always striving to provide them with a solution that is most convenient for them. For example, our cash-to-account service allows Nigerians to receive funds directly to the customer’s personal bank account.”

http://www.newsbtc.com/2016/08/18/bitcoin-remittance-chances-nigeria-slim-none/

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[panju1]

There is a huge currency crisis in Nigeria, with most legitimate ways of money transfer closed.
If companies attempt to bypass legal measures using Bitcoin, the government will definitely take action.

[a7mos]

people won't use bitcoin for remittance except if there is a stable market in their country they can sell in and with very low fees. because if the fees are high, people will go to Money gram and its similar because they are more efficient

[Kprawn]

The red flags goes up, when a government excludes many other companies and then only allow a selected few to operate. What are they not saying? Was there some bribery involved or some back room

deals being made? A government should never exclude competitive businesses, they should rather regulate it properly and make sure that they all operate within the laws of the country. Bitcoin is

borderless and decentralized, and people should have the choice if they want to use it or not. 

[Carlton Banks]

A government should never exclude competitive businesses, they should rather regulate it properly and make sure that they all operate within the laws of the country.

There's a very strong case to be made that every problem we're dealing with that necessitated Bitcoin in the first place was caused by government regulation. People can regulate their own behaviour without 3rd party "help". The incidence of fraud is no different under heavy regulation than it is under laissez-faire capitalism; the only difference is that fraudsters in the heavily regulated scenario need to be more imaginative with their schemes, to make sure they can't be punished as a consequence of breaking any regulations. 2008 wasn't that long ago.

If Bitcoin became enforced with financial standards regulation to the same level as distinct financial institutions, it would have been shut down at birth. The whole point of Bitcoin is that it outcompetes any ability to regulate it using traditional coercive methods, that's why Satoshi came up with the design he did. Bitcoin fits the laissez-faire model. It deliberately circumvents the coercive regulatory model, it was designed to supplant that model.

[cr1776]

people won't use bitcoin for remittance except if there is a stable market in their country they can sell in and with very low fees. because if the fees are high, people will go to Money gram and its similar because they are more efficient

This is the perfect place to use bitcoin.  If you have high inflation rate, people should use bitcoin for remittances.  Then get the people you are paying to use it too and never cash out into the local currency that is inflating away the value of the currency.

Then you don't have to worry about the inflation rate problems - in Nigeria, Venezuela or elsewhere.