[2016-12-19] Nigeria sets up a committee to study Bitcoin penetration

[newsatbravenewcoin]

The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Commission (NDIC) have set up a committee to investigate the growing trend of bitcoin use, according to the government-owned broadcasting station, the Voice of Nigeria. The news was revealed on Friday by NDIC Managing Director Alhaji Umaru Ibrahim at the 2016 Workshop for Financial Correspondents in Kaduna.

http://bravenewcoin.com/news/nigeria-sets-up-a-committee-to-study-bitcoin-penetration/

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[just_Alice]

The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Commission (NDIC) have set up a committee to investigate the growing trend of bitcoin use, according to the government-owned broadcasting station, the Voice of Nigeria. The news was revealed on Friday by NDIC Managing Director Alhaji Umaru Ibrahim at the 2016 Workshop for Financial Correspondents in Kaduna.

http://bravenewcoin.com/news/nigeria-sets-up-a-committee-to-study-bitcoin-penetration/

That's a great news. The more Bitcoin is adopted the better. Even though they are only starting to investigate the use of Bitcoin it is still a good thing, because where I live they haven't even started. That's a shame that most governments are still having no clue. Bravo Nigeria!

[royalfestus]

Somethings are interesting about the news, knowing that the country is ranked 12th among African countries with regular exchange of bitcoin. Research on it will be beneficial to impact payment system, safety, security of customers, monitoring impact on money laundering, corruption and crime. Will the country really use the research result and how reliable is the data in an anonymous bitcoin system/world.

[Dahhi]

I can assure you that the government only said that because it's thinking of making money out of Nigerians trading bitcoin - no more, no less.

[royalfestus]

I can assure you that the government only said that because it's thinking of making money out of Nigerians trading bitcoin - no more, no less.

They can only make money from the exchanges through tax which could increase transaction fee. the only way to sideline the government is to have exchange into your currency outside the country to avoid government intimidation.

[Qartersa]

I can assure you that the government only said that because it's thinking of making money out of Nigerians trading bitcoin - no more, no less.

They can only make money from the exchanges through tax which could increase transaction fee. the only way to sideline the government is to have exchange into your currency outside the country to avoid government intimidation.

Regardless if you exchange your bitcoin inside or outside the country you will still have to pay taxes if you incurred income. That is income tax. But if indeed bitcoin is taxed per transaction in the exchange then that would be the tax we could avoid if you use an exchange outside of your country. So I think it's really impractically for governments to tax bitcoin transactions in exchanges as people would just shift to another exchange outside of that country.

[The Bitcoin Co-op]

I can assure you that the government only said that because it's thinking of making money out of Nigerians trading bitcoin - no more, no less.

Yeah.

There's going to be Bitcoin regulations in Nigeria, soon, according to a source of ours. Hopefully they're not too restrictive, but unfortunately they probably will be. All the mobile money companies are in cahoots with the government there