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Author Topic: The Bank of Nigeria has a great sense of humor  (Read 245 times)
zeaderza
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March 12, 2018, 05:36:02 AM
 #41

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? Grin 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.

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March 12, 2018, 06:30:32 AM
 #42

I understand the article since most popular scams came from Nigeria, ever heard of Nigerian prince scam?

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March 14, 2018, 07:08:43 AM
 #43

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.
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March 14, 2018, 07:22:52 AM
 #44

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.

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March 14, 2018, 07:27:51 AM
 #45

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.
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March 14, 2018, 02:45:23 PM
 #46

And it seems that the unregulated population of the state institutions will leave the country's own currency, this is very heartbreaking.

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March 14, 2018, 03:01:53 PM
 #47

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.

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March 14, 2018, 03:14:33 PM
 #48

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.

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March 16, 2018, 08:17:37 AM
 #49

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.
That is the point. We must take some positive vibes within us that can lead us to better results. As far as this case is concerned, definitely we are thinking on individual level where government has to care about many things. From different point of views, these government officials have to take everything in account while we think they are doing nothing about bitcoins. Everyone is working according to their mindset.

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March 16, 2018, 08:57:00 AM
 #50

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.
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.
No, I guess it's rather about moving out of the country in general, since it doesn't seem to be a good place to live. Warning about cryptocurrencies is nothing to worry about. However, immigrating is a problem. One needs money and is putting at risk one's life this way.

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March 16, 2018, 09:20:09 AM
 #51

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
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March 19, 2018, 11:19:34 PM
 #52

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
Nigeria is a country if you have no idea, though the pronouncement by Central Bank Governor may not have strong effects on the crypto currency world over but within the Country it really negative effect on the demand for crypto  currency. Remember that crypto currency ban was not only pronounced by the Nigeria government Apex Bank but there are so many other countries that make such pronouncement.


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March 20, 2018, 12:13:49 AM
 #53

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.
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March 20, 2018, 12:26:31 AM
 #54

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.

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CHENIEN
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March 20, 2018, 01:16:29 AM
 #55

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.

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