Naija Reps & Cryptocurrency Palava

[Agbe]

As of 20th of December 2022, Naija lawmakers dey expect sae, a bill dat will regulate cryptocurrency in di kwantri go come 2 pass. Dem come diminished CBN influence on cryptocurrency in di kwantri.

Report: Nigerian Lawmakers Set to Pass Law That Diminishes Central Bank Influence on Crypto

Source

Di bill na 2 regulate cryptocurrency as a capital investment. According to Babangida Ibrahim, di chairman of di Capital Market & financial institutions come tok sae.

Central Bank Not Well-Positioned to Regulate Crypto
We need an efficient and vibrant capital market in Nigeria. For us to do that, we have to be up to date [with] global practices. In recent time(s), there are a lot of changes within the capital market, especially with the introduction of digital currencies, commodity exchanges and so many other things that are essential, that need to be captured in the new Act

Source

Di legal adoption of cryptocurrency (Bitcoin) in di kwantri is by di corner.

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[Charles-Tim]

Just like some countries, I expect Nigeria will later know that bitcoin is not even a security like stocks and bonds that government or business organizations can offer, it is a commodity like gold, silver and other physical assets, but just that it is digitally created.

Many altcoins are securities.

I hope crypto would be legally allowed in Nigeria which would lead to more crypto businesses and adoption in the country.

As of 20th of December 2022, Naija lawmakers dey expect sae, a bill dat will regulate cryptocurrency in di kwantri go come 2 pass. Dem come diminished CBN influence on cryptocurrency in di kwantri.

It is a good news.

I do not know how true this is, but crypto adoption in Nigeria is growing, reported that crypto investment grew by 5% in 2022 in Nigeria even as there was downtrend and significant bear market.

Instead of the government to take advantage of tax, they allow CBN to deem crypto to be what should be avoided and what government should not support. But with time, I hope things would change for better.

[Igebotz]

As of 20th of December 2022, Naija lawmakers dey expect sae, a bill dat will regulate cryptocurrency in di kwantri go come 2 pass. Dem come diminished CBN influence on cryptocurrency in di kwantri.

It's funny how the CBN, which is supposed to regulate only financial markets according to the constitution and at least what SEC boss Babangida  Ibrahim stated, went ahead and regulated and banned bitcoin/crypto without the consent of the SEC, which is supposed to be in charge of capital markets. NO BE JUJU BE DAT ONE?What really puzzles me is that the SEC has designated crypto assets as securities assets in 2020 but were forced to abandon those regulations they put in place to support and the regulations by the CBN in 2021, so my question is why didn't they try to stop or oppose the CBN when those regulations were placed behind their back in 2021?


this our apex bank ( CBN) just dey trow regulations anyhow, funny enough dem think say they have all the right but the real palava na SEC wey no sabi their right. even the memo they published in 2020 they did not specify if crypto is legally or not, they were just beating around the bush and when CBN placed the ban on banks from dealing with crypto transactions NA SEC even carry the whole tin for head  . confused set of people.

[Frankolala]

This news as I dey read am e just dey sweet me for belle,imagine this bastard CBN governor just the do the country anyhow wey e like, because say na hin dey in charge of Money matta for we country. I believe say Ibrahim Babaginda don put am to him place say e no get right to control capital market but only financial market becos crypto users no get account for any of e nonsense banks wey make am dey feel like say e na God.

Na so u just put new policy for maximum cash withdrawal but e no fit go defend himself for house of rep. This governor of CBN na wrong orientation e dey bring out from him head to use condition people financial life. Finally crypto GI dey legalize for Naija na this kind news we need to dey hear atleast e go bring job opportunities for the youths as many youths go see am as a means of earning a living for themselves.

[Coyster]

I think the whole thing boils down to lack of understanding from CBN (i don't blame them anyway because they are not the appropriate body expected to regulate the capital market in the country), it is the duty of the SEC, and Nigeria should know that. Hopefully when CBN's power is diminished on crypto and the capital markets in general, the SEC can lift the ban on financial institutions processing crypto transactions, and thus regulate correctly what is deemed as a security or investment contract (of which Bitcoin is not).

I hope crypto would be legally allowed in Nigeria which would lead to more crypto businesses and adoption in the country.

Hopefully so, though we know it isn't illegal in the sense of a total/complete ban, but the ban by the CBN somewhat raises the suspicion that the government might soon be completely hostile to crypto which would definitely affect any crypto business that had prolly sprung up prior to that, i hope most of the dust settles so people can understand what the nations stand on crypto is.

[Fivestar4everMVP]

E don dey clear for their eye say cryptocurrency no be wetin they fit ban for ever, even with the ban in full force, naija people still dey invest and trade cryptocurrency on the go.

Our CBN governor na really yeye man(God forgive me for using that word), just imagine the naira wey he claim say they redesign, na ordinary repaint dey repaint am, since when to repaint something turn redesign?
The other day, I go withdraw ordinary #415,000, GT bank tell me say dey no get that amount for the whole of the bank, con tell me make I go come back the next day, they just dey make life stressful for people.

I thank God say finally, they don dey see the benefit wey dey for crypto, countries like El Salvador, Brazil wey legalize crypto payments for their country no dey stupid, if we ask them, they know how much dey don generate from taxing crypto payments, yet, Nigeria government think say banning crypto go help our economy, but atleast, now dey don see where e help the economy reach.

[Coyster]

E don dey clear for their eye say cryptocurrency no be wetin they fit ban for ever, even with the ban in full force, naija people still dey invest and trade cryptocurrency on the go.

E no get when naija ban crypto in full force, the only thing wey them ban na direct transactions from banks to crypto exchange, and crypto exchange to banks. No reason am oh, but a country like naija fit ban crypto and nothing much go happen (though i don't want that to happen), and the reason why trade still they go on well well now via P2P for naija na because say government no ban crypto/make it illegal, if to say na that one them do, trust me trading and investment in Naija go drop well well.

The other day, I go withdraw ordinary #415,000, GT bank tell me say dey no get that amount for the whole of the bank, con tell me make I go come back the next day, they just dey make life stressful for people.

Ah, na the first time i they hear this kind thing oh. Even the cashless/withdrawal policy never start, na next year e go start, and even so you fit withdraw 100k and 500k OTC, and even go above that if you are willing to pay the charges that it attracts.

yet, Nigeria government think say banning crypto go help our economy, but atleast, now dey don see where e help the economy reach.

E no get when Naija governement reason like that, mind you say na CBN ban direct trasactions via banks to crypto exchange and crypto exchange to banks, and i no sure say na economy matter make them do am, it is more about regulation, that is why lawmakers now wan make sure say SEC wey be the appropriate body go they handle issues about the capital market.

[CryptSafe]

The time we have long been anticipating is rightly at the corner. I could remember vividly clear when a serving senator as at then  some years ago said that Nigeria realized billions of naira from revenue as a result of Crypto currency transaction which means definitely the government would really put interest in it that was why I did not bother myself with the Crypto and government palava because I know for sure they would definitely pick interest in it because I  do not see any reason why a Government looking for source of revenue would intentionally stop a particular source of revenue which rakes in billions of naira on daily basis. It is not possible for the long term neglect to Crypto currency activities. I know for sure this day would come when our nation house would delibrate on it.

[CryptopreneurBrainboss]

Di legal adoption of cryptocurrency (Bitcoin) in di kwantri is by di corner.

Me I just believe say na peer pressure dey hold Nigeria backwards, like we get so many countries wey our leaders dey reason before them implement laws if not e get some kind things we no for dey waste time implement. Our government no understand say this cryptocurency na movement and if we no dey among the first users we fit miss betterments wey dey follow am. Why we go allow companies dey go Ghana and other friendly nations when we for fit hold them hostage for here and tax them for we to dey get revenue as country and put laws wey go make dem they hire 70% of our own to reduce our unemployment level.

Like we get the population already and companies like that kind thing. Just imagine if the Bitcoin conference were coming to Nigeria, how e for help improve some kind things for the nation. Even the African own dem host, dey no carry am come Nigeria upon all the domination wey we dey do. The whole thing just tire me. Everywhere we just dey like consumers and no production. Abeg make dem do make am legal make person go dey carry head up say him dey into the space instead of they hide upandan.

[Lida93]

As of 20th of December 2022, Naija lawmakers dey expect sae, a bill dat will regulate cryptocurrency in di kwantri go come 2 pass. Dem come diminished CBN influence on cryptocurrency in di kwantri.

It's funny how the CBN, which is supposed to regulate only financial markets according to the constitution and at least what SEC boss Babangida  Ibrahim stated, went ahead and regulated and banned bitcoin/crypto without the consent of the SEC, which is supposed to be in charge of capital markets. NO BE JUJU BE DAT ONE?What really puzzles me is that the SEC has designated crypto assets as securities assets in 2020 but were forced to abandon those regulations they put in place to support and the regulations by the CBN in 2021, so my question is why didn't they try to stop or oppose the CBN when those regulations were placed behind their back in 2021?


this our apex bank ( CBN) just dey trow regulations anyhow, funny enough dem think say they have all the right but the real palava na SEC wey no sabi their right. even the memo they published in 2020 they did not specify if crypto is legally or not, they were just beating around the bush and when CBN placed the ban on banks from dealing with crypto transactions NA SEC even carry the whole tin for head  . confused set of people.

The whole issue of this ban on cryptocurrency was even secretly spare headed by the commercial banks by feeding the CBN and the government lies about cryptocurrency which eroded FUD on the part of the government who quickly raised a ban on it without taking time to do their own investigations to those alleged facades of lies as giving by the commercial banks who were afraid of the daily  influx moves by their customers into their banks to withdraw their cash to invest it into cryptocurrency, and the commercial banks felt they might lose out of money for loans and investments that they usually use customers money to run for their own profit.
But I believe today the government has seen otherwise and have come to an understanding of what naija government is losing from excluding themselve from involving in cryptocurrency as a digital currency with so much opportunities accrued.
I just hope say both the SEC, CBN and other Arms of govt dem go quick joint body togeda see how Dem go allow cryptocurrency start to operate for we country legally as we dey enter the 2023 cos time no dey like dis.

[uchegod-21]

According to Babangida Ibrahim, di chairman of di Capital Market & financial institutions come tok sae.

Make una no vex o, hope say na new Babangida Ibrahim be this? Me sef don dey lose interest for dis Nigeria koni koni movement. Everything about Nigeria dey tiring. If you never waka or get friend wey waka or get outside country friends you go think say dis country dey work. But honestly, nothing dey work for this country.

Right from time Naija no get law na. Dem dey use decrees wey our colonisers keep, dey amend dem small small say na constitution.

[Agbe]

According to Babangida Ibrahim, di chairman of di Capital Market & financial institutions come tok sae.

Make una no vex o, hope say na new Babangida Ibrahim be this? Me sef don dey lose interest for dis Nigeria koni koni movement. Everything about Nigeria dey tiring. If you never waka or get friend wey waka or get outside country friends you go think say dis country dey work. But honestly, nothing dey work for this country.

Right from time Naija no get law na. Dem dey use decrees wey our colonisers keep, dey amend dem small small say na constitution.

This Babangida Ibrahim na 4 di chairman 4 capital market and di institutional organizations. This one e dey different from di former head of state. Di mata bi sae, Nigerians leaders e don confused weti dem wan do, dem just dey beat around the bush. If Nigerian leaders dey do their campaign promises then by now Nigeria for don develop pass like dis but all their campaign promises are fake promises to the masses.

[gabbie2010]

My own bi say we get usesless and non updated government officials who are brought up with old school mentality, imagine the so-called giant of Africa wey de lag behind in term of cryptocurrencies adoption, even with the ban crypto the decentralized nature of the coin had make our transactions work smoothly and swiftly and them bi losing revenue, my own bi say if Naija Reps like may dey pass the law if them like make they no pass am, as we crypto enthusiasts we go jolloy dey go, Imagine the huge number of jobs that will created for our unemployed youth if we had a thriving crypto system, government will one way or the other earn reasonable income on taxes from crypto transactions.
Meanwhile congratulations to our Ogas in the house for their efforts in ensuring we had naija board kudos to CryptopreneurBrainboss, igehhh, Charles-Tim, Smartvirus, Mpamaegbu and others that I couldn't mention your names you did well.

[BIT-BENDER]

E dey off me say Nigeria way hey many economical, environmental, physical and so many other palava for our hand and na to regulate Crypto-currency be their target.

How can a country be so keen on blocking road for its citizens financial freedom. This mata tire me, I no think say crypto-currency has caused any thing for this our country to require regulations besides this is one ecosystem Nigerians they thrive

[RockBell]

E dey off me say Nigeria way hey many economical, environmental, physical and so many other palava for our hand and na to regulate Crypto-currency be their target.

How can a country be so keen on blocking road for its citizens financial freedom. This mata tire me, I no think say crypto-currency has caused any thing for this our country to require regulations besides this is one ecosystem Nigerians they thrive

The thing tire me oh I wonder if our legislators get priority at all because I no sure when we have a lots of challenges as a country na to regulate crypto be their problem, I don't blame our politicians sha some of them no actually get knowledge of the offices them they occupy na why them they always misplace priority be that, the thing just tire me for them I no go lie.

[CryptopreneurBrainboss]

How can a country be so keen on blocking road for its citizens financial freedom. This mata tire me, I no think say crypto-currency has caused any thing for this our country to require regulations besides this is one ecosystem Nigerians they thrive

Chairman no talk oh you know how many people Crypto related businesses dun cripple on a steady. Take a step back to MMM wey use crypto and fiat investment scheme take clear people account. The rate of crypto currency investment scams dey increase daily and there's nothing the government fit do about am since the industry no dey regulated, if them regulate am just like the stock market, you go need permission before you fit start up some kind business and any fuvkup the government fit find you come.

Regulations go also help companies come into the country come do business. Me self for prefer more friendly environment to regulations but if this regulations go mean say the government go come dey friendly to crypto and allow companies to get based for Nigeria e go make sense. The likes of Binance and others go come operate freely and hire Nigerians in the process and many other investors fit enter the space and improve it. We wey understand how the thing be go sabi bypass all this regulations as we go dey careful on centralized service providers but on a generally note, e go reduce the scams hiding under the label of cryptocurrency to defraud people.

[Davidvictorson]

Di legal adoption of cryptocurrency (Bitcoin) in di kwantri is by di corner.

This is good news but we shouldn't be excited just yet because we know how these things work. Apparently, it seems to be that the reason why we are seeing a push from the lower chamber may be because there have been some serious lobbying going on in the background and vested interests too. However, one of the statements I like from the article is what the Mr. Ibrahim said - "It is not about [the] lifting of the ban, we are looking at the legality: what is legal and what is within the framework of our operations in Nigeria. The CBN is regulating financial markets and the Securities Exchange Commission regulates the capital market". It is my earnest wish to see a desireable outcome sooner than later.

[SmartCharpa]

E dey off me say Nigeria way hey many economical, environmental, physical and so many other palava for our hand and na to regulate Crypto-currency be their target.

How can a country be so keen on blocking road for its citizens financial freedom. This mata tire me, I no think say crypto-currency has caused any thing for this our country to require regulations besides this is one ecosystem Nigerians they thrive

There matter just tire anybody, how dem go take dey plan how to block ways that the youths dey see their daily bread chop, dem just go dey think unreasonable things always, How does the cryptocurrency take concern their economy wey crypto will take be there target.
I think dey are happy always seeing the citizens with empty pockets, we don't know maybe this naija fit become beta again.

[Asiska02]

Naija my country always looking for a way to milk their citizens of their little earnings and claim to be buiding economy of the nation with it. Before cryptocurrency came, they were other sectors where dem dey generate revenue from. Now why d sudden change to legalise and regulate the use of cryptocurrencies if not for their selfish gain. I hope the regulations will be lenient for the local man (vulnerable citizens) not to lose hope in investing in the cryptocurrency market as many don find means of livelihood there.

[EarnOnVictor]

I insist that no reasonable country would ban cryptocurrency if they truly understand the modality, scheme and logic behind its operation. Unfortunately, they don't seem to know as they believe that cutting the head is the solution to headaches, which is so awkward to me. As there are unthinkable leaders that are brainless giving policies, thankfully, there are some that are putting their activities into check, and I believe that cryptocurrency would win at last.

What CBN and every one of its supporters did is anti-Nigerians, because cryptocurrency would bring more fortune and opportunities than the risk involved in it. It would even prosper the country better if they know how to engage the opportunity. Let's hope there would be a speedy recognition of it soon.