New world order or CBDC against cryptocurrencies

[zasad@]

Binance's Activities Are Illegal in Nigeria, Securities Regulator Says
The regulator also ordered all crypto platform providers to stop reaching out to Nigerian investors.
https://www.coindesk.com/policy/2023/07/31/binances-activities-are-illegal-in-nigeria-securities-regulator-says/

https://sec.gov.ng/warning-against-investing-with-binance/
"The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity, making such solicitation is doing so at his/her own risk."

Is this a hunt for Binance or cryptocurrencies in Nigeria?

[zasad@]

Another story from Africa
https://cointelegraph.com/news/crypto-zimbabwe-gold-backed-digital-token-payment-method

"On Oct. 5, the gold-backed digital token called, Zimbabwe Gold (ZiG), officially launched as a payment method. The launch was announced by the Reserve Bank of Zimbabwe (RBZ).

The RBZ introduced its new project in April 2023, highlighting that every issued digital token would be backed by a physical amount of gold held in the bank’s reserves. The RBZ first started issuing physical gold-backed tokens in 2022, claiming their successful adoption.

The mission behind both physical coins and the newly introduced ZiG is to persuade local investors to put their money into national assets and not United States dollars, which is not an easy task in a country with triple-digit inflation. RBZ Governor John Mangudya stated:

“The issuance of the gold-backed digital tokens is meant to expand the value-preserving instruments available in the economy and enhance divisibility of the investment instruments and widen their access and usage by the public.” "
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We remember the stories of countries that wanted to abandon the dollar and what happened to them. You can read about Muammar Gaddafi.

[Zoomic]

Zooming out a hundred times and you may see that Nigeria is a testing ground for the CBDC. If at first they only did this to Nigeria and succeeded they will do it to every country in the world. I think Nigerians are kicking back though.

I would agree with you that Africa, if not the whole world was just watching how the implementation of e-naira will actually play out. Assuming Nigerians succumbed to the pressure of the government and accepted e-naira widely, other African countries would have followed same process. It is because Nigerians rejected the idea, that is why it seems like it died a natural death.

Besides, the government of Nigeria did not use a nice process to introduce the e-naira to her people. Instead of the government to use the means of sensitisation to walk the people through the process, they chose the means of threats and punishment and the citizens kicked.

[zasad@]

If you talk about the collapse of the dollar, then only those states that depend on the dollar system will suffer. The US will suffer the least because it could go bankrupt or print a lot of dollars. But then the question arises who is the new Boss? Or there will be several new Bosses. To write off debts, a more global war is needed, and not minor conflicts, as in Ukraine.

This question worries me too. But if Europe formally participates in a war with Russia and kills its economy, there will be a new conflict in the Middle East and if the United States forces China to attack Taiwan, then the dollar will again be the strongest world currency. If China does not have wars and sanctions, it will soon become the new world Boss.

[zasad@]

https://www.reuters.com/world/africa/nigerian-central-bank-lifts-ban-crypto-trading-2023-12-23/
Nigerian central bank lifts ban on crypto trading
" Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular.

The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks.

Subsequently Nigeria's Securities and Exchange Commission (SEC) in May last year published regulations for digital assets that signalled Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use."

[tread93]

Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

[pinggoki]

Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

As @jackg has said, they need to incentivize the use of CBDC and I also would like to add to that the fact that if you create a crisis then make it so that you're making your people narrow their choices to bad for them but good to you and worse for them but the best for you, they'll choose most likely the lesser of all the evil. It's been a year since this topic but it seems that some of the horrors for the Nigerians are still persisting to the point that they have no choice but to succumb to the IMF's manufactured craze for CBDC. Can't believe that they're still justifying the use of this when it's just a stable coin but much worse because there's control from the government involved, the lifting on the ban hopefully creates something new for Nigeria though, they've got the potential to be rich if they just allow crypto to flourish there.

[zasad@]

Wow, I had no idea of the cash crisis in Nigeria, forcing these people to succumb to a CBDC it must be awful to have to do that. The IMF needed guinea pigs and I guess they got their wish here. Crypto will always remain safe haven to CBDCs and FIAT

As @jackg has said, they need to incentivize the use of CBDC and I also would like to add to that the fact that if you create a crisis then make it so that you're making your people narrow their choices to bad for them but good to you and worse for them but the best for you, they'll choose most likely the lesser of all the evil. It's been a year since this topic but it seems that some of the horrors for the Nigerians are still persisting to the point that they have no choice but to succumb to the IMF's manufactured craze for CBDC. Can't believe that they're still justifying the use of this when it's just a stable coin but much worse because there's control from the government involved, the lifting on the ban hopefully creates something new for Nigeria though, they've got the potential to be rich if they just allow crypto to flourish there.

Latest news from Nigeria.

https://www.forbes.com/sites/digital-assets/2023/12/27/nigerian-banks-set-to-launch-compliant-naira-stablecoin-in-2024/?sh=2989605c8484
"The New Naira Stablecoin (cNGN)
The newly proposed cNGN will be a compliant and regulated consortium-based Naira stablecoin. The cNGN will be pegged 1:1 with NGN, but unlike previous NGN stablecoin attempts, it will be held by Nigerian banks.

The key partners in the consortium include prominent Nigerian tier-1 banks such as First Bank, Access Bank, Sterling Bank, and Providus Bank, payments companies Budpay, Kora (formerly KoraPay), and Interswitch, and Blockchain consultants Convexity and Interstellar. The proposed cNGN stablecoin, similar to existing stablecoins, will facilitate seamless international transfer of NGN.

Nevertheless, there are still many unknowns about the cNGN that will need to be clarified by the consortium, such as the blockchain it will use and the planned apps and services for consumers."

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Russia is also undergoing mass testing of CBDC, but mass implementation is expected next year. All this will begin to be tested on students, new retirees and government officials.

[zasad@]

https://www.premiumtimesng.com/news/top-news/723986-exclusive-nigerian-govt-freezes-37m-worth-of-cryptocurrency-traced-to-suspected-protest-organisers.html
EXCLUSIVE: Nigerian govt. freezes $37m worth of cryptocurrency traced to suspected protest organisers
In the ex parte application filed on 8 August and heard by the court on the following day, the EFCC described the cryptocurrency assets as proceeds of money laundering and terrorism financing.

"The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests.

The freezing followed an order by the Federal High Court in Abuja.

The judge, Emeka Nwite, gave the order in a ruling delivered on 9 July, a copy of the decision seen by PREMIUM TIMES on Tuesday shows.

Mr Nwite issued the order based on an application by the Economic and Financial Crimes Commission (EFCC)."

[uchegod-21]

https://www.premiumtimesng.com/news/top-news/723986-exclusive-nigerian-govt-freezes-37m-worth-of-cryptocurrency-traced-to-suspected-protest-organisers.html
EXCLUSIVE: Nigerian govt. freezes $37m worth of cryptocurrency traced to suspected protest organisers
In the ex parte application filed on 8 August and heard by the court on the following day, the EFCC described the cryptocurrency assets as proceeds of money laundering and terrorism financing.

"The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests.

The freezing followed an order by the Federal High Court in Abuja.

The judge, Emeka Nwite, gave the order in a ruling delivered on 9 July, a copy of the decision seen by PREMIUM TIMES on Tuesday shows.

Mr Nwite issued the order based on an application by the Economic and Financial Crimes Commission (EFCC)."

That's how it happened. I'm a Nigerian. It is in my country that the government fights with the last drop if their blood to prevent innocent citizens from protesting. Infact, they go a long way to pay poor citizens to stage an anti-protest protest and it sounds funny.

The last major National wide protest was #EndSars protest and they did same thing. This time around, it is #Endbadgovernment protest.