Nigerian lawmakers raise concern on crackdown on cryptocurrency platforms

[Charles-Tim]

Nigerian lawmakers raise concern on crackdown on cryptocurrency platforms, launch probe

I have noticed that not only Binanace website you will not be able to access, you can not also access other sites like Bybit, OKX, HTX and others. You can only access them through the app or using VPN to access their website. We that are crypto enthusiasts can plainly see what is causing the bad economy from how this our government is handling cryptocurrencies exchanges. Binance sent two executives to Nigeria but the government detained them. We know how the government can make these exchanges to have offices in Nigeria and regulate them instead, but they did not but prefer to go the wrong direction.

You need to read this:

The House of Representatives, on Tuesday, resolved to embark on the probe following a motion of urgent importance moved by Ibrahim Isiaka (APC, Ogun).

In the motion, Mr Isiaka said the current administration is sending mixed signals to the international community on its stance on cryptocurrencies amid the arrest of two executives of Binance and utterances by senior government officials.

Mr Isiaka said the actions of the government recently put the country “in bad light with regards to observance of global statutes on fundamental human rights and rule of law and portrays the country as being dishonest and incompetent.”

The lawmaker said the government’s claim that Binance and others are disrupting the foreign exchange market is not backed by sufficient fact. He also questioned the assertion by the Central Bank Governor, Yemi Cardoso, on the impact of Binance on the Naira.

He added, “The conflict with the government about whether or not the crypto exchanges are determining the local foreign exchange rate and usurping the functions of the national bank does not appear to arise in other developed climes where appropriate statutes and regulations have been enacted and enforced to superintend crypto and other digital asset transactions.”

While warning against an outright ban, Mr Isiaka said other jurisdictions have used fines and other means to regulate the cryptocurrency market instead of banning or arbitrary arrest.

This is not the first time we have been saying that our government are not competent, and we know that we are talking about the executive government which is the presidency. Even Mr Isiaka said it this time and also said how do they want the international community to see this by this their bad actions of arresting Binanace officials. Our government and their officials just do something inappropriately. This as been one of the reasons this country may not move forward the way it supposed to. As it is in crypto, so they handle things inappropriately generally.

The resolution
Following the presentation of the motion, which was not debated, the House mandated the Committee on National Security and Intelligence to investigate the current status of cryptocurrency, blockchain, digital asset transactions, all the online peer-to-peer (P2P) marketplace, international money transfer operators, payment gateways and platforms, cloud computing, infrastructure (networks), utility sharing based platforms and their practices, in Nigeria to identify threats to National Security and gaps in legislative framework, statutes, and regulations to the detriment of the country.

The committee was asked to engage all relevant stakeholders to initiate the necessary processes for establishing required legislation and regulations.

Also, the committee is to Identify all the stakeholders operating in all categories listed above (1), and their operations in Nigeria and establish their profile (in line with Know Your Customer/Business protocol), such as legal status, and parent company.

The committee is to ensure equity, probity, transparency, the rule of law, and international best practices are observed by the government in investigating cryptocurrency exchanges and others.

The House also asked the committee to investigate the current status of the E-Naira on the global cryptocurrency platform, the cost incurred, the processes undertaken, and statutory compliance in creating the digital currency.

The committee was subsequently asked to report back to the House in three weeks for further legislative action.

https://www.premiumtimesng.com/news/headlines/674736-nigerian-lawmakers-raise-concern-on-crackdown-on-cryptocurrency-platforms-launch-probe.html

[AVE5]

Nigerian lawmakers raise concern on crackdown on cryptocurrency platforms, launch probe

I have noticed that not only Binanace website you will not be able to access, you can not also access other sites like Bybit, OKX, HTX and others. You can only access them through the app or using VPN to access their website. We that are crypto enthusiasts can plainly see what is causing the bad economy from how this our government is handling cryptocurrencies exchanges. Binance sent two executives to Nigeria but the government detained them. We know how the government can make these exchanges to have offices in Nigeria and regulate them instead, but they did not but prefer to go the wrong direction.

The Nigerian government says it has demanded almost $10bn (£8bn) in compensation from the cryptocurrency firm, Binance.

To them they didn't go the wrong direction because all they the Nigerian government wanted from the Binance exchange was the demand that they should pay the sum of $10 billion not that they wanted a desired structure about the exchange in ligns with the federal governments policies. The government is a selfish institution. They actually knows a more better way to follow these exchanges up relating to how it would benefit its masses but these embezzlers wouldn't do it because they feel there would be no dividend from the exchange that would get to their pockets and there is no taxations imposed on the masses over the exchanges.
Believe me, they were just after the money demanded to affirm a deal and that's why they took it that way round.

[cabron]

^
It's always going to be money as a means to negotiate. It's not surprising anymore. If it's happening in the richer countries, it is more usual in developing countries. We haven't heard the demands of some other African countries yet.

Binance settled to the US for $4B. But $10B? Binance will also be demanding a big favor from the government in exchange for that $10B.  With such a huge money, I think those Binance executives can buy a seat in the government already. 

[Frankolala]

I am happy that the foreign bodies have now seen that the executives are incompetent of the offices that they are holding. They don't think, and the way they treat Nigeria citizens by oppressing them and not giving the time to look into their complains, is what they have done to those tow Binance executives. Arresting is only what Nigeria government know, and that is what they think is the best way to handle issues. Imagine their mentality.

We are being ruled by incompetent, and no vision government, that do not like to buy ideas and accept new innovations. When will Nigeria have reasonable and competent leaders to pilot the country affairs forward. This their action has shown that Nigeria leaders are only after money, and not to improve the country's economy.

[Dailyscript]

This is not the first time we have been saying that our government are not competent, and we know that we are talking about the executive government which is the presidency. Even Mr Isiaka said it this time and also said how do they want the international community to see this by this their bad actions of arresting Binanace officials. Our government and their officials just do something inappropriately. This as been one of the reasons this country may not move forward the way it supposed to. As it is in crypto, so they handle things inappropriately generally.

I see that you are trying to be polite here with the choice of words you use. But I will be more specific and say that these scumbags are not just incompetent; firstly, they were not qualified; they made their way into those positions, and they are unfit to rule Nigeria. A country without a technological head is what we are facing. These old folk know nothing of technological advancement; there mentality is stuck with the traditional system of doing things. The universe has dived deep into technology, and various nations are accepting it because they know that it is the future. They have more investment, and much of their country's budget allocation and funding goes into their technological growth, while our country is fighting against its progress.

When power falls into the wrong hands, these are the kinds of things you expect. It all started with the military's rule (coup de tat), down to the democratic system of government, which has failed several times. Its now time to move to the digital and technological era of government. Power will be drawn from the advancement and existence of new technologies. Whoever creatively places his interest and contributes significantly to the advancement of the country will be seen as the leader. I believe that would help. I can't accept leaving a country where we are 4 decades back.

[Churchillvv]

We all know that this leaders are not philosophers, philosophers in the sense of decision making and perhaps it's said that philosophers makes good leader hence it's true.

From my perspective Nigerian government is practically going back or trying to maintain a past life that we have over come, which is copying every steps the US takes, since they probably almost succeeded with the case with binance, over government is also wanting to make such profit from the Binance company because they believe there are lots of funds in that platform.

If watched closely, other peer-to-peer (P2P) platform are not being recognized in this act but binance particularly is there focus. Just for them to maintain an opportunist country reputation, thereby risking the future of the country and reputation because of their selfish aims. old men that might die in less than no time wants to reap the country before the go off the earth but for me I'm very much convinced that this is just a main time trend it will soon be over and another trend will be out just to keep us busy till the loot enough funds in the 8 years.

[Antotena]

^
It's always going to be money as a means to negotiate. It's not surprising anymore. If it's happening in the richer countries, it is more usual in developing countries. We haven't heard the demands of some other African countries yet.

Binance settled to the US for $4B. But $10B? Binance will also be demanding a big favor from the government in exchange for that $10B.  With such a huge money, I think those Binance executives can buy a seat in the government already. 

The Binance they are accusing if manipulating the market has finally left Nigerians and our currency and not a change has happened, the dollar to a naira is still exchange for ₦1600 plus on many other platforms, isn't that a shame that the government are taking the wrong footstep in these issue but our government are the typical politicians with blaming lifestyle, that's how they are blaming the previous government instead of them to focus and makes the economy better.

The Binance will not pay any shit to Nigeria government. They agreed to pay $4b to US because CZ was involved and they were trying to protect the exchange because of US influence globally but what will Nigeria government do than what they have done already? They should better let binance be and focus their energy of making the economy back to atleast where PDP, when things wee cheaper.

[Richbased]

Nigerian lawmakers raise concern on crackdown on cryptocurrency platforms, launch probe

I have noticed that not only Binanace website you will not be able to access, you can not also access other sites like Bybit, OKX, HTX and others. You can only access them through the app or using VPN to access their website. We that are crypto enthusiasts can plainly see what is causing the bad economy from how this our government is handling cryptocurrencies exchanges. Binance sent two executives to Nigeria but the government detained them. We know how the government can make these exchanges to have offices in Nigeria and regulate them instead, but they did not but prefer to go the wrong direction.

If the government wants binance to be regulated, they made wrong moves because rather than following up the issue amicably, they went too far by arresting the two binance operatives but not withstanding, let's also look at this whole scene in a more concise manner, if binance have been operating p2p transactions in Nigeria without license or authorization from the federal government then it is actually bad of binance, because you can't just intrude into a country and start running a business without necessary documentation and authorization.

However, if the federal government continues to clampdown exchanges that are dealing with the naira then it's not really a good development because if they scare the whole exchanges away from dealing in naira, then it might lead to more chaos that would be bigger than this naira depreciation so they need to find a possible solution soon and should stop moving from exchange to exchange looking for ways to block Nigerians from performing peer to peer transactions.

[EL MOHA]

Binance settled to the US for $4B. But $10B? Binance will also be demanding a big favor from the government in exchange for that $10B.  With such a huge money, I think those Binance executives can buy a seat in the government already. 

If this is what the Nigerian government are looking at because US fined the binance exchange at a ground more compelling than what the Nigeria government is doing right now. Although I am not backing the US government too bought their reason was that a huge some of money was moved through binance to a terrorist group and was indications that something shaddy had actually happened and that’s why even CZ had to give in and resign and also the fine was paid. But the government saying that binance exchange had something to do with the Naira depreciation is just ridiculous.

[Makus]

This na better update as e be say na now our lawmakers Dem dey wake up from their sleep. How them go sit down dey watch make all this kind of things they happen. As I see the news I belle just sweet me because na wattin Dem supposed to do since to let the illiterate know say no be crypto be the problem. As Dem ban binance afa the rate of dollar to naira? Shabi e don start to increase back, now na 1600 to a dollar, disturbing the crypto market na very bad thing wey Dem do, though the did has already been done, even those binance officials wey Dem arrest na very nonsense step wey Dem take. If to say dem go fit come back in agreement with binance come settle the matter, e for sweet me. Them just dey spoil our name publicly, if to say na the youth naim do this thing we for no hear word.

[Obim34]

Binance settled to the US for $4B. But $10B? Binance will also be demanding a big favor from the government in exchange for that $10B.  With such a huge money, I think those Binance executives can buy a seat in the government already. 

If this is what the Nigerian government are looking at because US fined the binance exchange at a ground more compelling than what the Nigeria government is doing right now. Although I am not backing the US government too bought their reason was that a huge some of money was moved through binance to a terrorist group and was indications that something shaddy had actually happened and that’s why even CZ had to give in and resign and also the fine was paid. But the government saying that binance exchange had something to do with the Naira depreciation is just ridiculous.

If these government should ask for any amount, already hearing rumors of $10B being requested by our government then they are just hungry men who lack information and knowledge and will be the worst way to fine Binance even with no concrete reason that warrant them negotiating such amount. We still see the price of NGN, this should aswell let them know their incompetency in finding solutions to our problems.

[Y3shot]

 I knew it will come to this, I already know where this people are heading to . I'm still asking how can cryptocurrency affect the economy of a country.  The next thing that will happen is to ban cryptocurrency totally and they know the problem is not cryptocurrency but they keep doing this things let it be as if they are working. The government are just trying to frustrate the your people and it they continue to do this it can cause serious problems in the country if the young people comes out to challenge them.

[Amphenomenon]

To be Frank, the government is incompetent and not that I have much hope on this rep though they are literally right and all the same but let's see what Tinubu and  Cardross will have to say about their concerned.

Though I guess I can really say Fg was only interested in getting money from binance through fines but unfortunately it didn't go as planned, all the comment Cardoso ever spoken about binance, I have always seen a  harshness in it, they are only acting dumb just how they been acting. The best bet now is to take coins away from exchanges to good non-custodial wallets like bluewallet, Electrum and others for only bitcoin while Metamask for altcoins especially after this news: Nigerian Telcos Have Blocked Nigerians access to all crypto exchange websites

[adultcrypto]

I knew that the entire crackdown drama is a mirage and a case of chasing wind. Where on earth has it been said that cryptocurrency that is not even a legal tender in a country has the ability to impact on the monetary policy of a country? I think it has now become very clear that some of the people at the position of authority in Nigeria are not in tune with governance and what it takes to build a robust economy. It is interesting to know that some people in government are now seeing the incompetence of some of those officials and are beginning to ask questions.

After the sharade of a crackdown, Naira is till falling against the dollar,  our economy is still in shambles and "cost of living wan kill the living", what next? Will the people that championing the crackdown render apology?

[Cryptomultiplier]

This same government do not remember how the barter system functioned for ages until cowries and then the paper money which we know as fiat was formed.
If they did, they would know that cryptocurrency is the future of money and it is gaining users on a daily basis that rely on it to earn from trading, to pay or transact with and to send funds or receive funds swiftly and easily without huge fees.

Cryptocurrency is still a currency and should be treated as such by instead creating an enabling environment that would make it work so as to reduce the burden of Naira this and Naira that palava. Why don't they just regulate it as Britain did and the U.S. as well as some other countries that have become aware of this reality?

They said crypto was responsible for the rate of Naira because the merchants were at  liberty to fix their fees and prices to suit their conviction, but this isn't so really.

It's just sad that the government of this country doesn't want us to grow and develop so as to attract entrepreneurship, investors and more companies willing to employ the workforce that's unemployed but willing to work.