A very good speech concerning Cryptocurrency.

[Princess Leah]

 I came across a vídeo on the media, involving the former deputy Governor of Ekiti State (Biodun Olujimi) who's currently the Sen representing Ekiti South. the vídeos i saw is a plenary meeting of the senate concerning the regulation of Cryptocurrency but what got me very interested was a speech  made by Sen Biodun.

 "Mr president there's really not too much to say about this. We didn't creat Cryptocurrency, and so we cannot kill it, and we cannot also refuse to ensure that it works for us. Definitely they are not like us, me i am used to tangible medium of exchange, i carry my cash in my pocket, I paid. But the world has gone so far Mr president, and this children are doing great business with it, they're working everyday on their laptops, on their phones and they're getting results and Nigeria cannot immune itself from this sort of business and, what we can do is ensure the space is regulated in such a way that bad people cannot use it. What we didn't create, we cannot fully regulate but we can manage it and i believe that is why this motion is really important, the time has come for us to be able to harmonize all the issues concerning Cryptocurrency and have a proper way forward on how to manage it and manage our youths".

 I was really amazed by this speech and I'm happy that despite the bad government, there are still sensible people among them, that would always kick against their wrong act towards frustrating the youths. What impressed me about her is that she acknowledged the fact the youths are really working hard and getting results out of Cryptocurrency and the Nigerian Local Board and the progress of Nigerians here is a proove about that, not some of our politicians who thinks we're lazy. Like she said, banning exchanges or banning Cryptocurrency entirely is not a good way to go about it, but ensuring that it is regulated in such a way that bad people can't use it is a very good idea. The government should think about how many businesses they’ll collapse if they ban Cryptocurrency entirely cause it could further increase the rate of crime thereby forcing more youths who's business are crumbled to go into criminal activities for survival.

 Here's a link to the video incase you're interested in watching it.
https://twitter.com/PulseNigeria247/status/1359869126785785858?t=c3DsAIpyy4fUF6pOTZQbtA&s=19
 

[Charles-Tim]

The Senate may not say anything just as it was before during Buhari time in a way that bitcoin and other cryptocurrencies are not banned in Nigeria but the CBN banned it.

I will like the bill that can be passed to override CBN position on cryptocurrencies. But I guess it would still be as it was during Buhari time. No Nigerian will label their transaction as crypto P2P.

I think the SEC that did not say anything before are now on the move to do something. Let us see what they got to offer.

You can see the useless moves of the CBN on fintech recently. Another poor move which was just not more than a threat. I do not think the CBN know the connection between fintech and crypto traders is like the connection between commercial banks and crypto traders.

They manipulated dollar price to naira from ₦465 to ₦1600 to be able to pay workers salary, generate 2024 budget and to pay Chinese loan but saying that the manipulation is caused by Binance.

[sotelorene]

This is really a nice comment or suggestion from Biodum Olujimi. I wonder how someone will want to destroy what he/she didn't creat, I don't still know why the Government is being selfish over everything. Sometimes,  I wonder if they think about the happiness of the youth and the country at large. If they should tell you the amount of corruption this crypto has prevented you will marvel. I just hope they consider Biodum suggestion

[Promocodeudo]

The Senate may not say anything just as it was before during Buhari time in a way that bitcoin and other cryptocurrencies are not banned in Nigeria but the CBN banned it.

I will like the bill that can be passed to override CBN position on cryptocurrencies. But I guess it would still be as it was during Buhari time. No Nigerian will label their transaction as crypto P2P.

I think the SEC that did not say anything before are now on the move to do something. Let us see what they got to offer.

You can see the useless moves of the CBN on fintech recently. Another poor move which was just not more than a threat. I do not think the CBN know the connection between fintech and crypto traders is like the connection between commercial banks and crypto traders.

They manipulated dollar price to naira from ₦465 to ₦1600 to be able to pay workers salary, generate 2024 budget and to pay Chinese loan but saying that the manipulation is caused by Binance.

Am concerned about this manipulation of currency, the problem of Nigeria in regards to their currency devaluation is caused by the government, boss I must say that they did not only manipulate dollar price to sought out Nigeria debt alone, they also did it for selfish reasons, government officials has this information already, so the make use of that opportunity to do their dollar exchange knowing fully well that the same government will later fight the price of dollar hypocritically, truth will continue to unveil, how will the CBN perform very well when they claim to know when they know nothing, we will continue to suffer this until the people that understands crypto is been appointed into financial institutions.
I think we experienced reckless use of power by both the previous CBN governor and the present one, there actions has made us to believe that they don't know much about cryptocurrency ordinarily Nigeria would have been a safe place for cryptocurrency tramsactions, although I know that no matter the witch hunting by the government, cryptocurrency must continue to excel here.

[Gozie51]

I never really see the senate making real supportive statement about cryptocurrency. In the last senate, sen. Lawal as the president of that house was not decisive about it and that was why CBN got the strength to begin kick on it because if it was tackled properly then to the favour of the people then CBN no go limit it transactions with the bank like they did. So now you are going to look at the head of the senate which is Akpabio because at the end of all committee discussion, report goes back to the house for approval and implementation. Akpabio doesn't look like someone who is in line with modern technology and digital services, he looks more like an analogue person that carries out the orders of the president. So that is where the challenge is.

[AVE5]

Most importantly note on her speech was the fact that she acknowledged that they can't destroy what they didn't create.
She understood verily that cryptocurrencies are decentralized and non custodian concepts which no authority in a global range has ever successfully been in control of and so they the Nigerian legislatures can't afford to be the ones breaking the record.
Literally it's a shame for the Federal government of Nigeria to agitate on how they can stay on top controlling the crypto system and because they're unable to penetrate in, they began acting unholy romances by fighting for the crytop industry.

The woman has just said it all by letting the Senate know that they're taking the process of actions on the wrong direction perhaps, it can be managed by them but can't overrule the process to be centralized at their custodian.

[Smilevictorobinna]

I still don't understand how cryptocurrency is affecting Nigeria economy negatively.
We all no the reason for poor economy in Nigeria is poor leadership.
Now that they have ban cryptocurrency let see if the economy will now be balanced, a lot of countries has adopted the use of cryptocurrency as a means of exchange and is working very well for them.
Nigeria government should look into building good factories and making sure they are working very well and see if the economy won't change for good.

[Hewlet]

What most of our leaders have failed to understand is that times are gradually changing and things are evolving to a large extent in the world. The same way they are kicking against crypto and have failed to see the good side of it is the same way most of our parents don't still understand that times have changed and that most youths not don't need to depend on the kind of jobs and systems that was prevalent in the past as a major source of livelihood in the present.

I guess that the lady has seen the knowledge gap between colleagues and the youths and that what's likely the reason for the misunderstanding on the part of our leaders is that they don't really understand how the crypto systems works and aren't even ready to know it so as to look at the possibility of using it for our own good. This is the kind of mentality we need from our leaders. Why fight against something that is helping your youth? Isn't it best you regulate the system in such a way that it doesn't get into the wrong hands and that you at least have an eye on the system to know what's going on there?

[Uhwuchukwu53]

The woman is given a strong hopeful speech, and trying to let them know that its hard to destroy what you can't build, why we still watch their python dance of going after crypto the truth remain that our government don't really know what is affecting the economy and how to fight against it because no body can clearly state the area crypto leads to the economy challenge we are facing recently fuel is scarce in may state now in this country and cost has risen where many filling station sell above the required price does that has to deal with crypto the answer is no, the truth remain that our government want to dance around why achieving their aim of raising dollar to that point by CBN.

[Zanab247]

It show from this woman, that we still have people in the Senate position who are bold to tell the Senate president the truth, that cryptocurrency has removed many poor youths of Nigeria from poverty which the government need to create a good atmosphere for the youths to have freedom to cryptocurrency in the country.

Based on the comment the senator made, it show that if she courtesy for president position in the future, and she win the president sit, she will surely make cryptocurrency legal tender in the country to make both international and local business men and women to use cryptocurrency to improve their business.

I guess, this woman have the knowledge of cryptocurrency because she has hit some points Senate president need to know not to allow anybody to deceive them to ban other Cryptocurrency exchanges which is the fear of many crypto users.

[DubemIfedigbo001]

The Nigerian government is always as confused as ever in their solution on national concerns. Its getting crystal clear that the fed is against the progress of the youths. The youths are utilizing crypto to progress and make a living and the government is tagging it a national security threat, forgetting its good sides and focusing on the perceived negativity. Why would they be pessimistic on what's clearly a promising  future for the current and younger generation. I'm happy not everyone of them in the senate is as daft as the rest. The lady spoke well.

If you notice properly,  the crime rates reduced significantly with the strong emergence of crypto related activities. It has provided jobs for the youths and a means of livelihood independent of the government. We can take ourselves as examples that are getting some passive funds from Sig. Campaigns. I know some friends that are good in trading and they're living fine. The crypto that could enrich the economy if properly managed is being attacked by the government. What a shame and lack of foresight!. Like the woman rightly said, you cannot destroy what you didn't create. The earlier they understood that, the better for them.

I

[Ever-young]

I never really see the senate making real supportive statement about cryptocurrency. In the last senate, sen. Lawal as the president of that house was not decisive about it and that was why CBN got the strength to begin kick on it because if it was tackled properly then to the favour of the people then CBN no go limit it transactions with the bank like they did. So now you are going to look at the head of the senate which is Akpabio because at the end of all committee discussion, report goes back to the house for approval and implementation. Akpabio doesn't look like someone who is in line with modern technology and digital services, he looks more like an analogue person that carries out the orders of the president. So that is where the challenge is.

Normally self, some people no really like this cryptocurrency matter, thinking say na waste of time and energy and some think say na scam, talk more of our leaders wey be dem dey find all possible means to comot cryptocurrency in this country best reasons know to them but me I see am say them dey block our way of progress and innovation for this country, they just want us to always be dancing to their tone forgetting say we too get say as far as na wetin go profit us because cryptocurrency don and go still dey change the life of more people for Nigeria here too. So depending on our traditional banking or the government alone will be at our own risks.

[CryptopreneurBrainboss]

What impressed me about her is that she acknowledged the fact the youths are really working hard and getting results out of Cryptocurrency and the Nigerian Local Board and the progress of Nigerians here is a prove about that, not some of our politicians who thinks we're lazy.

The thing be say we have reasonable politicians in the midst of all the useless ones we have in the office. I see her somehow young and this might be why she understands what crypto is and advising her fellow house members to look for  ways to benefits from it instead of banning it. The Nigerian government are just not being considerate, dem no dey see say the country no easy so abi dem wan make we dey beg dem to chop from morning to night, this one way we dun use dey see front dem no want make we enjoy am. The government no know wetin dem go focus attention on because there are many ways to fight the Naira devaluation wey dey happen so and strengthen the economy of the nation wey no go involve attacking cryptocurrency.

The government should think about how many businesses they’ll collapse if they ban Cryptocurrency entirely cause it could further increase the rate of crime thereby forcing more youths who's business are crumbled to go into criminal activities for survival.

E get businessess self wey dem go kill before e start, there are many businesses wey for find their way into the economy but as the government dey attack the industry dem dun they chase away the business already. Na the negative treatment wey the government been given the industry from day one na wetin hold back the growth of cryptocurrency for the country now they wan add this one wey go just kill everything crypto for the country. Our government no dey try so next time before we vote anybody into power make we make sure we know their literacy level so dem no go dey kill wetin fit bring development for the country.

[Cossyblack]

What impressed me about her is that she acknowledged the fact the youths are really working hard and getting results out of Cryptocurrency and the Nigerian Local Board and the progress of Nigerians here is a prove about that, not some of our politicians who thinks we're lazy.

The thing be say we have reasonable politicians in the midst of all the useless ones we have in the office. I see her somehow young and this might be why she understands what crypto is and advising her fellow house members to look for  ways to benefits from it instead of banning it. The Nigerian government are just not being considerate, dem no dey see say the country no easy so abi dem wan make we dey beg dem to chop from morning to night, this one way we dun use dey see front dem no want make we enjoy am. The government no know wetin dem go focus attention on because there are many ways to fight the Naira devaluation wey dey happen so and strengthen the economy of the nation wey no go involve attacking cryptocurrency.

The government should think about how many businesses they’ll collapse if they ban Cryptocurrency entirely cause it could further increase the rate of crime thereby forcing more youths who's business are crumbled to go into criminal activities for survival.

E get businessess self wey dem go kill before e start, there are many businesses wey for find their way into the economy but as the government dey attack the industry dem dun they chase away the business already. Na the negative treatment wey the government been given the industry from day one na wetin hold back the growth of cryptocurrency for the country now they wan add this one wey go just kill everything crypto for the country. Our government no dey try so next time before we vote anybody into power make we make sure we know their literacy level so dem no go dey kill wetin fit bring development for the country.

Sir,You dey talk truth,our govt dey very bias anything wey go benefit the youths,wey go remove our youths from poverty, you go see say govt go Start to fight that thing. Check that Senate house,you go see say those lawmakers dey only pass bill wey go favor them and der rich folks alone. If politicians 4 diz contri sell/ convert der dollars to naira,our naira 4 don appreciate stronger against d dollars. The reason why govt dey fight crpyto na bcos dey no want see our youths grow for diz contri,you know dey ask yourself why govt no dey like to create jobs for diz contri,dem no won just see us make am at all,dem won make we continue to dey beg dem money and food to eat,but God pass them bcos crypto have com to rescue our youths from poverty.

[Mate2237]

In any National House Assembly in any regime.therw good and bad law makers and the suggestions of the good ones are not considered as good while the bad ones are accepted one because they are in large number to voice out over the good ones. And the suggestion of that senator to regulate cryptocurrency for the youths to do their normal business will be accepted by the majority in the house. We have politicians that understand how live is in Nigeria and how this unemployed youth dey take dey manage their life with this cryptocurrency business.

Even taking this fight to the exchanges is not the best approach to be used though the exchanges are also over doing their part for the manipulation of the naira but a simple policy can correct everything.

[Frankolala]

Mama na mama. Mama no go fit dey house see say hungry dey catch her children make she no do anything. Mama feel for children pass their papa, and this na him make those heartless men wey no dey consider the youths just dey do anyhow on cryptocurrency issues for the country because them know say them no go fit benefit from am since them dey use to the traditional money system.

Nigeria government should allow the youths to breathe by finding a means wey them go fit take regulate cryptocurrency currency instead of this unfavorable leg wey them dey bring to choke easy use of crypto for us to help our lives with am. If them regulate am, the government go also benefit. If say na wetin these old folks go benefit from, them for don rush make everything easy. Na our turn to shine, the government likes it or not, e ause we are independent, and we don't need them to make money.

[CryptoHeadlineNews]

I was really amazed by this speech and I'm happy that despite the bad government, there are still sensible people among them, that would always kick against their wrong act towards frustrating the youths. What impressed me about her is that she acknowledged the fact the youths are really working hard and getting results out of Cryptocurrency and the Nigerian Local Board and the progress of Nigerians here is a proove about that, not some of our politicians who thinks we're lazy. Like she said, banning exchanges or banning Cryptocurrency entirely is not a good way to go about it, but ensuring that it is regulated in such a way that bad people can't use it is a very good idea. The government should think about how many businesses they’ll collapse if they ban Cryptocurrency entirely cause it could further increase the rate of crime thereby forcing more youths who's business are crumbled to go into criminal activities for survival.

Right from time, our Nigerian government have always failed to approach the issue about cryptocurrency in the right manner, that is, by approaching these exchanges to have a unified terms of service, but rather they never did it and now want taxes to be paid to them, whereas there was no memorandum of understanding from the unset. So in regards to her speech, I will I really acknowledge her for been truthful, because it only take an enlightened person who is expose to modern day technology to reach the way she did, as her speech will go a long way to enlightened the Senate that crypto has indeed done more good than evil to the Nigerian youths, and deserves a chance, even if it will be regulated with the help of these exchanges, because delisting NGN from the different exchange trading pair will never solve the issue of Naira to Dollar depreciation, and as such it better they approach this amicably.

[Cryptoprincess101]

~snip~

I also believe that CBN is the major threat to cryptocurrency now because they are the ones feeding the Federal government that crypto transactions are the cause of Naira devaluation but if a bill can be passed to supercede that of the CBN which I still feel it will be impossible because the CBN are working in alliance with the federal government so such bill may not be passed.

The CBN moving to give FINTECH directives not to allow their customers perform crypto transactions is laughable because just like I said in the other thread that Nigerians in the crypto industry have grown to a length that the decision of the government cannot really hinder everyone from performing crypto related transactions.

We all already knew that the naira have been going through manipulation by the federal government for a long time now but making look like crypto transactions is the cause of Naira devaluation is just nothing but making a case where there is no case.

[adultcrypto]

I will like the bill that can be passed to override CBN position on cryptocurrencies. But I guess it would still be as it was during Buhari time. No Nigerian will label their transaction as crypto P2P.

What if they succeed in achieving their plan of delisting NGN from all P2P platforms, how will people be able to connect and trade before it gets to the point of not indicating cryptocurrency in the transaction description?

You can see the useless moves of the CBN on fintech recently. Another poor move which was just not more than a threat. I do not think the CBN know the connection between fintech and crypto traders is like the connection between commercial banks and crypto traders.

Sometimes I do think that the government of the day are deliberately making effort to frustrate the younger generation for reasons best known to them. They are so quick to implement policies they copied abroad without considering the infrastructure,  economy and other things that made such policies to work abroad which are not available here.

They manipulated dollar price to naira from ₦465 to ₦1600 to be able to pay workers salary, generate 2024 budget and to pay Chinese loan but saying that the manipulation is caused by Binance.

I will love to know how the fall of Naira against the dollar helped or will help the government in paying the Chinese loan. For salaries, it is understandable but that of Chinese loan confuses me a lot as I have not been able to see the clue and I was even thinking it will make it difficult for them to pay the loan.

[Mr.suevie]

The Senate may not say anything just as it was before during Buhari time in a way that bitcoin and other cryptocurrencies are not banned in Nigeria but the CBN banned it.

I will like the bill that can be passed to override CBN position on cryptocurrencies. But I guess it would still be as it was during Buhari time. No Nigerian will label their transaction as crypto P2P.

I think the SEC that did not say anything before are now on the move to do something. Let us see what they got to offer.

You can see the useless moves of the CBN on fintech recently. Another poor move which was just not more than a threat. I do not think the CBN know the connection between fintech and crypto traders is like the connection between commercial banks and crypto traders.

They manipulated dollar price to naira from ₦465 to ₦1600 to be able to pay workers salary, generate 2024 budget and to pay Chinese loan but saying that the manipulation is caused by Binance.

Omo that your last statement really got to me because I never really check and look at the whole thing from that angle and that's why am marvel to the fact you dropped, I don't know how true this is but it's seem like exactly what the Nigerian government can do because they themselves are the major user of the dollar and now they have pinned everything on the poor image of binance and all CEX and crypto at large.