Bureau de change backs ban on Cryptocurrencies in Nigeria

[IamDozzy]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

 

[Kamon c4]

This is an obvious attack on cryptocurrency fueled with jealousy. Bureau de change in Nigeria were finding it difficult with the dollar exchange. Very few people uses bureau de change since cryptocurrency became very popular. It’s easier to send and receive money though crypto without much tax involved. It’s obvious the people at the top don’t like this idea probably they want a cut from the tax😂.

 

[KvngMurphy]

This is an obvious attack on cryptocurrency fueled with jealousy. Bureau de change in Nigeria were finding it difficult with the dollar exchange. Very few people uses bureau de change since cryptocurrency became very popular. It’s easier to send and receive money though crypto without much tax involved. It’s obvious the people at the top don’t like this idea probably they want a cut from the tax😂.

Exactly! If you're in Nigeria you will know they don't like the progress of the masses and they want to limit everyone by relegating us to the background but our leaders have failed because our generation cannot be silenced. We will keep trading Bitcoin and when it's time to withdraw we will use the black market instead.

 

[Succjay]

The truth is that the Nigerian government loves to see her citizens suffer. That is the only reason they want to ban crypto currency in Nigeria. Not that they've provided enough job opportunities for the masses.

 

[Achawaskey]

One thing is certain if you don't embrace technology now in your business, it will send you packing in future, the fact is that crypto has come to stay just like any other technical tools. Is either they embrace it now that is too early or they have themselves to embrace by the system which will eventually happen in a hard way.

 

[Praaizz]

I really don't think it was a good action implemented by the Nigerian government to stop cryptocurrency activities in the country even china that banned cyrtocurrency at a point, that wasn't completely banned in china only to some extent. nevertheless, due to various instances in which it has been found to be untraceable and speculative and used for several criminal activities such as money laundering among other crimes will I assumed also lead to the action taken by the Nigerian government towards banning cryptocurrency in the country.

 

[Profuk57]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

I think with this statement.
We can now understand why the CBN and the government of Nigeria decided to ban all form of bitcoin and crypto currencies in Nigeria financial institution
It was just to favor for a certain group of people in Nigeria.

 

[Dubai]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

Yeah, I wasn't also surprise by the news either. BDC felt it was necessary for the CBN to have ban the use of crypto currency in Nigeria. They felt they have been shortchanged by those who transact between the naira and bitcoin. Well, the ban is likely to favour them in way. They somewhat stand to have more patronage if the ban becomes effective.

 

[kayode10]

I didn't expect something better from them because cryptocurrency didn't give them chance to rip people off hard currency. Cryptocurrency has made it easy for people to bypass the bureau de Change middle name. It is pretty much easier to receive fund from the following land which cryptocurrency essentially the bitcoin. As a result the middlemen are left out in cold and they did not want this.

 

[Kennysplash]

Nonsense, they are all birds of the same feathers. What are we supposed to do about this? Most of us youths are hustling and receiving crypto currency as payment. Example is bizdustry and other forums like it. How do we go about it now?

 

[Kayzzy3]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

What do you expect from them, the majority of those operating BDCs are from the North where the IT illiterate president I from, they want to continue in their archaic method of exchange.

Moreover the wife of the president operates a BDC so they would never support cryptocurrencies.

 

[Herzhan]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

What do you expect? They will surely support the act since it's not favouring them. It doesn't surprise me anymore. That's our country is been runned. Poor leadership and lack of foresight. They made things difficult for there citizens. The ban really affected Me badly. But with God all things are possible

 

[Royalty]

Well the bureau de change may have supported the decision of CBN to restrict or in term 'BAN' cryptocurrency in Nigeria.
It is important to note that CBN can not ban cryptocurrencies rather it can restrict on how people can buy and sell cryptocurrencies in Nigeria. The instructions in the circular pass by CBN prevent Deposit Money Banks (DMBs).

 

[Adeyoola7]

I don't blame them all about Nigeria is scam yes Bureau de change will back Nigeria government for ban crypto currency now because of there market because nowadays people don't go to them anymore to trade there money any more our people now prefer to trade it online so they won't be in support of now

 

[zenith]

Why would they not be happy when business men are now using bitcoin to pay for goods online because of dollar shortages.another thing I suspect is that they are partnering with banks in this dollar business,Both of them are benefiting from it.they are just another cooperate criminals.

 

[Ebuka Stephen]

Well for me this based on jealousy,the Nigerian government blocked the one way in which youths could make money online, the cryptocurrency has made jobless youths to have a job now , it has removed unemployment and now they chose to stop it but their plans won't work

 

[Blessedsam60]

Let the global association of the bureau de change join their forces together to antagonize the development, yet they will fail woefully because they don't have what it takes to silence the crytocurrency. They have to learn how to trade crytocurrency as well. Failures to learn about cryto, they will out of market soon.

 

[Dylinks]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

This assertion of BDC against the ban of cryptocurrency isn't good enough because we have crypto exchange platform that employs people and wouldn't want their business to run down as well. I think Nigeria should wise up and embrace crypto for a wider options for people to transact.

 

[Ltherman]

It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria. ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.

I am one of those firm believers that there is no need to go to the banks or BDCs to buy or convert dollars. When there is crypto it takes away the power of any institution to control when how and in what form you send money across borders. In Nigeria for instance so many parents have to go to banks to make use of western fund or other forms of international money transfer services to send money for their ward tuition fees abroad when an equivalent of this can be done with crypto without going through the hassles associated with the traditional mode of doing this things.

 

[tuna89]

My brother, is there any difference between the Nigerian Government and the Beraeu du change operators in Nigeria? it is being said that the ban also was because the aboki's businesses of currency exchange was lacking improvement meaning that their businesses were failing, so whose problem is that?, we need not argue much because the Naija Government is not there to help the welfare of the people.