Bureau de change backs ban on Cryptocurrencies in Nigeria

[Michaellee]

It is not surprising that they back the CBN . there own source of income is exchange of dollars to naira, but recently instead of people to withdrew money in dollars and then go to does mallam to change currency to naira, instead people are withdrawing in cryptocurrency ,from there they change it to naira. So cryptocurrency is really spoiling there business.

 

[Johnbami]

Cryptocurrency has made a lot of people not to see all the partners like they were before for example the people you made mention of above I'm not able to get much just because of the cryptocurrency so definitely any ban on crypto wood be happiness for them

 

[mizzzlotam]

I guess that they supporting it is to their own selfish advantage. The are at disadvantage if there is no ban of Bitcoin. So I I’m definitely not surprise that they are backing the government on the ban.

 

[Joseph555]

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.

Forget about Nigerian law, it is always the opposite of the actual law, are we not still selling foriegn Rice in Nigeria?
Believe me this cryptocurrency law will not hold any water, as far as Nigerians are involved, they will always have their way over such temptation

 

[Ltherman]

ABCON definitely lost a huge market share when crypto came mainstream. So many people who use to depend on them for their dollar supply used for intenational payments but now there is an alternative source which is easier and fluid base that anyone can access and obtain with ease and payments will be made in minutes to a vendor abroad.

 

[Chumzy]

After government the biggest losers of crypto activities are the So called bureau the change. Think about it who still goes to then to change dollars in the orosent world. They have become absolutely useless because you can change your coins to dollars with your wallet.

 

[Mawome]

Well I see it as a malicious damage from the so called bureau de change in Nigeria, they left their major problem which is curuption, they have swindled Nigerians and sent so many of them to early grave now they are banning crypto currency in Nigeria, well i left everything in the hand of God.

 

[Irfan Aslam]

I assume that the banks or Company and industry need not buy or convert dollars, I am one of those strong believers. When the crypt is present, any institution's power to control how and in what form you send money across frontiers is taken away. In Operation in the federation, too many parents have to go to banks to use west funds or other foreign money transfers to send money to their custody fees abroad when this can be done in crypt without having to deal with conventional hazards.

 

[Veetos12]

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 always say it that a decision politically motivated will not take long time before it stands but might take a long time to see the truth behind it. I don't know why this association are happy about crytocurrency being banned just because of their selfish interest. They lack knowledge about innovation.

 

[Folaham]

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

They (the bureau de change (BDC) are badly affected by the coming of BTC and the availability of exchangers who takes away their (BDC) involvement in what was supposed to be their show but due to lack of their understanding and poor preparedness on their path, they feel more secure with the CBN pronouncement

 

[Eodine]

Quite expected. Seeing the information following the announcement of ban on crypto currency was expected because it is obvious that banks and other financial institutions do not like crypto currency because they can't pay what crypto currencies pay as profit.

 

[Sammyesx]

It is no surprise that they supported the government stand on the ban, it must have definitely affected their business, in the sense that it must have reduce the amount people changing currency.

 

[Ub40]

This is a very bad news concerning cryptocurrency. Bit if you ask me, will say that matter what they do they can never cryptocurrency because cryptocurrency is world wide stuff and not national. So they should off their mike. That is my little contribution.

 

[Mostee501]

They'll definitely want to support the government on the ban of cryptocurrency because of their selfish interests,i know their transactions rate has reduced due to many people have now resulted to changing their different currency in platforms and getting their equivalent in their local account.

 

[FreshKaz11]

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.

They are just deceiving their self I mean the bureau De change operating in Nigeria. What they don't understand is that is not all Nigerian would like the use of crypto currency so those one that don't like it can still use the means of their own exchange. So no big deal I guess.

 

[Keibah]

I can understand the sentiments of the BDC. They feel boycotted. In my opinion, there will always be a way of finding a balance. With or without the ban, the truth is, cryptocurrency has already taken a spot in the way money circulates in Nigeria and across the world. This is only a temporary setback.

 

[Good-Person]

Many countries believe that cryptocurrencies will damage their economy and they would not be able to charge tax on cryptocurrency trades, as they believe that public will make huge profits on crypto trades and they will not pay tax. This leads many countries to ban cryptocurrencies. However, I really do not think that people living in such countries cannot buy or invest in cryptocurrency. People can still buy cryptocurrencies LEGALLY through exchangers.

 

[Dowenship]

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.

Its should not be a surprise anyway because crypto currency is a treat to there business but what they don't know is that they should improve in there business instead of staying on one spot...

 

[Ralphjoe]

Of course it is expected that the Bureau the change would actually back the ban on cryptocurrency because the digital asset has taken away so many customers from them.

 

[Shigobad20201]

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.

It's normal since the federal government have declare ban on the uses of crypto currency as a means of transaction in Nigeria, the next people that changes hard currency must follow the rule.