What CBN’s new ban on crypto means for Nigerian users and the local industry

You will be aware of the recent directive by the central bank of Nigeria that dealing in cryptocurrencies or facilitating payments for crytocurrency exchanges is prohibited. This followed earlier communication by the regulators expressing concerns about virtual currencies.

Undiluted relationship gist, information and Education

The central bank of Nigeria (CBN) has directed that all banks, non bank financial institutions and other financial institutions should identify persons and/ or entities transacting or in operating cryptocurrency exchanges within their systems and ensure such account are closed immediately.

Here Are The Reasons Behind Their Actions

1. The CBN Act recognises the Naira as the only legal tender in the Nigerian financial system.

2. It will also undermine monetary policy which is anchored on Naira money supply and demand.

3. CBN is also concerned that bitcoin valuation is excessively speculative, akin to betting, and it will not make sense to run a currency system based gambling. Why people will come charging on Emiefele over banning banks from digital currencies is inexplicable.

4. Bitcoin and other variants of digital currencies are not only unregulated the world over, but they are now used as weapons by cyber criminals. The last time cyber criminals hijacked the customer data base of one of Nigerian banks, they demanded ransoms in bitcoin before they released the database. And since bitcoin addresses are psedonymous, it is not possible to trace them.

5. The CBN cannot fold its arms and see cryptocurrency destroy the entire banking system with all the unsavoury consequences of banking crisis and bailouts. Turkey had also banned bitcoin because it was becoming a channel for money laundering on an unimaginable scale.

Note: The CBN never prevented any individual from dealing in cryptocurrency. What the CBN said was deposit money banks under its purview cannot partake in cryptocurrency because it will be illegal.

So, if any Nigerian wants to deal in digital currencies, bitcoin, or whatever, such person is free to do so, only that there is no platform for a cryptocurrency payment system. Accordingly, such a person could as well go to wherever such platform is legalised since the bitcoin market is virtual 24/7.

What do you have to say in regard of the action taken by the CBN! Comment below

Comments

REASON WHY A MALE CHILD IS BETTER THAN A FEMALE CHILD

T his topic has been put into a debate topic. Click here to see the debate report by scholars on why a male child is better than a female child Many had argue on it some say a female child is better while others say it is male child that is better. both are important and have difference role to play in the society but among of the strong there is lazy and among of the best there is good. there is good, better, best and we also have important more important and most important. So grab a glass of wine while I will tell you some of the reason why a male child is superior to a female child. A male child let a family name in existence. A family without a male child is just like a sinking boat. Male child let a family name in existence without them a family will come to an end. Female child they are another man property after marriage they cultivate on another man’s land single male can reproduce a thousand of human kind but a single female can't do likewise. If the...

Meet Tenzing Norgay, The ‘Unsung Hero’ Of The First Successful Summit Of Mount Everest

Meet Tenzing Norgay, The ‘Unsung Hero’ Of The First Successful Summit Of Mount Everest Edmund Hillary was the first person to climb Mount Everest, but he couldn't have done it without Sherpa Tenzing Norgay. Born in the Himalayas, Tenzing Norgay grew up revering the "mighty mountain" of Everest and the "goddess of the summit." Though his father gave him a name that means "wealthy fortunate follower of religion" in hopes that he would become a monk, Norgay dreamt of being a mountaineer. He ran away from home multiple times to hike among the peaks, and eventually joined his first official mountaineering expedition at age 20 in 1935. By the time he was 40 years old, he had spent more time on the face of Mount Everest than any other person alive. ⁠ ⁠ So, when a British expedition was looking for local guides in an attempt to reach the summit, they turned to Norgay. And on May 29, 1953, Norgay and New Zealand mountaineer Edmund Hillary became the first peopl...

SHOCKING: Man Eats His Daughter’s Flesh And Drinks Her Blood

SHOCKING: Man Eats His Daughter’s Flesh And Drinks Her Blood Papua New Guinea man described as a vampire has been arrested after allegedly murdering his young daughter by biting her neck, eating her flesh and drinking her blood, a report said Friday. Police called the grisly incident that occurred on Wednesday at a settlement near Lae “an act of cannibalism”. The PNG Post Courier cited local councillor John Kenny, who was one of the first on the scene, as saying the three-year-old child and her mother were visiting the father when he grabbed the girl and ran off into nearby bushes. Kenny said the man allegedly held the toddler close to him, bit deep into her neck, ate the flesh and sucked her blood. Two boys who were climbing a coconut tree nearby saw him and ran quickly to raise the alarm. “He was just laughing at the boys and continued eating the flesh and sucking the blood,” Kenny told the newspaper. “The boys were scared and ran quickly to alert the people.” When people arrived to ...

3-month-old Baby Raped, Anus And Private Part Cut Off In Nasarawa[graphic photo]

3-month-old Baby Raped, Anus And Private Part Cut Off In Nasarawa[graphic photo] More details have emerged on the gruesome rape of a three-month-old baby at Adogi in Lafia Local Government Area of Nasarawa State. WuzupNigeria reports that the baby was stolen from her sleeping mom side around 2am on 27 May 2021, she was later discovered in a pool of blood and abandoned at an uncompleted building about seven miles from their house. She had been raped. Speaking of the incident, the victim’s 45-year-old grandmother, Mrs Zule Inusa, revealed that the assailants are suspected ritualists, noting that parts of the baby’s private parts and anus were cut off and carted away. Inusa begged Governor Abdullahi Sule, relevant security agencies and other stakeholders in to come to the aid of the family and arrest the culprit to ensure that justice is done. She stated that the family was asleep and the door to their room was left open owing to excess heat being experienced in the area. “We were togethe...

How Serial Killer Albert Fish’s Letter To The Parents Of One Of His Victims Finally Landed Him In Prison

How Serial Killer Albert Fish’s Letter To The Parents Of One Of His Victims Finally Landed Him In Prison In 1934, Albert Fish wrote a letter to Grace Budd’s mother and described how he'd murdered her before cutting her into pieces and eating her flesh. "Dear Mrs. Budd, On June 3, 1928, I called on you at 406 W. 15 St. and brought you pot cheese and strawberries. We had lunch. Grace sat on my lap and kissed me. I made up my mind to eat her." Grace Budd had been missing for six years when her mother received this disturbing note in the mail. It detailed exactly how her 10-year-old daughter had been abducted, murdered, and then roasted like a turkey. Though the letter was unsigned, investigators were eventually able to trace it back to a gray-haired old man named Albert Fish. While plenty of Americans spent the Roaring Twenties at wild parties, Albert Fish developed a taste for human flesh. Known as the “Brooklyn Vampire,” he lured children into abandoned homes to kill them...

A haunted night at Stanley Hotel's Room 217

A haunted night at Stanley Hotel's Room 217 In March of 2017, I took a history and ghost tour at the Stanley Hotel. While I did not see or interact with any spirits, I felt intense energy in many areas of the hotel. I also caught some images of orbs with my cell phone. Despite the orbs and intense energy, I left the hotel a skeptic. However, I wanted to come back and stay the night so I could experience more ghost activity. Perhaps the activity would be enough to convince me that ghosts truly do exist. The Most Haunted Room At The Stanley On Memorial Day weekend of 2017, my partner and I stayed the night at the Stanley Hotel. Out of all the 420 available rooms, I picked room 217. This is the most well-known room on the property. Back in the 70's, Stephen King stayed the night in this particular room. His night at the hotel had inspired King to write his 1977 horror novel and bestseller called The Shining. Comedian Jim Carrey also visited room 217 while he was in the process of ...

Meet Oliver Sipple, the veteran who saved President Ford's life - and was punished for it

Meet Oliver Sipple, the veteran who saved President Ford's life - and was punished for it In 1975, a disabled Vietnam vet named Oliver Sipple saved President Gerald Ford from an assassin. Although Sipple was hailed a hero at first, the tide quickly turned when the media outed him as a gay man. Not only did the exposure of his homosexuality overshadow his heroic act, it also led to his family essentially disowning him. Years later, Sipple's lifeless body was found next to a cheap bottle of bourbon in his apartment. He'd been dead for nearly two weeks before anyone found him. See the photos and discover the tragic story of the man who saved President Ford’s life and was punished for it — by clicking the link in our bio. After disarming an assassin, Oliver Sipple was hailed a hero. But the ensuing media storm outed him as gay and upended his entire life. One morning in September 1975, 33-year-old ex-Marine Oliver Sipple went for a walk around his San Francisco neighborhood. Wi...

Kissing style that make her/him horny

A kiss can make or break a budding relationship, and if you want to seal that deal with a kiss, learn to make it perfect with these lip-smacking tips. By Danielle Anne Suleik Try to imagine yourself at the end of your date on the front porch under the star-lit sky. You say good night, lean in, kiss your date and go home. It sounds pretty uneventful, right? That could have been a different scenario altogether if you had known how to give your date a mind-blowing kiss. If you knew about these tips, this is how that night would go: You’re on the front porch under the star-lit sky. You say good night, lean in and kiss your date. What happens next is that your date kisses you back passionately. You feel both your bodies getting warmer and the breaths coming in faster. Your new date starts getting dizzy in a good way as they wrap their arms around you tightly. You start to pull back, but they don’t want to let go. Once you do, they end up saying, “Wow.” Now, doe...

HIV is not the most dangerous STI's.

HIV is not the most dangerous STI's. HPV(Human Papilloma Virus) Human papillomavirus is the most common sexually transmitted infection. Most sexually active men and women being exposed to the virus at some point during their lifetime. The virus is common in the United States and there are approximately 14 million newly diagnosed cases of human papillomavirus (HPV) annually. There are different types of HPV. Some can lead to genital warts and others can cause some types of cancer. Each year, around 19,400 women and 12,100 men in the U.S. are affected by cancers that stem from HPV. Vaccines can protect against infection. In this article, we will explain what HPV is, how it is passed between people, any symptoms that could occur, and information about treatment, vaccines, and prevention. Fast facts on HPV Here are some key points about human papillomavirus. More detail and supporting information is in the main article. Most sexually active men and women will contract the HPV virus at ...

Inside The Mystery Of Jim Morrison’s Death And The Disturbing Theories That Surround It

Inside The Mystery Of Jim Morrison’s Death And The Disturbing Theories That Surround It Officially, Jim Morrison died of heart failure after he had a bad reaction to heroin while in Paris in 1971. Found unresponsive in the bathtub by his girlfriend Pamela Courson, Morrison's death was a tragic end to a longtime struggle with addiction. But not everyone buys the official story.⁠ ⁠ From whispers that he died in the bathroom of a notorious nightclub to rumors that he faked his own death, Morrison's demise has been the subject of numerous conspiracy theories. But perhaps most ominously, some people have accused his girlfriend of playing a role in his death, especially since Courson was the sole heir in his will. And while Courson was interviewed by the police shortly after Morrison's body was found, the authorities apparently took her story at face value — and no autopsy was ever performed.⁠ ⁠ Learn more about Jim Morrison's girlfriend and her role in his tragic final days ...

Vwegba Blogging World

Search This Blog

Search on Wikipedia

SO Sad! Transgender Woman Pleads For Life Before Mob Beat Her To Death. click image to read story

Featured Post

10 Reasons Why Men Should Quit Watching Po*n