Hello Central Bank of Nigeria. This Bitcoin thing is scary. I mean the little BTC we made from Tekedia Mini-MBA payment is growing daily. What kind of economy would that engineer where people will wake up, after a few weeks, to see 2X returns? People, the United Nations Security Council needs to call an emergency meeting on BTC! No matter how you see this, there is a valid reason for concerns.
Somebody paid you $140 for a product, and within two months, that $140 turns into $210, just for leaving it in a “bank” account. How would the world run like that?
Bitcoin and broad cryptocurrencies are banned in Nigeria.
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The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.
Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.
NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”
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My Response: This is a global security concern! If this hits $500,000 human nation-states can emerge for doing absolutely nothing except holding some bits and bytes. At least in the past, people got there for building real companies that solved people’s problems. But here, NOTHING. That is a risk to any economy because it will distort economic equilibrium and trigger crises. That is a security matter!
Next comment: isn’t that how start up investment works. You invest, you wake and it is doubled. In this case the collective is working, it’s not all the time you need to work to make money. This is decentralized wealth.
My response: startups build products and services, and are solving problems. The hodling* you are doing with BTC is not building any business or solving any specific friction. That is the difference. Hold ABC Ltd, you can get 10x but ABC is solving a problem. Hold BTC and get 10x, how did you help the world fix its problems as you are compensated? As I look at our wallet, it makes no sense that someone paid us $140 about four weeks ago, and that money is now above $200. That is not sustainable if we want to have a decent world.
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