Bureau de change backs ban on Cryptocurrencies in Nigeria

[Kingsley]

Why won't they show somuch support when they are working closing with the government to milk the people dry, and people are not really aware of their corruption and sharp practises they are doing on a daily basis. The black market operators are all exploiters.

 

[eLdavis]

If you cant beat them, join them. Instead of trying to stop it or seeing crypto as a threat why dont they improvise? They could add crypto to their portfolio. So their customer would have the option of changing their foreign currency to naira or crypto. If they had done something like this, they would have been making it during this ban period

 

[Fizzy_boi]

I definitely didn't see or notice any change by chance at all in the bank sector from the government or the bureau du change at all in Nigeria .I definitely see no change.

 

[ahmedo24]

If you cant beat them, join them. Instead of trying to stop it or seeing crypto as a threat why dont they improvise? They could add crypto to their portfolio. So their customer would have the option of changing their foreign currency to naira or crypto. If they had done something like this, they would have been making it during this ban period

It may take longer time before they understand the module oprandi of cryptocurrencies and as you can see that cryptocurrencies are more volatile than the normal Fiat currencies they deal with

 

[Patrik]

these are pretty bad news to be honest, now, a lot of people had lost a huge source of money making due to this ban rule that probably nobody knew about

 

[Shigobad2020]

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 was actually the central bank of nigeria that forced bureau De change to quit patronising and also banning trading in crypto currency lately and I also believe federal government is having a hand in bureau de change.

 

[Eodine]

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.

This information is even a kind of information that is expected as you would only have expected. Bereau de change rely on the banks to balance the scale but crypto has threatened that.

 

[Prettyjanie]

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 were 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.

There is no doubt that cryptocurrency has affected the business of the BDC. However, the world has become a global village and a lot of things are becoming more modern thereby making life easier where you can do your transactions from the comfort of your homes.

 

[Shigobad2020]

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.

Bureau du change in Nigeria is normally backed by the central bank of Nigeria and it will be quite difficult for them to back what their sponsor has put a ban on, so it's just normal things happen like that.

 

[joy101]

Nigeria government don't like see people progressing in the country that's why them ban cryptocurrency, so that no one can make money from it.

 

[Josemendez]

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.

For the fact that they support the government does not mean anything . Presently Nigerians are still using cryptocurrency for their online deals

 

[Lordfalcao]

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.

Yes you ought to be happy because when they think about what they are going to earn and also achieve by backing up the ban on crypto in Nigeria just give them more reason to.

 

[Josemendez]

Yes you ought to be happy because when they think about what they are going to earn and also achieve by backing up the ban on crypto in Nigeria just give them more reason to.

Despite the ban , people didn't move back to them but sort ways to continue using cryptocurrency and they are doing just fine.

 

[Sotherefore]

They are just wasting their time, if the Nigerian government are buying cryptocurrency and migrate to a location in which cryptocurrency is legal and is free to use by everyone. Nigerian government is just a joke

 

[Kelly5]

Well the bearudochange are entitled to their own opinion on the subject because the cryptocurrencies business affects their own market directly. But that is where their voice can go and not any further