MUST READ!! The Major Reason Why The CBN Banned Cryptocurrency Trading & Transactions In Nigeria

Posted by E.L.E.X on February 06 2021 under News

The Central Bank of Nigeria (CBN) has ordered all banks to close any accounts transacting with cryptocurrencies.

Any breaches of the order would face “severe regulatory sanctions,” the central bank warned.

The CBN said it was reminding regulated banking institutions that “dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

As such, all banks should “identify persons and/or entities” transacting with cryptocurrency or operating crypto exchanges on their platforms and “ensure that such accounts are closed immediately.” Any breaches of the order would face “severe regulatory sanctions,” the order states.

MY THOUGHTS:
The reason why the Buhari-led government through the Central Bank of Nigeria (CBN) ordered all banks to close any accounts transacting with cryptocurrencies is this.????

1?? Buhari-led government derive joy in seeing the youth suffering, weeping and gnashing of teeth always.

2?? To make sure the young people remain poor, sell their votes for 3K to them on election day.

3?? 98% Northerners know nothing about crypto currency and doesn’t partake in it and cannot no matter how hard they tried.

4??To frustrate Eastern, Southern and Western Nigerian youth who are gradually getting financial independence.

5?? Because Cow Ranching business.

For instance, a former presidential candidate Adamu tweeted yesterday that Cow Ranching business is more lucrative than all cryptocurrencies combined.

He said,

“Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment.
Cow Ranching business is more lucrative than all cryptocurrencies combined”.

I’m not surprised, you shouldn’t as well. This Adamu of a guy always sound foolish. A widely known lunatic. I can’t stress my head elaborating what he meant, because he actually meant absolutely nothing. Some people go just open mouth Waaaaa ????

The thing is,
It has been like this since the beginning of Cryptocurrency, so this is not a news.

Nigeria is the second highest Cryptocurrency market in the whole world, and the young people are gradually getting financial freedom.

The thing is, rich people always want the poor to remain poor in order to serve and remain loyal to them forever.

Bla bla bla Cryptocurrency doesn’t need bank account to operate or exist. The governor of CBN, a supposed learned person, should’ve known this.

There are online Banks the Central Bank of Nigeria has nothing to do with and these internet banks transact in Nigeria Naira as well. The FG are just fooling themselves. This is 21 century!

The CBN have authority only over Banks operating on the soil of Nigeria and not over Cryptocurrency, the investors and traders.

You cannot regulate, ban or restrict something you have little or no knowledge about. Something you can’t control. A decentralized liquidity if I’m not mistaken.

So you see, these clueless old men are wasting their time chasing shadows.

My advice to fellow young people is, let’s get involved in politics and national affairs. Let’s take over power from these people. Incompetent old men cannot be deciding our future. 2023 is at the corner, not about ranting for change on social media..get your ass involved bro! Thanks.