Nigerian cryptocurrency: I sharpaly comot my money that night – How Nigerian traders go counter Cryptocurrency wahala
E go dey hard to know di actual number of pipo wey dey affected by di Central Bank of Nigeria policy against Cryptocurrency, but one tin dey for sure – e affect real pipo.
Bitcoin na digital money. Although Cryptocurrency like Bitcoin, Ethereum, Dogecoin, no be real money, many Nigerian traders and companies don dey deal with di real problems wey dem suddenly find demsef inside. For instance, as di new CBN policy affect only bank accounts for Nigeria, traders on di virtual money say dem don reason how dem fit continue to “make ends meet”, wey no go disobey di rule from di apex bank. Nigerian Cryptocurrency trader Tamara David wey dey im 20s say contrary to fraud, terrorism wey CBN use as reason why dem wan close traders accounts down, im own way dey pure. Tamara David na one of di Nigerian youth wey dey trade on cryptocurrency “I be youth wey dey try to make ends meet. Di kontri no dey favour di upcoming generation,” David bin lament. CBN maintain say Cryptocurrency na bad tin for young pipo, and because dem fit lose plenty money wey go lead to pain. But some say dis CBN worry na just one side of di tori. "Nothing wey pesin no fit use for bad tin, yes some pipo fit dey take am do magomago but in everything, good side dey bad side dey,” na so David wey feel say Cryptocurrency trading don give many Nigerian youths way out joblessness for di kontri tok. How traders go continue Cryptocurrency trading Anoda trader Wale Adetona wey be one of di voices wey don criticise di CBN policy for Twitter say wetin CBN do no dey okay because normally, na Naira traders dey use pay to buy dis virtual coins and na direct from dia Nigerian bank account. According to am, dis one no fit happun again. “Di whole tin don daburu!” hala Adetona wey say im go find way to continue trading. Adetona suggest say many traders like am go begin use P2P (peer-to-peer) wey be method of transaction wey involve two customers. Because Cryptocurrency exchange companies wey get presence for Nigeria no fit collect or send Naira to customers, those customers don decide to do P2P – that is to begin trade directly between demself. Although some risks dey – like if di oda customer wan do you mago-mago – David say di goment no give traders any oda option. Second solution na for traders to organize reloadable gift card from obodo oyinbo, so that any money wey dem load put go dey available to use for crypto trading. Dis cards dey get backing from Visa or Mastercard so e dey accepted worldwide. Di third solution to dis CBN ‘mata’ go be say traders for Nigeria collabo wit pipo outside dis kontri so as to use dia account. But dis one fit affect di Nigerian economy since traders go begin comot dia money put for foreign bank account – something wey e be like say CBN no mind to happen. In fact Adetona say im sharpaly comot im money from im bank account before dem say dem wan close am. But whether e carry di money go keep abroad or to anoda local account, nobody know. Wetin CBN suppose don do Many traders say di solution to di fear-fear wey CBN get about Cryptocurrency no be to discourage am, but to put rules wey go make am legal. Adetona say Know-Your-Customer (KYC), wey many fintech companies don dey do, na im CBN suppose enforce. KYC na how companies fit gada more information about dia customers and make dem verify say dem be who dem claim to be. Wetin CBN bin tok? CBN on Friday fire reminder letter give financial institutions to immediately close accounts of dia customers wey dey trade in Cryptocurrency like Dogecoin, Bitcoin and Ethereum. Di 5 February memo order say make banks "identify pipo and/or joinbodi wey dey do trading in or dey operate Cryptocurrency exchanges within dia systems and make sure say those accounts close down immediately".