By Nimuro - 11.02.2020
How to start buying and selling bitcoin in nigeria
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Bitcoin in Tronwallet urdu Regulatory challenges and the ingrained fraud factor 16 Apr Share: Cryptocurrency trading in Nigeria presents challenges to regulators, continue reading conventional banking and fraud risks to potential investors.
In Nigeria, bitcoin and other cryptocurrencies are neither classified as currencies nor as securities, and there is no law or any regulation how to start buying and selling bitcoin in nigeria on bitcoin and other cryptocurrencies.
CBN does not recognise bitcoin and other cryptocurrencies as a legal tender. Instead, it views cryptocurrencies with suspicion. Consequently, in it issued a circular warning that criminals could take advantage of the anonymity trading in cryptocurrency offers to launder the proceeds of crime and also finance terrorism.Where to Buy And Sell Bitcoins And Perfect Money in Nigeria
Concerned that the risk associated with cryptocurrencies could undermine the integrity of the Nigerian financial system, CBN prohibited banks and other financial institutions from click the following article in cryptocurrencies in any way.
Where they are not satisfied with the controls the cryptocurrency how to start buying and selling bitcoin in nigeria put in place, how to start buying and selling bitcoin in nigeria must sever the bank-customer relationship with those cryptocurrency exchangers.
Finally, banks and other financial institutions are required to immediately report any suspicious transactions by read article customers to the Nigerian Financial Intelligence Unit.
Although banning Nigerian banks from j and r in cryptocurrencies in any way would slow down the proliferation of cryptocurrency trading in Nigeria, thereby reducing the risk of money laundering, financing of terrorism and fraud, it does not bring such how to start buying and selling bitcoin in nigeria under government control.
Thus, possibly the most effective way at least for now how to start buying and selling bitcoin in nigeria bringing cryptocurrencies under government control is to classify them as securities, which will bring them within the regulatory framework of the Nigerian SEC.
Already, cryptocurrency exchangers hold themselves out as a vehicle for investment. The exchangers use various channels of communication, including social media, to market bitcoin and other cryptocurrencies in Nigeria.
Locally, different companies and individuals operate trading platforms for buying and selling cryptocurrencies. They use radio how to start buying and selling bitcoin in nigeria other modes of how to start kraken monero and selling bitcoin in nigeria, email and social media to solicit the public to invest in cryptocurrencies.
To attract customers, these companies issue certificates to the investors source to share certificates and promise a quick periodic return on investment.
SEC added that no individual or company promoting cryptocurrencies had been authorised to receive deposits from the public or to provide any investment or other financial services how to start buying and selling bitcoin in nigeria or from Nigeria. As fraud risk is very high in Nigeria — mostly as a result of a scam how to start buying and selling bitcoin in nigeria known as — this advice is important.
Besides, cryptocurrency exchanges have no deposit with any government regulator out of which their clients could be indemnified where the exchanges default.
Thus, investors and dealers in cryptocurrencies are operating at their own risk, as CBN has warned how to start buying and selling bitcoin in nigeria investors may not have any redress in the event of losing their money to fraudsters since trading continue reading cryptocurrencies is not regulated in Nigeria.
As a follow-up to their circular, the central bank issued another circular on the 28th February explicitly advising the public that it does not license or regulate any forms of cryptocurrencies, including bitcoin, and cryptocurrency exchanges such as NairaEx.
Crypto dimensions An earlier report indicated that CNB is how to start buying and selling bitcoin in nigeria taking steps to set up an industry committee to advise on policies and operational framework to guide blockchain technology regulation in Nigeria.
However, the apparent difficulty in regulating dealings in cryptocurrencies appears to be hindering the efforts of the central bank in developing such policies and regulatory framework.
The easiest way to buy and sell Bitcoin, Ethereum, Litecoin & USD Coin.
A third dimension is the suspicion of some bankers as they view blockchain technology as a challenge to conventional banking. However, it is highly unlikely that cryptocurrencies will phase out conventional banking in Nigeria: because of a fear of fraud, the majority of people would not be favourably disposed to the how to start buying and selling bitcoin in nigeria of cryptocurrencies as here means of storing and moving money.
Even kleptocrats and other criminals may prefer conventional banking to launder their proceeds of crime, despite the risk of detection, rather than risking losing their criminal proceeds to fraudsters.Luno Tutorial Nigeria: How to Sell Bitcoin \u0026 How to Turn Bitcoin to Naira Instantly
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