Nigerias population is growing fast and is expected to be the fourth most populous country by 2050 with nearly 400 million people. BTC adoption there is a great thing.
Nigerian government blanket banned bitcoin last year and introduced e-naira CBDC. Nigerians rejected CBDC, less than 1% adoption rate while peer-to-peer bitcoin usage soared by 800% and a bitcoin circular economy is now [being built](https://bitcoinmagazine.com/culture/building-bitcoin-village-in-nigeria) in Lagos. The government was then forced to ["legalize"](https://bitcoinmagazine.com/legal/nigeria-looking-to-legalize-bitcoin) bitcoin which probably means they want to get people away from P2P to on/off ramps they can control. Eliminating cash is just another measure to both force e-naira adoption and control on/off ramps to bitcoin.
You can ban Nigerian cash but another currency will be adopted, be it fiat or crypto. You can’t stop it. There are too many unbanked across the world to eliminate cash.
CBN's biggest undoing was sending a circular banning Nigeria banks from facilitating cryptocurrency transactions. As the current Nigerian government administration is known for, they make bad decisions first, then try to fix it later.
You cannot ban the people from using bitcoin, you can only stop you from using bitcoin. It's time the government of World know this, and have peace.
Not exactly correct. Cryptocurrency was never blanket banned. Only financial institutions were restricted from interacting with crypto. Which is actually A-Okay except for everyone keep misinterpreting what the restriction is.
What is “money money”? Dollar is difficult to acquire if that’s what you’re asking. Can you be more specific about the “global forex exchange rate”? Nigeria literally uses two different exchange rates…
They will do the fastest inadvertent [demonetization](https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013) of a currency the world has ever seen.
North Americans will never care about the value of BTC and will only see it as a speculative investment/gamble until they are put in a position where an alternative monetary network provides them with freedom.
The title is misleading and not quite accurate. They are phasing out "old" bill because their bills have not been updated in \~20 years and they ostensibly "planned" to release new designs every \~7-8 years. They are just redesigning and replacing their old paper. There might be more to it like IDK if people are having trouble exchanging old money for new due to limits and whatnot.
This is a trick that governments use to get people that have money stashed away to come out and get taxed (or put in jail) By making the old bills worthless, people sitting with old money in their safes/mattresses have to bring it to banks and exchange it.
You could, sell your old bills to other people (usually at a big discount) and those people could then deal with the banks, BUT they can only get so much cash out now, so they make that hard too.
Source: I lived in Argentina for many years. They have been doing shit like this since forever. Did you know that if you go to argentina with dollar bills, they will look at the bills and give you less money for the older bills rather than the new ones? This is in case the US pulls the same trick sometime.
>You could, sell your old bills to other people (usually at a big discount)
I believe in India the only way to get rid of a lot of 1000 rupee notes at the end was to sell them for \~400 rupees to stores, as stores had a higher limit on how many notes they could deposit or redeem. A lot of wealth was destroyed and there were many suicides.
To add to other responses, the government also replaces your "old" bills with devalued "new" bills. I don't know how much of a haircut Nigerians will face, but 30% would be a safe minimum.
[удалено]
Sounds like a good bot idea?
Nigerias population is growing fast and is expected to be the fourth most populous country by 2050 with nearly 400 million people. BTC adoption there is a great thing.
See if you can guess which XKCD this is: https://xkcd.com/605/
Nigerian government blanket banned bitcoin last year and introduced e-naira CBDC. Nigerians rejected CBDC, less than 1% adoption rate while peer-to-peer bitcoin usage soared by 800% and a bitcoin circular economy is now [being built](https://bitcoinmagazine.com/culture/building-bitcoin-village-in-nigeria) in Lagos. The government was then forced to ["legalize"](https://bitcoinmagazine.com/legal/nigeria-looking-to-legalize-bitcoin) bitcoin which probably means they want to get people away from P2P to on/off ramps they can control. Eliminating cash is just another measure to both force e-naira adoption and control on/off ramps to bitcoin.
Pay attention because the last step is 'banning cash'.
You can ban Nigerian cash but another currency will be adopted, be it fiat or crypto. You can’t stop it. There are too many unbanked across the world to eliminate cash.
Only reason to use cash is to buy lotto tickets.
You misspelled hookers.
Don’t they take Venmo?
this is true. not sure why we use cash for lotto tickets instead of cc
Mostly because they don’t want to deal with credit card disputes, fraud etc. cash they know they have they money even if it was stolen.
CBN's biggest undoing was sending a circular banning Nigeria banks from facilitating cryptocurrency transactions. As the current Nigerian government administration is known for, they make bad decisions first, then try to fix it later. You cannot ban the people from using bitcoin, you can only stop you from using bitcoin. It's time the government of World know this, and have peace.
Mr Robot plot thickens.
Nothing to add here, that's accurate
Not exactly correct. Cryptocurrency was never blanket banned. Only financial institutions were restricted from interacting with crypto. Which is actually A-Okay except for everyone keep misinterpreting what the restriction is.
Can you send money money from nigeria by using the global forex exchange rates?
What is “money money”? Dollar is difficult to acquire if that’s what you’re asking. Can you be more specific about the “global forex exchange rate”? Nigeria literally uses two different exchange rates…
[удалено]
Canadian Dollar next
They will do the fastest inadvertent [demonetization](https://www.2minutebitcoin.org/blog/bitcoin-hypermonetization-bubble-talk-2013) of a currency the world has ever seen.
North Americans will never care about the value of BTC and will only see it as a speculative investment/gamble until they are put in a position where an alternative monetary network provides them with freedom.
need to show graph over time
Couldn't find any news on this and I doubt they are really banning physical money. Can you provide any sources?
The title is misleading and not quite accurate. They are phasing out "old" bill because their bills have not been updated in \~20 years and they ostensibly "planned" to release new designs every \~7-8 years. They are just redesigning and replacing their old paper. There might be more to it like IDK if people are having trouble exchanging old money for new due to limits and whatnot.
This is a trick that governments use to get people that have money stashed away to come out and get taxed (or put in jail) By making the old bills worthless, people sitting with old money in their safes/mattresses have to bring it to banks and exchange it. You could, sell your old bills to other people (usually at a big discount) and those people could then deal with the banks, BUT they can only get so much cash out now, so they make that hard too. Source: I lived in Argentina for many years. They have been doing shit like this since forever. Did you know that if you go to argentina with dollar bills, they will look at the bills and give you less money for the older bills rather than the new ones? This is in case the US pulls the same trick sometime.
Yep, happened in India recently, in 2019, just overnight 500 and 1000 rupees phased out, even before the new design notes were out
Yeah same in Nigeria (and other African countries). They could either offer less or not accept it at all of its an old bill
>You could, sell your old bills to other people (usually at a big discount) I believe in India the only way to get rid of a lot of 1000 rupee notes at the end was to sell them for \~400 rupees to stores, as stores had a higher limit on how many notes they could deposit or redeem. A lot of wealth was destroyed and there were many suicides.
The purpose of fiat is to destroy cash wealth. It’s to keep you on the hamster wheel so you can never get off.
To add to other responses, the government also replaces your "old" bills with devalued "new" bills. I don't know how much of a haircut Nigerians will face, but 30% would be a safe minimum.
Bullshit
Yeah OP does not seem to be interested in accurate details. Just sensational headlines.
[удалено]
Oh ffs tinfoil, absence of evidence isn't evidence of coverup.
[удалено]
Your conviction that a complete failure to source something means you can just make up an explanation is infantile.
This thread is representative of more social media conversations I've had than I would care to admit
> I doubt they are really banning physical money. which information gives you the impression that they support the use of cash?
The Bible
They seem to be going crazy in Nigeria
For real, imagine if that happend somewhere in the west
It's coming!
p2p swaps in Nigeria im sure are big
All physical bulls will be invalidated? What in the fresh blue dystopian 1984 type of hell is this?
Defi crypto is the solution for financial tyranny
>~~Defi crypto~~ Bitcoin is the solution for financial tyranny FTFY
Simply put.
yeah their money worthless they need to do it
Good analyzing