Trading on Bitcoin is Gambling - NDIC
The Deputy Director, Research, Policy and International Relations Department of the Nigerian Deposit Insurance Corporation (NDIC), Dr. K. S. Katata, had noted that anyone trading on digital currencies like Bitcoin is merely "gambling".
While some central banks have expressed interest in developing digital currencies, he warned that individual persons have never issued a currency and reiterated that trading in them is more of gambling, which would soon backfire
The Nigerian government is very clear on its policy direction: you trade on cryptocurrencies like Bitcoin at your own risk. Think of MMM and how it brought pains to people. I think the government has been doing all to talk sense into the citizens. Personally, I am not a fan of these digital currencies and will not recommend them because they are not obviously legal.
Good point Francis: you have a great point there. The ICO one is even crazy that someone can sell currencies to fund a business.
To EMROL: "Thank you for addressing this topic. Is there any future for cryptocurrency in Nigeria?". I will answer by linking you to this piece where Senate President noted that the govt is working on a policy document on same. Until they publish that document, no one knows. This may not change what people do internationally. The only issue I have is that it is never a smart idea to do something that is not obviously legal as the court may not assist when problems arise.
Each crypto currency is designed to solve a problem, and in this age of DATAISM the fundamentals of digital currencies are obvious. Traditional currency has several shortcomings that provide the basis and need for digital currencies now and in the near future. Some of these include susceptibility to forgery, loss through theft, involvement of several layers of institutions and people in transactions that can add to your cost, double spending etc. All of which are not affected by cryptos which are completely governed by data.
Of course central banks are nervous, as they should be and will try their best to delay/divert the attention of the general public while they work to reposition their significance in this new space. While I do not advise anyone to run off and invest, the smart thing to do is learn as much as you can as fast as you can to be able to make informed decision.
Just like most dismissed the internet as a fad because it was not understood, I personally think C-currency will do to money what the internet did to mail. If China takes it serious, I think anyone smart should at least pay attention.
