Kingsley
Valued Contributor
It is not surprising that BDC operators in Nigeria would be happy at the news of a ban of cryptocurrencies in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON) unequivocally supported the Central Bank Of Nigeria (CBN) on its quest to stop the use of cryptocurrency such as Bitcoin, Ethereum, Litecoin and the rest in Nigeria.
ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.
With this it shows why they are supporting the ban on crypto currency in Nigeria. Despite the fact that they know this will affect somany innocent investors so tremendously. It is really shocking to see that others are happy to see others lose.
What's your take on this?
ABCON believes that cryptos are in direct competition with them and if care is not taken, cryptocurrency would run them out of business as customers prefer to exchange foreign currencies to cryptocurrency before changing the various cryptocurrency to Naira. The BDC operators are by passed in the process.
With this it shows why they are supporting the ban on crypto currency in Nigeria. Despite the fact that they know this will affect somany innocent investors so tremendously. It is really shocking to see that others are happy to see others lose.
What's your take on this?