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Nigerian Languages / Re: CBN Lifts Ban on Cryptocurrency Transactions in Nigeria
« on: December 23, 2023, 10:53:10 PM »
Nahh bro don’t be excited about this because when government endorse investment and legalized it, any profit you make from it, you will pay tax when you gain.
Let's say you buy ₦100 bitcoin with your bank which they have allow everyone to use and then you sell it for ₦300 later, you are not taking that ₦300 home, you will pay range of 10-15% for it as tax to the government. That's how it work even in the US.
Now that CBN has approved banks to allow crypto transaction, soon or later they will start taxing people from their investment which is nonsense, na another group of people go still embezzle the money, chop am as usual and spend on their family as corruption.
Before, na p2p we dy use and no one will ever know you buy or sell bitcoin, that's what I will continue to do even do they later allow straight to banks.
No dy trust government.
Let's say you buy ₦100 bitcoin with your bank which they have allow everyone to use and then you sell it for ₦300 later, you are not taking that ₦300 home, you will pay range of 10-15% for it as tax to the government. That's how it work even in the US.
Now that CBN has approved banks to allow crypto transaction, soon or later they will start taxing people from their investment which is nonsense, na another group of people go still embezzle the money, chop am as usual and spend on their family as corruption.
Before, na p2p we dy use and no one will ever know you buy or sell bitcoin, that's what I will continue to do even do they later allow straight to banks.
No dy trust government.