Why is Bureau de change backing ban on Cryptocurrencies in Nigeria?

[Kingsley]

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?

 

[sincerem]

Hmm, that's the country for you, some doesn't like seeing the mass happy. All they care is for them alone, they feel crypto will ruin their business time exchanging foreign fiat currency to naira or whatever. But it will be a shocker to them that crypto is here to stay, one day i believe the central bank will rescind the ban and give digital currency to reign and BDC operators will shout loud, cos their business will dwindle.

 

[btaliat]

Yiu don't even expect bureau de change to support the masses against their own interest. Cryptocurrency has direct negative impact on the riches, banks and even BDC. Cryptocurrency then serve as a means of bridging gap between the rich and the poor. And this won't go down with the capitalist who always want exploitation as a status quo.

 

[marcusfe]

You need to go too far before you can get accurate answers for this question. The truth is that the prevalence of cryptocurrency will gradually put the services and need of bureau de change to an extinction. With time nobody will to exchange any currency anymore since you can have your money in any coin you want and also easily change it to any stable currency of your choice at any time.

 

[Chibson]

Of course there is no doubt that the ban in cryptocurrencies can benefit bureau de change. cryptocurrency of course has given a lot of people the opportunity to send money across the world with his and this has been a very bad bucket for operators of bureau de change. Cryptocurrency can be sent across the world without really involving exchanges like bdc.