Digital currency banned in Nigeria - prefer gold then
Central bank in Nigeria bans trading or exchanging with digital currencies
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This should give pause for thought. Nigeria ordered the closure of all cryptocurrency accounts last Friday under threat of severe penalties. And Nigeria is one of the very big markets for bitcoin on the planet. Cryptocurrencies are extremely popular in the African country. Many residents of Nigeria have invested their savings in bitcoin. But now banks have to report anyone who trades in such currencies and close their accounts.
The popularity of cryptocurrencies has also attracted many fraudsters in Nigeria. These digital currencies are not controlled by a central body, they exist independently of central banks. For years, the central bank had already warned against getting involved in the crypto market, but now an explicit ban has been issued.
The background is probably the demonstrations from last year. The central bank had ordered the bank accounts of the demonstrators to be frozen. As a result, donations were made in the form of Bitcoin instead of money. The Nigerian central bank is also likely to want to counteract a possible loss of power. Incidentally, India also wants to ban private digital currencies and introduce a state cryptocurrency issued by the Indian central bank.
This is unlikely to happen with investments in gold or gold shares. It is true that there have been gold bans from time to time in history. But especially in the Western world, such measures are no longer appropriate and are unlikely to happen again. Among the solid gold companies are for example Condor Gold or Tarachi Gold.
Condor Gold has sole ownership of the La India gold project in Nicaragua. Approximately 98 percent is located on the historic La India gold mining district.
Tarachi Gold, well funded, is advancing its projects in Mexico in the famous Sierra Madre gold belt. Consistent gold values have already been established over considerable drilling intervals.
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