2 thoughts on “Full Interview with Dr. Michael Jordaan talks about startups, crypto and investing”

  1. We must protest Nabuu

    Dear Customer,
    The Central Bank of Nigeria (CBN) has advised that cryptocurrency is not a legal tender in Nigeria and has cautioned against transacting in them.
    In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.
    We appreciate your patronage and we are committed to providing you with simpler, smarter banking services that best protect your interest and guarantee the security of your funds.”

    Responding to questions from customers on Twitter later on, the bank further stated:

    Crypto Masterclass | Tola Joseph Fadugbagbe

     · Nov 26, 2018

    @UNIONBANK_NG is this truly from you?

    UNION BANK

    ✔@UNIONBANK_NG

    Dear Customer

    The Central Bank of Nigeria (CBN) has advised that cryptocurrency is not a legal tender in Nigeria and has cautioned against transacting in them.

    For more information on this, kindly refer to their website https://www.cbn.gov.ng/ 

    10:47 AM – Nov 27, 2018

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    It is important to note that while the Central Bank of Nigeria (CBN) has indeed issued several statements disavowing cryptocurrencies as legal tender in Nigeria, it has also never recommended any regulatory action against holders or users of cryptocurrency, instead only saying that they transact with crypto “at their own risk”. Indeed, a number of Nigerian Fintech startups are making use of cryptocurrency to facilitatepayments, and most banks in the country have chosen not to carry out action against cryptocurrency-related accounts.
    The reaction to the announcement by its customers on Nigerian and international social media platforms has been unanimously condemnatory, with many suggesting that the over 100 year-old bank which began its existence as a British colonial trade financier in 1909 is out of touch and geared toward a past era.

    Crypto Masterclass | Tola Joseph Fadugbagbe

     · Nov 26, 2018

    @UNIONBANK_NG is this truly from you?

    Aroluyo [email protected]

    Is union bank even a bank.
    Bank of pensionairs I guess. I rather dig hole and hide my money than transact with this yeye bank 

    2

    10:28 AM – Nov 27, 2018

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    Some users pointed out that the CBN has never in fact recommended any such action, and others simply stated that the bank will lose their business if it does not revise its stance.

    Crypto Masterclass | Tola Joseph Fadugbagbe

     · Nov 26, 2018

    @UNIONBANK_NG is this truly from you?

    [email protected]

    Like seriously? I have been in several meetings where CBN has always been present. They have never asked individuals not to trade crypto. Only you banks were told not to trade with our money in your bank. Time for many believers to ditch you @UNIONBANK_NG

    6

    5:15 PM – Nov 26, 2018

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    Crypto Masterclass | Tola Joseph Fadugbagbe

     · Nov 26, 2018

    @UNIONBANK_NG is this truly from you?

    [email protected]

    @UNIONBANK_NG Unionbank_Ng just lost me as a customer. I don't have time to be begging anyone for my own hard earned money.

    5

    5:10 PM – Nov 26, 2018

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    As CCN reported earlier this week, despite the regulatory ambiguity on the subject cryptocurrency in Nigeria, Nigerians are among the world’s most prolific peer-to-peer bitcoin traders, driven by instability of the Naira, which shed 85 percent of its value between 2015 and 2017.

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